|
International
< Previous Next >
re: Hidden Limit
Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC
31 Aug 2001 11:02AM ET> Is there anyone who knows how to represent "Hidden Limit" order in Fix format?
>
> Thank for your help.
I'm not sure exactly what "Hiddle Limit" means, but I'm wondering if it is similar to the Discretionary capabilities added in FIX 4.2.
A discretionary order is one which has a displayed price and a hidden, or discretionary, price. For instance, in the US, I might route an order to an ECN to buy a stock at limit 50, with DiscretionOffset of 0.05 and DiscretionInst of "Relative to Displayed Price." This means that my order will display as a bid at 50, but it will trade with any offer up to and including 50.05. Similarly, one can combine this with pegs. I.e. I can say that I want a Primary Peg to buy, with DiscretionInst = "Relative to Displayed Price" and DiscretionOffset = 0.05. In this case, the order will always display itself at the bid, but it will match with any offer 5 cents above the bid.
Hidden Limit david tai / Deutsche Bank 31 Aug 2001 10:44AM ET re: Hidden Limit
Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC 31 Aug 2001 11:02AM ET
|
