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Bid Request <k> message – FIX 4.4 – FIX Dictionary

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FIX 4.4 : Bid Request <k> message

Structure | Related Messages

Description

The BidRequest Message can be used in one of two ways depending on which market conventions are being followed.

In the "Non disclosed" convention (e.g. US/European model) the BidRequest message can be used to request a bid based on the sector, country, index and liquidity information contained within the message itself. In the "Non disclosed" convention the entry repeating group is used to define liquidity of the program. See Appendix N: Program/Basket/List Trading for an example.

In the "Disclosed" convention (e.g. Japanese model) the BidRequest message can be used to request bids based on the ListOrderDetail messages sent in advance of BidRequest message. In the "Disclosed" convention the list repeating group is used to define which ListOrderDetail messages a bid is being sort for and the directions of the required bids.

The pair of fields SideValue1 <396> and SideValue2 <397> are used to show the monetary total value in either direction (buy or sell) of the transaction without revealing whether it is the buy-side institution's intention to buy or sell.

The two repeating groups, NoEntries and NoBidComponents <420> are mutually exclusive and a function of which bidding model is being used. If the "Non Disclosure" method is being used the portfolio of stocks being traded is described by a number of "bid descriptors" entries. If the "Disclosure" Method is being used the portfolio is fully disclosed, except for side, by a number of "list" entries enumerating the lists that list the stocks to be traded.

A BidRequest message with BidRequestTransType <374> 'Cancel' may be used to indicate to sell side firms that they no longer need to store details of the BidRequest as they have either lost the bid or the List has been canceled.

Structure

Tag Field Name Req'd Comments
<MessageHeader> Y MsgType <35> = k
390 BidID N

Required to relate the bid response
391 ClientBidID Y
374 BidRequestTransType Y

Identifies the Bid Request <k> message transaction type

392 ListName N
393 TotNoRelatedSym Y
394 BidType Y

e.g. 'Non Disclosed', 'Disclosed', No Bidding Process
395 NumTickets N

Total number of tickets/allocations assuming fully executed
15 Currency N

Used to represent the currency of monetary amounts.
396 SideValue1 N

Expressed in Currency <15>

397 SideValue2 N

Expressed in Currency <15>

398 NoBidDescriptors N

Used if BidType <394>='Non Disclosed'

=> 399 BidDescriptorType N

Required if NoBidDescriptors <398> > 0. Must be first field in repeating group.

=> 400 BidDescriptor N
=> 401 SideValueInd N

Refers to the SideValue1 <396> or SideValue2 <397>. These are used as opposed to Buy or Sell so that the basket can be quoted either way as Buy or Sell.

=> 404 LiquidityValue N

Value between LiquidityPctLow <402> and LiquidityPctHigh <403> in Currency <15>

=> 441 LiquidityNumSecurities N

Number of Securites between LiquidityPctLow <402> and LiquidityPctHigh <403> in Currency <15>

=> 402 LiquidityPctLow N

Liquidity indicator or lower limit if LiquidityNumSecurities <441> > 1

=> 403 LiquidityPctHigh N

Upper liquidity indicator if LiquidityNumSecurities <441> > 1

=> 405 EFPTrackingError N

Eg Used in EFP (Exchange For Physical) trades 12%
=> 406 FairValue N

Used in EFP trades
=> 407 OutsideIndexPct N

Used in EFP trades
=> 408 ValueOfFutures N

Used in EFP trades
420 NoBidComponents N

Used if BidType <394>='Disclosed'

=> 66 ListID N

Required if NoBidComponents <420> > 0. Must be first field in repeating group.

=> 54 Side N

When used in request for a 'Disclosed' bid indicates that bid is required on assumption that SideValue1 <396> is Buy or Sell. SideValue2 <397> can be derived by inference.

=> 336 TradingSessionID N

Indicates off-exchange type activities for Detail.
=> 625 TradingSessionSubID N
=> 430 NetGrossInd N

Indicates Net or Gross for selling Detail.
=> 63 SettlType N
=> 64 SettlDate N

Takes precedence over SettlType <63> value and conditionally required/omitted for specific SettlType <63> values.

=> 1 Account N
=> 660 AcctIDSource N
409 LiquidityIndType N
410 WtAverageLiquidity N

Overall weighted average liquidity expressed as a % of average daily volume
411 ExchangeForPhysical N
412 OutMainCntryUIndex N

% value of stocks outside main country in Currency <15>

413 CrossPercent N

% of program that crosses in Currency <15>

414 ProgRptReqs N
415 ProgPeriodInterval N

Time in minutes between each ListStatus <N> report sent by SellSide. Zero means don't send status.

416 IncTaxInd N

Net/Gross
121 ForexReq N

Is foreign exchange required
417 NumBidders N

Indicates the total number of bidders on the list
75 TradeDate N
418 BidTradeType Y
419 BasisPxType Y
443 StrikeTime N

Used when BasisPxType <419> = 'C'

58 Text N
354 EncodedTextLen N

Must be set if EncodedText <355> field is specified and must immediately precede it.

355 EncodedText N

Encoded (non-ASCII characters) representation of the Text <58> field in the encoded format specified via the MessageEncoding <347> field.

<MessageTrailer> Y

 

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