Representing the Client on a Give Up Hedge

1

Hi Team,

For the Give-up hedge trade bookings we would like to show in the FIXML message who is the underlying client on whose behalf the hedge is executed. We are planning to use the Partyid with an appropriate party role to represent this. Apart from the party role {tag 452 = 3 [Client ID]} are there any other roles I can use to represent the actual client of the Give Up trade?. Please advise.

Regards,
Rahul

2

Hi

From memory, value 3 is the one to use.

Jim.

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3

PartyRole = 1 represents the executing firm - so in your example would be the client that did the actual trade.

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4

It depends on how you define “client”. Is this the “client” who entered in the order with the broker, is this the “end beneficiary” which is also a type of “client”. In FIX Latest (see FIXimate) there is a lot of PartyRoles that is more precise. PartyRole=3 maps to the legacy FIX 4.0/4.2 ClientID(109) field which, in the old days, is taken to be the party that placed the order with broker identified in ExecBroker(76) (another legacy FIX 4.0/4.2 field that today would map to PartyRole=1 (Executing firm)). So, I would challenge you to clearly define what is “client” and the relationship to the actors involved.

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5

Many thanks. This is the “client” who entered in the order with the broker.

6

If you’re using FIX Latest take a look at PartyRole=13 (Order origination firm), and 11 (Order origination trader). These would be a bit more precise that just “client”.

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7

Thanks