Imported from previous forum
[ original email was from Chris Lambert - chris.lambert@emx.co.uk ]
As part of an exercise to compare FIX messages with other message formats we need to be sure of the usage of the ExecBroker, ClientId and Account fields on the New Order - Single.
Please let me know if there is a problem with any of the following:
A “third party” scenario is one where an Institution instructs Broker A, who passes the order along to Broker B for execution. In this case ‘ExecBroker’ contains the Id of Broker A, and ‘ClientId’ identifies Broker A in the books of Broker B.
A "normal" scenario is one where an Institution instructs Broker A, who executes the order himself.
In either of these scenarios ‘Account’ always identifies the Institution in the books of Broker A.
Thanks