Michael Hübers
26 June 2017 9:38am
Hello,
The buyer decision maker fields are only applicable where the client is the buyer and the investment decision is made under a power of representation. If the investment decision was made by a decision maker for the buyer/seller, these information has to be send via the fix protocol.
How can the decision maker for the buyer/ seller be send via the FIX protocol? Which fields are used to identify the buyer/seller and corresponding decision maker for the buyer/seller?
Many thanks for your support in advance.
Kind regards,
Michael
Hanno Klein
26 June 2017 10:09am
Are you referring to RTS 22 or a different source? A Gap Analysis for RTS 22 has been preliminarily approved by the FIX Global Technical Committeee and is about to be published for public review. Specific to your question, there is already a new value for PartyRole(452) to represent the decision maker. EP222 (http://www.fixtradingcommunity.org/pg/extensions/extension-pack?ExtensionID=EP222) added role 122=Investment Decision Maker.
Lee Fig
26 June 2017 10:19am
I am particularly interested in field 28 of RTS 22 and the decision to trade (with respect to the trade execution timestamp recorded to UTC for RTS 25.4. My understanding is that this field must always reflect the decision to trade as opposed to the timestamp provided by a trading venue. Has anyone started to look at Field Gap Analysis for UTC compliance across the RTS requirements such as for BEX, or Trade Reporting - wherever a timestamp field needs to meet UTC standards?
Michael Hübers
26 June 2017 10:30am
Thanks for your answer. Yes, I refer to RTS 22 (Fields 12 (Buyer decision maker code) until 15 and 21 (Seller decision maker code) until 24).
Is the role you mentioned used to identify the investment decision maker within firm or to identify the investment decider on the customer side (fields mentioned above)?
Can you give me a short example or can I find anywhere an example?
Hanno Klein
26 June 2017 10:30am
Lee, your topic is a different one as it is about timestamps and not about parties. Please open up a new topic in such cases.
ESMA RTS 28 Field 28 is called “Trading date time” with the short description being “Date and time when the transaction was executed”. The timestamp for the decision to trade aka agreement between parties is only relevant for transactions NOT executed on a trading venue. The upcoming Gap Analysis proposes TrdRegTimestampType=1 (Execution time) to be mapped to the use cases defined in Field 28.
Hanno Klein
26 June 2017 11:45am
Michael, the answer is both as the decision can only be taken once for a given transaction, either on the client side or at the investment firm. The party role is independent of a specific context. As said before the RTS 22 Gap Analysis will be published shortly and will show details. Please subscribe to the General Q/A discussion forum where it will be posted for review. Or check out the MiFID page http://www.fixtradingcommunity.org/pg/structure/tech-specs/additional-resources/fix-and-regulation/fix_mifid-ii for a list of available documents.
Michael Hübers
26 June 2017 11:49am
Thanks a lot. I will be looking forward to the GAP Analysis.
Hanno Klein
26 June 2017 12:04pm
RTS 22 : Article 7 is about the decision taken by the client (buyer; fields 12-15) and Article 8 is about the decision taken by an investment firm (field 57).