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Collective Investments
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Subscription/Redemption as ExecInst
Josef Fehr / UBS Warburg
27 Sep 2001 2:34AM ETI would like to resume the discussion of primary vs. secondary market execution for mutual fund orders. In our process model we receive orders from internal and external clients for Equities, Fixed Income and Mutual Funds through various channels. These orders routed and executed through the same system. Execution can be either routing to an electronic exchange directly, placement with a broker or routing of blocked orders to the mutual fund provider in case of subscription and redemption (primary market).
As a mutual funds potentially can be either traded on the secondary market or with the fund provider directly a flag needs to be set by the client when sending the order to us as broker.
Having looked at the specifications the most suitable tag for me seems to be no. 18 (ExecInst). The question is now whether it is possible to define a new value for this tag (i.e. Z=Subscription/Redemption) for future protocol version. We could then start using this in 4.0 to 4.3 already.
Subscription/Redemption as ExecInst
Josef Fehr / UBS Warburg 27 Sep 2001 2:34AM ET
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