Hi,
I wanted to get feedback from the FIX community on the adoption by the industry regarding the STO Indicator parameter that came out of the Brexit FIX working groups.
Whilst many clients due to legal setup will execute using only an E.U. or U.K. STO the flexibility was needed to specify STO at an order level. For example, if the EU branch of a UK firm sends an order through its UK counterpart to GS it will still require the application of the EU STO.
The FIX community acknowledged this and created an industry standard where clients can specify an STO Indicator on an order by order basis. This was either in FIX 4.4 using the repeating group 2593, 2594, and 2595 or in FIX 4.2 tag 8015 with either 2594 or 8015 containing values 10 or 11. 10 indicated an EU STO, and 11 indicated a UK STO. The tag is optional and if not sent a default STO is applied.
At GS we fully support these parameters but speaking with some vendors they do not have any plans as of yet to support these parameters.
I wanted to engage the FIX community to get a feeling for how the industry plans to support clients ability to specify an STO at the order level should in January we be in a hard brexit scenario
Any feedback from other broker, vendors or from buyside clients would be greatly appreciated.
Thanks,
James