LastCapacity - Tag 29 and use for CSA

1

Hi,

We are beginning to see a number of queries from clients, typically US, non-MiFID requesting specific uses of tag29 in relation to their CSA arrangements. It appears that the use of 3 (cross as principal) is inconsistent across the globe. We see two typical requests

Please don’t send any executions tagged with 29=5 as that is not supported on our fix spec can you please map it to 3.
OR
Please can you tag all of your riskless transactions as 5 as 3 is not trusted as the interpretation is inconsistent.

Tag 528 could be used to indicate the risk / riskless nature of the order however that doesn’t seem widespread across the industry.

Is there further guidance that we should be providing to the market on the us of tag29 specifically what is CSA eligible and what isn’t?

2

The FIX execution venue subgroup has been discussing issues around Tag29 usage. They are currently pulling together a survey on the issues to help come to a consensus in this space. The survey should be finalized in the next day or two and will be posted on this forum.

3

As mentioned in the previous post, please see the following survey related to Tag 29: https://www.surveymonkey.com/r/TYPTQWQ. Responses on this are greatly appreciated. If you are unable to access the Survey Monkey site, please e-mail the Program Office at fix@fixtrading.org and we can send you the survey directly.