The new order list message type is used by institutions wishing to electronically submit lists of related orders to a broker for execution.
The New Order List is intended for use in staging lists to be executed by the broker. If the institution wishes to work a list using the broker's execution services, the orders should be submitted as individual New Order - Single <D>'s.
After staging, the list can be operated on in the following ways:
Executions against orders within the list will not normally be reported as they occur. (If this feature is desired the institution and broker should arrange for this reporting as a custom feature using the Execution message.) Executions against the list will be reported within the List-Status message.