Sell Shorts, LocateReqd = Y

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Imported from previous forum

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Hi

I wanted to know the standard implementation for a Sell Short order with Locate Reqd = Y for FIX 4.2.

In the execution report how are you expected to pass the Locate Broker to the client. Does everyone follow the standard custom tag 5700 or some Institutions may have another requirement.

What happens if the Locate Broker is not sent on the Execution Report?

Also how is it implemented with FIX 4.4

Regards