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|