Hi Quick question - should average price be in same price as last px or settlement px?
We are trading xccy so sending in 120=USD. Broker says in such cases avg px uses settlement px ccy instead of local ccy as per last px
I think avg px and last px should always be in the same ccy
Could somebody please confirm as fix spec doesnt specify
many thanks!
Hello @atrivedi,
from my point of view, I will support your argument that AvgPx and LastPx should be based on the same currency, namely 15/Currency.
With regard to 120/SettlCurrency I read in the spec
Used to report results of forex accommodation trade. Required for Non-Deliverable Forwards.
Are you doing ForEx trades?
Cheers, Jörg
sorry straight equity but settling in dollars for where market is non-deliverable eg Taiwan etc
Sorry for the confusion, I think the extra ForEx trade is implicit for the equity order. So this makes sense.
I believe that SettCurrency(120) is only to be used for fields that make an explicit reference to it, e.g. SettlCurrAmt(119) “Total amount due expressed in settlement currency (includes the effect of the forex transaction)”. It is also used often together with ForexReq(121) to refer to a “forex accommodation trade to be executed along with security transaction.”
I do not see it being related to the currency of the xxxPx fields such as LastPx or AvgPx. These are price fields related to trading where Currency(15) applies, as pointed out by @jorgthonnes.
thanks team 
I agree that SettCurrency(120) and SettlCurrAmt(119) for “Total amount due expressed in settlement currency (includes the effect of the forex transaction)” were added to support the use case of trading in a local currency but settling in another (eg trading Gazprom on Moscow exchange in RUB but settling in USD). With those, there is an implicit second transaction which reflects the FX conversion to SettlCurrency. This is typically done after the set of partial fills, so it would not necessarily make sense to see LastPx and Avg Px reflected in anything other than the trade Currency (15) field. As I recall one could use the ExecutionRpt in ExecType = “Calculated” (B) to convey this.
" With those, there is an implicit second transaction which reflects the FX conversion to SettlCurrency. "
Here you are assuming a specific workflow. The price may have been quoted in USD, not RUB, from the start (so the ‘implicit FX conversion’ is happening before/during the average price formation, not afterwards on the final total amount). So, in essence, there is no implicit second transaction for the FX conversion.
As you say it is ‘typically done’ in RUB, then later converted to USD, but not necessarily always so. In which case, USD in trade currency (from the perspective of the manager) would be accurate.