[This message was posted by Witold Sames of Portware <[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/be972be5 - PLEASE DO NOT REPLY BY MAIL.]
Tom, I cannot speak for the actual spirit of the recent short selling ban; I don't know if simply submitting 54=5 and 114 (not 113 by the way) would satisfy the regulation. Ideally, when shorting (let's leave the naked scenario out for now) and having an agreement with a broker or two in place I would send: 54 = 5 114 = N 5700 = [broker who located] This is a common implementation of Reg SHO. If you get 114=Y, 5700 should not be required as you are now asked (required?) to provide the merchandise. Tag 203 is indeed meant for Options, but maybe it could be "repurposed" in your environment? I have seen a few cases where the customer simply states "covered short sell" in the text field. --ws > In the current environment where regulators of equities markets are > imposing constraints on short selling (naked and/or covered), we are > looking at mechanisms within FIX that allow buy-side clients to specify > that their equity order is covered by a lending agreement. > > One option we see is: > - Using Tag 54 (side) = 5 sell short > - Using Tag 113 (LocateReqd) = Y/N > > Where 54=5 and 113=Y, this would imply that the short sell is covered > (at least if the receiving broker can locate the stock). > > Where 54=5 and 113=N, this doesn't disambiguate naked short selling > from the case of covered short selling where the receiving broker does > not need to provide stock borrow (i.e. seller has other lending > agreement in place). > > Is there another option? Tag 203 (CoveredOrUncovered) doesn't appear > applicable to cash equities. > > -- > Tom [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 -~----------~----~----~----~------~----~------~--~---
