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ECNs, Exchanges
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ExecutionReports in an Exchange environment
Jim Northey / The LaSalle Technology Group <>
4 Sep 2008 2:29PM ETExecutionReports within FIX have much of the order details as being optional, fields such as OrdType, TimeInForce,ExpireDate, ExpireTime, Price,ExecInst, etc. In normal communication between buy side and sell side these fields are usually (and preferrably) populated on ExecutionReport(ExecType=New, OrdStatus=New).
In an exchange environment is it acceptable to omit much of the order detail (where the ExecutionReport has the fields clearly marked as not being required)?
If not, is there a standard set of order fields that should be provided on the order.
My thoughts on this are that with increasing volumes and increased automation of order flow - the less verbose the better - especially in an exchange environment - but I would be interested in hearing what the GExMC has to recommend as a preferred practice.
ExecutionReports in an Exchange environment
Jim Northey / The LaSalle Technology Group 4 Sep 2008 2:29PM ET
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