Tags 55,48 and 22 relationship

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1

Imported from previous forum

2

[ original email was from Ambar Arasan - ambar.arasan@gs.com ]
Hi,
Can someone help me with the relationship between Tags 55,48 and 22.
I know the definition of each of these tags but would like to know the order of precedence and the different combinations possible with examples for each.
Regards,
Ambar

3

[ original email was from Ian Hoenisch - ihoenisch@fastesp.com ]
> Hi, Can someone help me with the relationship between Tags 55,48 and 22.

I know the definition of each of these tags but would like to know the
order of precedence and the different combinations possible with
examples for each. Regards, Ambar

Hi Ambar

To answer your question, is a long discussion, but below are the highlights, and generalities.

In general, the US uses just tag 55. It is assumed to be 15=USD.

Int’l orders usually use tag 48, 22 and a lot of times, 15.

Since tag 55 is a required tag, a lot of times, you will see the tag 48 also copied into tag 55.

The key in int’l is to make sure you can accomplish 2 things:
a) make sure the symbol is unique
b) if the symbol trades in 2 currencies, make sure you can determine which one you want.

The symbology in int’l is quite varied, ISIN, RIC, SEDOL, etc. You will need to know your downstream vendor/broker, and see what they accept. THen you need to figure out suffix symbology. Then you need to figure out currency (traded local, fx as part of the trade, etc)

Hope that helps,

Ian

4

A comment on tag 15=Currency. It is not part of the Instrument block and should thus not be used to identify the security. Tag 207=SecurityExchange is to be used to denote the market place where you want the security traded. A market place will typically offer to trade the security in a single currency or provide different identifiers if it trades in more than one currency. A single ID is also preferable in terms of performance.

Hi, Can someone help me with the relationship between Tags 55,48 and
22. I know the definition of each of these tags but would like to know
the order of precedence and the different combinations possible with
examples for each. Regards, Ambar

Hi Ambar

To answer your question, is a long discussion, but below are the
highlights, and generalities.

In general, the US uses just tag 55. It is assumed to be 15=USD.

Int’l orders usually use tag 48, 22 and a lot of times, 15.

Since tag 55 is a required tag, a lot of times, you will see the tag 48
also copied into tag 55.

The key in int’l is to make sure you can accomplish 2 things:
a) make sure the symbol is unique
b) if the symbol trades in 2 currencies, make sure you can determine
which one you want.

The symbology in int’l is quite varied, ISIN, RIC, SEDOL, etc. You will
need to know your downstream vendor/broker, and see what they accept.
THen you need to figure out suffix symbology. Then you need to figure
out currency (traded local, fx as part of the trade, etc)

Hope that helps,

Ian

5

[ original email was from Ambar Arasan - ambar.arasan@gs.com ]
Hi,
I am getting confused here.Basically as per understanding, In case of symbol based routing only orders are routed based on symbology to different regions/destinations occur. It can also be dependent on Tags 100,207 and 15 or a combination of all of them.
Here i would like to know more about tags 55,48 and 22 the order of precedence and usage in different destinations. Say for instance Tag 55 can be a junk value when tag 22 and 48 are set and here 22 & 48 take precedence. Likewise we must be having multiple combinations and possiblities which I am not clear about. Let me come up with all the possiblities possible and my understanding of their behavoir.

Case 1:
Tag 55 = correct value && 22,48 = Junk values ==> Exchange accepts the order
Case 2:
Tag 55 = Junk value && 22,48 = correct values ==> Exchange accepts the order
case 3:
Tag 55 = Junk value && 22,48 = Junk values ==> Exchange rejects the order
case 4:
Tag 55 = correct value && 22,48 = correct values ==> Exchange accepts the order

Please correct me if something is incorrect and also let me know if some other possiblities exist.

A comment on tag 15=Currency. It is not part of the Instrument block and
should thus not be used to identify the security. Tag
207=SecurityExchange is to be used to denote the market place where you
want the security traded. A market place will typically offer to trade
the security in a single currency or provide different identifiers if it
trades in more than one currency. A single ID is also preferable in
terms of performance.

Hi, Can someone help me with the relationship between Tags 55,48 and
22. I know the definition of each of these tags but would like to
know the order of precedence and the different combinations
possible with examples for each. Regards, Ambar

Hi Ambar

To answer your question, is a long discussion, but below are the
highlights, and generalities.

In general, the US uses just tag 55. It is assumed to be 15=USD.

Int’l orders usually use tag 48, 22 and a lot of times, 15.

Since tag 55 is a required tag, a lot of times, you will see the tag
48 also copied into tag 55.

The key in int’l is to make sure you can accomplish 2 things:
a) make sure the symbol is unique
b) if the symbol trades in 2 currencies, make sure you can determine
which one you want.

The symbology in int’l is quite varied, ISIN, RIC, SEDOL, etc. You
will need to know your downstream vendor/broker, and see what they
accept. THen you need to figure out suffix symbology. Then you need to
figure out currency (traded local, fx as part of the trade, etc)

Hope that helps,

Ian

6

[ original email was from Ian Hoenisch - ihoenisch@fastesp.com ]
Case1, what I see most in the US
Case2, what I see most in the EUR and ASIA markets
Case3, you hope for this, but this is not guaranteed
Case4, this is the best case. A lot of times you can also use dual symbology, for example, 55=RIC, 48=SEDOL value

The fundamental issue is unique symbol identification. This is done at the exchange level (end destination). So far, piece of cake. The hard part are all the pieces in the middle. Since there are so many liability handoffs in the middle, each piece needs to not just correctly identify each symbol but uniquely identify the symbol. This is where a lot of translation happens.

Ian

Hi, I am getting confused here.Basically as per understanding, In case
of symbol based routing only orders are routed based on symbology to
different regions/destinations occur. It can also be dependent on Tags
100,207 and 15 or a combination of all of them. Here i would like to
know more about tags 55,48 and 22 the order of precedence and usage in
different destinations. Say for instance Tag 55 can be a junk value when
tag 22 and 48 are set and here 22 & 48 take precedence. Likewise we must
be having multiple combinations and possiblities which I am not clear
about. Let me come up with all the possiblities possible and my
understanding of their behavoir.

Case 1: Tag 55 = correct value && 22,48 = Junk values ==> Exchange
accepts the order Case 2: Tag 55 = Junk value && 22,48 = correct values
==> Exchange accepts the order case 3: Tag 55 = Junk value && 22,48 =
Junk values ==> Exchange rejects the order case 4: Tag 55 = correct
value && 22,48 = correct values ==> Exchange accepts the order

Please correct me if something is incorrect and also let me know if some
other possiblities exist.

A comment on tag 15=Currency. It is not part of the Instrument block
and should thus not be used to identify the security. Tag
207=SecurityExchange is to be used to denote the market place where
you want the security traded. A market place will typically offer to
trade the security in a single currency or provide different
identifiers if it trades in more than one currency. A single ID is
also preferable in terms of performance.

Hi, Can someone help me with the relationship between Tags
55,48 and
22. I know the definition of each of these tags but would like to
know the order of precedence and the different combinations
possible with examples for each. Regards, Ambar

Hi Ambar

To answer your question, is a long discussion, but below are the
highlights, and generalities.

In general, the US uses just tag 55. It is assumed to be 15=USD.

Int’l orders usually use tag 48, 22 and a lot of times, 15.

Since tag 55 is a required tag, a lot of times, you will see the tag
48 also copied into tag 55.

The key in int’l is to make sure you can accomplish 2 things:
a) make sure the symbol is unique
b) if the symbol trades in 2 currencies, make sure you can determine
which one you want.

The symbology in int’l is quite varied, ISIN, RIC, SEDOL, etc. You
will need to know your downstream vendor/broker, and see what they
accept. THen you need to figure out suffix symbology. Then you need
to figure out currency (traded local, fx as part of the trade, etc)

Hope that helps,

Ian

7

Tag 55=Symbol is a key field widely used and mostly of mandatory nature. However, tags 48+22 could easily be used for the same purpose by chosing value 8=Exchange Symbol for tag 22=SecurityIDSource and mapping the value of 55 into tag 48=SecurityID. Tag 100=ExDestination together with tag 1132=ExDestinationIDSource can then guide you to the desired market place.

In exchange environments the question of precedence often does not come up as only one way of security identification is offered, simply for performance reasons. Every mapping exercise costs time.

Regards,
Hanno.

Case1, what I see most in the US Case2, what I see most in the EUR and
ASIA markets Case3, you hope for this, but this is not guaranteed Case4,
this is the best case. A lot of times you can also use dual symbology,
for example, 55=RIC, 48=SEDOL value

The fundamental issue is unique symbol identification. This is done at
the exchange level (end destination). So far, piece of cake. The hard
part are all the pieces in the middle. Since there are so many liability
handoffs in the middle, each piece needs to not just correctly identify
each symbol but uniquely identify the symbol. This is where a lot of
translation happens.

Ian

Hi, I am getting confused here.Basically as per understanding, In case
of symbol based routing only orders are routed based on symbology to
different regions/destinations occur. It can also be dependent on Tags
100,207 and 15 or a combination of all of them. Here i would like to
know more about tags 55,48 and 22 the order of precedence and usage in
different destinations. Say for instance Tag 55 can be a junk value
when tag 22 and 48 are set and here 22 & 48 take precedence. Likewise
we must be having multiple combinations and possiblities which I am
not clear about. Let me come up with all the possiblities possible and
my understanding of their behavoir.

Case 1: Tag 55 = correct value && 22,48 = Junk values ==>
Exchange accepts the order Case 2: Tag 55 = Junk value && 22,48 =
correct values
==> Exchange accepts the order case 3: Tag 55 = Junk value && 22,48 =
Junk values ==> Exchange rejects the order case 4: Tag 55 = correct
value && 22,48 = correct values ==> Exchange accepts the order

Please correct me if something is incorrect and also let me know if
some other possiblities exist.

A comment on tag 15=Currency. It is not part of the Instrument block
and should thus not be used to identify the security. Tag
207=SecurityExchange is to be used to denote the market place where
you want the security traded. A market place will typically offer to
trade the security in a single currency or provide different
identifiers if it trades in more than one currency. A single ID is
also preferable in terms of performance.

Hi, Can someone help me with the relationship between Tags 55,48
and
22. I know the definition of each of these tags but would like
to know the order of precedence and the different
combinations possible with examples for each. Regards, Ambar

Hi Ambar

To answer your question, is a long discussion, but below are the
highlights, and generalities.

In general, the US uses just tag 55. It is assumed to be 15=USD.

Int’l orders usually use tag 48, 22 and a lot of times, 15.

Since tag 55 is a required tag, a lot of times, you will see the
tag 48 also copied into tag 55.

The key in int’l is to make sure you can accomplish 2 things:
a) make sure the symbol is unique
b) if the symbol trades in 2 currencies, make sure you can
determine which one you want.

The symbology in int’l is quite varied, ISIN, RIC, SEDOL, etc. You
will need to know your downstream vendor/broker, and see what they
accept. THen you need to figure out suffix symbology. Then you
need to figure out currency (traded local, fx as part of the
trade, etc)

Hope that helps,

Ian

8

This is generally what I have done 48/22 for primary identification and 100/207 for clarification. I have always accepted and reflected 55 on order messages and populated it on drop copies, but not used it for identification purposes. Very occasionally for US only clients I have accepted 55 as the primary identification, but it always makes me nervous :slight_smile:

George

Tag 55=Symbol is a key field widely used and mostly of mandatory
nature. However, tags 48+22 could easily be used for the same purpose
by chosing value 8=Exchange Symbol for tag 22=SecurityIDSource and
mapping the value of 55 into tag 48=SecurityID. Tag 100=ExDestination
together with tag 1132=ExDestinationIDSource can then guide you to the
desired market place.

In exchange environments the question of precedence often does not come
up as only one way of security identification is offered, simply for
performance reasons. Every mapping exercise costs time.

Regards, Hanno.

Case1, what I see most in the US Case2, what I see most in the EUR and
ASIA markets Case3, you hope for this, but this is not guaranteed
Case4, this is the best case. A lot of times you can also use dual
symbology, for example, 55=RIC, 48=SEDOL value

The fundamental issue is unique symbol identification. This is done at
the exchange level (end destination). So far, piece of cake. The hard
part are all the pieces in the middle. Since there are so many
liability handoffs in the middle, each piece needs to not just
correctly identify each symbol but uniquely identify the symbol. This
is where a lot of translation happens.

Ian

Hi, I am getting confused here.Basically as per understanding, In
case of symbol based routing only orders are routed based on
symbology to different regions/destinations occur. It can also be
dependent on Tags 100,207 and 15 or a combination of all of them.
Here i would like to know more about tags 55,48 and 22 the order of
precedence and usage in different destinations. Say for instance Tag
55 can be a junk value when tag 22 and 48 are set and here 22 & 48
take precedence. Likewise we must be having multiple combinations
and possiblities which I am not clear about. Let me come up with all
the possiblities possible and my understanding of their behavoir.

Case 1: Tag 55 = correct value && 22,48 = Junk values ==> Exchange
accepts the order Case 2: Tag 55 = Junk value && 22,48 = correct
values
==> Exchange accepts the order case 3: Tag 55 = Junk value &&
==> 22,48 =
Junk values ==> Exchange rejects the order case 4: Tag 55 = correct
value && 22,48 = correct values ==> Exchange accepts the order

Please correct me if something is incorrect and also let me know if
some other possiblities exist.

A comment on tag 15=Currency. It is not part of the Instrument
block and should thus not be used to identify the security. Tag
207=SecurityExchange is to be used to denote the market place
where you want the security traded. A market place will typically
offer to trade the security in a single currency or provide
different identifiers if it trades in more than one currency. A
single ID is also preferable in terms of performance.

Hi, Can someone help me with the relationship between Tags
55,48 and
22. I know the definition of each of these tags but would like
to know the order of precedence and the different
combinations possible with examples for each. Regards,
Ambar

Hi Ambar

To answer your question, is a long discussion, but below are the
highlights, and generalities.

In general, the US uses just tag 55. It is assumed to be 15=USD.

Int’l orders usually use tag 48, 22 and a lot of times, 15.

Since tag 55 is a required tag, a lot of times, you will see the
tag 48 also copied into tag 55.

The key in int’l is to make sure you can accomplish 2 things:
a) make sure the symbol is unique
b) if the symbol trades in 2 currencies, make sure you can
determine which one you want.

The symbology in int’l is quite varied, ISIN, RIC, SEDOL, etc.
You will need to know your downstream vendor/broker, and see
what they accept. THen you need to figure out suffix symbology.
Then you need to figure out currency (traded local, fx as part
of the trade, etc)

Hope that helps,

Ian

9

Ambar,

Before going ahead with the answers we need to assume here few things such as the sell-side supports more than one market, 22 & 48 are not mandatory tags, etc.

Now coming to the four scenarios you mentioned, here what can happen as per my understanding:

Case 1: Tag 55 = correct value && 22,48 = Junk values == Exchange accepts the order {Tag 55 sent with Exchange Symbol alongwith Tag 100 specifying the destination exchange for the order to be executed - Exchange accepts the order ignoring tag 22,48}

Case 2: Tag 55 = Junk value && 22,48 = correct values == Exchange accepts the order {Exchange ignores the value in tag 55 and processes the order based on 22/48 - if 48=ISIN then it may be cross listed, if 48=RIC its generally unique, if 48=Sedol its genarally unique, etc }

case 3: Tag 55 = Junk value && 22,48 = Junk values == Exchange rejects the order {Agreed}

case 4: Tag 55 = correct value && 22,48 = correct values == Exchange accepts the order {Exchange accepts the order based on tag 55 and ignores tag 22/48}

Since tag 55 is a mandatory tag, it has to populated in any case. What you need to understand is whether the sell side has the capability of ignoring tag 55 if its an unrecognised value and look into tag 22/48 for identifying the security. So basically its that tag 55/100 act as first stage of validation/identification and tag 22/48 as the second level. I hope this makes some sense. Do get back to me in case any further cklarifications required.

Regards,
Sunil Singh

10

[ original email was from Ian Hoenisch - ihoenisch@fastesp.com ]
Add’l note on Tag 207:

I agree, tag 207 is used at times, but most of the time, I see tag 100 denote the exchange where traded.

With the newer versions of FIX being implemented, there is a move towards tag 207 as well as the new exchange naming conventions, away from Reuters exchange codes.

Ian

A comment on tag 15=Currency. It is not part of the Instrument block and
should thus not be used to identify the security. Tag
207=SecurityExchange is to be used to denote the market place where you
want the security traded. A market place will typically offer to trade
the security in a single currency or provide different identifiers if it
trades in more than one currency. A single ID is also preferable in
terms of performance.

Hi, Can someone help me with the relationship between Tags 55,48 and
22. I know the definition of each of these tags but would like to
know the order of precedence and the different combinations
possible with examples for each. Regards, Ambar

Hi Ambar

To answer your question, is a long discussion, but below are the
highlights, and generalities.

In general, the US uses just tag 55. It is assumed to be 15=USD.

Int’l orders usually use tag 48, 22 and a lot of times, 15.

Since tag 55 is a required tag, a lot of times, you will see the tag
48 also copied into tag 55.

The key in int’l is to make sure you can accomplish 2 things:
a) make sure the symbol is unique
b) if the symbol trades in 2 currencies, make sure you can determine
which one you want.

The symbology in int’l is quite varied, ISIN, RIC, SEDOL, etc. You
will need to know your downstream vendor/broker, and see what they
accept. THen you need to figure out suffix symbology. Then you need to
figure out currency (traded local, fx as part of the trade, etc)

Hope that helps,

Ian

11

There would be no ideal answer but hope below helps…

Most implementations would/should have capability if giving precedence - 55 or 48/22 - whichever required…

55 is mandatory - 22/48 is not…

There can always be a possibility of dually listed symbols, sedols, cusips etc… (relying on 207/100 always the best option)

Tag 15 to be avoided as far as possible (ADRs/GDRs create big issues)

As someone mentioned - due to latency consideration - most implementations would have 55=SYM mapped in the order before sending it down to the exchange (all ambiguity resolved till that stage )

Add’l note on Tag 207:

I agree, tag 207 is used at times, but most of the time, I see tag 100
denote the exchange where traded.

With the newer versions of FIX being implemented, there is a move
towards tag 207 as well as the new exchange naming conventions, away
from Reuters exchange codes.

Ian

A comment on tag 15=Currency. It is not part of the Instrument block
and should thus not be used to identify the security. Tag
207=SecurityExchange is to be used to denote the market place where
you want the security traded. A market place will typically offer to
trade the security in a single currency or provide different
identifiers if it trades in more than one currency. A single ID is
also preferable in terms of performance.

Hi, Can someone help me with the relationship between Tags
55,48 and
22. I know the definition of each of these tags but would like to
know the order of precedence and the different combinations
possible with examples for each. Regards, Ambar

Hi Ambar

To answer your question, is a long discussion, but below are the
highlights, and generalities.

In general, the US uses just tag 55. It is assumed to be 15=USD.

Int’l orders usually use tag 48, 22 and a lot of times, 15.

Since tag 55 is a required tag, a lot of times, you will see the tag
48 also copied into tag 55.

The key in int’l is to make sure you can accomplish 2 things:
a) make sure the symbol is unique
b) if the symbol trades in 2 currencies, make sure you can determine
which one you want.

The symbology in int’l is quite varied, ISIN, RIC, SEDOL, etc. You
will need to know your downstream vendor/broker, and see what they
accept. THen you need to figure out suffix symbology. Then you need
to figure out currency (traded local, fx as part of the trade, etc)

Hope that helps,

Ian