Imported from previous forum
Hello,
In New Order Single (FIX 5.0), if one wishes to place Negotiated Trade Order, then I understand that one has to specify counter party broker id in field PartyID(Tag 448) inside componenent block . But I am not sure about, what will be the value of PartyRole(Tag 452)? Is there any other tag which indicates that this is a Negotiated Trade Order?
Thanking you in advance.
I can only assume that this is an order type that is specific to one or more markets and that they chose NewOrderSingle to be used. FIX uses the term “privately negotiated” only in the context of trades and not as an order type. You have to check their Rules of Engagement (RoE) to find out how they want the counterparty information. I believe the FIX recommendation would be to use NewOrderCross for such a use case as NewOrderSingle is strictly speaking only one half (maybe the counterparty is actually expected to also enter a NewOrderSingle and the marketplace matches the orders based on counterparty information). NewOrderCross has the two sides of the cross and each side has its own Parties block. Then you could use the same PartyRole 1=Executing Firm for both sides as both are executing the trade. You could also provide different attributes for each order, e.g. for subsequent clearing.
With NewOrderSingle you only have one Parties block. I suggest to use PartyRole 17=Contra firm or 37=Contra trader in this case. The ExecutionReport has another option to convey the counterparty via ContraBroker(375) in the ContraGrp. However, one should re-use the Parties block there if it is already used for the counterparty during order entry.
Regards,
Hanno.
Hello,
In New Order Single (FIX 5.0), if one wishes to place Negotiated Trade Order, then I understand that one has to specify counter party broker id in field PartyID(Tag 448) inside componenent block . But I am not sure about, what will be the value of PartyRole(Tag 452)? Is there any other tag which indicates that this is a Negotiated Trade Order?
Thanking you in advance.