The new order message type is used by institutions wishing to electronically submit securities and forex orders to a broker for execution.
Orders can be submitted with special handling instructions and execution instructions. Handling instructions refer to how the broker should handle the order on its trading floor (see HandInst field); execution instructions contain explicit directions as to how the order should be executed (see ExecInst <18> field).
New Order messages received with the PossResend <97> flag set in the header should be validated by ClOrdID <11> and order parameters (side, symbol, quantity, etc.) to determine if the order had been previously submitted. PossResends previously received should be acknowledged back to the client via an Execution - Status message. PossResends not previously received should be processed as a new order and acknowledged via an Execution - New message.
To support forex accommodation trades, two fields, ForexReq <121> and SettlCurrency <120>, are included in the message. To request a broker to execute a forex trade in conjunction with the securities trade, the institution would set the ForexReq <121> = Y and SettlCurrency <120> = "intended settlement currency". The broker would then execute a forex trade from the execution currency to the settlement currency and report the results via the execution message in the NetMonies and SettlCurr fields.
The order message can also be used to request a straight forex trade. Conventions for identifying a forex transaction are as follows: