Imported from previous forum
When an order is being executed, it happens that the client requires in the end of the execution a "Net" price, i.e. including fees and commission.
This requirement may not be known before the end of the execution.
How can this price be reported to the client using Exec Reports, bearing in mind that the whole qty has already been reported as executed at the Gross Price ?
Allocations are supposed to be for that purpose, but :
1/ we can not use them with all clients (some prefer Oasys Global, and some order routing networks just don’t process allocations),
2/ Fees are supposed to be there in Exec Reports (point 6 of the Exec Report description principals) but I was unable to find them.
Example :
Client buys 10 @ 14.1481 EUR Gross. Gross Consideration is 141.48 EUR. This price is reported to the client (Filled) then the client rings the sales for order closure arrangements.
Commission rate is (say) 10 bp, i.e. 0.14 EUR.
Hence net consideration with fee rate is 141.62 EUR, price 14.1620.
Sales closes at a price of 14.1600 EUR Net for simplicity. How should Done for Day (or another Exec Report message) be sent to show this final price ? Should we cancel the executions at 14.1481 and replace them with one global execution ? The latter solution does not sound too close to real business approach anyway.