Imported from previous forum
[ original email was from Danny Shobrook - dzshobrook@dial.pipex.com ]
Hi
I has been asked if there is a way of saying sell 50% percent of my holdings in a certain fund. I cannot see a way of doing this, am I missing something.
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Hi
>
> I has been asked if there is a way of saying sell 50% percent of my holdings in a certain fund. I cannot see a way of doing this, am I missing something.
I believe this goes beyond the design of the FIX protocol. FIX currently does nothing to transmit position or account balance information. If you send orders in FIX, it’s up to your software to track your positions, and something like “Sell 50% of my holdings in XYZ” or “Close out all of my positions” is translated into individual orders for exact share quantities on your end before being sent over a FIX link for execution.
[ original email was from Danny Shobrook - dzshobrook@dial.pipex.com ]
> I believe this goes beyond the design of the FIX protocol. FIX currently does nothing to transmit position or account balance information. If you send orders in FIX, it’s up to your software to track your positions, and something like “Sell 50% of my holdings in XYZ” or “Close out all of my positions” is translated into individual orders for exact share quantities on your end before being sent over a FIX link for execution.
>
>
The immediate reason for the a percentage order is that in a mutual fund with income reinvested, you do not necessarily know what your holding is.
There are also certain FI instruments that split into equities under certain circumstances for example.
I would feel a "What is my holding" message might be in order.