Imported from previous forum
Will all venues (exchanges and algorithmic venues) be capable of accepting this new flag regardless of whether they are on fix version 4.2/4.4?
Due to the urgency of market participants needing an officially assigned enum value for the proposed addition of the “Retail customer” value to CustOrderCapacity(582) field, the Global Technical Committee has assigned the enum value “5” for immediate implementation use.
CustOrderCapacity
5 = Retail customer
The Global Technical Committee has reviewed and preliminarily approved the FINRA Tick Size Pilot proposal. The FIF requested a method to identify orders as being retail in order to meet the SEC order for the Nation Market System (NMS) to implement a tick size pilot program by the US exchanges and FINRA, the pilot will commence on May 6th, 2016. The recommendation was to extend the CustOrderCapacity (tag 582) field with a new enumeration that identifies a retail order.
The document now enters a public comment period in which public review and feedback is encouraged. Once the public comment period closes, the Global Technical Governance Board will meet to review public comments before final approval.
Please post feedback, comments, and questions as replies to this discussion thread.
A link to the proposal can be found at:
http://www.fixtradingcommunity.org/pg/file/fplpo/read/2890435/fix-protocol-ga-finratick-pilot-retail-order-identification
The public comment period ends on January 8, 2016.
Has the Retail customer FIX field been determined as of yet? Will it be <582=5>?
Yes, the extension has been implemented and just published as EP205. Please see http://www.fixtradingcommunity.org/pg/extensions/extension-pack?ExtensionID=EP205 for details. The publication of EPs can be tracked on page http://www.fixtradingcommunity.org/pg/structure/tech-specs/fix-version/50-service-pack-2#Extensions.