Intended use of solicitedflag (377)

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Imported from previous forum

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

What is the intended use of the solicited flag (tag 377) in an ExecutionReport?

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Hi,

What is the intended use of the solicited flag (tag 377) in an
ExecutionReport?
SolicitedFlag tells you whether the order was solicited or not. I guess one can enter only UnSolicited orders in some stocks while one can enter only Solicited in some stocks based on SEC rules. Mainly used in OTCBB, PinkSheets etc.
HTH

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[ original email was from Bernt Sandén - bernt.sanden@om.com ]
> > Hi,

What is the intended use of the solicited flag (tag 377) in an
ExecutionReport?
SolicitedFlag tells you whether the order was solicited or not. I guess
one can enter only UnSolicited orders in some stocks while one can enter
only Solicited in some stocks based on SEC rules. Mainly used in OTCBB,
PinkSheets etc. HTH

Himanshu,

Still don’t know what solicited means. Can anyone explain it from a business perspective?

Thanks,

Bernt

5

example: client sending orders to broker
solicited scenario: the order starts with a new order msg from the client
unsolicited scenario: client phones broker and the order is started electronically on the broker side. the execution reports were not solicited by a new order message

Hi,

What is the intended use of the solicited flag (tag 377) in an
ExecutionReport?
SolicitedFlag tells you whether the order was solicited or not. I
guess one can enter only UnSolicited orders in some stocks while one
can enter only Solicited in some stocks based on SEC rules. Mainly
used in OTCBB, PinkSheets etc. HTH

Himanshu,

Still don’t know what solicited means. Can anyone explain it from a
business perspective?

Thanks,

Bernt

6

I do not think that Ricky’s answer is correct. Note that the SolicitedFlag(377) is also present on the New Order messages. My recollection is that the flag was added to denote that the broker “solicited” or marketed the order. This is most commonly done via FIX IOIs or the sellside salestrader initiating a phone call.

The scenario in which one receives FIX ExecutionReport messages without sending a New Order message via FIX (rather the order is initiated via telephone or via another system’s user interface) is typically referred to as “unsolicited execution reports” (or “one-way execution reports”), however, I do not think that tag 377 is intended to denote this.

example: client sending orders to broker
solicited scenario: the order starts with a new order msg from the client
unsolicited scenario: client phones broker and the order is started electronically on the broker side. the execution reports were not solicited by a new order message

Hi,

What is the intended use of the solicited flag (tag 377) in an
ExecutionReport?
SolicitedFlag tells you whether the order was solicited or not. I
guess one can enter only UnSolicited orders in some stocks while one
can enter only Solicited in some stocks based on SEC rules. Mainly
used in OTCBB, PinkSheets etc. HTH

Himanshu,

Still don’t know what solicited means. Can anyone explain it from a
business perspective?

Thanks,

Bernt

7

thanks scott. sorry missed the beginning of the thread.

I do not think that Ricky’s answer is correct. Note that the
SolicitedFlag(377) is also present on the New Order messages. My
recollection is that the flag was added to denote that the broker
“solicited” or marketed the order. This is most commonly done via FIX
IOIs or the sellside salestrader initiating a phone call.

The scenario in which one receives FIX ExecutionReport messages without
sending a New Order message via FIX (rather the order is initiated via
telephone or via another system’s user interface) is typically referred
to as “unsolicited execution reports” (or “one-way execution reports”),
however, I do not think that tag 377 is intended to denote this.

example: client sending orders to broker solicited scenario: the
order starts with a new order msg from the client unsolicited
scenario: client phones broker and the order is started
electronically on the broker side. the execution reports were not
solicited by a new order message

Hi,

What is the intended use of the solicited flag (tag 377) in an
ExecutionReport?
SolicitedFlag tells you whether the order was solicited or not. I
guess one can enter only UnSolicited orders in some stocks while
one can enter only Solicited in some stocks based on SEC rules.
Mainly used in OTCBB, PinkSheets etc. HTH

Himanshu,

Still don’t know what solicited means. Can anyone explain it from a
business perspective?

Thanks,

Bernt

8

[ original email was from Jeremy Sutton - jezza.sutton@patsystems.com ]
Indeed. I believe unsolicited orders should be delievered and indicated with the ExecType tag 150=D

9

[ original email was from hammad malik - dehammad@gmail.com ]
> thanks scott. sorry missed the beginning of the thread.

I do not think that Ricky’s answer is correct. Note that the
SolicitedFlag(377) is also present on the New Order messages. My
recollection is that the flag was added to denote that the broker
“solicited” or marketed the order. This is most commonly done via FIX
IOIs or the sellside salestrader initiating a phone call.

The scenario in which one receives FIX ExecutionReport messages
without sending a New Order message via FIX (rather the order is
initiated via telephone or via another system’s user interface) is
typically referred to as “unsolicited execution reports” (or “one-way
execution reports”), however, I do not think that tag 377 is intended
to denote this.

example: client sending orders to broker solicited scenario: the
order starts with a new order msg from the client unsolicited
scenario: client phones broker and the order is started
electronically on the broker side. the execution reports were not
solicited by a new order message

Hi,

What is the intended use of the solicited flag (tag 377) in an
ExecutionReport?
SolicitedFlag tells you whether the order was solicited or not.
I guess one can enter only UnSolicited orders in some stocks
while one can enter only Solicited in some stocks based on SEC
rules. Mainly used in OTCBB, PinkSheets etc. HTH

Himanshu,

Still don’t know what solicited means. Can anyone explain it from
a business perspective?

Thanks,

Bernt

solicited could be understood in a way that anything which happens itself without someone initiating it… like you could have unsolicited fills or executions in which a broker recieves fills with out him sending an order over fix… it could some times be even a result of drop copying …and then the broker applies those fills to a local order made in his front end and then routes it back to his client. Giving him the prespective that an order was made by his broker on his behalf and the executions came over it… if some one could clear me the minor differnce between NOE (Notice of executions ) and Unsolicited fills that would be really beneficial for me … tanx

10

[ original email was from hammad malik - dehammad@gmail.com ]
> > thanks scott. sorry missed the beginning of the thread.

I do not think that Ricky’s answer is correct. Note that the
SolicitedFlag(377) is also present on the New Order messages. My
recollection is that the flag was added to denote that the broker
“solicited” or marketed the order. This is most commonly done via
FIX IOIs or the sellside salestrader initiating a phone call.

The scenario in which one receives FIX ExecutionReport messages
without sending a New Order message via FIX (rather the order is
initiated via telephone or via another system’s user interface) is
typically referred to as “unsolicited execution reports” (or “one-
way execution reports”), however, I do not think that tag 377 is
intended to denote this.

example: client sending orders to broker solicited scenario: the
order starts with a new order msg from the client unsolicited
scenario: client phones broker and the order is started
electronically on the broker side. the execution reports were not
solicited by a new order message

Hi,

What is the intended use of the solicited flag (tag 377) in
an ExecutionReport?
SolicitedFlag tells you whether the order was solicited or
not. I guess one can enter only UnSolicited orders in some
stocks while one can enter only Solicited in some stocks based
on SEC rules. Mainly used in OTCBB, PinkSheets etc. HTH

Himanshu,

Still don’t know what solicited means. Can anyone explain it
from a business perspective?

Thanks,

Bernt

solicited could be understood in a way that anything which happens
itself without someone initiating it… like you could have unsolicited
fills or executions in which a broker recieves fills with out him
sending an order over fix… it could some times be even a result of
drop copying …and then the broker applies those fills to a local
order made in his front end and then routes it back to his client.
Giving him the prespective that an order was made by his broker on his
behalf and the executions came over it… if some one could clear
me the minor differnce between NOE (Notice of executions ) and
Unsolicited fills that would be really beneficial for me … tanx

HAMMAD MALIK