Intermarket Sweep Orders

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Imported from previous forum

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Hi

Has anyone heard of the “Intermarket sweep orders” - based on Reg NMS?

Is there a standard way as to how they will be idenitfied in FIX??

Thanks

3

Chintan,

There has been a good bit of discussion about this, as well as the other exemptions that need to be identified. For new intermarket sweep orders, the consensus has been to use tag 18.

I’ll email you a copy of the document recently prepared by Ryan Pierce, FPL Americas Technical Subcommittee and Manisha Kulkarni, Financial Information Forum and circulated that discusses this as well as some of the other implications of NMS.

Regards,
Jeromee

4

[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Has anyone heard of the “Intermarket sweep orders” - based on Reg NMS?

Is there a standard way as to how they will be idenitfied in FIX??

FYI, the proposal was accepted at today’s Global Technical Committee meeting.

Actual tag assignments and posting of the final document will happen in the near future. And yes, as was said, Intermarket Sweep is an Immediate or Cancel Limit order with an ExecInst tag to designate it as Intermarket Sweep.

5

Has anyone heard of the “Intermarket sweep orders” - based on Reg NMS?

Is there a standard way as to how they will be idenitfied in FIX??

FYI, the proposal was accepted at today’s Global Technical
Committee meeting.

Actual tag assignments and posting of the final document will happen in
the near future. And yes, as was said, Intermarket Sweep is an Immediate
or Cancel Limit order with an ExecInst tag to designate it as
Intermarket Sweep.

Thanks all.