Identify Japanese off-exchange (Tachiaigai) executions

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Imported from previous forum

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Hi all,

I would like to know what is the common market practice for sell-sides to identify Japanese off-exchange (Tachiaigai) executions for buy-sides in 4.2?

Thanks

3

Hi all,

I would like to know what is the common market practice for sell-sides
to identify Japanese off-exchange (Tachiaigai) executions for buy-
sides in 4.2?

Thanks

Hi,

Brokers have different views on the approach. One approach is to say this is OTC, so set 11. Others say it is third market, which they set TH. I personally would vote for OTC, because off-exchange executions need brokers to report to exchanges as OTC.

Regards,
Sridhar B

4

Hi all,

I would like to know what is the common market practice for sell-sides
to identify Japanese off-exchange (Tachiaigai) executions for buy-
sides in 4.2?

Thanks

Hi,

Brokers have different views on the approach. One approach is to say
this is OTC, so set 11. Others say it is third market, which they set
TH. I personally would vote for OTC, because off-exchange executions
need brokers to report to exchanges as OTC.

Regards, Sridhar B

Dear Sridhar,
Actually I am also looking for answer to this query.Incase we get 100=TH then which off floor that order will go.say there are securitiies which are listed in TOSNET for Tokyo.How to distinguish it has gone to TOSNET.

5

Hi all,

I would like to know what is the common market practice for sell-
sides to identify Japanese off-exchange (Tachiaigai) executions for
buy- sides in 4.2?

Thanks

Hi,

Brokers have different views on the approach. One approach is to say
this is OTC, so set 11. Others say it is third market, which they set
TH. I personally would vote for OTC, because off-exchange executions
need brokers to report to exchanges as OTC.

Regards, Sridhar B

Dear Sridhar, Actually I am also looking for answer to this query.Incase
we get 100=TH then which off floor that order will go.say there are
securitiies which are listed in TOSNET for Tokyo.How to distinguish it
has gone to TOSNET.

Hi Anand,

Use TradingSessionID as specified in the FIX 4.2 spec - as defined below:

Identifier for Trading SessionCan be used to represent a specific market trading session (e.g. “PRE-OPEN”, “CROSS_2”, “AFTER-HOURS”, “TOSTNET1”, “TOSTNET2”, etc). Values should be bi-laterally agreed between counterparties.

However, the usage of the tag seemed to have changed in the later FIX versions.

Regards,
Sridhar B