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re: ExDestination (100) vs SecurityExchange (207)
John Greenan / Alignment Systems
5 Jul 2002 8:28AM ET Vivek - thanks for this reply. I guess this is the same as a European Primary / Secondary market listing, say Vodafone on London with "L" would be the SecurityExchange and VOD on Paris with "PA" would be an example of an ExDestination.
But, if I can open this up again, what's the value -add of a buy-side telling the sell-side both of these pieces of information? I'd expect that a buy-side may want to communicate to a sell-side the exchange to trade on, and so populate the ExDestination, but why bother to mention the primary exchange? As a sell-side, I am only interested in what I should trade and where, rather than being told the primary exchange as well???
> Hi
>
> There was an email from Scott Atwell a couple of months ago answering this. The reason given was to think of SecurityExchange as the "primary exchange" where a security trades (i.e. "NYSE" for IBM) and ExDestination as the particular exchange/market/routing destination (i.e. IBM can trade NYSE, Midwest, Pacific, Cincinnati, etc.).
>
> Cheers
>
> Vivek
>
> vivek.attri@ubsw.com
>
>
> > Hi,
> > I'm still a bit puzzled about why these both of these fields exist. The following extract from the fix-42-with_errata_20010501.doc gives the definitions:
> > -------------------------------------------
> > 100 - ExDestination Exchange
> > Execution destination as defined by institution when order is entered.
> > Valid values: See Appendix C
> >
> > 207 - SecurityExchange Exchange
> > Market used to help identify a security.
> > Valid values: See Appendix C
> > -------------------------------------------
> > So, since they have the same valid values, would it be fair to say that they denote the same thing? If they do denote the same thing, why have both? My thoughts are that an order from the buyside for Vodafone on the London Stock Exchange may have:
> >
> > Field 100 ExDestination: "L"
> > Field 55 Symbol "VOD"
> > Field 22 IDSource "5" (for RIC)
> > Field 48 SecurityID "VOD"
> > (Note that field 55 may a default XXXXXXX or suchlike if the buyside doesn't have good symbol data)
> >
> > So, what more does having 207 add to the order? Or is it that the buy-side uses 100 and the sell side uses 207 (or vice versa)?
> >
> > Or is this supported for legacy version support reasons?
> >
> > Thanks
> >
> > > Use ExDestination for that. Refer to the Field Reference for description of each.
> > >
> > > > Hello,
> > > > I'm trying to find out the difference between these two fields in the "New Order - Single" 4.2 message. What field shoud i use in order to identify the order exchange destination??
> > > >
> > > > Thanks
> > > > Antonio.
> > > >
> > > >
> > >
> >
>
re: ExDestination (100) vs SecurityExchange (207)
John Greenan / Alignment Systems 5 Jul 2002 8:28AM ET
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