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Re: RegNMS IOC order
Michael O'Conor / Jordan and Jordan <>
18 Jan 2007 12:57PM ETThe 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 12:57PM ET
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