| Term |
Definition |
Used in |
| All or None |
A round-lot market or limit-price order that must be executed in its
entirety or not at all; unlike Fill or Kill orders, AON orders are not
treated as canceled if they are not executed as soon as represented
in the Trading Crowd. |
ExecInst <18> |
| As defined |
Sides of the legs are the same as defined in the multileg instrument |
Side <54> |
| At the close |
Indicated price is to be around the closing price, however, not held
to the closing price |
IOIQualifier <104> |
| At the Opening |
A market or limit-price order to be executed at the opening of the
stock or not at all; all or part of any order not executed at the
opening is treated as canceled. |
TimeInForce <59> |
| Basis Price |
A price established by joint agreement of odd-lot dealers in 100-
share-unit stocks when:
- no round-lot has occurred during the trading session,
- the spread between the closing bid and offer is two points or more,
and
- on odd-lot the dealer has been given a "basis-price" order.
|
OrdType <40> |
| Broker of Credit |
Broker to receive trade credit. |
PartyRole <452> |
| Buy Minus |
A round-lot market order to buy "minus" is an order to buy a stated amount of a stock provided that its price is:
- not higher than the last sale if the last sale was a "minus" or "zero minus" tick and
- not higher than the last sale minus the minimum fractional change in the stock if the last sale was a "plus" or "zero plus" tick.
A limit price order to buy "minus" also states the highest price at which it can be executed.
|
Side <54> |
| Call First |
Refer to client before trading. |
ExecInst <18> |
| Cancel on System Failure |
If a system failure interrupts trading or order routing, attempt to
cancel this order. Note that depending on the type and severity of
the failure, this might not be possible. |
ExecInst <18> |
| Cancel on Trading Halt |
If trading in this instrument is halted, cancel this order and do not
reinstate it when/if trading resumes. |
ExecInst <18> |
| CIV ("Collective Investment Vehicle") |
Collective investment vehicle ("CIV") are set up for the purposes of collecting and pooling investor funds and issuing shares (or their equivalent). "Open-ended" CIVs entitle the holder to receive, on demand, an
amount in value which is proportionate to the whole net asset value of the vehicle. Coversely "Closed-ended" CIVs do not grant this right to investors.
CIVs are more commonly known as Mutual Funds, Unit Trusts, OEICS (Open Ended Investment Companies), SICAVs etc.
A CIV may be legally constituted as a Limited Company with variable capital, a Trust or a Limited Partnership - depending on local legislation & tax regimes.
CIVs typically invest in equities, bonds, derivatives etc. - as described in their prospectus. Other CIVs are Umbrella Fund (made up of sub-funds investing in equities, gilts etc), Fund Of Funds (invests only in other
funds), Master-Feeder Fund (marketed to a specific group for investment in a central master fund), Multi-Manager Fund (whose asset management is divied between several managers), Side By Side (onshore and offshore
funds with the same investment strategy)
|
CFICode <461> |
| Clearing Firm |
Firm that will clear the trade. Used if different from the executing firm. |
PartyRole <452> |
| Client ID |
Firm identifier used in third party-transactions or for investor identification in intermediary transactions. (should not be a substitute for
OnBehalfOfCompID <115>/DeliverToCompID <128>). |
PartyRole <452> |
| Contra Firm |
The broker or other firm which is the contra side of the trade. |
PartyRole <452> |
| Contra Clearing Firm |
Clearing firm of the broker or other firm which is the contra side of the trade. |
PartyRole <452> |
| Correspondent Clearing Firm |
ClearingFirm that is going to carry the position on their books at another clearing house (exchanges). |
PartyRole <452> |
| Cross |
Client sends Broker a buy or sell order. Broker wishes to take the other side and cross with the client. Broker sends an order with Side <54>='8' (Cross) to an exchange. |
Side <54> |
| Cross Short |
Client wants to establish a short position, and so sends a Sell Short to Broker. Broker wants to cross with the Client, so Broker sends a Cross Short order to an exchange. Cross Short is crucial here because many
exchanges have tick rules needing to be enforced, and the order getting converted from Sell Short to Cross (instead of Cross Short) could result in an illegal short sell. |
Side <54> |
| Cross Short Exempt |
Client wants to establish a short position, and is exempt from the uptick restriction. So Client sends a Sell Short Exempt to Broker. Broker wants to cross with the Client, so Broker needs a way to send "Cross Short
Exempt" to the exchange so that an audit trail traces back indicating that the party selling short was exempt from the uptick rule. |
Side <54> |
| Day Order |
A buy or sell order that, if not executed expires at the end of the trading day on which it was entered. |
TimeInForce <59> |
| Do Not Increase |
A limit order to buy, a stop order to sell, or a stop-limit order to sell which is not to be increased in shares on the ex-dividend date as a result of a stock dividend or distribution. |
ExecInst <18> |
| Do Not Reduce |
A limit order to buy, a stop order to sell, or a stop-limit order to sell that is not to be reduced in price by the amount of an ordinary cash dividend on the ex-dividend date. A do-not-reduce order applies only to
ordinary cash dividends; it should be reduced for other distributions - such as when a stock goes "ex" stock dividend or "ex" rights. |
ExecInst <18> |
| Entering Firm |
Broker who has recorded or reported an execution. This field is particularly useful where the trade is entered into a trade recording system by a broker who is not a party to the trade, as it allows any inquiries or
problem resolution to be directed to the appropriate source. |
PartyRole <452> |
| Executing Firm |
Identifies executing / give-up broker. |
PartyRole <452> |
| Executing System |
System Identifier where execution took place (e.g. some markets have multiple execution location such as an electronic book or automatic execution system). |
PartyRole <452> |
| Executing Trader |
Trader or broker id associated with Executing Firm who actually executes the trade. |
PartyRole <452> |
| Fill or Kill |
A market or limit-price order that is to be executed in its entirety as soon as it is represented in the Trading Crowd; if not so executed, the order is to be canceled. Not to be confused with Immediate or Cancel. |
TimeInForce <59> |
| FIX Connection |
A FIX Connection is comprised of three parts: logon, message exchange, and logout. |
|
| FIX Session |
A FIX Session is comprised of one or more FIX Connections, meaning that a FIX Session spans multiple logins. |
|
| Forex - Limit |
A "Limit" order for Foreign Exchange (currency trading). |
OrdType <40> (Deprecated) |
| Forex - Market |
A "Market" order for Foreign Exchange (currency trading). |
OrdType <40> (Deprecated) |
| Forex - Previously Quoted |
A "Previously Quoted" order for Foreign Exchange (currency trading). |
OrdType <40> (Deprecated) |
| Forex - Swap |
A "Swap" order for Foreign Exchange (currency trading). |
OrdType <40> |
| Funari |
Japanese term for an order to buy or sell a stated amount of a security at the specified limit price with any unexecuted (leftover) quantity becoming a Market On Close order. |
OrdType <40> |
| Fund manager Client ID |
For CIV:
An identifier for an Investor or a broker or funds supermarket’s nominee/custodian company which is recognized by the Fund manager. |
PartyRole <452> |
| Giveup Clearing Firm |
Firm to which the trade is given up (carries the position that results from a trade). |
PartyRole <452> |
| Good Till Canceled |
An order to buy or sell that remains in effect until it is either executed or canceled; sometimes called an "open order". |
TimeInForce <59> |
| Held |
The firm executing the order is held to best execution requirements, and may not make discretionary decisions. Opposite of Not Held. |
ExecInst <18> |
| Immediate or Cancel |
A market or limit-price order that is to be executed in whole or in part as soon as it is represented in the Trading Crowd; any portion not so executed is to be canceled. Not to be confused with Fill or Kill. |
TimeInForce <59> |
| Institutions Only |
Broker is restricted to dealing with other buy side firms. |
ExecInst <18> |
| Introducing Firm |
The broker or other intermediary with the closest association with the investor. |
PartyRole <452> |
| Investor ID |
For Equities:
Identifies beneficiary or broker acting on behalf of beneficiary. This field is mandatory for various exchanges either pre or post trade.
Numerical entry containing no dashes.
|
PartyRole <452> |
|
For CIV:
An Investor identifier such as a taxpayer reference (NINO, NPN, DSS, SSN number etc) for an individual investor or a registration number (EIN, etc.) for a company.
May contain alphanumeric and dashes.
|
PartyRole <452> |
| Limit |
An order to buy a security at or below a stated price, or to sell a security at or above a stated price. |
OrdType <40> |
| Limit or Better |
Indicates an order to
- buy a security at the indicated limit price or lower, or to
- sell a security at the indicated limit price or higher.
|
OrdType <40> |
| Limit With or Without |
An order to be executed at a limit price, with or without round-lot sales; valid only for odd lot orders. |
OrdType <40> |
| Locate/Lending Firm |
Identity of the firm which is loaning the security in a short sale. |
PartyRole <452> |
| Market |
Indicates an order to buy or sell a stated amount of a security at the most advantageous price obtainable after the order is represented in the Trading Crowd. |
OrdType <40> |
| Market If Touched |
Indicates an order to buy or sell a stated amount of a security or commodity as soon as a preset market price is reached, at which point it becomes a Market order. |
OrdType <40> |
| Market On Close |
Indicated price is held to the closing price ("firm" instruction). |
IOIQualifier <104> |
| Market On Close |
An order to be executed at the close of the market. Depending on Exchange / ECN / ATS rules, this may be at an exact official market closing price, or may be near the closing price. |
OrdType <40> (Deprecated) |
| Market Or Better |
Indicates an order to buy or sell a stated amount of a security at the quoted market or better. |
|
| Market with Leftover as Limit |
Indicates an order to buy or sell a stated amount of a security at the prevailing market price with any unexecuted (leftover) quantity becoming a Limit order at the last executed price. |
OrdType <40> |
| Next Fund Valuation Point |
For CIV orders - indicates that the Investor wishes the order to be dealt at the unit price determined at the next Valuation Point, a.k.a. a Forward price. |
OrdType <40> |
| No Cross |
The broker executing this trade is forbidden from taking the other side of the trade. Opposite of OK to Cross. |
ExecInst <18> |
| Not Held |
The firm executing the order is not held to best execution requirements, and may be able to make some discretionary decisions. Opposite of Held. |
ExecInst <18> |
| OK to Cross |
The broker executing this trade is allowed to take the other side of the trade. Opposite of No Cross. |
ExecInst <18> |
| Opposite |
Sides of the legs are the opposite of their definition in the multileg instrument. |
Side <54> |
| On Basis |
An order to buy or sell at the basis price. The basis price is established by joint agreement of odd lot dealers in 100 share unit stocks when no round lot sale has occurred during the trading session, the spread
between the closing bid and offer is two points or more, and an odd lot dealer has been given a basis price order. (e.g. NYSE order type) |
OrdType <40> |
| On Close |
An odd-lot order to buy or sell to be filled at the price of the closing round-lot offer
- plus the differential, for a buy order, or
- minus the differential, for a sell order,
or
A crossing session order to buy or sell at the closing price. |
OrdType <40> (Deprecated) |
| Order Origination Firm |
Buyside firm associated with Order Origination Firm which originates/submits the order. |
PartyRole <452> |
| Order Origination Trader |
Buyside trader id associated with Order Origination Firm which originates/submits the order. |
PartyRole <452> |
| Order Originator |
ID of the party entering the trade into the system (data entry, userid, buy side trader, etc.). |
PartyRole <452> |
| Par |
Equal to the face value (nominal) of a security, i.e. A bond selling at par is worth an equivalent to its original issue value, typically $1000/bond. |
QuantityType <465> |
| Participate Don’t Initiate |
An order that may participate in a transaction initiated by another party, but may not initiate a transaction. For example, on US ECNs/Exchanges, this may represent an order that will be quoted to the marketplace and
will trade if another party initiates a trade (i.e. hits the posted quote), but cannot be routed to initiate a trade with another market or market maker. |
ExecInst <18> |
| Percent of Volume |
The sender does not want to be all of the volume on the floor. |
ExecInst <18> |
| Previous Fund Valuation Point |
For CIV orders - indicates that the Investor prefers that the order be dealt at the unit price determined at the immediately preceding Valuation Point, a.k.a. a Historic price. (This can be overridden by the
constitution of the fund or, in certain circumstances, by the Fund Manager.) |
OrdType <40> |
| Previously indicated |
An order sent in response to an Indication of Interest <6> message. |
OrdType <40> |
| Previously quoted |
An order sent in response to a Quote <S> message. |
OrdType <40> |
| Reinstate on System Failure |
If a system failure interrupts trading or order routing, attempt to reinstate this order, subject to time in force limitations. Note that depending on the type and severity of the failure, this might not be possible.
|
ExecInst <18> |
| Reinstate on Trading Halt |
If trading in this instrument is halted, reinstate this order when/if trading resumes, subject to time in force limitations. |
ExecInst <18> |
| Riskless Principal |
"Riskless" principal transactions are generally described as trades in which, after receiving an order to buy (or sell) from a customer, the broker-dealer purchases (or sells) the security from (or to) another person
in a contemporaneous offsetting transaction. Above from the SEC web-site
http://www.sec.gov/rules/final/34-44291.htm
See Exchange Act Rule 10b-10(a)(2)(ii)(A) [17 CFR 240. 10b-10(a)(2)(ii)(A)]; Exchange Act Rel. No. 33743 (Mar. 9, 1994) at n.11. |
OrderCapacity <528> |
| Sell Plus |
A round-lot market order to sell "plus" is an order to sell a stated amount of a stock provided that its price is:
- not lower than the last sale if the last sale was a "plus" or "zero plus" tick and
- not lower than the last sale minus the minimum fractional change in the stock if the last sale was a "minus" or "zero minus" tick.
A limit-price order to sell "plus" also states the lowest price at which it can be executed. |
Side <54> |
| Sell Short |
An order to sell a security that the seller does not own; a sale effected by delivering a security borrowed by, or for the account of, the seller. Can only be executed on a "plus" or "zero plus" tick. |
Side <54> |
| Sell Short Exempt |
Short sale exempt from short-sale rules. |
Side <54> |
| Settlement Location |
Identifies Settlement Depository or, if local settlement, the ISO Country Code. |
PartyRole <452> |
| Sponsoring Firm |
A member of the exchange that is sponsoring an Entering Entity to send orders to the exchange. The Sponsoring Member Firm permits sponsorees (i.e. Entering Entities) to trade thereby allowing them to enter orders
directly to the exchange via automated means. (e.g. NYSE allowing direct access via Anonymous DOT service). |
PartyRole <452> |
| Stop |
A stop order to buy which becomes a market order when the security trades at - or above - the stop price after the order is represented in the Trading Crowd. A stop order to sell which becomes a market order when the
security trades at - or below - the stop price after the order is represented in the Trading Crowd. |
OrdType <40> |
| Stop Limit |
A stop order to buy which becomes a limit order at the limit price when the security trades at - or above - the stop price after the order is represented in the Trading Crowd. A stop order to sell which becomes a limit
order at the limit price when the security trades at - or below- the stop price after the order is represented in the Trading Crowd. |
OrdType <40> |
| Stopped |
A trade is guaranteed for the order, usually at a stated price or better, but has not yet occurred. For example, a specialist on an exchange may "stop" an order while searching for a better price. |
OrdStatus <39> |
| Streetside Trade Capture Reporting |
Reporting of completed trades for clearance and settlement or compliance purposes. Reports may be originated by Exchanges or by clearing firms and sent to clearing firms directly or via a clearing corporation or
central counterparty such as DTCC in the US. |
See Appendix F |
| Suspended |
The order is not eligible for trading. This usually happens as a result of a verbal or otherwise out of band request to suspend the order, or because the order was submitted, or modified via a Cancel/Replace Request <G>, with ExecInst <18>='S' (Suspend). |
OrdStatus <39> |
| TED Price |
The price spread between the active 3 month treasury bill futures contract and the 3 month Eurodollar futures contract. Used as an indicator of investor confidence in the U.S. markets. |
PriceType <423> |
| TED Yield |
The difference in basis points between the yield-to-maturity of the bond / note and the yield-to-maturity of a Hypothetical Euromarket bond with identical coupon and maturity. |
PriceType <423> |
| Trade Along |
Clients who specify "Trade Along" give brokers permission to handle and place their order in the market even if the broker already has its own proprietary orders for the same security placed in the market. |
ExecInst <18> |
| Try to Stop |
Used in specialist-driven markets to direct the specialist to try and stop the order. |
ExecInst <18> |
| Underlying Contra Firm |
The broker or other firm which is the contra side of the trade for the underlying security. |
PartyRole <452> |
| With or Without |
An odd lot order filled on an effective round lot transaction, or on an effective bid or offer, whichever occurs first after the specialist receives the order. (e.g. NYSE order type) |
OrdType <40> |
