Imported from previous forum
[ original email was from dominic wong - dominicwonghk@gmail.com ]
I am picking up FIX 5.0 SP2 and looked at the various volumes, but is not clear about the usage of the following Party Roles (for trading futures & options):
452=13 – OrderOriginationFirm (OrderOriginator in FIX4.4)
452=11 – OrderOriginationTrader (InitiatingTrader in FIX4.4)
452=7 – EnteringFirm
452=36 – EnteringTrader
452=1 – ExecutingFirm
452=12 – ExecutingTrader
Given the scenario that we have the parties:
- trading member to an exchange
- agency who gets a customer order and DMA via the trading member
- the customer itself
Any advice will be appreciated.
Cheers
Dominic
The party roles you list allow you to do multiple things:
a) distinguish two parties, one being directly connected to the exchange (Entering/Executing Firm/Trader) and the other being connected to the one with the direct connection (Order Origination Firm/Trader).
b) distinguish a hierarchy within the party (firm vs trader). Note that a third level is available, i.e. Entering/Executing Unit (58/59).
c) distinguish responsibility of two parties who are both connected directly to an exchange (entering vs executing), whereby the executing party has the business responsibility for the order and the entering party simply has the right to act on behalf of the executing party. Examples are Market Supervision (member loses his connection and calls in to manage his orders) but also senior traders acting on behalf of junior traders.
The customer should be covered differently, e.g. with PartyRole = 5 = InvestorID. Please check FIX 5.0 SP2 Spec, Volume 4, page 110 to see if it applies to your case. It points to regulatory reasons for conveying this information.
Regards,
Hanno.
I am picking up FIX 5.0 SP2 and looked at the various volumes, but is not clear about the usage of the following Party Roles (for trading futures & options):
452=13 – OrderOriginationFirm (OrderOriginator in FIX4.4)
452=11 – OrderOriginationTrader (InitiatingTrader in FIX4.4)
452=7 – EnteringFirm
452=36 – EnteringTrader
452=1 – ExecutingFirm
452=12 – ExecutingTraderGiven the scenario that we have the parties:
- trading member to an exchange
- agency who gets a customer order and DMA via the trading member
- the customer itself
Any advice will be appreciated.
Cheers
Dominic