Imported from previous forum
[ original email was from Witold Sames - witold@javtech.com ]
To all those who have experience on a block desk:
A customer of a broker/dealer can instruct that firm not to display a limit order, or that a block size should be displayed instead of the actual size. That is useful when one is trading large lots. So far that I know, it is a rare occurence in electronic trading.
In FIX, there’s a value for tag 18 (“U”) that refers to “Customer Display Instruction Rule 11Ac1-1/4.”
Would anyone know whether the presence of a value of "U" in tag 18 means that an instruction as described above has been given, and the absence of that value implies no such instruction has been given by the customer? Or is Rule 11Ac1-1/4 something totally different?
Thank you for any pointers you can provide.
In FIX 4.2, I understand that there’s a value for tag 18 (“U”) that refers to Customer Display Instruction Rule 11Ac1-1/4. If the B/D or client populates tag 18 with “U”, I understand this to mean that the recpient of the order should not display the clients limit price and should display a block size order(defined). As I understand it, if this value “U” is not used by the client or B/D sending the FIX instruction, then the recpient should display the limit order price and should not display a block order. Is there anyone who has seen clients or b/d’s using this value.
To all those who have experience on a block desk:
A customer of a broker/dealer can instruct that firm not to display a
limit order, or that a block size should be displayed instead of the
actual size. That is useful when one is trading large lots. So far that
I know, it is a rare occurence in electronic trading.In FIX, there’s a value for tag 18 (“U”) that refers to “Customer
Display Instruction Rule 11Ac1-1/4.”Would anyone know whether the presence of a value of “U” in tag 18 means
that an instruction as described above has been given, and the absence
of that value implies no such instruction has been given by the
customer? Or is Rule 11Ac1-1/4 something totally different?Thank you for any pointers you can provide.