Primary/ Secondary Mkt indicator

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1

Imported from previous forum

2

hi there

which Tag is best to identify a primary and secondary market for new orders for investment funds?

It’s been suggested to use with Tag 18 [ExecInst] or Tag 167 [SecurityType].

Thanks,
Carolyn

3

[ original email was from Sandra Dinetz - sdinetz@dtcc.com ]
> hi there
>
> which Tag is best to identify a primary and secondary market for new orders for investment funds?
>
> It’s been suggested to use with Tag 18 [ExecInst] or Tag 167 [SecurityType].
>
> Thanks,
> Carolyn
>
From the CIV perspective we would suggest the following:

For Orders: use ExDestination to specify the MIC of the secondary market if trade is to be executed as a secondary market order. For primary market, ExDestination should be omitted from the order.

For Execution Reports: LastMkt should specify the MIC of the execution location for secondary market; absence of this field on an execution will signify primary market.