Forex: Value in currency (tag15)

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Imported from previous forum

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[ original email was from Natan Kugel - nkugel@espeed.com ]
What would be the value in tag 15 for EUR/USD? Would it be primary currency (EUR) or secondary (USD)? Perhaps there is a better way / tag that is applicable?

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[ original email was from Natan Kugel - nkugel@espeed.com ]
> What would be the value in tag 15 for EUR/USD? Would it be primary

currency (EUR) or secondary (USD)? Perhaps there is a better way / tag
that is applicable?
e.g.
Order (A) Buy 2M EUR/USD @ 1.37, what is the value in Tag 15?
Prder (B) Sell 3M EUR/USD @ 1.37, what is the value in Tag 15?

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[ original email was from Jay Hurley - Jay.Hurley@morganstanley.com ]
> > What would be the value in tag 15 for EUR/USD? Would it be primary

currency (EUR) or secondary (USD)? Perhaps there is a better way / tag
that is applicable?
e.g.Order (A) Buy 2M EUR/USD @ 1.37, what is the value in Tag 15? Prder
(B) Sell 3M EUR/USD @ 1.37, what is the value in Tag 15?

15= is the dealt currency i.e. for 55=EUR/USD, 15=EUR then 54=1 means buying EUR (selling USD) and if 15=USD it means buying USD (selling EUR). For further information, please see the Foreign Exchange Ehancements section of the FIX5.0 spec.

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[ original email was from Natan Kugel - nkugel@espeed.com ]
> > > What would be the value in tag 15 for EUR/USD? Would it be primary

currency (EUR) or secondary (USD)? Perhaps there is a better way /
tag that is applicable?
e.g.Order (A) Buy 2M EUR/USD @ 1.37, what is the value in Tag 15?
Prder
(B) Sell 3M EUR/USD @ 1.37, what is the value in Tag 15?

15= is the dealt currency i.e. for 55=EUR/USD, 15=EUR then 54=1 means
buying EUR (selling USD) and if 15=USD it means buying USD (selling
EUR). For further information, please see the Foreign Exchange
Ehancements section of the FIX5.0 spec.

Thank you!

Please confirm the understanding for the following samples:
55=EUR/USD|54=1|15=EUR - buy EUR, sell USD; the same as 55=USD/EUR|54=1|15=EUR

55=EUR/USD|54=2|15=EUR - sell EUR, buy USD; the same as
55=USD/EUR|54=2|15=EUR

55=EUR/USD|54=2|15=USD - sell USD, buy EUR; the same as
55=USD/EUR|54=2|15=USD

55=EUR/USD|54=1|15=USD - buy USD, sell EUR; the same as
55=USD/EUR|54=1|15=USD

Please clarify.

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[ original email was from Jay Hurley - Jay.Hurley@morganstanley.com ]
> > > > What would be the value in tag 15 for EUR/USD? Would it be primary

currency (EUR) or secondary (USD)? Perhaps there is a better way /
tag that is applicable?
e.g.Order (A) Buy 2M EUR/USD @ 1.37, what is the value in Tag 15?
Prder
(B) Sell 3M EUR/USD @ 1.37, what is the value in Tag 15?

15= is the dealt currency i.e. for 55=EUR/USD, 15=EUR then 54=1 means
buying EUR (selling USD) and if 15=USD it means buying USD (selling
EUR). For further information, please see the Foreign Exchange
Ehancements section of the FIX5.0 spec.

Thank you!

Please confirm the understanding for the following samples:
55=EUR/USD|54=1|15=EUR - buy EUR, sell USD; the same as
55=USD/EUR|54=1|15=EUR

55=EUR/USD|54=2|15=EUR - sell EUR, buy USD; the same as
55=USD/EUR|54=2|15=EUR

55=EUR/USD|54=2|15=USD - sell USD, buy EUR; the same as
55=USD/EUR|54=2|15=USD

55=EUR/USD|54=1|15=USD - buy USD, sell EUR; the same as
55=USD/EUR|54=1|15=USD

Please clarify.

Your examples are correct but the price (44=) would be different. Here is an alternative example:
55=EUR/USD;54=1;15=EUR;44=1.4000;38=1000000;
is the same as
55=EUR/USD;54=2;15=USD;44=1.4000;38=1400000;

Note how the side and currency both flip around, that the price is still a EUR/USD rate and the quantity is in relation to the dealt currency so using the 1.4000 rate B 1M EUR becomes sell 1.4M USD.