Imported from previous forum
- Is any distinction made between the allocation that the IM has directed the executing broker to step-out of and the actual allocation of those shares (i.e. is there a one-to-one relationship between the quantity described in the allocation (to the broker of credit) and the subsequent allocation of that group of shares to subaccount(s?).
- Does anybody have examples of the use of the allocation message to handle a step-in/step-out trade? Is it intended that the allocation message be used as a mechanism for informing the broker of credit of the step-in details, or is it only used to inform the executing broker that he is to step-out, and optionally pass the allocation details to the step-in broker? Is anyone using the allocation message as a mechanism for the IM to inform the broker of credit that he is to step-in and of the subsequent allocations to sub accounts? Would this be better than specifying 208 (notify broker of credit) = Y, which requests that the executing broker pass the allocation details to the broker of credit?
- How is the ClOrdID specified to the step-in broker? Is it set to “manual”?
- Field 124 (NoExecs) is “primarily used to support step-outs”, according to the spec. Does this mean that the basic unit of a step-in/step-out is an individual fill? If not, how/why is it used?