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Regulations

Discussions > Regulations > LocateBroker for multileg (equity leg)

LocateBroker for multileg (equity leg)

Complete message thread from old site

Joseph Goldberg
23 March 2010 8:18pm

Hi! This is my first post to a fixprotocol.org forum, so please bear with me if this is the wrong forum.

When a non-US firm sends a sell short (54=5) to a US market maker, the market maker is required to verify that tag 5700 (LocateBroker) was received from the customer. This is my understanding of how the regulation works for pure equity orders.

If the non-US customer sends a multileg option order with an equity leg (buywrite), and the equity leg is a sell short, what tag does the customer need to send to indicate the LocateBroker (equivalent to 5700) on the equity leg? I ask because most single leg tags are changed to something else when they are part of a multileg order (e.g. 55 becomes 600).

Thanks,
Joe