[This message was posted by Hanno Klein of Deutsche Börse Systems <[email protected]> to the "General Q/A" discussion forum at http://fixprotocol.org/discuss/22. You can reply to it on-line at http://fixprotocol.org/discuss/read/cd846232 - PLEASE DO NOT REPLY BY MAIL.]
Value 6 is "ParticipaNT don't initiate" (not "ParticipaTE") in FIXimate since FIX 5.0. The glossary still uses "ParticipaTE" and offers the following definition: "An order that may participate in a transaction initiated by another party, but may not initiate a transaction. For example, on US ECNs / Exchanges, this may represent an order that will be quoted to the marketplace and will trade if another party initiates a trade (i.e. hits the posted quote), but cannot be routed to initiate a trade with another market or market maker." I agree that an IOC order cannot enter the book and the two values seem to collide. Maybe this ExecInst value does not apply to fully automated matching environments where an incoming order either initiates a transaction or gets written to the book. Assuming that only value 6 is present, would you write the order to the book even though it can be matched against another order? This would leave you with a crossed book. A hit&take market without automatic matching might apply for this. Maybe somebody else can shed some light on this value first before determining whether it can be combined with IOC or not. > 18=6 59=3 > > Why would someone use them together? Isn’t it contradictory to have an > order to be on the books with IOC? [You can unsubscribe from this discussion group by sending a message to mailto:[email protected]] --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Financial Information eXchange" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/fix-protocol?hl=en -~----------~----~----~----~------~----~------~--~---
