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"
|Component Block - <StandardHeader>
|MsgType = E
|Must be unique, by customer, for the day
|Should refer to an earlier program if bidding took place.
|e.g. Non Disclosed Model, Disclosed Model, No Bidding Process
|For CIV - Optional
|Reference to Registration Instructions message applicable to all Orders in this List.
|Controls when execution should begin For CIV Orders indicates order of execution..
|Used for contingency orders.
|Must be set if EncodedListExecInst field is specified and must immediately precede it.
|Encoded (non-ASCII characters) representation of the ListExecInst field in the encoded format specified via the MessageEncoding field.
|The maximum percentage that execution of one side of a program trade can exceed execution of the other.
|The maximum amount that execution of one side of a program trade can exceed execution of the other.
|The currency that AllowableOneSidedness is expressed in if AllowableOneSidednessValue is used.
|Used to support fragmentation. Sum of NoOrders across all messages with the same ListID.
|Indicates whether this is the last fragment in a sequence of message fragments. Only required where message has been fragmented.
|Component Block - <RootParties>
|Insert here the set of "Root Parties" fields defined in "common components of application messages" Used for acting parties that applies to the whole message, not individual orders.
|Component Block - <ListOrdGrp>
|Number of orders in this message (number of repeating groups to follow)
|Component Block - <StandardTrailer>