How to route IOI's

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Imported from previous forum

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Hello gentlemen and gentlewomen.

There are two ways to route IOI’s to the desired customer.

One way is using the 215,216,217 tags that are available in the IOI message.

Another way is using the 128 tag that is available in a range of messages.

Are there advantages to using 128 rather than 215,216,217? We are picking a direction, and have both options.

     Thanks, Rick
3

Depends really on what you need.

RoutingIDs (215, 216, 217) approach is more flexible if you are sending IOIs to one more vendor networks like Bloomberg, FIXCity, Autex etc. Using this approach allows you to define a target list (aka TierA, TierB etc) in the vendor database and then target all members in the list in a single IOI message - so fewer messages required. The vendor then distributes your IOI to individual counterparties. This approach also allows you to block out specific firm(s) in a target list (Useful if you are sending an IOI on the back of an order from a client who is in that list). Disadvantage of course is the need to maintain a list in each vendor network and keep then in synch.

DeliverToCompID (128) approach is useful if you can’t (or don’t want to) maintain multiple lists in separate vendor network (and your own database). Its also simpler. Disadvantage is that your message volume can become quite high - this of course depends on how many clients you are sending out to, how many IOIs you generate in a day etc.

Hello gentlemen and gentlewomen.

There are two ways to route IOI’s to the desired customer.

One way is using the 215,216,217 tags that are available in the
IOI message.

Another way is using the 128 tag that is available in a range of
messages.

Are there advantages to using 128 rather than 215,216,217? We are
picking a direction, and have both options.

     Thanks, Rick