Imported from previous forum
Hi:
For Reg SHO change, on Fix4.2 based connections, is it allowed to Modify the side on a new order from Short Sell to Short Sell Exempt? I checked the Fix4.2 Spec and it does not mention that SS can be updated to SSE as following.
Fix4.2
54 Side Y
Must match original side, however, Buy and Buy Minus can be interchanged as well as Sell and Sell Plus.
Any suggestion will be helpful
Hi:
For Reg SHO change, on Fix4.2 based connections, is it allowed to Modify the side on a new order from Short Sell to Short Sell Exempt? I checked the Fix4.2 Spec and it does not mention that SS can be updated to SSE as following.Fix4.2
54 Side Y
Must match original side, however, Buy and Buy Minus can be interchanged as well as Sell and Sell Plus.
This restriction was changed in later versions of the spec. If you look at 5.0 SP2, you’ll see that buys are one category, sells are another, and crosses are another. Changes within a category are allowed, so sell short and sell short exempt are interchangeable, at least at a FIX protocol level; firms may impose more strict rules of engagement.
I think an argument could easily be made that the current restriction can be applied backwards to FIX 4.2, especially in light of Reg SHO.