Imported from previous forum
[ original email was from John Armstrong - johna@ms.com ]
NASDAQ/OATS has a requirement that all orders
be reported with an 8 character order id in the
CMS-style branch/sequence format.
This creates a problem for ECNs and market makers
who have FIX interfaces when their clients do not
use this style ClOrdID(since there is no such restriction in FIX).
How are the various ECN/Market Makers handling this?
> NASDAQ/OATS has a requirement that all orders
> be reported with an 8 character order id in the
> CMS-style branch/sequence format.
>
> This creates a problem for ECNs and market makers
> who have FIX interfaces when their clients do not
> use this style ClOrdID(since there is no such restriction in FIX).
>
> How are the various ECN/Market Makers handling this?
>
The OrderID field in OATS is an 8-character alphanumeric identifier. The NASD has requested that if possible, firms use the ACT Branch/Seq as the OATS order identifier, but it is not a hard and fast requirement.
ECNs are not required to maintain and report the OrderID we receive from our clients to OATS; we can assign our own. Therefore we have not had any issues with receiving FIX orders with ClOrdIDs in an inconsistent format.
Not sure what MMs are doing about it, since they do need to report the OrderID assigned by their clients. Perhaps firms are entering into "agreements" with each other as to what the format of ClOrdID will be in these cases?
[ original email was from John Rattinger - jrattinger@slk.com ]
> NASDAQ/OATS has a requirement that all orders
> be reported with an 8 character order id in the
> CMS-style branch/sequence format.
>
> This creates a problem for ECNs and market makers
> who have FIX interfaces when their clients do not
> use this style ClOrdID(since there is no such restriction in FIX).
>
> How are the various ECN/Market Makers handling this?
>
This only causes a problem if you rely on the clOrdId the user provides.
At SLK, for every order entered into our system we generate a branch code
and seqno. This happens whether the order is entered via FIX, CMS,
the REDI system, FTP, etc… This also occurs regardless of where the order
is being routed - i.e. REDI ECN, SIAC, Selectnet, SLKC, etc…
Hope this helps.
John Rattinger
Spear, Leeds & Kellogg
jrattinger@slk.com
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