Hello All,
We are currently discussing with few brokers on how they can send us back by Fix, the way they did the trade (DMA/Elec or Care/Voic). Depending of that, we should impact a different fee schedule. This is an important information from a billing perspective.
We have several brokers and they all use a different field for this information :
1st broker (tag 50) :
50=CARE --HT
50=ALGO --ALGO
50=DMA --> FOR DMA
2nd broker (tag 21) :
21=1 (DMA/DMA Algo)
21=3 (Care)
3rd broker : (tag 6061)
6061 = CARE
6061 = DMA
Do you know if it exists a standard field for that or if someone already encountered a such case ?
Thx
Marc
Extension Pack 186 was provided in the context of MMT and added ExecMethod(2405). Native MMT codes can be mapped to FIX fields (see MMT Initiative Mapping Matrix v3.04) and offer further attributes about how a traded price came about.
SenderSubID(50) belongs to the session layer and is not FIX compliant to identify DMA or Care. The same goes for 6061 which is a user-defined field with the name ExecServProduct (see https://www.fixtrading.org/standards/user-defined-fields) and defined as “valid product code”. This UDF seems to have been “hijacked”. HandlInst(21) is more about the instruction for an execution than information about the actual execution.
Thanks Hanno
When I check the Extension pack 186 ( EP186 – MMT Flagging of OTC Trades), they specify this is for OTC Trades. Do you think it can apply for ETD ones too ?
Knowing that the logic remains the same (DMA/Care)
It applies to both listed and OTC, equities and non-equities. OTC is simply the biggest issue when it comes to comparing trade prices and MMT provides a well-defined set of rules to flag them.
Thanks Hanno - very helpful