Imported from previous forum
[ original email was from Koji Kubota - koji.kubota@gs.com ]
We have formed a working group in Japan to come up with a standard usage of FIX 4.1 for Japanese market. One question which arose out of our recent discussion was which field should be used to indicate pricipal/agency of an order.
In Japan, principal/agency indication is mandatory when orders are placed in stock exchanges.
Is LastCapacity (tag 29) right field? It is not a part of New Order Single message, but can it
be included in New Order Single?
Another possibility is Rule80A (tag 47), but this seems to be too specific to US market and it defines too many values. We need only principal or agency.
Koji Kubota
Goldman Sachs (Japan) Ltd.
I do not believe that LastCapacity is the correct field for this. I think that Rule80A is probably the best choice even though it’s name is very New York Stock Exchange-specific. I understand that it has more values to choose from than you need.
I recommend that you use Rule80A and develop a matrix for usage in the Japanese markets (similar to the spec’s Appendix E which contains the “London SETS Order Types Matrix”. This matrix specifies which fields and values should be used for the 6 specific LSE order types. The Japanese version may be a simple as Rule80A with “A” for Agency or “P” for Principal and can be added as an appendix to the spec as well. This could be extendable to other regional markets if necessary. I also think we might want to consider adding “aka (also known as) OrderCapacity” to the field reference for Rule80A in a similar fashion as “aka Order Modification Request” was added to the Order Cancel/Replace message in version 4.1.
Rule80A is already part of the order message and already has the values you desire, using LastCapacity in the order message involves the same issues as simply adding a new field.
> We have formed a working group in Japan to come up with a standard usage of FIX 4.1 for Japanese market. One question which arose out of our recent discussion was which field should be used to indicate pricipal/agency of an order.
>
> In Japan, principal/agency indication is mandatory when orders are placed in stock exchanges.
>
> Is LastCapacity (tag 29) right field? It is not a part of New Order Single message, but can it
> be included in New Order Single?
>
> Another possibility is Rule80A (tag 47), but this seems to be too specific to US market and it defines too many values. We need only principal or agency.
>
> Koji Kubota
> Goldman Sachs (Japan) Ltd.
>