Imported from previous forum
I have 2 linked questions actually. First, is it necessary to add the exchange in the FIX message when sending an equity order to the broker?
If yes, why, because it does not make sense to me, due to the fact that because of Best execution, the broker can choose the exchange, MTF or even dark pool? Is it maybe to identify the stock?
There is a difference between tag 207 (SecurityExchange) and tag 100 (ExDestination). Both fields are optional and do not need to be specified.
SecurityExchange is part of the Instrument component block and can be used to identify the security, e.g. its primary listing place.
ExDestination is not part of the Instrument component block but on the root level of the message. It can be used to ask for a specific place of execution. However, if it should be left up to the broker (best execution service) then you should not have this field in the message. This depends on the environment in which you are trading.
Regards,
Hanno.
I have 2 linked questions actually. First, is it necessary to add the
exchange in the FIX message when sending an equity order to the broker?
If yes, why, because it does not make sense to me, due to the fact that
because of Best execution, the broker can choose the exchange, MTF or
even dark pool? Is it maybe to identify the stock?
Hi Hanno,
Thanks for the clear answer. I guess that when the broker sends back fills he also does not put the exchange on i?
There is a difference between tag 207 (SecurityExchange) and tag 100
(ExDestination). Both fields are optional and do not need to be
specified.SecurityExchange is part of the Instrument component block and can be
used to identify the security, e.g. its primary listing place.ExDestination is not part of the Instrument component block but on the
root level of the message. It can be used to ask for a specific place of
execution. However, if it should be left up to the broker (best
execution service) then you should not have this field in the message.
This depends on the environment in which you are trading.Regards, Hanno.
I have 2 linked questions actually. First, is it necessary to add the
exchange in the FIX message when sending an equity order to the
broker? If yes, why, because it does not make sense to me, due to the
fact that because of Best execution, the broker can choose the
exchange, MTF or even dark pool? Is it maybe to identify the stock?
Hi Hanno,
Thanks for the clear answer. I guess that when the broker sends back
fills he also does not put the exchange on i?There is a difference between tag 207 (SecurityExchange) and tag 100
(ExDestination). Both fields are optional and do not need to be
specified.SecurityExchange is part of the Instrument component block and can be
used to identify the security, e.g. its primary listing place.ExDestination is not part of the Instrument component block but on the
root level of the message. It can be used to ask for a specific place
of execution. However, if it should be left up to the broker (best
execution service) then you should not have this field in the message.
This depends on the environment in which you are trading.Regards, Hanno.
I have 2 linked questions actually. First, is it necessary to add
the exchange in the FIX message when sending an equity order to the
broker? If yes, why, because it does not make sense to me, due to
the fact that because of Best execution, the broker can choose the
exchange, MTF or even dark pool? Is it maybe to identify the stock?
When the broker sends back Fills, Tag#30 also can be used.
The broker should put the exchange on the fill but it is not mandatory. However, this is yet another field LastMkt (30) that is to be used for this purpose. Upon order entry it shows the place where the order was routed.
I would say that sending back the exchange is best practice in an environment where you do not know where your order will be executed. This information lets you see how often which exchange was chosen by the broker.
Hi Hanno,
Thanks for the clear answer. I guess that when the broker sends back
fills he also does not put the exchange on i?There is a difference between tag 207 (SecurityExchange) and tag 100
(ExDestination). Both fields are optional and do not need to be
specified.SecurityExchange is part of the Instrument component block and can be
used to identify the security, e.g. its primary listing place.ExDestination is not part of the Instrument component block but on the
root level of the message. It can be used to ask for a specific place
of execution. However, if it should be left up to the broker (best
execution service) then you should not have this field in the message.
This depends on the environment in which you are trading.Regards, Hanno.
I have 2 linked questions actually. First, is it necessary to add
the exchange in the FIX message when sending an equity order to the
broker? If yes, why, because it does not make sense to me, due to
the fact that because of Best execution, the broker can choose the
exchange, MTF or even dark pool? Is it maybe to identify the stock?