Usages of 152/CashOrderQty to submit cash orders

general-qa

#1

Dear FIX users,

all the order execution venues (market places, trading systems etc.) I know use 38/OrderQty to order the securities in defined “pieces”.

I wonder which trading venues use cash orders i.e. order where the ordered amount is defined by a cash value. Please, if anybody knows examples it would be great if s/he could post them here.

I guess the percentage of cash-order based execution venues is quite low, below 10 percent or less.

I am looking forward to your feedback!

Best regards, Jörg


#2

Jörg,

As I recall, CashOrderQty (tag 152) was not necessarily added for executing venues, but rather added to support an intermediary (eg a broker) receiving an order expressed in a monetary amount (eg a Retail order). I also believe this was added around the same time that we were attempting to add support for Unit Trust (eg UK ‘mutual fund’) trading.


#3

Thanks, Scott.

Basically, I want to find out whether a general trading interface has to be designed with cash-based orders in mind. If this is a really rare case we could drop thinking about it in the first place.
I would like to know of any current usages, e.g. in the area of fund trading.

Cheers, Jörg