Relation Between Symbol and SecurityID

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Imported from previous forum

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<In FIX 4.2>
"Symbol" refers to the Ticker Symbol
"SecurityID" is the SecurityIdentifier (alternative to Symbol??).

What is the difference between the two and when should I use either or both. Why is the Identifier an Alternative. This is in the context of a New Order as well as Security Definition Request.

Thanks In Advance

3

Symbol is a required field in the "instrument block" contained in each business message. IDSource/SecurityID can be used in addition to Symbol to better define the instrument/security.

As a general rule of thumb, I recommend placing a "human intelligible" identifier in the Symbol field and a "more precise computer intelligible" security identifier in IDSource/SecurityID. For instance, Symbol might appear on a warning or error message directed to and handled by humans.

If you have a situation in which you feel that you only have IDSource/SecurityID and Symbol is not really applicable, then simply specify the same value of SecurityID in the Symbol field. I would highly recommend specifying IDSource/SecurityID vs. only Symbol. This of course, likely requires a "security master" linked in to the process.

> <In FIX 4.2>
> "Symbol" refers to the Ticker Symbol
> "SecurityID" is the SecurityIdentifier (alternative to Symbol??).
>
> What is the difference between the two and when should I use either or both. Why is the Identifier an Alternative. This is in the context of a New Order as well as Security Definition Request.
>
> Thanks In Advance
>
>