Expression of quantities in commodities markets

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Imported from previous forum

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(Originally posted by Ben Wissam in SBE Draft Standard thread, see http://www.fixtradingcommunity.org//pg/discussions/topicpost/3371568)

Hi All,

please i’m having a little issue while expressing quantities for commodities.

In commodities markets, base metals for example, quantities are expressed in “lots”, each lot refers to a different amount of metric tons depending on the underlying, examples :

  • For Aluminium, 1 lot is 25 tons
  • for Nickel, 1 lot is 6 tons …

Could you please help me express this in fix messages, as I would like the quantity to be expressed in “lots”, but to be clear it refers to a certain amount of metric tons depending on the underlying.

Thank you.

Regards,
Wissam.

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Ben, please take a look at tags UnitOfMeasure(996) and UnitOfMeasureQuantity(1147). Also FIX Extension Pack 122 (http://www.fixtradingcommunity.org/pg/extensions/extension-pack?ExtensionID=EP122). Revert back if you cannot find a solution.

Thanks,
Hanno.