Imported from previous forum
[ original email was from Gordon Mitchell - gordon.mitchell@reuters.com ]
According to FIX 4.2 a contributor can send an IOI that is either Buy (1), Sell (2) or Undisclosed (7). It is not clear just exactly what "undisclosed" means. Is a broker intending that an undisclosed IOI is both buy and sell? Or is it simply a means of indicating business without showing the side? Do sell and buy-side organisations have the same understanding of undisclosed IOIs? Are many undisclosed IOIs published? Appreciate any comments…
Thanks in advance, Gordon