How to identify trader in IOI?

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1

Imported from previous forum

2

Hello good people.

We plan to receive FIX 4.4 IOI messages from sellers.
We want the seller’s IOI to include the user ID
and account number of the trader who is submitting
the offer.

Which tags should we use?

The Account field (tag 1) and the NoPartyIDs group
(tag 453) seem like obvious candidates. However,
the IOI doesn’t include these tags.

We can customize the IOI to include these tags.
However, I’m concerned that some sellers will object
to the use of non-standard tags.

Any advice would be appreciated.

Thanks.

Bob

3

Hello good people.

We plan to receive FIX 4.4 IOI messages from sellers. We want the
seller’s IOI to include the user ID and account number of the trader who
is submitting the offer.

Which tags should we use?

The Account field (tag 1) and the NoPartyIDs group (tag 453) seem like
obvious candidates. However, the IOI doesn’t include these tags.

We can customize the IOI to include these tags. However, I’m concerned
that some sellers will object to the use of non-standard tags.

Any advice would be appreciated.

Thanks.

Bob

It is usual to use the sender sub id (tag 50) to identify the trader. You could use tag 57 (target sub id) for the account. These are in the header. I wouldn’t expect sellers to customise their IOI messages without a very good incentive.

4

When we did the gap analysis for Fixed Income that became part of FIX 4.4 the Parties component block should have been included then. It was an over sight.

I strongly recommend that you use the existing 4.4 Parties component block to identify the trader and his/her firm. This is already being supported by major Fixed Income ECN/ATS services.

This gap will likely become part of FIX 4.4 Service Pack 2 (timeline undermined for their releases).

With your counterparties who can support adding existing FIX tags to an existing FIX message, use the official 4.4 tag numbers. For your counterparties who cannot support adding existing FIX tags to an exsiting FIX message, you’ll need to use custom tags. Although I have found that the latter is less and less the case for those who are implementing 4.4, especially for FI since these are majority new implementations.

This allows you to keep all business related information within the body of the message, and not have to worry about looking in the header fields for any business-level related information thus leaving the header fields to contain routing related information.

Lisa Taikitsadaporn
Global Fixed Income Technical Sub-committee Co-Chair

Hello good people.

We plan to receive FIX 4.4 IOI messages from sellers. We want the
seller’s IOI to include the user ID and account number of the trader who
is submitting the offer.

Which tags should we use?

The Account field (tag 1) and the NoPartyIDs group (tag 453) seem like
obvious candidates. However, the IOI doesn’t include these tags.

We can customize the IOI to include these tags. However, I’m concerned
that some sellers will object to the use of non-standard tags.

Any advice would be appreciated.

Thanks.

Bob

5

When we did the gap analysis for Fixed Income that became part of FIX
4.4 the Parties component block should have been included then. It was
an over sight.

I strongly recommend that you use the existing 4.4 Parties component
block to identify the trader and his/her firm. This is already being
supported by major Fixed Income ECN/ATS services.

Bob, for more background on this issue see the thread
“TraderID and “Business” Trading on Behalf of…”
(http://fixprotocol.org/discuss/read/f0a6cf71)
9 days ago.

Cheers, Jörg