Imported from previous forum
[ original email was from James Michuda - jmichuda@optimark-tech.com ]
Do most institutional order management systems include Rule80A (tag 47) with every order sent to a broker? If not, what is the "default" interpretation of the capacity of the order (namely Agency vs. Principal)? Do institutions typically send principal-only orders to their brokers, or is there a mix of agency orders as well?