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US Regulations
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Re: RegNMS IOC order
Michael O'Conor / Jordan and Jordan <>
18 Jan 2007 1:03PM ET>It appears that a brief part of my message did not get posted. I ended with:
I'd be happy to discuss the issue. My phone number is 212-655-2953. My e-mail is oconor@jandj.com
Michael
The key issue with respect to IOC orders in the Reg NMS world is which
> Automated Trading Centers will you be directly routing to? With respect
> to IOC orders, some ATCs support both routable and non-routable IOCs.
> Some ATCs support only non-routable IOCs.
>
>
>
> As many of them have designed their own customized IOC or ISO/IOC order
> types for the Reg NMS world, you will have to code to their
> specifications.
>
>
>
> For example, as you pointed out Eric, the NYSE Reg NMS IOC (SOC) order
> is non-routable and their FIX spec dictates using Tag 9487 = SOC
>
>
>
> NASDAQ uses a standard IOC message (59 = 3) for a non-routable IOC. A
> routable IOC would be indicated by putting the appropriate modifier in
> Tag 100 ExInst.
>
>
>
>
>
>
> > Has anyone devised a FIX-standard way of accepting a RegNMS IOC order?
> > NYSE has implemented a user defined tag 9487=SOC to represent this
> > type of order instruction. Has there been any talk of creating a new
> > tag 18 (ExecInst) value, ala 18=f for ISO order?
> >
> > A RegNMS IOC order is used when customer does not want to ship the
> > order to other marketplace. This would be different from a regular IOC
> > order (59=3), which would be routable by default.
> >
> > Thanks,
> >
> > Eric Gottesman Jefferies Execution Services
RegNMS IOC order Eric Gottesman / Jefferies Execution Services 16 Jan 2007 6:44PM ET Re: RegNMS IOC order
Michael O'Conor / Jordan and Jordan 18 Jan 2007 1:03PM ET
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