Hi
We receive FX flow (as the pricer, so we price & receive executions) direct with external venues, MBPs and of course many internal venues. We are providing a dropcopy of the ExecutionReport to an internal component & now have add the venue (i.e. source of these trades) to the ER.
The ‘venues’ are purely the platform that the quoteRequest, newOrderSingle originate from (well known MBPs to other external venues & our own Sales UI venue etc.)
My first go to, was to look at PartyID repeating group, maybe 452=99 ? I didnt think MIC code is suitable as its not used outside of MBPs.
PartyRole(452)=16 (Executing System) seems more appropriate in this case. PartyRole(452)=99 (Originating Market) has a specific context (see EP139) and should use MICs.
@gtcpm thanks. So I maybe misunderstood ‘Executing System’ as I assumed that was us, but if it it means the platform that originated the request/order then even better
Executing System would indeed be the one where an order is executed on (you had said that you “receive executions”). Are you talking about orders coming from external sources? In that case, PartyRole(452) values such as 61=Quote originator or 11/13=Order origination trader/firm may be better. Could also be 6=Introducing firm (a broker that has no direct connection to an execution venue and passes orders to a broker that has).
Are you looking to identify a venue, a system, a firm, a person or something different?
Thanks. We as a price maker have a fix engine that is connected to internal (to our company), external venues like MBPs. So we receive a QuoteRequest & Quote back, venue sends a NewOrderSingle which we accept or reject by sending an ER back to the venue.
I need the venue ‘name’ whether it be InternalVenueA, InternalVenueB, ExternalVenueA etc. to be sent on a relevant tag in an ExecutionRreport that is a drop copy to another internal component.
So looking for the most appropriate fix tag. It’s not the name of the firm/cpty, just the ‘venue’ that originated the order request
Sound slike an unusual case as your venues behave exactly like a firm seeking to get quotes from a counterparty (venue or firm) and then sends orders with that price to get them filled. I am assuming there are actual firms behind the quote requests and orders sent by your internal/external venues.
I do not have a really good answer but instead of defining those venues as PartyRole(452)=1 (Executing firm), it may be better to use the generic role 29=Intermediary if my assumption is correct. That allows to distinguish them from other roles that may also be used.
@indigostar108 I’m trying to understand your flow here. If you’re the Maker (i.e. the bank making FX prices), you receive QuoteRequest and send out the Quote in response to that QuoteRequest right? Then the venue sends back a NewOrderSingle to “hit” your quote and once you execute on that order you want to drop copy to an internal system that ER msg, but you want to identify the venue that sent you that order you executed. (BTW, is MBPs "multi broker platforms:?)
Assuming I understand all that correctly, I don’t see why you can’t use the PartyRole=73 (Execution Venue) if I am correct in that these venues are the likes of FXConnect, etc. If you want to use PartyRole=16 to identify your internal system since it’s not likely to have a MIC, you could. 73 was put in to carry a MIC specifically for various regulatory requirements (e.g. formally identifying an MTF).
@indigostar108 since this is really only internal to your bank I think either would work. Since you’re not going to use a MIC, I think 16 would be fine. It is recommended for 73 to use a MIC value.