order by consideration

, ,
1

Imported from previous forum

2

[ original email was from Vivien Lee - vivien.wm.lee@ing-barings.com ]
how to specify an “order by consideration”. Say client wants to buy IBM with a total cost of 1 millions. He didn’t specifiy the price or the quantity. How can we put in in FIX 4.0 or 4.2?

Thanks

3

[ original email was from Nick Wright - nick.wright@drkw.com ]
The 4.0 NewOrderSingle message would certainly require customisation, maybe with a user defined tag that would have to be supported by the Broker.
However, on the FIX4.2 NewOrderSingle message, tag 152 (CashOrderQty) could be utilised. This is used to specify the approximate "monetary quantity" for the order, as specified by the FIX protocol. Again, this would have to be supported by the Broker.

> My thoughts:
> I don’t think you will be able to do this without some form of customisation. As you discovered, “order by consideration” is not a specific order type (FIX 4.0 or 4.2) and new orders must have Order Quantity/Price.
> I thought perhaps you could create an ‘order by consideration’ if you were manipulate the IOI/Adverts type, but these still require a Quantity value.
> The consideration could by represented by 118 NetMoney but this is usually on the execution report rather than an order.
> Without detailed knowledge of your clients FIX software and your own I don’t think it ‘safe’ to propose a complete solution.
> Please contact me if you need our company to assist.
>
> Paul Barrett
> FIX Consulting Ltd
> www.fixconsulting.co.uk
>
> > how to specify an “order by consideration”. Say client wants to buy IBM with a total cost of 1 millions. He didn’t specifiy the price or the quantity. How can we put in in FIX 4.0 or 4.2?
> >
> > Thanks
> >
>

4

Nick is correct that CashOrderQty (tag 152) is the proper approach. Note this field/feature was introduced in FIX 4.1 (vs. 4.2) in 1998.

> The 4.0 NewOrderSingle message would certainly require customisation, maybe with a user defined tag that would have to be supported by the Broker.
> However, on the FIX4.2 NewOrderSingle message, tag 152 (CashOrderQty) could be utilised. This is used to specify the approximate “monetary quantity” for the order, as specified by the FIX protocol. Again, this would have to be supported by the Broker.
>
> > My thoughts:
> > I don’t think you will be able to do this without some form of customisation. As you discovered, “order by consideration” is not a specific order type (FIX 4.0 or 4.2) and new orders must have Order Quantity/Price.
> > I thought perhaps you could create an ‘order by consideration’ if you were manipulate the IOI/Adverts type, but these still require a Quantity value.
> > The consideration could by represented by 118 NetMoney but this is usually on the execution report rather than an order.
> > Without detailed knowledge of your clients FIX software and your own I don’t think it ‘safe’ to propose a complete solution.
> > Please contact me if you need our company to assist.
> >
> > Paul Barrett
> > FIX Consulting Ltd
> > www.fixconsulting.co.uk
> >
> > > how to specify an “order by consideration”. Say client wants to buy IBM with a total cost of 1 millions. He didn’t specifiy the price or the quantity. How can we put in in FIX 4.0 or 4.2?
> > >
> > > Thanks
> > >
> >
>