Negotiaton via ExecutionReport

1

Hi,
I would like to know what is the right way to use the NOS for quantity negotiation. I would like the broker-dealer to place an order but I may want him to adjust the quantity or some other parameter in the order before I send them fill response. I was thinking to respond back with 35=8, 150=D (Restated), 378=4 ( Broker option) wherein I can respond back with the quantity I can fill on which broker-dealer may send me an amend message and I can fill the order.

Please let me know if this approach will work or if someone has a better suggestion to handle this using 35=D

Thanks
Nidhi

2

You should not use NewOrderSingle(35=D) for negotiation. The ExecutionReport(35=8) needs to echo back the quantity from the order entry. Please have a look at the quote negotiation messages of FIX for this purpose.