Imported from previous forum
[ original email was from Jeremy Sutton - jezza.sutton@patsystems.com ]
A pedantic friend of mine just pointed out that my FIX.4.4 specification talks about 54=1 and 54=2 for buying and selling my calendar or intra-market spreads. He notes that really 54=B and the sides are specified in tag 624 for the repeating group.
54=1 and 54=2 makes pretty logical sense at least for simple spreading, which is what we are trading. I can see that the 54=B value might make sense for trading complex options strategies, but is my use of 54=1 or 2 reasonable in the circumstances? Are other people taking the same approach as I have?
[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
54=B (as Defined) or C (Opposite) would be the proper values for the body of a multi-leg order, but the values 1 (Buy) and 2 (Sell) would be just as clear. The practice in some markets though (FI for example) is to ignore the value of 54 in the body and act directly on the values of 624 in the legs.
A pedantic friend of mine just pointed out that my FIX.4.4 specification
talks about 54=1 and 54=2 for buying and selling my calendar or intra-
market spreads. He notes that really 54=B and the sides are specified in
tag 624 for the repeating group.54=1 and 54=2 makes pretty logical sense at least for simple spreading,
which is what we are trading. I can see that the 54=B value might make
sense for trading complex options strategies, but is my use of 54=1 or 2
reasonable in the circumstances? Are other people taking the same
approach as I have?