[This message was posted by Hanno Klein of Deutsche Börse Systems <[EMAIL PROTECTED]> to the "General Q/A" discussion forum at http://fixprotocol.org/discuss/22. You can reply to it on-line at http://fixprotocol.org/discuss/read/be78717c - PLEASE DO NOT REPLY BY MAIL.]
The broker should put the exchange on the fill but it is not mandatory. However, this is yet another field LastMkt (30) that is to be used for this purpose. Upon order entry it shows the place where the order was routed. I would say that sending back the exchange is best practice in an environment where you do not know where your order will be executed. This information lets you see how often which exchange was chosen by the broker. > Hi Hanno, > > Thanks for the clear answer. I guess that when the broker sends back > fills he also does not put the exchange on i? > > > There is a difference between tag 207 (SecurityExchange) and tag 100 > > (ExDestination). Both fields are optional and do not need to be > > specified. > > > > SecurityExchange is part of the Instrument component block and can be > > used to identify the security, e.g. its primary listing place. > > > > ExDestination is not part of the Instrument component block but on the > > root level of the message. It can be used to ask for a specific place > > of execution. However, if it should be left up to the broker (best > > execution service) then you should not have this field in the message. > > This depends on the environment in which you are trading. > > > > Regards, Hanno. > > > > > I have 2 linked questions actually. First, is it necessary to add > > > the exchange in the FIX message when sending an equity order to the > > > broker? If yes, why, because it does not make sense to me, due to > > > the fact that because of Best execution, the broker can choose the > > > exchange, MTF or even dark pool? Is it maybe to identify the stock? [You can unsubscribe from this discussion group by sending a message to mailto:[EMAIL PROTECTED] --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Financial Information eXchange" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/FIX-Protocol?hl=en -~----------~----~----~----~------~----~------~--~---
