Imported from previous forum
I understand the values and Fix description of those values, but does anyone have more information on how those values are attributed to systems…For Example, if tag 21=3, does that mean there can be no auto ex’d trades? If 21=1, Does that mean a trader cannot handle manually? Does this field change (systematically) the handling, or is it used as notation. Thanks
[ original email was from Himanshu Sharma - hsharma@knighttrading.com ]
IMHO
1 = Automated execution order, private, no Broker intervention:
Means order should be autoexecuted and no other broker should be involved. Possible only if the order receiver has the capacity to execute orders (market-maker, exchange, ECN, etc.). I guess buy-side intends to get a quick execution rather than a delayed price-improvement.
2 = Automated execution order, public, Broker intervention OK.
It means order can be executed either with negotiation with other brokers or autoexecution or routed out or mixed of all.
3 = Manual order, best execution.
It means that buy-side wants manual intervention from trader to get the best price (which is not quick).
ExecInst (Held/Not-Held) also plays part in the type of execution (delayed, auto, price-improvement.
HTH
> I understand the values and Fix description of those values, but does anyone have more information on how those values are attributed to systems…For Example, if tag 21=3, does that mean there can be no auto ex’d trades? If 21=1, Does that mean a trader cannot handle manually? Does this field change (systematically) the handling, or is it used as notation. Thanks
>
[ original email was from Jim Northey - jnorthey@jandj.com ]
Did you take a look at the "Handling Instructions (HandlInst) field" section that is in volume 4 of FIX 4.4. A detailed description was provided to clarify each type of value. With that said there is room as mentioned in the specification for counterparty agreement on usage of this field.
> IMHO
>
> 1 = Automated execution order, private, no Broker intervention:
> Means order should be autoexecuted and no other broker should be involved. Possible only if the order receiver has the capacity to execute orders (market-maker, exchange, ECN, etc.). I guess buy-side intends to get a quick execution rather than a delayed price-improvement.
>
> 2 = Automated execution order, public, Broker intervention OK.
> It means order can be executed either with negotiation with other brokers or autoexecution or routed out or mixed of all.
>
> 3 = Manual order, best execution.
> It means that buy-side wants manual intervention from trader to get the best price (which is not quick).
>
> ExecInst (Held/Not-Held) also plays part in the type of execution (delayed, auto, price-improvement.
>
> HTH
>
> > I understand the values and Fix description of those values, but does anyone have more information on how those values are attributed to systems…For Example, if tag 21=3, does that mean there can be no auto ex’d trades? If 21=1, Does that mean a trader cannot handle manually? Does this field change (systematically) the handling, or is it used as notation. Thanks
> >
>