Parties and Nested Parties

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Imported from previous forum

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[ original email was from Ramesh Kadambi - ramesh.kadambi@nasdaq.com ]
Hi,

I was looking at FIX 4.3 New Order Single Message (D). I had a few questions.

  1. What is the difference between the two component blocks, Parties and Nested Parties ?

  2. What are they typically used for ?

  3. What aspect of the business do they represent ?

  4. When you use Side (54) = Cross (8, 9, A) how do you specify a Buy side / Sell Side of the cross ?.

  5. Is Side(54) = Cross the same as the user specifying a Preferred Market Maker to Execute the order against ?

6 Since I cannot specify the Buy or Sell on Side(54) = Cross, Should I be using a New Order Cross Instead ?

  1. What is the relevance of Parties and Nested Parties in a Cross Order (s) and a New Orde Single (D)?

To give you an Idea of the source of my question, here is an example.

Market Participant ABCD wants to buy 1000 MSFT but would like to if possible be crossed against Market Participant CDEF. So Fix Message will look like this,

…35=D|…40=1|55=MSFT|54=8|453=1|448=CDEF|447=C|452=1.

The problem is I do not know if it is a buy or a sell. This would imply I use a Cross Order
…35=s|…|40=1|55=MSFT|54=1|453=1|448=CDEF|447=C|452=1

I would appreciate any answers and assistance.

Thank you,
Ramesh

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  1. <NestedParties> is effectively the same <Parties> block, however, "nested" within a repeating group. Thus a FIX message can have a <Parties> block at the "overall" level and a repeating group of <NestedParties> within a repeating group block.

2/3. See Vol 6, Appendix 6-G

4-7. See Vol 4, "CATEGORY: CROSS ORDERS"

> Hi,
>
> I was looking at FIX 4.3 New Order Single Message (D). I had a few questions.
>
> 1. What is the difference between the two component blocks, Parties and Nested Parties ?
>
> 2. What are they typically used for ?
>
> 3. What aspect of the business do they represent ?
>
> 4. When you use Side (54) = Cross (8, 9, A) how do you specify a Buy side / Sell Side of the cross ?.
>
> 5. Is Side(54) = Cross the same as the user specifying a Preferred Market Maker to Execute the order against ?
>
> 6 Since I cannot specify the Buy or Sell on Side(54) = Cross, Should I be using a New Order Cross Instead ?
>
> 7. What is the relevance of Parties and Nested Parties in a Cross Order (s) and a New Orde Single (D)?
>
> To give you an Idea of the source of my question, here is an example.
>
> Market Participant ABCD wants to buy 1000 MSFT but would like to if possible be crossed against Market Participant CDEF. So Fix Message will look like this,
>
> …35=D|…40=1|55=MSFT|54=8|453=1|448=CDEF|447=C|452=1.
>
> The problem is I do not know if it is a buy or a sell. This would imply I use a Cross Order
> …35=s|…|40=1|55=MSFT|54=1|453=1|448=CDEF|447=C|452=1
>
> I would appreciate any answers and assistance.
>
> Thank you,
> Ramesh
>