Tag 54 SIDE - Buy To Cover

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1

Imported from previous forum

2

Hi,

I am new to using FiXML and have an issue with the lack of a value for buying to cover in the SIDE tag. The standard currently allows for the following enumeration values -
1 Buy
2 Sell
3 BuyMinus
4 SellPlus
5 SellShort
6 SellShortExempt
7 Undisclosed
8 Cross
9 CrossShort
A CrossShortExempt
B AsDefined
C Opposite
D Subscribe
E Redeem
F Lend
G Borrow

Does anyone know which of these values (if any) should be used to represent a BUY TO COVER?

I would really appreciate some pointers!

Thanks,
Catriona

3

Hi Catriona,

I asked the same question a number of years back http://fixprotocol.org/discuss/read/99bce56e

In the end, since BC is the closure of a short position, i think we opted for Side(54)=‘1’, PositionEffect(77)=‘C’. Its possible there could be better ways since FIX 4.2 of representing this though…

Best regards

Jon

Hi,

I am new to using FiXML and have an issue with the lack of a value for buying to cover in the SIDE tag. The standard currently allows for the following enumeration values -
1 Buy
2 Sell
3 BuyMinus
4 SellPlus
5 SellShort
6 SellShortExempt
7 Undisclosed
8 Cross
9 CrossShort
A CrossShortExempt
B AsDefined
C Opposite
D Subscribe
E Redeem
F Lend
G Borrow

Does anyone know which of these values (if any) should be used to represent a BUY TO COVER?

I would really appreciate some pointers!

Thanks,
Catriona

4

I have taken the liberty of capturing this on FIXwiki - see Welcome fixwiki.org - BlueHost.com

Hi Catriona,

I asked the same question a number of years back http://fixprotocol.org/discuss/read/99bce56e

In the end, since BC is the closure of a short position, i think we opted for Side(54)=‘1’, PositionEffect(77)=‘C’. Its possible there could be better ways since FIX 4.2 of representing this though…

Best regards

Jon

Hi,

I am new to using FiXML and have an issue with the lack of a value for buying to cover in the SIDE tag. The standard currently allows for the following enumeration values -
1 Buy
2 Sell
3 BuyMinus
4 SellPlus
5 SellShort
6 SellShortExempt
7 Undisclosed
8 Cross
9 CrossShort
A CrossShortExempt
B AsDefined
C Opposite
D Subscribe
E Redeem
F Lend
G Borrow

Does anyone know which of these values (if any) should be used to represent a BUY TO COVER?

I would really appreciate some pointers!

Thanks,
Catriona

5

Catriona,

You may use Custom Tag 6098 alongwith Tag 54 to indicate BTC to the counterparty. However since its not a standard FIX Tag it depends on the counterparty to agree to it or not. Hope this helps. Thanks.

http://fixprotocol.org/specifications/fields/6000-6999