Hi all,
For an IM routing an order to a broker for execution, when would you expect the above tag (be it 20073 or 448 where 452=73) to be populated by the ER sender with a MIC, other than where a) the broker is an SI on the traded instrument and has acted as such for the trade, or b) the trade was done as ‘off-book on venue’ with both the IM & the broker being venue members?
Many thanks,
Georgios
The best place to go for the actual reporting scenarios is the ESMA guidelines on transaction reporting. Armed with that, the FIX guidelines on transaction reporting data (on the FIX website under Guidelines/FIX & MiFID/Implementation guidelines) are worth a look. It’s been a very long time since I looked at this to be honest but from dim and distant memory, I believe execution reports from brokers will always contain XOFF or their SI MIC (if they have one).
Hi,
Thanks for your input.
The said documentation does not address my issue which is why i created a topic in the forum, with the issue being that brokers have been occasionally sending MICs in 20073 where i would expect XOFF…