Side of aggressive order or quote resulting in match event.
1 = Buy
For Securities Financing indicates the receipt of securities or collateral.
2 = Sell
For Securities Financing indicates the delivery of securities or collateral.
- 3 = Buy minus
- 4 = Sell plus
- 5 = Sell short
- 6 = Sell short exempt
- 7 = Undisclosed
- 8 = Cross (orders where counterparty is an exchange, valid for all messages except IOIs)
- 9 = Cross short
- A = Cross short exempt
- B = "As Defined" (for use with multileg instruments)
- C = "Opposite" (for use with multileg instruments)
- D = Subscribe (e.g. CIV)
- E = Redeem (e.g. CIV)
- F = Lend (FINANCING - identifies direction of collateral)
- G = Borrow (FINANCING - identifies direction of collateral)
H = Sell undisclosed
In the context of ESMA RTS 22, this allows for reporting of transactions where the investment firm (broker) is not able to determine whether the sell is a short sale transaction. Corresponds to RTS 22 "short selling indicator" value of 'UNDI'.