Set the price field to market price in an IOI message

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Imported from previous forum

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Hi , i have a system which enables the trader to send IOI’s to various clients. is there a was to set the price field to Market Price. My thought is to leave the Price field blank and use any of the other unused text fields to specify market price. i will appreciate any suggestion

tx in advance
Namrata

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There’s an IOI Qualifier (104) called At the Market (Q)

But this only covers exactly matching market price, not an offset. We’ve seen 211 as a non-standard addition to indicate this - 211 is used in Orders and Executions and works reasonably - but the other peg fields (e.g. PegPriceType ) lose meaning in the context.

@hanno.klein - is there any standardised approach for offset pricing of IOIs.

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@philipwhiuk: The standard approach to add price offsetting to IOIs would be to extend the existing message with the existing component by means of a formal Gap Analysis implemented as an Extension Pack.

The EMEA Business Practices Subcommittee submitted such a Gap Analysis end of 2016 to support the AFME/IA Framework for IOIs. Price offsetting was not a topic, i.e. business requirement at the time. But this would be the working group to raise such an enhancement. Until then it is a user-defined extension but maybe it is also a market convention to use tag 211 as you indicate above.

PS: I am amazed that someone actually responds to a 16 year(!) old post. Good to see that is was worth the effort to convert all old posts from the previous websites of FIX Protocol.