Imported from previous forum
Can some explain what this tag means in business terms. I’ve been fixtesting with a client of ours and a big part of the testing is going into the transfer of tag 21. I’ve looked the specs but it really doesn’t explain enough.
Please help, any info would be much appreciated
Thanks in advance
[ original email was from Brian Gay - brian.gay@transacttools.net ]
Don’t recall seeing a reply to this one, so I’ll give it a shot.
Handling Instructions are a way for the buyside to communicate how they want their order processed by their broker.
If they want automated, private execution from a system such as the NYSE’s DOT for instance, they would set tag 21=1. If they don’t have a strong preference and would like the order to be worked manually by the trader, or sent to an automated execution venue, or a combination of both, they would set tag 21=2. If they want the the order to stop on the broker’s desk and have them work it manually in order to strive for best execution, they would set tag 21=3.
> Can some explain what this tag means in business terms. I’ve been fixtesting with a client of ours and a big part of the testing is going into the transfer of tag 21. I’ve looked the specs but it really doesn’t explain enough.
>
> Please help, any info would be much appreciated
>
> Thanks in advance
>