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Collective Investments
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re: Primary vs. Secondary Market Execution
Josef Fehr / UBS Warburg
3 Jan 2001 3:10AM ET> > Most of the shares of mutual funds can be traded both on the primary market (mutual fund is counterparty) and on the secondary market (other broker is counterparty).
> > Just for clarification: Is it correct for the buy side client to use value R = Primary peg (primary market - buy at bid/sell at offer) of tag 18 (ExecInst) to indicate that the order should be executed on the primary market by the broker ?
>
> No. That field is used only for Pegged orders. A primary peg is one where an order is pegged to buy at the bid, or sell at the offer. This is the opposite of the market peg, where an order is pegged to buy at the offer, or sell at the bid.
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> Is there a field in FIX 4.0 to indicate primary market execution?
re: Primary vs. Secondary Market Execution
Josef Fehr / UBS Warburg 3 Jan 2001 3:10AM ET
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