Looking for a tag for a none internalized order

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1

Imported from previous forum

2

We need to allow customers to enter an indicator on orders to tell us not to cross the order as principal. Is there anyone know any FIX standard tags can be used for this purpose?

Thank you in advace,

Jue Wang

3

Take a look at

18 (ExecInst) = A (No cross)

We need to allow customers to enter an indicator on orders to tell us not to cross the order as principal. Is there anyone know any FIX standard tags can be used for this purpose?

Thank you in advace,

Jue Wang

4

Hi Jue,

I believe there is a user defined tag for this as well : 7000.
Maybe this could be useful to you.

Kind Regards,

Prateek

Take a look at

18 (ExecInst) = A (No cross)

We need to allow customers to enter an indicator on orders to tell us not to cross the order as principal. Is there anyone know any FIX standard tags can be used for this purpose?

Thank you in advace,

Jue Wang

5

Hi Prateek,

Do you know why people choose tag 7000 stead of using tag 18?

Jue Wang

Hi Jue,

I believe there is a user defined tag for this as well : 7000.
Maybe this could be useful to you.

Kind Regards,

Prateek

Take a look at

18 (ExecInst) = A (No cross)

We need to allow customers to enter an indicator on orders to tell us not to cross the order as principal. Is there anyone know any FIX standard tags can be used for this purpose?

Thank you in advace,

Jue Wang

6

Lack of knowledge might be a reason. Internalization of orders can be something else than crossing. You could be sending an order to your broker and either allow him to internally match it with another customer order or ask him to not do that, i.e. forward it to a market place. In the first case, the broker gets both commissions w/o having to pay for the trade at the market place.

Crossing is normally associated with orders from the same source (broker) that should only match with orders from another broker. It would not apply to customer orders from the broker but to proprietary ones.

I would therefore advise to use 18 ExecInst=A where the requirement is to prevent matching. If the requirement is to enforce matching prior to a public market place, I would use 7000 Internalize = Y.

Hi Prateek,

Do you know why people choose tag 7000 stead of using tag 18?

Jue Wang

Hi Jue,

I believe there is a user defined tag for this as well : 7000.
Maybe this could be useful to you.

Kind Regards,

Prateek

Take a look at

18 (ExecInst) = A (No cross)

We need to allow customers to enter an indicator on orders to tell us not to cross the order as principal. Is there anyone know any FIX standard tags can be used for this purpose?

Thank you in advace,

Jue Wang