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
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.
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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