FIX Notional Guidelines. I am trying to locate a FIX Notional Template Guideline that covers multiple asset types. I would like to be certain what the Outgoing and Incoming FIX (D & 8) message expectations are.
Can you give an example of what you mean regarding “notional”?
Thank you. Trading with Cash not Qty. e.g. Fix CashOrderQty Tag 152.
There are no guideline on this topic as far as I am aware of. It all depends on the asset type traded and market practice. For example, mutual funds or CIV may be based on cash amount, e.g. CashOrderQty(152), while equities/stock is number of shares in OrderQty(38).
That said, fixed income products always will use OrderQty(38) as it’s typically a par amount rather than number of bonds. Amounts for CDS and IRS would also be in OrderQty(38).
If you need to express number of units, OrderQty(38) with QtyType(854) can be used. E.g. if you must express a bond is being traded based on number of bonds, then QtyType should indicate “1” and ContractMultiplier(231) should also be specified to indicate the face value of 1 bond, this way you can calculated the money needed for settlement.
Thank you, the bond insight was very useful.