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New Order - Single <D> message – FIX 4.0 – FIX Dictionary

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FIX 4.0 : New Order - Single <D> message

Structure | Related Messages

Description

The new order message type is used by institutions wishing to electronically submit securities and forex orders to a broker for execution.

Orders can be submitted with special handling instructions and execution instructions. Handling instructions refer to how the broker should handle the order on its trading floor (see HandlInst <21> field); execution instructions contain explicit directions as to how the order should be executed (see ExecInst <18> field).

New Order messages received with the PossResend <97> flag set in the header should be validated by ClOrdID <11> and order parameters (side, symbol, quantity, etc.) to determine if the order had been previously submitted. PossResends previously received should be acknowledged back to the client via an Execution - Status message. PossResends not previously received should be processed as a new order and acknowledged via an Execution - New message.

To support forex accommodation trades, two fields, ForexReq <121> and SettlCurrency <120>, are included in the message. To request a broker to execute a forex trade in conjunction with the securities trade, the institution would set the ForexReq <121> = Y and SettlCurrency <120> = "intended settlement currency". The broker would then execute a forex trade from the execution currency to the settlement currency and report the results via the execution message in the NetMonies and SettlCurr fields.

The order message can also be used to request a straight forex trade. Conventions for identifying a forex transaction are as follows:

  • The forex Symbol <55> is defined, in ISO codes, as "held-currency.new-currency" (e.g. "USD.GBP" indicates a desire to convert a held amount of USD to GPB)
  • Side <54> is defined in terms of whether the OrderQty <38> is currency required or currency held (e.g. a forex order can be expressed as either "S 3,200,000 USD for GPB" or "B 2,000,000 GBP for USD", at a rate of 1.6 USD/GBP, these trades are equivalent in that the broker is receiving 3,200,000 USD and delivering 2,000,000 GBP)
  • OrdType <40> = Forex

Structure

Tag Field Name Req'd Comments
<MessageHeader> Y MsgType <35> = D
11 ClOrdID Y
109 ClientID N

Used for firm identification in third-party transactions.
76 ExecBroker N

Used for firm identification in third-party transactions.
1 Account N
63 SettlmntTyp N

Absence of this field is interpreted as Regular.
64 FutSettDate N

Required when SettlmntTyp <63> ='6' (Future) or SettlmntTyp <63> ='8' (Sellers Option)

21 HandlInst Y
18 ExecInst N

Can contain multiple instructions, space delimited.
110 MinQty N
111 MaxFloor N
100 ExDestination N
81 ProcessCode N

Used to identify soft trades at order entry.
55 Symbol Y
65 SymbolSfx N
48 SecurityID N
22 IDSource N
106 Issuer N
107 SecurityDesc N
140 PrevClosePx N

Useful for verifying security identification
54 Side Y
114 LocateReqd N

Required for short sell orders
38 OrderQty Y
40 OrdType Y
44 Price N

Required for limit OrdTypes
99 StopPx N

Required for stop OrdTypes
15 Currency N

Message without Currency <15> field is interpreted as US dollars

23 IOIid N

Required for Previously Indicated Orders (OrdType <40>=E)

117 QuoteID N

Required for Previously Quoted Orders (OrdType <40>=D)

59 TimeInForce N

Absence of this field indicates Day order
126 ExpireTime N

Required if TimeInForce <59> = GTD

12 Commission N
13 CommType N
47 Rule80A N
121 ForexReq N

Indicates that broker is requested to execute a Forex accommodation trade in conjunction with the security trade.
120 SettlCurrency N

Required if ForexReq <121> = Y.

58 Text N
<MessageTrailer> Y

 

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