MIFID II T+1 EDM: which tag should be used to consume from venue 452=11 or 452=12

1

Hi All,

I am trying to clarity which fix tag an OMS should consume from a venue in order to report the correct buy side EDM: 452=11 ‘Order Originator’ or 452=12 ‘Executing Trader’

Thanks

2

Unfortunately, venues do not necessarily use the same PartyRole(452) values. Executing Firm/Desk/Trader should relate to the party executing the order on the venue whereas Order Origination Firm/Trader should be the party initiating/sending the order to the executing party.

Take a look at the FIX mapping guideline (see tab “Client Ids”) for the usage of party roles in a chain. The values are relative to the position in the chain and not absolute.

3

@tal79am what does “EDM” stand for?