Message Type for representing an equities order

1

Hi Team,

Please suggest what message we should be using for representing an Equities order?

Can I use Execution Report (Msg Typ = 8) (though the requirement is to represent the equities order before execution)?

I have seen another candidate for this - “Order” (Msg Typ = D) message which uses the message type - “New Order Single”.

Please let me know?

Regards
Rahul

2

The Execution Report message is used as a response message to the client, which contains information about a particular order in some certain scenarios such as:

  1. confirm the receipt of an order
  2. confirm changes to an existing order (i.e. accept cancel and replace requests)
  3. relay order status information
  4. relay fill information on working orders
  5. relay fill information on tradeable or restricted tradeable quotes
  6. reject orders
  7. report post-trade fees calculations associated with a trade

If you are to represent an order which is submitted from a FIX Client to a FIX Server, the best approach to use the New Order Single message that you have mentioned

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3

FIX message types are asset class agnostic, there are no special message types for the entry of an equities order. Thank you to @harinda05 for explaining the ER message.

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4

Many thanks for the above explanation