Imported from previous forum
Has anyone worked with developing a methodology to handle retail circling of inventory positions within an offering? Specifically in the Retail world a broker/sales rep can circle (temporarily decrease available offering) part or all of an offering in order to solidify the order with the retail customer. Typically, this circle is replaced by an order, which removes the circle, or it automatically expires within a specified time frame openning up the circled portion of the offering to other retail clients.
Just to clarify, I am interested in effecting a circle position through FIX messages.
Thanks
Has anyone worked with developing a methodology to handle retail
circling of inventory positions within an offering? Specifically in the
Retail world a broker/sales rep can circle (temporarily decrease
available offering) part or all of an offering in order to solidify the
order with the retail customer. Typically, this circle is replaced by an
order, which removes the circle, or it automatically expires within a
specified time frame openning up the circled portion of the offering to
other retail clients.
I implemented exactly this sort of thing about 25 years ago in a proprietary system at a dealer.
Typically in retail the order will be originating within a given institution and processed through that institution’s own trading desk, which gives you considerable leeway in determining which message and tag to use for your purpose. Even if the circle order originates external to the organization for some reason, you could make the processing of that message tag conditional on the addressee.
Alan