NewOrderList <E> message
FIX 5.0 SP2 EP266
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>||Y||MsgType = E|
|66||ListID||Y||Must be unique, by customer, for the day|
|390||BidID||N||Should refer to an earlier program if bidding took place.|
|394||BidType||Y||e.g. Non Disclosed Model, Disclosed Model, No Bidding Process|
|480||CancellationRights||N||For CIV - Optional|
|513||RegistID||N||Reference to Registration Instructions message applicable to all Orders in this List.|
|433||ListExecInstType||N||Controls when execution should begin For CIV Orders indicates order of execution..|
|1385||ContingencyType||N||Used for contingency orders.|
|352||EncodedListExecInstLen||N||Must be set if EncodedListExecInst field is specified and must immediately precede it.|
|353||EncodedListExecInst||N||Encoded (non-ASCII characters) representation of the ListExecInst field in the encoded format specified via the MessageEncoding field.|
|765||AllowableOneSidednessPct||N||The maximum percentage that execution of one side of a program trade can exceed execution of the other.|
|766||AllowableOneSidednessValue||N||The maximum amount that execution of one side of a program trade can exceed execution of the other.|
|767||AllowableOneSidednessCurr||N||The currency that AllowableOneSidedness is expressed in if AllowableOneSidednessValue is used.|
|68||TotNoOrders||Y||Used to support fragmentation. Sum of NoOrders across all messages with the same ListID.|
|893||LastFragment||N||Indicates whether this is the last fragment in a sequence of message fragments. Only required where message has been fragmented.|
|Component Block - <RootParties>||N||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>||Y||Number of orders in this message (number of repeating groups to follow)|
|Component Block - <StandardTrailer>||Y|