Description
The new order message type is used by institutions wishing to electronically submit securities and forex orders to a broker for execution.
The New Order message type may also be used by institutions or retail intermediaries wishing to electronically submit Collective Investment Vehicle (CIV) orders to a broker or fund manager for execution.
See VOLUME 7 - "PRODUCT: COLLECTIVE INVESTMENT VEHICLES"
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>. Implementations should also consider checking 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.
The value specified in the TransactTime <60> field should allow the receiver of the order to apply business rules to determine if the order is potentially "stale" (e.g. in the event that there have been communication problems).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 SettlCurrAmt <119> and SettlCurrency <120> fields.
See VOLUME 7 - "PRODUCT: FOREIGN EXCHANGE" section for more detailed usage notes specific to Foreign Exchange trading.
Orders involving or requiring Pre-Trade Allocation consist of the following steps:
- Buyside sends a New Order request message specifying one or more AllocAccount <79> and AllocQty <80> values within the repeating group designated by NoAllocs <78>.
- Sellside sends Execution Report messages for the "New" and resulting fills.
- Post-Trade Allocation messaging takes place
To "take" an IOI (35=6) (or Quote <S>) from an ECN or exchange and not display the order on the book, the New Order message should contain the TimeInForce <59> field with ImmediateOrCancel and an OrdType <40> field with Previously Indicated (or Previously Quoted).
See "Order State Change Matrices"
Structure
| Tag | Field Name | Req'd | Comments | |
|---|---|---|---|---|
| Component Block - <StandardHeader> | Y | MsgType <35> = D | ||
| 11 | ClOrdID | Y | Unique identifier of the order as assigned by institution or by the intermediary (CIV term, not a hub/service bureau) with closest association with the investor. | |
| 2422 | OrderRequestID | N | ||
| 526 | SecondaryClOrdID | N | ||
| 583 | ClOrdLinkID | N | ||
| 2829 | DuplicateClOrdIDIndicator | N | ||
| Component Block - <Parties> | N | Insert here the set of "Parties" (firm identification) fields defined in "Common Components of Application Messages" | ||
| Component Block - <TargetParties> | N |
Identifies parties not directly associated with or owning the order, who are to be informed to effect processing of the order. |
||
| 229 | TradeOriginationDate | N | ||
| 75 | TradeDate | N | ||
| 1 | Account | N | ||
| 660 | AcctIDSource | N | ||
| 581 | AccountType | N | Type of account associated with the order (Origin) | |
| 589 | DayBookingInst | N | ||
| 590 | BookingUnit | N | ||
| 591 | PreallocMethod | N | ||
| 70 | AllocID | N | Used to assign an overall allocation id to the block of preallocations | |
| Component Block - <PreAllocGrp> | N | Number of repeating groups for pre-trade allocation | ||
| 63 | SettlType | N | For NDFs either SettlType or SettlDate should be specified. | |
| 64 | SettlDate | N |
Takes precedence over SettlType value and conditionally required/omitted for specific SettlType values. For NDFs either SettlType or SettlDate should be specified. |
|
| 544 | CashMargin | N | ||
| 635 | ClearingFeeIndicator | N | ||
| 21 | HandlInst | N | ||
| 18 | ExecInst | N | Can contain multiple instructions, space delimited. If OrdType=P, exactly one of the following values (ExecInst = L, R, M, P, O, T, W, a, d) must be specified. | |
| 1805 | AuctionInstruction | N | ||
| 110 | MinQty | N | ||
| 1822 | MinQtyMethod | N | ||
| 1089 | MatchIncrement | N | ||
| 1090 | MaxPriceLevels | N | ||
| 2676 | MaximumPriceDeviation | N | ||
| Component Block - <ValueChecksGrp> | N | |||
| Component Block - <MatchingInstructions> | N | |||
| 2362 | SelfMatchPreventionID | N |
May be used as an alternative to MatchingInstructions when the identifier does not appear in another field. |
|
| Component Block - <DisplayInstruction> | N | |||
| Component Block - <DisclosureInstructionGrp> | N |
Specifies instructions to disclose certain order level information in market data. |
||
| 111 | MaxFloor | N | ||
| 1300 | MarketSegmentID | N | ||
| 100 | ExDestination | N | ||
| 1133 | ExDestinationIDSource | N | ||
| 2704 | ExDestinationType | N | ||
| Component Block - <TrdgSesGrp> | N | Specifies the number of repeating TradingSessionIDs | ||
| 81 | ProcessCode | N | Used to identify soft trades at order entry. | |
| Component Block - <Instrument> | Y | Insert here the set of "Instrument" (symbology) fields defined in "Common Components of Application Messages" | ||
| Component Block - <FinancingDetails> | N | Insert here the set of "FinancingDetails" (symbology) fields defined in "Common Components of Application Messages" | ||
| Component Block - <UndInstrmtGrp> | N | Number of underlyings | ||
| 140 | PrevClosePx | N | Useful for verifying security identification | |
| 54 | Side | Y | ||
| 2102 | ShortMarkingExemptIndicator | N | ||
| 1688 | ShortSaleExemptionReason | N |
Available for optional use when Side <54> = 6(Sell short exempt). |
|
| 114 | LocateReqd | N | Required for short sell orders | |
| 60 | TransactTime | Y | Time this order request was initiated/released by the trader, trading system, or intermediary. | |
| Component Block - <Stipulations> | N | Insert here the set of "Stipulations" (repeating group of Fixed Income stipulations) fields defined in "Common Components of Application Messages" | ||
| 854 | QtyType | N | ||
| Component Block - <OrderQtyData> | Y | Insert here the set of "OrderQtyData" fields defined in "Common Components of Application Messages" | ||
| 40 | OrdType | Y | ||
| 423 | PriceType | N | ||
| 44 | Price | N | Required for limit OrdTypes. For F/X orders, should be the "all-in" rate (spot rate adjusted for forward points). Can be used to specify a limit price for a pegged order, previously indicated, etc. | |
| 2838 | CurrentWorkingPrice | N |
May be used for new (child) orders stemming from the split of a parent order. Refers to the working price of the parent order. |
|
| 1092 | PriceProtectionScope | N | ||
| 99 | StopPx | N | Required for OrdType = "Stop" or OrdType = "Stop limit". | |
| Component Block - <TriggeringInstruction> | N | Insert here the set of "TriggeringInstruction" fields defined in "common components of application messages" | ||
| Component Block - <SpreadOrBenchmarkCurveData> | N | Insert here the set of "SpreadOrBenchmarkCurveData" (Fixed Income spread or benchmark curve) fields defined in "Common Components of Application Messages" | ||
| Component Block - <YieldData> | N | Insert here the set of "YieldData" (yield-related) fields defined in "Common Components of Application Messages" | ||
| 15 | Currency | N | ||
| 2897 | CurrencyCodeSource | N | ||
| 1740 | TradePriceNegotiationMethod | N | ||
| 1741 | UpfrontPriceType | N | ||
| 1742 | UpfrontPrice | N |
Upfront Price for CDS transactions. Conditionally required if TradePriceNegotiationMethod <1740> = 4(Percent of par and upfront amount), 5(Deal spread and upfront amount) or 6(Upfront points and upfront amount). |
|
| 376 | ComplianceID | N | ||
| 2404 | ComplianceText | N | ||
| 2351 | EncodedComplianceTextLen | N |
Must be set if EncodedComplianceText <2352> field is specified and must immediately precede it. |
|
| 2352 | EncodedComplianceText | N |
Encoded (non-ASCII characters) representation of the ComplianceText <2404> field in the encoded format specified via the MessageEncoding <347> field. |
|
| 377 | SolicitedFlag | N | ||
| 797 | CopyMsgIndicator | N |
May be used when intentionally sending an order more than once, e.g. an order being received manually as well as electronically in conjunction with a regulatory requirement to report both events. |
|
| 23 | IOIID | N | Required for Previously Indicated Orders (OrdType=E) | |
| 117 | QuoteID | N | Required for Previously Quoted Orders (OrdType=D) | |
| 59 | TimeInForce | N | Absence of this field indicates Day order | |
| 168 | EffectiveTime | N | Can specify the time at which the order should be considered valid | |
| 432 | ExpireDate | N | Conditionally required if TimeInForce = GTD and ExpireTime is not specified. | |
| 126 | ExpireTime | N | Conditionally required if TimeInForce = GTD and ExpireDate is not specified. | |
| 427 | GTBookingInst | N | States whether executions are booked out or accumulated on a partially filled GT order | |
| 1629 | ExposureDuration | N |
Conditionally required when TimeInForce <59>=10 (Good for Time) |
|
| 1916 | ExposureDurationUnit | N | ||
| Component Block - <CommissionData> | N | Insert here the set of "CommissionData" fields defined in "Common Components of Application Messages" | ||
| Component Block - <CommissionDataGrp> | N |
Use as an alternative to CommissionData component if multiple commissions or enhanced attributes are needed. |
||
| 528 | OrderCapacity | N | ||
| 529 | OrderRestrictions | N | ||
| 1815 | TradingCapacity | N | ||
| 1934 | RegulatoryReportType | N | ||
| 1091 | PreTradeAnonymity | N | ||
| 1390 | TradePublishIndicator | N |
Applies to trades resulting from the order. |
|
| 582 | CustOrderCapacity | N | ||
| Component Block - <OrderAttributeGrp> | 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=Y. Required for NDFs. |
|
| 2899 | SettlCurrencyCodeSource | N | ||
| Component Block - <RateSource> | N | |||
| 2795 | OffshoreIndicator | N | ||
| 775 | BookingType | N | Method for booking out this order. Used when notifying a broker that an order to be settled by that broker is to be booked out as an OTC derivative (e.g. CFD or similar). Absence of this field implies regular booking. | |
| 58 | Text | N | ||
| 354 | EncodedTextLen | N | Must be set if EncodedText field is specified and must immediately precede it. | |
| 355 | EncodedText | N | Encoded (non-ASCII characters) representation of the Text field in the encoded format specified via the MessageEncoding field. | |
| 193 | SettlDate2 | N | Can be used with OrdType = "Forex - Swap" to specify the "value date" for the future portion of a F/X swap. | |
| 192 | OrderQty2 | N | Can be used with OrdType = "Forex - Swap" to specify the order quantity for the future portion of a F/X swap. | |
| 640 | Price2 | N | Can be used with OrdType = "Forex - Swap" to specify the price for the future portion of a F/X swap which is also a limit order. For F/X orders, should be the "all-in" rate (spot rate adjusted for forward points). | |
| 1816 | ClearingAccountType | N | ||
| 77 | PositionEffect | N | For use in derivatives omnibus accounting | |
| 203 | CoveredOrUncovered | N | For use with derivatives, such as options | |
| 210 | MaxShow | N | ||
| Component Block - <PegInstructions> | N | Insert here the set of "PegInstruction" fields defined in "Common Components of Application Messages" | ||
| Component Block - <DiscretionInstructions> | N | Insert here the set of "DiscretionInstruction" fields defined in "Common Components of Application Messages" | ||
| 847 | TargetStrategy | N | The target strategy of the order | |
| Component Block - <StrategyParametersGrp> | N | Strategy parameter block | ||
| 848 | TargetStrategyParameters | N | For further specification of the TargetStrategy | |
| 849 | ParticipationRate | N |
Mandatory for a TargetStrategy=Participate order and specifies the target particpation rate. For other order types optionally specifies a volume limit (i.e. do not be more than this percent of the market volume) |
|
| 480 | CancellationRights | N | For CIV - Optional | |
| 481 | MoneyLaunderingStatus | N | ||
| 513 | RegistID | N | Reference to Registration Instructions message for this Order. | |
| 494 | Designation | N | Supplementary registration information for this Order | |
| 1028 | ManualOrderIndicator | N | ||
| 1029 | CustDirectedOrder | N | ||
| 1030 | ReceivedDeptID | N | ||
| 1031 | CustOrderHandlingInst | N | ||
| 1032 | OrderHandlingInstSource | N | ||
| 1724 | OrderOrigination | N | ||
| 2882 | ContraOrderOrigination | N |
May be used for cross orders submitted with single order messages. |
|
| 1725 | OriginatingDeptID | N | ||
| 1726 | ReceivingDeptID | N | ||
| 2883 | RoutingArrangmentIndicator | N | ||
| 2884 | ContraRoutingArrangmentIndicator | N |
May be used for cross orders submitted with single order messages. |
|
| 2525 | AffiliatedFirmsTradeIndicator | N | ||
| 522 | OwnerType | N | ||
| Component Block - <TrdRegTimestamps> | N | |||
| Component Block - <TrdRegPublicationGrp> | N | |||
| 2524 | TradeReportingIndicator | N | ||
| 1080 | RefOrderID | N | Required for counter-order selection / Hit / Take Orders. (OrdType = Q) | |
| 1081 | RefOrderIDSource | N | Conditionally required if RefOrderID is specified. | |
| 1685 | ThrottleInst | N | ||
| 1806 | RefClOrdID | N | ||
| 1803 | AuctionType | N |
Conditionally required for auction orders |
|
| 1804 | AuctionAllocationPct | N | ||
| Component Block - <StandardTrailer> | Y | |||