In Addition to tag 20012 (Exec within firm ID), we need to send Information about the country where the trader is based (ie GB, DE). Is there already a field being generally used for this?
Posted on behalf of Marc Castagnera, Berenberg
Tags 20xxx are user-defined and there is a market convention in Europe to use these in the context of MiFID to convey party information when using FIX 4.2 and only if repeating groups cannot be supported. The standard FIX recommendation is to use the Parties component with the corresponding party roles, e.g. 12=Executing Trader. The question possibly contains a misunderstanding as there is no “execution decision maker”, only an “investment decision maker” and an “execution within firm”. The mapping has been covered in the FIX Gap Analysis “MiFID II MiFIR Extensions Part 1” which was implemented with Extension Pack 222 (https://www.fixtrading.org/packages/ep222/). Please see Chapter 2.1, Table 2, row 5 “Order Data” for details.
When using the market convention with 20xxx fields, the tag number can be built by offsetting the party role value by 20000. Hence, PartyIDExecutingTrader(20012) is to be used for “execution within firm – code” and PartyIDInvestmentDecisionMaker(20122) for “investment decision maker”. You are asking about country information. You cannot use 20112 for this purpose as this corresponds to party role 112 which stands for “Guarantor”. Additional information for a given party can be expressed by the PtysSubGrp component inside the Parties component with PartySubIDType(803) in more than one way, depending on the context (38=Address Country (ISO country code)) or 39=ISO country code or 70=Location or jurisdiction or 72=Domicile) and PartySubID(523) = “GB” or “DE”. There is no market convention for a flat representation of the party sub ID information.
If you are unable to use the Parties component together with PtysSubGrp, you can use the native party role 75 (Location ID) and the market convention, i.e. PartyIDLocationID(20075).