Tag76

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1

Imported from previous forum

2

Hi,

From a sell side integration, we are integrating a feature of transferring order from dealer 1 to dealer 2.
With reference to Tag76 I have the following questions:

  1. Once the order is transfered, should the information be forwarded to the buy side? This message would be a part of unsolicited message flag.

  2. In a scenario where the buy side specifies tag76 as say D1 (which is the target dealer ID). D1 executes partial order and transfers the remaining order to D2 who complete the order. The executions that are sent back would contain Tag76=D2. As the previous information has not reached the buy side, would this not create any issue?

Thanks
Sachin

3

[ original email was from Andrew Scott - ascott@latentzero.com ]
Sachin,

Please see below.

Hi,

From a sell side integration, we are integrating a feature of
transferring order from dealer 1 to dealer 2. With reference to Tag76 I
have the following questions:

  1. Once the order is transfered, should the information be forwarded
    to the buy side? This message would be a part of unsolicited
    message flag.

I would not expect this to happen, given that D1 has already returned an ack to the buy side.

  1. In a scenario where the buy side specifies tag76 as say D1 (which is
    the target dealer ID). D1 executes partial order and transfers the
    remaining order to D2 who complete the order. The executions that are
    sent back would contain Tag76=D2. As the previous information has not
    reached the buy side, would this not create any issue?

So long as the buy side are set up to correctly process 76 ExecBroker, this will not be a problem, as they will then see the first execution arising from D1, and the second arising from D2.

Thanks Sachin

4

Thanks Andrew,

Require some more clarity:
Point 1: When D1 acknowledges an order the info is sent to Buyside. After transfer to D2 but before executions and unsolicited message for the same will be sent to buy side. Most cases buy side do not support unsolicited message and therefore this info will not be available to the buy side. Therefore after transfer what should be the message that needs to be sent?

Point 2: For an order a buy side can have multiple executions with different tag76 value. Right?

Sachin.

Sachin,

Please see below.

Hi,

From a sell side integration, we are integrating a feature of
transferring order from dealer 1 to dealer 2. With reference to Tag76
I have the following questions:

  1. Once the order is transfered, should the information be forwarded
    to the buy side? This message would be a part of unsolicited
    message flag.

I would not expect this to happen, given that D1 has already returned an
ack to the buy side.

  1. In a scenario where the buy side specifies tag76 as say D1 (which
    is the target dealer ID). D1 executes partial order and transfers the
    remaining order to D2 who complete the order. The executions that are
    sent back would contain Tag76=D2. As the previous information has not
    reached the buy side, would this not create any issue?

So long as the buy side are set up to correctly process 76 ExecBroker,
this will not be a problem, as they will then see the first execution
arising from D1, and the second arising from D2.

Thanks Sachin

5

[ original email was from Andrew Scott - ascott@latentzero.com ]
> Thanks Andrew,

Welcome :wink:

Require some more clarity: Point 1: When D1 acknowledges an order the
info is sent to Buyside. After transfer to D2 but before executions and
unsolicited message for the same will be sent to buy side. Most cases
buy side do not support unsolicited message and therefore this info will
not be available to the buy side. Therefore after transfer what should
be the message that needs to be sent?

No message is necessary, as there are no state changes and no fresh executions. Execution Reports communicating subsequent fills with D2 as Executing Broker should be communicated as normal.

Point 2: For an order a buy side can have multiple executions with
different tag76 value. Right?

In my experience, yes, though you may find ‘your mileage may vary’ depending on the buy side involved.

Sachin.

Sachin,

Please see below.

Hi,

From a sell side integration, we are integrating a feature of
transferring order from dealer 1 to dealer 2. With reference to
Tag76 I have the following questions:

  1. Once the order is transfered, should the information be forwarded
    to the buy side? This message would be a part of unsolicited
    message flag.

I would not expect this to happen, given that D1 has already returned
an ack to the buy side.

  1. In a scenario where the buy side specifies tag76 as say D1 (which
    is the target dealer ID). D1 executes partial order and transfers
    the remaining order to D2 who complete the order. The executions
    that are sent back would contain Tag76=D2. As the previous
    information has not reached the buy side, would this not create any
    issue?

So long as the buy side are set up to correctly process 76 ExecBroker,
this will not be a problem, as they will then see the first execution
arising from D1, and the second arising from D2.

Thanks Sachin

6

Thanks once again for the clarity.

Sachin.

Thanks Andrew,

Welcome :wink:

Require some more clarity: Point 1: When D1 acknowledges an order the
info is sent to Buyside. After transfer to D2 but before executions
and unsolicited message for the same will be sent to buy side. Most
cases buy side do not support unsolicited message and therefore this
info will not be available to the buy side. Therefore after transfer
what should be the message that needs to be sent?

No message is necessary, as there are no state changes and no fresh
executions. Execution Reports communicating subsequent fills with D2 as
Executing Broker should be communicated as normal.

Point 2: For an order a buy side can have multiple executions with
different tag76 value. Right?

In my experience, yes, though you may find ‘your mileage may vary’
depending on the buy side involved.

Sachin.

Sachin,

Please see below.

Hi,

From a sell side integration, we are integrating a feature of
transferring order from dealer 1 to dealer 2. With reference to
Tag76 I have the following questions:

  1. Once the order is transfered, should the information be
    forwarded to the buy side? This message would be a part of
    unsolicited message flag.

I would not expect this to happen, given that D1 has already
returned an ack to the buy side.

  1. In a scenario where the buy side specifies tag76 as say D1
    (which is the target dealer ID). D1 executes partial order and
    transfers the remaining order to D2 who complete the order. The
    executions that are sent back would contain Tag76=D2. As the
    previous information has not reached the buy side, would this not
    create any issue?

So long as the buy side are set up to correctly process 76
ExecBroker, this will not be a problem, as they will then see the
first execution arising from D1, and the second arising from D2.

Thanks Sachin