[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/0b598933 - PLEASE DO NOT REPLY BY MAIL.]

I believe dark order are hidden, hence no basic difference. However, every 
marketplace is likely to have different rules on a detailed level.

You could use Display Instructions to model such orders, i.e. use a DisplayQty 
(1138) of zero to make them completely hidden. The fields for reserve orders 
are only part of FIX 5.0 and above but there are user-defined fields for prior 
versions. Check for DisplayQty (9276) or DisplaySize (5621, 6066, 9872).

Regards,
Hanno.

> Hi,
> 
> I have a couple of queries -
> 
> 1. What is the difference between Dark Orders and Hidden Limit Orders?
> 
> 2. How can Dark Orders be represented using FIX 4.2 and/or FIX 4.3?
> 
> Any help would appreciated.
> 
> Regards,
> 
> Prateek


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