# RegNMS IOC order **URL:** \ **Category:** General Q&A\ **Tags:** regulations, xid\_164085, imported\ **Created:** [January 16, 2007, 11:44pm UTC](https://forum.fixtrading.org/t/regnms-ioc-order/11037 "2007-01-16T23:44:43Z")\ **Posts on this page:** 4\ **Page:** 1
**Author:** ![fplpo\_x](https://avatars.discourse-cdn.com/v4/letter/f/7ab992/32.png) [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)\ **Post date:** [January 16, 2007, 11:44pm UTC](https://forum.fixtrading.org/t/regnms-ioc-order/11037/1 "2007-01-16T23:44:43Z")
Imported from previous forum ---
**Author:** ![fplpo\_x](https://avatars.discourse-cdn.com/v4/letter/f/7ab992/32.png) [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)\ **Post date:** [January 16, 2007, 11:44pm UTC](https://forum.fixtrading.org/t/regnms-ioc-order/11037/2 "2007-01-16T23:44:43Z")
[original email was from Eric Gottesman - [egottesman@jefexservices.com](mailto:egottesman@jefexservices.com) ] Has anyone devised a FIX-standard way of accepting a RegNMS IOC order? NYSE has implemented a user defined tag 9487=SOC to represent this type of order instruction. Has there been any talk of creating a new tag 18 (ExecInst) value, ala 18=f for ISO order? A RegNMS IOC order is used when customer does not want to ship the order to other marketplace. This would be different from a regular IOC order (59=3), which would be routable by default. Thanks, Eric Gottesman Jefferies Execution Services ---
**Author:** ![michaeloconor\_x](https://avatars.discourse-cdn.com/v4/letter/m/919ad9/32.png) [@michaeloconor\_x](https://forum.fixtrading.org/u/michaeloconor_x)\ **Post date:** [January 18, 2007, 5:57pm UTC](https://forum.fixtrading.org/t/regnms-ioc-order/11037/3 "2007-01-18T17:57:33Z")
The key issue with respect to IOC orders in the Reg NMS world is which Automated Trading Centers will you be directly routing to? With respect to IOC orders, some ATCs support both routable and non-routable IOCs. Some ATCs support only non-routable IOCs. As many of them have designed their own customized IOC or ISO/IOC order types for the Reg NMS world, you will have to code to their specifications. For example, as you pointed out Eric, the NYSE Reg NMS IOC (SOC) order is non-routable and their FIX spec dictates using Tag 9487 = SOC NASDAQ uses a standard IOC message (59 = 3) for a non-routable IOC. A routable IOC would be indicated by putting the appropriate modifier in Tag 100 ExInst. > Has anyone devised a FIX-standard way of accepting a RegNMS IOC order? > NYSE has implemented a user defined tag 9487=SOC to represent this type > of order instruction. Has there been any talk of creating a new tag 18 > (ExecInst) value, ala 18=f for ISO order? > > A RegNMS IOC order is used when customer does not want to ship the order > to other marketplace. This would be different from a regular IOC order > (59=3), which would be routable by default. > > Thanks, > > Eric Gottesman Jefferies Execution Services ---
**Author:** ![michaeloconor\_x](https://avatars.discourse-cdn.com/v4/letter/m/919ad9/32.png) [@michaeloconor\_x](https://forum.fixtrading.org/u/michaeloconor_x)\ **Post date:** [January 18, 2007, 6:03pm UTC](https://forum.fixtrading.org/t/regnms-ioc-order/11037/4 "2007-01-18T18:03:26Z")
> It appears that a brief part of my message did not get posted. I ended with: I’d be happy to discuss the issue. My phone number is 212-655-2953. My e-mail is [oconor@jandj.com](mailto:oconor@jandj.com) Michael The key issue with respect to IOC orders in the Reg NMS world is which > Automated Trading Centers will you be directly routing to? With respect > to IOC orders, some ATCs support both routable and non-routable IOCs. > Some ATCs support only non-routable IOCs. > > As many of them have designed their own customized IOC or ISO/IOC order > types for the Reg NMS world, you will have to code to their > specifications. > > For example, as you pointed out Eric, the NYSE Reg NMS IOC (SOC) order > is non-routable and their FIX spec dictates using Tag 9487 = SOC > > NASDAQ uses a standard IOC message (59 = 3) for a non-routable IOC. A > routable IOC would be indicated by putting the appropriate modifier in > Tag 100 ExInst. > > > Has anyone devised a FIX-standard way of accepting a RegNMS IOC order? > > NYSE has implemented a user defined tag 9487=SOC to represent this > > type of order instruction. Has there been any talk of creating a new > > tag 18 (ExecInst) value, ala 18=f for ISO order? > > > > A RegNMS IOC order is used when customer does not want to ship the > > order to other marketplace. This would be different from a regular IOC > > order (59=3), which would be routable by default. > > > > Thanks, > > > > Eric Gottesman Jefferies Execution Services