execInst (tag 18) value T - Fixed Peg to Local best bid or offer at time of order

, ,
1

Imported from previous forum

2

It seems that version 4.4 does not allow execInst (tag 18) to have value T - “Fixed Peg to Local best bid or offer at time of order”. FIX version 4.4 does not allow it, however FIX versions 4.2; 4.3; 5.0 allow it. 5.0 SP1 allows it in principle by disabling the value and providing alternative way of specifying. Do we expect to use value U associated to SEC Rule11Ac1-1/4 in FIX 4.4 and in the rest of versions value T? It seems like a mistake in specifications and T should be allowed.
Clarification will be appreciated.
In addition, if anybody has run into clients having a trouble with value T in tag 18 for real, a note will be appreciated.
I thanks you in advance.

3

[ original email was from Harish - harish.kamaley@wipro.com ]
Replaced “Fixed Peg to Local best bid or offer at time of order” value from ExecInst (tag 18) Field [Replaced in FIX 4.4]

Mapping of the removed ExecInst field’s value is as follows:
Replaced Value within ExecInst (18) =T
835=1, 840=1, 18=R

Also, Please refer Volume 6-Appendix 6F point no.16 for more clarification.

Regards,
Harish.

4

Please also refer to FIX 5.0 Volume 6-Appendix 6F no. 12 where PegPriceType (1094) takes over a number of ExecInst values related to pegging, including T. 1094 is a new tag and the standard as of FIX 5.0.

Regards,
Hanno.

Replaced “Fixed Peg to Local best bid or offer at time of order” value
from ExecInst (tag 18) Field [Replaced in FIX 4.4]

Mapping of the removed ExecInst field’s value is as follows: Replaced
Value within ExecInst (18) =T 835=1, 840=1, 18=R

Also, Please refer Volume 6-Appendix 6F point no.16 for more
clarification.

Regards, Harish.