# How to identify counterparty in an Execution Report for a trade ?

**URL:** <https://forum.fixtrading.org/t/how-to-identify-counterparty-in-an-execution-report-for-a-trade/1825>\
**Category:** General Q&A\
**Tags:** general-qa, xid\_165726, imported\
**Created:** [July 5, 2005, 9:47pm UTC](https://forum.fixtrading.org/t/how-to-identify-counterparty-in-an-execution-report-for-a-trade/1825 "2005-07-05T21:47:27Z")\
**Posts on this page:** 5\
**Page:** 1

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**Author:** ![antoniocarosell\_x](https://avatars.discourse-cdn.com/v4/letter/a/94ad74/32.png) [@antoniocarosell\_x](https://forum.fixtrading.org/u/antoniocarosell_x)\
**Post date:** [July 5, 2005, 9:47pm UTC](https://forum.fixtrading.org/t/how-to-identify-counterparty-in-an-execution-report-for-a-trade/1825/1 "2005-07-05T21:47:27Z")

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Imported from previous forum

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**Author:** ![antoniocarosell\_x](https://avatars.discourse-cdn.com/v4/letter/a/94ad74/32.png) [@antoniocarosell\_x](https://forum.fixtrading.org/u/antoniocarosell_x)\
**Post date:** [July 5, 2005, 9:47pm UTC](https://forum.fixtrading.org/t/how-to-identify-counterparty-in-an-execution-report-for-a-trade/1825/2 "2005-07-05T21:47:27Z")

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Let’s assume that trader 1 of firm A (A1) enters a Buy Order and that his order will match against an existing Sell Order entered by trader 2 of firm B (B2). Which is the proper way to identify counterparty B2 in the Execution Report (FIX 4.3) message for the executed trade sent to A1 ? Using the Parties component block is it correct to have:

- PartyID = B2 (actually the Sell Side code)
- PartyRole = 1 [Executing Firm]

in the Execution Report message sent to firm A or shall we find:

- PartyRole = 17 [Contra Firm] ?

Thanks in advance for your help.

Regards,

Antonio Caroselli  
GATE T.I.  
[www.gatelab.com](http://www.gatelab.com)

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**Author:** ![jorgthonnes](https://yyz2.discourse-cdn.com/flex010/user_avatar/forum.fixtrading.org/jorgthonnes/32/196_2.png) [@jorgthonnes](https://forum.fixtrading.org/u/jorgthonnes)\
**Post date:** [July 6, 2005, 9:54am UTC](https://forum.fixtrading.org/t/how-to-identify-counterparty-in-an-execution-report-for-a-trade/1825/3 "2005-07-06T09:54:39Z")

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> Let’s assume that trader 1 of firm A (A1) enters a Buy Order and that his order will match against an existing Sell Order entered by trader 2 of firm B (B2). Which is the proper way to identify counterparty B2 in the Execution Report (FIX 4.3) message for the executed trade sent to A1 ? Using the Parties component block is it correct to have:
> 
> - PartyID = B2 (actually the Sell Side code)
> - PartyRole = 1 [Executing Firm]
> 
> in the Execution Report message sent to firm A or shall we find:
> 
> - PartyRole = 17 [Contra Firm] ?

If A1 receives the ExecutionReport(Trade), B2 is the counterparty for this trade. Therefore, PartyRole=17 [Contra Firm] is the correct role.

To be more precise, you could make use of the PartySubID field to separate the name of the firm (“A” or “B”) and the trader:

PartyID=B  
PartyIDSource=  
PartyRole=17  
PartySubID=2

Note, that the PartySubID is optional: Some systems do not report the actual trader to the other side.

Cheers, Jörg

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**Author:** ![jorgthonnes](https://yyz2.discourse-cdn.com/flex010/user_avatar/forum.fixtrading.org/jorgthonnes/32/196_2.png) [@jorgthonnes](https://forum.fixtrading.org/u/jorgthonnes)\
**Post date:** [July 6, 2005, 1:19pm UTC](https://forum.fixtrading.org/t/how-to-identify-counterparty-in-an-execution-report-for-a-trade/1825/4 "2005-07-06T13:19:29Z")

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> If A1 receives the ExecutionReport(Trade), B2 is the counterparty for  
> this trade. Therefore, PartyRole=17 [Contra Firm] is the correct role.
> 
> To be more precise, you could make use of the PartySubID field to  
> separate the name of the firm (“A” or “B”) and the trader:
> 
> PartyID=B PartyIDSource= PartyRole=17 PartySubID=2
> 
> Note, that the PartySubID is optional: Some systems do not report the  
> actual trader to the other side.

Looking at FIX 4.4 PartyRole, there is even a “Contra Trader” role which replaces the PartySubID usage above.

Cheers, Jörg

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**Author:** ![fplpo\_x](https://avatars.discourse-cdn.com/v4/letter/f/7ab992/32.png) [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)\
**Post date:** [August 26, 2005, 9:05am UTC](https://forum.fixtrading.org/t/how-to-identify-counterparty-in-an-execution-report-for-a-trade/1825/5 "2005-08-26T09:05:45Z")

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[original email was from Bernt Sandén - [bernt.sanden@om.com](mailto:bernt.sanden@om.com) ]  
Hi,

What about the entering firm, should’nt it be a part of the execution report? Is it implicitly defined by the FIX session? In the case below firm “A” is the entering firm.

> > If A1 receives the ExecutionReport(Trade), B2 is the counterparty for  
> > this trade. Therefore, PartyRole=17 [Contra Firm] is the correct role.
> > 
> > To be more precise, you could make use of the PartySubID field to  
> > separate the name of the firm (“A” or “B”) and the trader:
> > 
> > PartyID=B PartyIDSource= PartyRole=17 PartySubID=2
> > 
> > Note, that the PartySubID is optional: Some systems do not report the  
> > actual trader to the other side.
> 
> Looking at FIX 4.4 PartyRole, there is even a “Contra Trader” role which  
> replaces the PartySubID usage above.
> 
> Cheers, Jörg