Description
Type: char
Code to qualify IOI use.
Valid values:
- A = All or None (AON)
- B = Market On Close (MOC) (held to close)
- C = At the close (around/not held to close)
- D = VWAP (Volume Weighted Average Price)
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E = Axe
Indicates that a quote is an Axe, without specifying a side preference. Mutually exclusive with F(Axe on bid) and G(Axe on offer).
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F = Axe on bid
Indicates that a quote is an Axe, with a preference to execute on the bid side. Mutually exclusive with E(Axe) and G (Axe on offer)
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G = Axe on offer
Indicates that a quote is an Axe, with a preference to execute on the offer side. Mutually exclusive with E(Axe) and F (Axe on bid)
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H = Client natural working
With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type C2 – Client Natural (Working). A client should be able to seek verification (from IOI publisher’s management/compliance) that, for any C2 IOIs received, there was a corresponding live client order for at least the advertised size prior to the IOI being generated. Resulting trades are expected to be of a riskless nature.
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I = In touch with
With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type P1 - Potential. Post-execution, a client should be able to seek verification (from IOI publisher’s management/ compliance) that, for any P1 IOIs received and executed against, there was by time of the execution, an opposing specific client order. Resulting trades are expected to be of a riskless nature. If the anticipated client order does not materialise, and the broker elects to commit capital, this must be disclosed prior to execution.
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J = Position wanted
With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type H2 – Position Wanted. Brokers will be likely be sourcing liquidity and therefore may advertise the size of IOI they wish; however, clients can expect the broker to honour the size of IOI shown. The presumption is that there is no intent to immediately unwind the position without notification, however, brokers may provide additional granularity to the category and may offer bilateral post trade commitments. Brokers will also offer clients a feedback mechanism.
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K = Market making
With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type H3 – Market Making, no enforcement is required.
- L = Limit
- M = More Behind
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N = Client natural block
With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type C1 - Client Natural (Block). A client should be able to seek verification (from IOI publisher’s management/compliance) that, for any C1 IOIs received, there was a corresponding live client order for at least the advertised size prior to the IOI being generated. Resulting trades are expected to be of a riskless nature.
- O = At the Open
- P = Taking a Position
- Q = At the Market (previously called Current Quote)
- R = Ready to Trade
- S = Inventory or Portfolio Shown
- T = Through the Day
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U = Unwind
With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type H1 - Unwind. Brokers will be responsible for ensuring that the size of the IOI reflects the actual house position in the relevant business unit and should not inflate the size of the IOI. The presumption is that there is no intent to immediately replace the position without notification, however, brokers may provide additional granularity to the category and may offer bilateral post trade commitments. Brokers will also offer clients a feedback mechanism.
- V = Versus
- W = Indication - Working Away
- X = Crossing Opportunity
- Y = At the Midpoint
- Z = Pre-open
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1 = Quantity is negotiable
When specified, the dealer may counter with a reduced quantity in its Quotes in response to QuoteRequest <R>. All-or-none if omitted.
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2 = Allow late bids
When specified in QuoteRequest <R> the dealer may submit quotes after curtain time has elapsed.
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3 = Immediate or counter
When specified, the buy-side customer is permitted to counter a firm quote during wiretime.
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4 = Auto trade
Trade is in an auto-trading mode whereby the best quote that satisfies user criteria as determined by the trading platform will be accepted automatically.
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a = Automatic spot
At completion of price negotiation based on spread the trading platform will propose a benchmark spot price which may be filled immediately by the dealer or countered.
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b = Platform calculated spot
At completion of price negotiation based on spread the trading platform will supply a benchmark spot price and immediately complete the trade reporting fill. There is no dealer last look.
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c = Outside spread
The IOI is identifiable outside the current bid/offer.
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d = Deferred spot
At a future time after completion of price negotiation based on spread and reported in StrikeTime <443> the trading platform will propose a benchmark spot price which may be filled immediately by the dealer or countered.
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n = Negotiated spot
Once price negotiation based on spread is completed negotiation of the benchmark spot price proceeds immediately.