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4.2 Changes

Discussions > 4.2 Changes > tag 21, difference?

tag 21, difference?

Complete message thread from old site

Gökhan Mutlu
24 January 2007 11:26am

Instructions for order handling on Broker trading floor
Valid values:
'1' Automated execution order, private, no Broker intervention
'2' Automated execution order, public, Broker intervention OK
'3' Manual order, best execution

[QQQ] I did not understand the difference between values 2 and 3 for the tag 21. Would anyone tell me what the difference is? I have an OMS and option 2 and 3 is the same in my point of view..Is it true?

FIX Trading Community
24 January 2007 12:58pm

[ original email was from Herby Raynaud - herby.raynaud@transacttools.net ]
Hi Gokhan

The difference between values 2 and 3 is that when using 2 the order is routed directly to the exchange or execution venue whenever possible; that is, there is nothing wrong with the order that would prevent it from getting executed if it reach its destination. If this is not the case then broker can intervene and work the order.

Whe using 3 the broker should always "work" the order and try to get the best execution possible.

Hope this helps.

Regards

Herby

> Instructions for order handling on Broker trading floor Valid values:
> '1' Automated execution order, private, no Broker intervention '2'
> Automated execution order, public, Broker intervention OK '3' Manual
> order, best execution
>
> [QQQ] I did not understand the difference between values 2 and 3 for the
> tag 21. Would anyone tell me what the difference is? I have an OMS and
> option 2 and 3 is the same in my point of view..Is it true?

Sunil Singh
2 April 2007 6:46am

Gokhan,

I agree with Herby on this. However, the OMS that you have has been designed in such a way that it can route DMA only when 21=1; and for Non-DMA orders, client has to send either 21=2 or 21=3.

Regards,
Sunil