Order Capacity

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1

Imported from previous forum

2

[ original email was from Dwight Arthur - darthur@dtcc.com ]
These questions relate to the deprecation of Rule 80A (tag 47) and the section 3 of appendix 6-E that shows how each former value can be translated into designated values of OrderCapacity(528) OrderRestrictions(529) and Side(54)

Questions:

  1. Value "E" of Rule 80A was "Registered Equity Market Maker Trades". This is translated to Order Capacity = Principal and Side = Sell Short Exempt or Cross Short Exempt. Would it have been meaningful for Rule80a to have been E where side was Buy? What would Side be now for this case?

  2. I do not understand what to do with Specialist trades (Rule 80A = S) - the table in blank.

  3. Is there any need to distinguish Competing Dealer Trades (Rule80A = R) from other Agency trades (Rule 80A = A) and if so how would this be done?

  • Dwight
3

This has been addressed for the final release of FIX 4.3 (post-Draft #3). Thank you.

[PC20010822_1] Correct post-Draft #3 issues with Rule80A field (tag 47) mapping to OrderCapacity and OrderRestrictions

OrderCapacity, OrderRestrictions, AccountType, and Rule80A adjustments post-Draft #3 to correct documentation errors and address outstanding mapping issues for specific Rule80A values and for options “Open Access Origin Codes” cross-reference. [PC20010822_1]

  • Corrected long-standing errors (since at least 1996) with the following Rule80A value definitions:

    • ‘E’ - has been listed as “Registered Equity Market Maker trades”, however, its actual value is “Short Exempt Transaction for Principal”.
    • ‘O’ - has been listed as “Competing dealer trades”, however, its actual value is “Proprietary transactions for competing market-maker that is affiliated with the clearing member”.
    • ‘R’ - has been listed as “Competing dealer trades”, however, its actual value is “Transactions for the account of a non-member competing market maker”.
    • ‘T’ - has been listed as “Competing dealer trades”, however, its actual value is “Transactions for the account of an unaffiliated member’s competing market maker”.

  • Added five new OrderRestrictions (529) values:
    5 – Acting as Market Maker or Specialist in the security
    6 - Acting as Market Maker or Specialist in the underlying security of a derivative security
    7 – Foreign Entity (of foreign governmnet or regulatory jurisdiction)
    8 – External Market Participant
    9 – External Inter-connected Market Linkage
    A – Riskless Arbitrage

  • Added “8 – Joint Backoffice Account (JBO)” value to AccountType (581) field.

  • Amended the cross-reference table in Volume 6’s “Deprecated Field: Rule80A (tag 47)” section and in Volume 4’s “OrderCapacity and OrderRestrictions (formerly Rule80A) Usage by Market” section such that: value ‘R’ maps to “Principal” plus “Competing Market Maker”; value ‘S’ maps to “Principal” plus “Acting as Market Maker or Specialist in the Security”; and value ‘T’ maps to “Agent for Other Member” plus “Acting as Market Maker or Specialist in the Security”.

> These questions relate to the deprecation of Rule 80A (tag 47) and the section 3 of appendix 6-E that shows how each former value can be translated into designated values of OrderCapacity(528) OrderRestrictions(529) and Side(54)
>
> Questions:
>
> 1. Value "E" of Rule 80A was "Registered Equity Market Maker Trades". This is translated to Order Capacity = Principal and Side = Sell Short Exempt or Cross Short Exempt. Would it have been meaningful for Rule80a to have been E where side was Buy? What would Side be now for this case?
>
> 2. I do not understand what to do with Specialist trades (Rule 80A = S) - the table in blank.
>
> 3. Is there any need to distinguish Competing Dealer Trades (Rule80A = R) from other Agency trades (Rule 80A = A) and if so how would this be done?
>
> - Dwight
>

4

IN FIX v4.3, can someone explain the appropriate usage of 528=P (principal) vs. 528=G (proprietary). There are examples for the usage of every value except ‘G’ & ‘R’?

Thanks.

> This has been addressed for the final release of FIX 4.3 (post-Draft #3). Thank you.
>
> [PC20010822_1] Correct post-Draft #3 issues with Rule80A field (tag 47) mapping to OrderCapacity and OrderRestrictions
>
> OrderCapacity, OrderRestrictions, AccountType, and Rule80A adjustments post-Draft #3 to correct documentation errors and address outstanding mapping issues for specific Rule80A values and for options “Open Access Origin Codes” cross-reference. [PC20010822_1]
> - Corrected long-standing errors (since at least 1996) with the following Rule80A value definitions:
> - ‘E’ - has been listed as “Registered Equity Market Maker trades”, however, its actual value is “Short Exempt Transaction for Principal”.
> - ‘O’ - has been listed as “Competing dealer trades”, however, its actual value is “Proprietary transactions for competing market-maker that is affiliated with the clearing member”.
> - ‘R’ - has been listed as “Competing dealer trades”, however, its actual value is “Transactions for the account of a non-member competing market maker”.
> - ‘T’ - has been listed as “Competing dealer trades”, however, its actual value is “Transactions for the account of an unaffiliated member’s competing market maker”.
>
> - Added five new OrderRestrictions (529) values:
> 5 – Acting as Market Maker or Specialist in the security
> 6 - Acting as Market Maker or Specialist in the underlying security of a derivative security
> 7 – Foreign Entity (of foreign governmnet or regulatory jurisdiction)
> 8 – External Market Participant
> 9 – External Inter-connected Market Linkage
> A – Riskless Arbitrage
>
> - Added “8 – Joint Backoffice Account (JBO)” value to AccountType (581) field.
>
> - Amended the cross-reference table in Volume 6’s “Deprecated Field: Rule80A (tag 47)” section and in Volume 4’s “OrderCapacity and OrderRestrictions (formerly Rule80A) Usage by Market” section such that: value ‘R’ maps to “Principal” plus “Competing Market Maker”; value ‘S’ maps to “Principal” plus “Acting as Market Maker or Specialist in the Security”; and value ‘T’ maps to “Agent for Other Member” plus “Acting as Market Maker or Specialist in the Security”.
>
>
> > These questions relate to the deprecation of Rule 80A (tag 47) and the section 3 of appendix 6-E that shows how each former value can be translated into designated values of OrderCapacity(528) OrderRestrictions(529) and Side(54)
> >
> > Questions:
> >
> > 1. Value "E" of Rule 80A was "Registered Equity Market Maker Trades". This is translated to Order Capacity = Principal and Side = Sell Short Exempt or Cross Short Exempt. Would it have been meaningful for Rule80a to have been E where side was Buy? What would Side be now for this case?
> >
> > 2. I do not understand what to do with Specialist trades (Rule 80A = S) - the table in blank.
> >
> > 3. Is there any need to distinguish Competing Dealer Trades (Rule80A = R) from other Agency trades (Rule 80A = A) and if so how would this be done?
> >
> > - Dwight
> >
>