Imported from previous forum
18=6
59=3
Why would someone use them together?
Isn’t it contradictory to have an order to be on the books with IOC?
Value 6 is “ParticipaNT don’t initiate” (not “ParticipaTE”) in FIXimate since FIX 5.0. The glossary still uses “ParticipaTE” and offers the following definition:
“An order that may participate in a transaction initiated by another
party, but may not initiate a transaction. For example, on US ECNs
/ Exchanges, this may represent an order that will be quoted to the
marketplace and will trade if another party initiates a trade (i.e. hits
the posted quote), but cannot be routed to initiate a trade with
another market or market maker.”
I agree that an IOC order cannot enter the book and the two values seem to collide. Maybe this ExecInst value does not apply to fully automated matching environments where an incoming order either initiates a transaction or gets written to the book.
Assuming that only value 6 is present, would you write the order to the book even though it can be matched against another order? This would leave you with a crossed book. A hit&take market without automatic matching might apply for this. Maybe somebody else can shed some light on this value first before determining whether it can be combined with IOC or not.
18=6 59=3
Why would someone use them together? Isn’t it contradictory to have an
order to be on the books with IOC?