[This message was posted by Jim Kaye of Bank of America Merrill Lynch <[email protected]> to the "Allocations" discussion forum at http://fixprotocol.org/discuss/13. You can reply to it on-line at http://fixprotocol.org/discuss/read/c10528e2 - PLEASE DO NOT REPLY BY MAIL.]
> Could someone review this flow. > > Example > > Initiator executes an order on the market. The broker returns the fill, then > the broker returns a TradeCaptureReport stating that the execution has been > booked to account xyz. > > With allocations, and this would be post-trade let's say > > Initiator executes an order on the market. The broker returns the fill, then > the broker waits for the allocation instruction. Initiator submits > AllocationInstruction, Brokers Acks it, Then sends the client a > AllocationReport with the break down of the trade on the stated accounts. > Broker then sends the client a TradeCaptureReport for each trade that was > booked. So if the AllocationReport contained 3 accounts, then there would be > 3 TradeCaptureReports. Hi The Trade Capture message was really designed for trade reporting and similar to parties not actually involved in the trade flow (e.g. to clearing houses and settlement organisations). For communication from sell side to buy side you're looking at an Allocation Report (FIX 4.4 onwards, or Allocation prior to FIX 4.4) or even a Confirmation message (FIX 4.4 onwards). The Allocation Instruction will be a single message for all the accounts the order has been split to. For Confirmations, you'll have a separate message per account. As to which of these to use, Allocation Instructions are more commonly implemented but Confirmations are richer messages, including settlement instruction details and the like. Jim. [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.
