Imported from previous forum
When is it appropriate to use Execution Reports versus Trade Capture Reports versus Position Reports for trades (tag 724 (PosReqType) = 1 (Trades)) to report trades on a Drop Copy FIX session, where orders are submitted outside of the FIX session?
Please use the FIX Semantics forum for these kind of questions.
The primary purpose of the three messages is for the entities included in the message names, i.e. Executions, Trades, Positions. The short answer is hence TradeCaptureReport. It does not matter how the orders were submitted that led to the trades or if it is a drop copy session or not.
Positions are made up of trades that increase or decrease long and short quantities. A request with PosReqType = 1 (Trades) is to also get the trades related to the positions requested (see FIX Spec Volume 5 Request for Positions, page 138). This requires TradeCaptureReport messages to convey the trade details in addition to the PositionReport messages.