Imported from previous forum
does anyone know the difference between these two tags?
Tag 50 is used to identify a specific communicator within a firm specified by Tag 49 (SenderCompId)…
e.g. a Trader within a firm…
Tag 115 is used to represent the sending firm by a 3rd party firm (i.e a Network such as TNS, NYFIX) that is routing a message on behalf of the sender to a specific destination…
e.g. a Buy Side routing thru a Newtork to an ECN, BrokerDealer or Exchange…
Cheers,
Mohammad
> does anyone know the difference between these two tags?
>
[ original email was from John Prewett - jprewett@lavatrading.com ]
> does anyone know the difference between these two tags?
Yes
.
.
.
.
.
.
.
To avoid further suspense:
SenderSubID is some sort of subdivision of the Sender’s company. For example, if the SenderCompID was BIG_TRADING_CO, one of their SenderSubIDs could be DERIVATIVES_DESK.
OnBehalfOfCompID is typically used when a service bureau is handling orders for on behalf of one of their customers and forwarding them to an execution venue. For example, an order could be sent from BIG_TRADING_CO via LAVA to VERY_LIQUID_ECN. This order when forwarded from LAVA to VERY_LIQUID_ECN would have:
SenderCompID: LAVA
TargetCompID: VERY_LIQUID_ECN
OnBehalfOfCompID: BIG_TRADING_CO
OnBehalfOfCompID and DeliverToCompID work together when sending FIX messages through an intermediary. When the above order was originally sent from BIG_TRADING_CO to LAVA, it would have the following fields:
SenderCompID: BIG_TRADING_CO
TargetCompID: LAVA
DeliverToCompID: VERY_LIQUID_ECN
In fact, FIX provides so many, many fields for routing messages in the header that I fully understand some level of initial bewilderment. In FIX.4.3 the following header fields all have their uses when routing FIX messages:
SenderCompID
SenderSubID
SenderLocationID
TargetCompID
TargetSubID
TargetLocationID
OnBehalfOfCompID
OnBehalfOfSubID
OnBehalfOfLocationID
DeliverToCompID
DeliverToSubID
DeliverToLocationID
So you can see that each company (CompID) can be subdivided (SubID) and also can have geographic information applied (LocationID). This means that BIG_TRADING_CO (CompID) can have a DERIVATIVES_DESK (SubID) located in both NEW_YORK and LONDON (LocationIDs). Hopefully this gives enough flexibility to handle most corporations’ structures and permits message routing through intermediaries.
Finally, as is customary practice with most FIX sessions, usage of the routing fields is subject to bilateral agreement as to how they are interpreted/used/supported. I have attempted to explain the intended usage of the protocol. To ascertain the actual usage over any specific session, you should consult the documentation/custodians from one side or the other.
I hope this helps.