Hi Team
Why do we have two sets of repeating party tags in the allocation messages, 524//525/538 & 452/447/448 ?
AllocRpt/Pty block
and
AllocRpt/Alloc/Pty block
Is one meant to be replacing the other and if so which the correct one for use to use? [What is the scenario for using each block?]
Regards
Rahul
The two party components have different purposes and are not an either or decision. The Parties component is on the root level and is for actors/accounts related to the entire message. The NestedParties component is part of every instance of the AllocGrp component and is for actors/accounts of a single instance.
@rahulmohanraj, what are you trying to express semantically?
Thanks @hanno.klein
We are trying to identify the “Execution Decision Maker”, a trader or algo.
Also trying to express the “Investment Decision Maker”. which gain can be a trader or algo.
However the same question could apply to parties, Client, Counterparty, Executing Firm, or Book.
Regards
Rahul
Take a look at:
Also PartyRole (tag 452) in Fiximate, or the spec. For instance, IDM is value 122.
@rahulmohanraj I believe the correct MiFID 2 term is “Execution within firm”, separating it from the act of an initial decision to trade (but not execute), captured by “Investment Decision Maker”. The spreadsheet pointed out by @scott.atwell shows party roles 12 (Executing trader) and 122 (Investment Decision Maker) for this.
In terms of your original question and assuming that your allocation messages do not span multiple trades, the root level party block (tags 452/447/448) would be the right place. Do not forget PartyRoleQualifier(2376) that is needed to distinguish between a natural person (24) and an algorithm (22). If your allocation messages group multiple trades into a single messages then you can convey different executing traders and/or investment decision makers by using the nested party block (tags 524/525/538). Again, NestedPartyRoleQualifier(2384) is needed to distinguish between a natural person and an algorithm.
Just to explain the concepts, in the context of the AllocationInstruction (35=J) message, the main level parties block (tags 452/447/448) is to convey the parties that apply over all for the entire message. The nested parties block (tags 524/525/538) within the AllocGrp component is about conveying parties specific to that account you are allocating to.
@scott.atwell @hanno.klein @ltaikit Many thanks for your replies. These were very helpful.