ExDestination & SecurityExchange

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Imported from previous forum

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The tags ExDestination (#100) and SecurityExchange (#207) seem to refer to the same information. The valid list of values for both of these is Appendix C (FIX 4.1) which is the valid list of exchanges.

Is there a difference between these two fields that I am missing ? When will the two be set to different values ?

Thanks,
Manu.

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[ original email was from Ryan Pierce - rpierce@taltrade.com ]
>
> The tags ExDestination (#100) and SecurityExchange (#207) seem to refer to the same information. The valid list of values for both of these is Appendix C (FIX 4.1) which is the valid list of exchanges.
>
> Is there a difference between these two fields that I am missing ? When will the two be set to different values ?

The difference is that SecurityExchange is part of the description of the security and represents the primary exchange where it trades, while ExDestination is where the order should be routed. The two will not be equal if one wants to route an order to someplace other than the primary exchange.

My understanding is that SecurityExchange is rarely used, its principal application being to differentiate between certain types of futures contracts.

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In addition to Ryan’s comments, ExDestination is part of the Order messages, while SecurityExchange is part of the symbology block in every business-level message. SecurityExchange was added in FIX 4.1 to help identify the security.

> >
> > The tags ExDestination (#100) and SecurityExchange (#207) seem to refer to the same information. The valid list of values for both of these is Appendix C (FIX 4.1) which is the valid list of exchanges.
> >
> > Is there a difference between these two fields that I am missing ? When will the two be set to different values ?
>
> The difference is that SecurityExchange is part of the description of the security and represents the primary exchange where it trades, while ExDestination is where the order should be routed. The two will not be equal if one wants to route an order to someplace other than the primary exchange.
>
> My understanding is that SecurityExchange is rarely used, its principal application being to differentiate between certain types of futures contracts.
>