Imported from previous forum
[ original email was from Bhavani Basani - basani_bp@yahoo.com ]
We have set a Prime Broker between our Trading organization and the liquidity provider, Trade capture Report has been sent to the prime broker for every trade done between the trading parties.
Here my question is what should be the value of TargetSubID for the Trade capture Report(msg type 35=AE) sent to the Prime Broker?
How ever my TargetCompID will be PrimeBroker organizationID.
Are there any Tags which specify the Actual Trading Parties involved for the msg type 35=AE) ?
Many Thanks in Advance !
[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
TargetSubID is a header field and should only be used if needed for message routing not reporting. Use the Parties component block to identify the parties with PartyRole(452)=1 for the liquidity provider and PartyRole(452)=3 for the counterparty.
We have set a Prime Broker between our Trading organization and the
liquidity provider, Trade capture Report has been sent to the prime
broker for every trade done between the trading parties.Here my question is what should be the value of TargetSubID for the
Trade capture Report(msg type 35=AE) sent to the Prime Broker?How ever my TargetCompID will be PrimeBroker organizationID.
Are there any Tags which specify the Actual Trading Parties involved for
the msg type 35=AE) ?Many Thanks in Advance !
[ original email was from Bhavani Basani - basani_bp@yahoo.com ]
Parties component block specify the PartyRole of the sending firm.
My question is 'Are there any Tags which specify the Actual Trading Parties involved for the msg type 35=AE, which is been sent to the third party generally a Prime Broker.
Thankyou !
TargetSubID is a header field and should only be used if needed for
message routing not reporting. Use the Parties component block to
identify the parties with PartyRole(452)=1 for the liquidity provider
and PartyRole(452)=3 for the counterparty.We have set a Prime Broker between our Trading organization and the
liquidity provider, Trade capture Report has been sent to the prime
broker for every trade done between the trading parties.Here my question is what should be the value of TargetSubID for the
Trade capture Report(msg type 35=AE) sent to the Prime Broker?How ever my TargetCompID will be PrimeBroker organizationID.
Are there any Tags which specify the Actual Trading Parties involved
for the msg type 35=AE) ?Many Thanks in Advance !
[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
Parties component block specifies the role of as many parties as you need to report - especially the trading parties even if the sender is not involved in the trade. An ATS reporting a trade might report the dealer, the counterparty, the prime broker and clearing firm all within the parties component, and the same data would go to all:
NoPartyIDs(453)=3
PartyID(448)=LEHMAN
PartyIDSource(447)=C
PartyRole(452)=1
PartyID(448)=JPMORGAN
PartyIDSource(447)=C
PartyRole(452)=2
PartyID(448)=PUTNAM
PartyIDSource(447)=C
PartyRole(452)=3
PartyID(448)=DTCC
PartyIDSource(447)=C
PartyRole(452)=4
Parties component block specify the PartyRole of the sending firm. My
question is 'Are there any Tags which specify the Actual Trading
Parties involved for the msg type 35=AE, which is been sent to the
third party generally a Prime Broker.Thankyou !
TargetSubID is a header field and should only be used if needed for
message routing not reporting. Use the Parties component block to
identify the parties with PartyRole(452)=1 for the liquidity provider
and PartyRole(452)=3 for the counterparty.We have set a Prime Broker between our Trading organization and the
liquidity provider, Trade capture Report has been sent to the prime
broker for every trade done between the trading parties.Here my question is what should be the value of TargetSubID for the
Trade capture Report(msg type 35=AE) sent to the Prime Broker?How ever my TargetCompID will be PrimeBroker organizationID.
Are there any Tags which specify the Actual Trading Parties involved
for the msg type 35=AE) ?Many Thanks in Advance !
[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
Revision: Parties component block specifies the role of as many parties as you need to report - especially the trading parties even if the sender is not involved in the trade. An ATS reporting a trade might report the dealer, the counterparty, the prime broker and clearing firm all within the parties component, and the same data would go to all:
NoPartyIDs(453)=4
PartyID(448)=LEHMAN
PartyIDSource(447)=C
PartyRole(452)=1
PartyID(448)=JPMORGAN
PartyIDSource(447)=C
PartyRole(452)=2
PartyID(448)=PUTNAM
PartyIDSource(447)=C
PartyRole(452)=3
PartyID(448)=DTCC
PartyIDSource(447)=C
PartyRole(452)=4
Parties component block specify the PartyRole of the sending firm. My
question is 'Are there any Tags which specify the Actual Trading
Parties involved for the msg type 35=AE, which is been sent to the
third party generally a Prime Broker.Thankyou !
TargetSubID is a header field and should only be used if needed for
message routing not reporting. Use the Parties component block to
identify the parties with PartyRole(452)=1 for the liquidity
provider and PartyRole(452)=3 for the counterparty.We have set a Prime Broker between our Trading organization and
the liquidity provider, Trade capture Report has been sent to the
prime broker for every trade done between the trading parties.Here my question is what should be the value of TargetSubID for
the Trade capture Report(msg type 35=AE) sent to the Prime Broker?How ever my TargetCompID will be PrimeBroker organizationID.
Are there any Tags which specify the Actual Trading Parties
involved for the msg type 35=AE) ?Many Thanks in Advance !
If I understand you correctly, the Prime Broker is simply an intermediate hop. In this case, you shsould look at OnBehalfOfCompID and DeliverToCompID and FIX Transport 1.1 documentation, pages 12-15.
If the Prime Broker does something as well, you need to separate the sessions completely and use the Parties block to let the Prime Broker know what to do with it.
TargetSubID is only to break down the target further, not to define an intermediate and a final target.
Hope this helps,
Hanno.
We have set a Prime Broker between our Trading organization and the
liquidity provider, Trade capture Report has been sent to the prime
broker for every trade done between the trading parties.Here my question is what should be the value of TargetSubID for the
Trade capture Report(msg type 35=AE) sent to the Prime Broker?How ever my TargetCompID will be PrimeBroker organizationID.
Are there any Tags which specify the Actual Trading Parties involved for
the msg type 35=AE) ?Many Thanks in Advance !
[ original email was from Bhavani Basani - basani_bp@yahoo.com ]
Thank you Hanno ! Now I’m very much clear,
Since OnBehalfOfCompID and DeliverToCompID are header fields and should only be used if needed for message routing, I think we can use Parties block for reporting purpose as Dean has mentioned earlier.
Thank you Dean!
If I understand you correctly, the Prime Broker is simply an
intermediate hop. In this case, you shsould look at OnBehalfOfCompID and
DeliverToCompID and FIX Transport 1.1 documentation, pages 12-15.If the Prime Broker does something as well, you need to separate the
sessions completely and use the Parties block to let the Prime Broker
know what to do with it.TargetSubID is only to break down the target further, not to define an
intermediate and a final target.Hope this helps, Hanno.
We have set a Prime Broker between our Trading organization and the
liquidity provider, Trade capture Report has been sent to the prime
broker for every trade done between the trading parties.Here my question is what should be the value of TargetSubID for the
Trade capture Report(msg type 35=AE) sent to the Prime Broker?How ever my TargetCompID will be PrimeBroker organizationID.
Are there any Tags which specify the Actual Trading Parties involved
for the msg type 35=AE) ?Many Thanks in Advance !