Description
Type: MultipleCharValue
Instructions for order handling on exchange trading floor. If more than one instruction is applicable to an order, this field can contain multiple instructions separated by space.
Valid values:
- 0 = Stay on offer side
- 1 = Not held
- 2 = Work
- 3 = Go along
- 4 = Over the day
- 5 = Held
- 6 = Participate don't initiate
- 7 = Strict scale
- 8 = Try to scale
- 9 = Stay on bid side
- A = No cross (cross is forbidden)
- B = OK to cross
- C = Call first
- D = Percent of volume (indicates that the sender does not want to be all of the volume on the floor vs. a specific percentage)
- E = Do not increase - DNI
- F = Do not reduce - DNR
- G = All or none - AON
- H = Reinstate on system failure (mutually exclusive with Q and l (lower case L))
- I = Institutions only
- J = Reinstate on Trading Halt (mutually exclusive with K and m)
- K = Cancel on Trading Halt (mutually exclusive with J and m)
- L = Last peg (last sale)
- M = Mid-price peg (midprice of inside quote)
- N = Non-negotiable
- O = Opening peg
- P = Market peg
- Q = Cancel on system failure (mutually exclusive with H and l (lower case L))
-
R = Primary peg
Primary market - buy at bid, sell at offer.
- S = Suspend
- T = Fixed peg to local best bid or offer at time of order
-
U = Customer display instruction
Used in US Markets for: SEC Rule 11Ac1-1/4.
- V = Netting (for Forex)
- W = Peg to VWAP
- X = Trade Along
- Y = Try To Stop
- Z = Cancel if not best
- a = Trailing Stop Peg
- b = Strict Limit (No price improvement)
- c = Ignore Price Validity Checks
- d = Peg to limit price
- e = Work to target strategy
- f = Intermarket Sweep
- g = External Routing Allowed
- h = External Routing Not Allowed
- i = Imbalance Only
- j = Single execution requested for block trade
- k = Best execution
-
l = Suspend on system failure
Mutually exclusive with
HandQ. -
m = Suspend on trading halt
Mutually exclusive with
JandK. -
n = Reinstate on connection loss
Mutually exclusive with
oandp. -
o = Cancel on connection loss
Mutually exclusive with
nandp. -
p = Suspend on connection loss
Mutually exclusive with
nando. -
q = Release
Mutually exclusive with
Sandw. - r = Execute as delta neutral using volatility provided
- s = Execute as duration neutral
- t = Execute as FX neutral
- u = Minimum guaranteed fill eligible
- v = Bypass non-displayed liquidity
-
w = Lock
Mutually exclusive with
q. - x = Ignore notional value checks
-
y = Trade at reference price
In the context of Reg NMS and the Tick Size Pilot Program, this is intended to indicate the order should Trade At Intermarket Sweep Order (TAISO) price.
-
z = Allow facilitation
Express explicit consent to receive facilitation services from the counterparty. Facilitation services are when an institutional client allows a broker to assume a risk-taking principal position rather than an agency position, to obtain liquidity or achieve a guaranteed execution price on the client's behalf. Interpretation of absence of this value needs to be bilaterally agreed, if applicable. In the context of Hong Kong's SFC, this can be used to comply with SFC regulations for disclosure of client facilitation.
SOME VALUES HAVE BEEN REPLACED - See: Appendix 6-F: 16. Replaced "Fixed Peg to Local best bid or offer at time of order" value from ExecInst <18> Field and Appendix 6-E: 12. Deprecated enum values from ExecInst <18>