The NewOrderList Message can be used in one of two ways depending on which market conventions are being followed.
In the Non disclosed convention the New Order - List message is sent after the bidding process has been completed, by telephone or electronically. The New Order - List message enumerates the stocks, quantities, direction for the trade and may contain pre-allocation information.
This message may also be used as the first message for the transmission of a program trade where the bidding process has been done by means other than FIX. In this scenario the messages may either be used as a staging process, in which case the broker will start execution once either a ListExecute <L> is received or for immediate execution, in which case the orders will be executed on receipt.
In the Disclosed convention the New Order - List message is sent before the bidding process is started, by telephone or electronically. The New Order - List message enumerates the stocks and quantities from the bidding process, and may contain pre-allocation information. The direction of the trade is disclosed after the bidding process is completed.
Where multiple waves of a program trade are submitted by an institution or retail intermediaries, as a series of separate lists, to a broker ClOrdLinkID <583> may be used to link the orders together.
See "Program/Basket/List Trading" for examples.
The New Order List message type may also be used by institutions or retail intermediaries wishing to electronically submit multiple Collective Investment Vehicle orders to a broker or fund manager for execution.
See VOLUME 7 - "PRODUCT: COLLECTIVE INVESTMENT VEHICLES"