Handling Instructions with New Order FIX message

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1

Imported from previous forum

2

Hi all,

what does the different values for tag=21(1 or 2 or 3) mean?
how does it affect FIX processing?

3

Hi

Please refer lot of related dicussions …

http://fixprotocol.org/discuss/read/6443c665
http://fixprotocol.org/discuss/read/715d109a
http://fixprotocol.org/discuss/read/aebdebe3
http://fixprotocol.org/discuss/read/68f95f5d
more available if you search related terms…

Alternately, refer the specification documents related to the version you use. For example in FIX 4.3 spec, you can refer the Document Volume 4 where Tag 21 is explained.

Hi all,

what does the different values for tag=21(1 or 2 or 3) mean? how does it
affect FIX processing?

4

Instructions for order handling on Broker trading floor
Valid values:
1 = Automated execution order, private, no Broker intervention
2 = Automated execution order, public, Broker intervention OK
3 = Manual order, best execution

Hi all,

what does the different values for tag=21(1 or 2 or 3) mean? how does it
affect FIX processing?

5

The way I see it, in addition to the last reply:

Instructions for order handling on Broker trading floor Valid values:
1 = Automated execution order, private, no Broker intervention — This can be used for DMA (Direct Market Access,) in other words get it done quickly.
2 = Automated execution order, public, Broker intervention OK — This gives the broker the option to either send right to an exchange or shop around.
3 = Manual> order, best execution — This option the broker is instructed to shop around and get the best possible combonation of exections.

Hope this helps.

Hi all,

what does the different values for tag=21(1 or 2 or 3) mean? how does
it affect FIX processing?

6

A further comment on this:

21=2 Can be processed as a DMA order or as Best Exceution. Its a kind of Hybrid between the two(21=1 & 21=30. It basically depends on how the connecting parties have agreed to.

Regards,
Sunil

7

[ original email was from Marcello Cultrera - marcello.cultrera@reuters.com ]
Basically Tag 21 determines what happens to the order, when a client places an order he will by what he wants
determine the value of Tag 21

There are 3 options for Tag 21:
21=1 or 21=2 or 21=3 .

21=1 (Automated execution) meaning straight to DMA. (or send my order for execution by the automated market)
21=2 (Automated execution but with other options) in IOE GUI its the same as 21=1
21=3 (tells order to stop at humanbroker for review rather than go straight to DMA). (this happens when you click on stop for review)

fix to fix transactions over the ROR would allow all of the 3 options to pass through.
In transactions involving a GUI to fix out accounts however; mostly the last 2 options are possible.

Hope it all makes sense and apologies for the late reply.

The way I see it, in addition to the last reply:

Instructions for order handling on Broker trading floor Valid values: 1
= Automated execution order, private, no Broker intervention — This
can be used for DMA (Direct Market Access,) in other words get it done
quickly. 2 = Automated execution order, public, Broker intervention OK
— This gives the broker the option to either send right to an exchange
or shop around. 3 = Manual> order, best execution — This option the
broker is instructed to shop around and get the best possible
combonation of exections.

Hope this helps.

Hi all,

what does the different values for tag=21(1 or 2 or 3) mean? how
does it affect FIX processing?

8

With regard to the values 1 and 2, what do the words ‘private’ and ‘public’ signify? Does tagging an order as private indicate to the broker-dealer that anonymity of the investor has to be maintained?

Basically Tag 21 determines what happens to the order, when a client
places an order he will by what he wants determine the value of Tag 21

There are 3 options for Tag 21: 21=1 or 21=2 or 21=3 .

21=1 (Automated execution) meaning straight to DMA. (or send my order
for execution by the automated market) 21=2 (Automated execution but
with other options) in IOE GUI its the same as 21=1 21=3 (tells order to
stop at humanbroker for review rather than go straight to DMA). (this
happens when you click on stop for review)

fix to fix transactions over the ROR would allow all of the 3 options to
pass through. In transactions involving a GUI to fix out accounts
however; mostly the last 2 options are possible.

Hope it all makes sense and apologies for the late reply.

The way I see it, in addition to the last reply:

Instructions for order handling on Broker trading floor Valid
values: 1
= Automated execution order, private, no Broker intervention — This
can be used for DMA (Direct Market Access,) in other words get it done
quickly. 2 = Automated execution order, public, Broker intervention OK
— This gives the broker the option to either send right to an
exchange or shop around. 3 = Manual> order, best execution — This
option the broker is instructed to shop around and get the best
possible combonation of exections.

Hope this helps.

Hi all,

what does the different values for tag=21(1 or 2 or 3) mean? how
does it affect FIX processing?

9

[ original email was from Marcello Cultrera - marcello.cultrera@reuters.com ]
HI Anup, 21=1 is private as it goes straight to the exchange where it would be crossed with another order on the book,
21=2 is public because the Broker can make the decision on how to execute the order. Hope this clarifies all

Marcello Cultrera

With regard to the values 1 and 2, what do the words ‘private’ and
‘public’ signify? Does tagging an order as private indicate to the broker-
dealer that anonymity of the investor has to be maintained?

Basically Tag 21 determines what happens to the order, when a client
places an order he will by what he wants determine the value of Tag 21

There are 3 options for Tag 21: 21=1 or 21=2 or 21=3 .

21=1 (Automated execution) meaning straight to DMA. (or send my order
for execution by the automated market) 21=2 (Automated execution but
with other options) in IOE GUI its the same as 21=1 21=3 (tells order
to stop at humanbroker for review rather than go straight to DMA).
(this happens when you click on stop for review)

fix to fix transactions over the ROR would allow all of the 3 options
to pass through. In transactions involving a GUI to fix out accounts
however; mostly the last 2 options are possible.

Hope it all makes sense and apologies for the late reply.

The way I see it, in addition to the last reply:

Instructions for order handling on Broker trading floor Valid
values: 1
= Automated execution order, private, no Broker intervention —
= This
can be used for DMA (Direct Market Access,) in other words get it
done quickly. 2 = Automated execution order, public, Broker
intervention OK — This gives the broker the option to either send
right to an exchange or shop around. 3 = Manual> order, best
execution — This option the broker is instructed to shop around
and get the best possible combonation of exections.

Hope this helps.

Hi all,

what does the different values for tag=21(1 or 2 or 3) mean? how
does it affect FIX processing?