Description
The NewOrderList Message can be used in one of two ways depending on which market conventions are being followed.
In the "Non disclosed" convention the New Order - List message is sent after the bidding process has been completed, by telephone or electronically. The New Order - List message enumerates the stocks, quantities, direction for the trade and may contain pre-allocation information.
This message may also be used as the first message for the transmission of a program trade where the bidding process has been done by means other than FIX. In this scenario the messages may either be used as a staging process, in which case the broker will start execution once either a ListExecute <L> is received or for immediate execution, in which case the orders will be executed on receipt.
In the "Disclosed" convention the New Order - List message is sent before the bidding process is started, by telephone or electronically. The New Order - List message enumerates the stocks and quantities from the bidding process, and may contain pre-allocation information. The direction of the trade is disclosed after the bidding process is completed.
Where multiple waves of a program trade are submitted by an institution or retail intermediaries, as a series of separate lists, to a broker ClOrdLinkID <583> may be used to link the orders together.
See "Program/Basket/List Trading" for examples.
The New Order - List message type may also be used by institutions or retail intermediaries wishing to electronically submit multiple Collective Investment Vehicle orders to a broker or fund manager for execution.
See VOLUME 7 - "PRODUCT: COLLECTIVE INVESTMENT VEHICLES"
Structure
| Tag | Field Name | Req'd | Comments | |
|---|---|---|---|---|
| Component Block - <StandardHeader> | Y | MsgType = E | ||
| 66 | ListID | Y | Must be unique, by customer, for the day | |
| 390 | BidID | N | Should refer to an earlier program if bidding took place. | |
| 391 | ClientBidID | N | ||
| 414 | ProgRptReqs | N | ||
| 394 | BidType | Y | e.g. Non Disclosed Model, Disclosed Model, No Bidding Process | |
| 415 | ProgPeriodInterval | N | ||
| 480 | CancellationRights | N | For CIV - Optional | |
| 481 | MoneyLaunderingStatus | N | ||
| 513 | RegistID | N | Reference to Registration Instructions message applicable to all Orders in this List. | |
| 433 | ListExecInstType | N | Controls when execution should begin For CIV Orders indicates order of execution.. | |
| 69 | ListExecInst | N | Free-form text. | |
| 1385 | ContingencyType | N | Used for contingency orders. | |
| 352 | EncodedListExecInstLen | N | Must be set if EncodedListExecInst field is specified and must immediately precede it. | |
| 353 | EncodedListExecInst | N | Encoded (non-ASCII characters) representation of the ListExecInst field in the encoded format specified via the MessageEncoding field. | |
| 765 | AllowableOneSidednessPct | N | The maximum percentage that execution of one side of a program trade can exceed execution of the other. | |
| 766 | AllowableOneSidednessValue | N | The maximum amount that execution of one side of a program trade can exceed execution of the other. | |
| 767 | AllowableOneSidednessCurr | N | The currency that AllowableOneSidedness is expressed in if AllowableOneSidednessValue is used. | |
| 2401 | ListManualOrderIndicator | N | ||
| 68 | TotNoOrders | Y | Used to support fragmentation. Sum of NoOrders across all messages with the same ListID. | |
| 893 | LastFragment | N | Indicates whether this is the last fragment in a sequence of message fragments. Only required where message has been fragmented. | |
| Component Block - <RootParties> | N | Insert here the set of "Root Parties" fields defined in "common components of application messages" Used for acting parties that applies to the whole message, not individual orders. | ||
| Component Block - <ListOrdGrp> | Y | Number of orders in this message (number of repeating groups to follow) | ||
| 1685 | ThrottleInst | N | ||
| Component Block - <StandardTrailer> | Y | |||