Description

The new order message type is used by institutions wishing to electronically submit securities and forex orders to a broker for execution.

The New Order message type may also be used by institutions or retail intermediaries wishing to electronically submit Collective Investment Vehicle (CIV) orders to a broker or fund manager for execution.

See VOLUME 7 - "PRODUCT: COLLECTIVE INVESTMENT VEHICLES"

Orders can be submitted with special handling instructions and execution instructions. Handling instructions refer to how the broker should handle the order on its trading floor (see HandlInst <21> field). Execution instructions contain explicit directions as to how the order should be executed (see ExecInst <18> field).

New Order messages received with the PossResend <97> flag set in the header should be validated by ClOrdID <11>. Implementations should also consider checking order parameters (side, symbol, quantity, etc.) to determine if the order had been previously submitted. PossResends previously received should be acknowledged back to the client via an Execution - Status message. PossResends not previously received should be processed as a new order and acknowledged via an Execution - New message.

The value specified in the TransactTime <60> field should allow the receiver of the order to apply business rules to determine if the order is potentially "stale" (e.g. in the event that there have been communication problems).To support forex accommodation trades, two fields, ForexReq <121> and SettlCurrency <120>, are included in the message. To request a broker to execute a forex trade in conjunction with the securities trade, the institution would set the ForexReq <121> = Y and SettlCurrency <120> = "intended settlement currency". The broker would then execute a forex trade from the execution currency to the settlement currency and report the results via the execution message in the SettlCurrAmt <119> and SettlCurrency <120> fields.

See VOLUME 7 - "PRODUCT: FOREIGN EXCHANGE" section for more detailed usage notes specific to Foreign Exchange trading.

Orders involving or requiring Pre-Trade Allocation consist of the following steps:

  • Buyside sends a New Order request message specifying one or more AllocAccount <79> and AllocQty <80> values within the repeating group designated by NoAllocs <78>.
  • Sellside sends Execution Report messages for the "New" and resulting fills.
  • Post-Trade Allocation messaging takes place

To "take" an IOI (35=6) (or Quote <S>) from an ECN or exchange and not display the order on the book, the New Order message should contain the TimeInForce <59> field with ImmediateOrCancel and an OrdType <40> field with Previously Indicated (or Previously Quoted).

See "Order State Change Matrices"

Structure

Tag Field Name Req'd Comments
Component Block - <StandardHeader> Y MsgType <35> = D
11 ClOrdID Y Unique identifier of the order as assigned by institution or by the intermediary (CIV term, not a hub/service bureau) with closest association with the investor.
2422 OrderRequestID N
526 SecondaryClOrdID N
583 ClOrdLinkID N
2829 DuplicateClOrdIDIndicator N
Component Block - <Parties> N Insert here the set of "Parties" (firm identification) fields defined in "Common Components of Application Messages"
Component Block - <TargetParties> N

Identifies parties not directly associated with or owning the order, who are to be informed to effect processing of the order.

229 TradeOriginationDate N
75 TradeDate N
1 Account N
660 AcctIDSource N
581 AccountType N Type of account associated with the order (Origin)
589 DayBookingInst N
590 BookingUnit N
591 PreallocMethod N
70 AllocID N Used to assign an overall allocation id to the block of preallocations
Component Block - <PreAllocGrp> N Number of repeating groups for pre-trade allocation
63 SettlType N For NDFs either SettlType or SettlDate should be specified.
64 SettlDate N

Takes precedence over SettlType value and conditionally required/omitted for specific SettlType values.

For NDFs either SettlType or SettlDate should be specified.

544 CashMargin N
635 ClearingFeeIndicator N
21 HandlInst N
18 ExecInst N Can contain multiple instructions, space delimited. If OrdType=P, exactly one of the following values (ExecInst = L, R, M, P, O, T, W, a, d) must be specified.
1805 AuctionInstruction N
110 MinQty N
1822 MinQtyMethod N
1089 MatchIncrement N
1090 MaxPriceLevels N
2676 MaximumPriceDeviation N
Component Block - <ValueChecksGrp> N
Component Block - <MatchingInstructions> N
2362 SelfMatchPreventionID N

May be used as an alternative to MatchingInstructions when the identifier does not appear in another field.

Component Block - <DisplayInstruction> N
Component Block - <DisclosureInstructionGrp> N

Specifies instructions to disclose certain order level information in market data.

111 MaxFloor N
1300 MarketSegmentID N
100 ExDestination N
1133 ExDestinationIDSource N
2704 ExDestinationType N
Component Block - <TrdgSesGrp> N Specifies the number of repeating TradingSessionIDs
81 ProcessCode N Used to identify soft trades at order entry.
Component Block - <Instrument> Y Insert here the set of "Instrument" (symbology) fields defined in "Common Components of Application Messages"
Component Block - <FinancingDetails> N Insert here the set of "FinancingDetails" (symbology) fields defined in "Common Components of Application Messages"
Component Block - <UndInstrmtGrp> N Number of underlyings
140 PrevClosePx N Useful for verifying security identification
54 Side Y
2102 ShortMarkingExemptIndicator N
1688 ShortSaleExemptionReason N

Available for optional use when Side <54> = 6(Sell short exempt).

114 LocateReqd N Required for short sell orders
60 TransactTime Y Time this order request was initiated/released by the trader, trading system, or intermediary.
Component Block - <Stipulations> N Insert here the set of "Stipulations" (repeating group of Fixed Income stipulations) fields defined in "Common Components of Application Messages"
854 QtyType N
Component Block - <OrderQtyData> Y Insert here the set of "OrderQtyData" fields defined in "Common Components of Application Messages"
40 OrdType Y
423 PriceType N
44 Price N Required for limit OrdTypes. For F/X orders, should be the "all-in" rate (spot rate adjusted for forward points). Can be used to specify a limit price for a pegged order, previously indicated, etc.
2838 CurrentWorkingPrice N

May be used for new (child) orders stemming from the split of a parent order. Refers to the working price of the parent order.

1092 PriceProtectionScope N
99 StopPx N Required for OrdType = "Stop" or OrdType = "Stop limit".
Component Block - <TriggeringInstruction> N Insert here the set of "TriggeringInstruction" fields defined in "common components of application messages"
Component Block - <SpreadOrBenchmarkCurveData> N Insert here the set of "SpreadOrBenchmarkCurveData" (Fixed Income spread or benchmark curve) fields defined in "Common Components of Application Messages"
Component Block - <YieldData> N Insert here the set of "YieldData" (yield-related) fields defined in "Common Components of Application Messages"
15 Currency N
2897 CurrencyCodeSource N
1740 TradePriceNegotiationMethod N
1741 UpfrontPriceType N
1742 UpfrontPrice N

Upfront Price for CDS transactions. Conditionally required if TradePriceNegotiationMethod <1740> = 4(Percent of par and upfront amount), 5(Deal spread and upfront amount) or 6(Upfront points and upfront amount).

376 ComplianceID N
2404 ComplianceText N
2351 EncodedComplianceTextLen N

Must be set if EncodedComplianceText <2352> field is specified and must immediately precede it.

2352 EncodedComplianceText N

Encoded (non-ASCII characters) representation of the ComplianceText <2404> field in the encoded format specified via the MessageEncoding <347> field.

377 SolicitedFlag N
797 CopyMsgIndicator N

May be used when intentionally sending an order more than once, e.g. an order being received manually as well as electronically in conjunction with a regulatory requirement to report both events.

23 IOIID N Required for Previously Indicated Orders (OrdType=E)
117 QuoteID N Required for Previously Quoted Orders (OrdType=D)
59 TimeInForce N Absence of this field indicates Day order
168 EffectiveTime N Can specify the time at which the order should be considered valid
432 ExpireDate N Conditionally required if TimeInForce = GTD and ExpireTime is not specified.
126 ExpireTime N Conditionally required if TimeInForce = GTD and ExpireDate is not specified.
427 GTBookingInst N States whether executions are booked out or accumulated on a partially filled GT order
1629 ExposureDuration N

Conditionally required when TimeInForce <59>=10 (Good for Time)

1916 ExposureDurationUnit N
Component Block - <CommissionData> N Insert here the set of "CommissionData" fields defined in "Common Components of Application Messages"
Component Block - <CommissionDataGrp> N

Use as an alternative to CommissionData component if multiple commissions or enhanced attributes are needed.

528 OrderCapacity N
529 OrderRestrictions N
1815 TradingCapacity N
1934 RegulatoryReportType N
1091 PreTradeAnonymity N
1390 TradePublishIndicator N

Applies to trades resulting from the order.

582 CustOrderCapacity N
Component Block - <OrderAttributeGrp> N
121 ForexReq N Indicates that broker is requested to execute a Forex accommodation trade in conjunction with the security trade.
120 SettlCurrency N

Required if ForexReq=Y.

Required for NDFs.

2899 SettlCurrencyCodeSource N
Component Block - <RateSource> N
2795 OffshoreIndicator N
775 BookingType N Method for booking out this order. Used when notifying a broker that an order to be settled by that broker is to be booked out as an OTC derivative (e.g. CFD or similar). Absence of this field implies regular booking.
58 Text N
354 EncodedTextLen N Must be set if EncodedText field is specified and must immediately precede it.
355 EncodedText N Encoded (non-ASCII characters) representation of the Text field in the encoded format specified via the MessageEncoding field.
193 SettlDate2 N Can be used with OrdType = "Forex - Swap" to specify the "value date" for the future portion of a F/X swap.
192 OrderQty2 N Can be used with OrdType = "Forex - Swap" to specify the order quantity for the future portion of a F/X swap.
640 Price2 N Can be used with OrdType = "Forex - Swap" to specify the price for the future portion of a F/X swap which is also a limit order. For F/X orders, should be the "all-in" rate (spot rate adjusted for forward points).
1816 ClearingAccountType N
77 PositionEffect N For use in derivatives omnibus accounting
203 CoveredOrUncovered N For use with derivatives, such as options
210 MaxShow N
Component Block - <PegInstructions> N Insert here the set of "PegInstruction" fields defined in "Common Components of Application Messages"
Component Block - <DiscretionInstructions> N Insert here the set of "DiscretionInstruction" fields defined in "Common Components of Application Messages"
847 TargetStrategy N The target strategy of the order
Component Block - <StrategyParametersGrp> N Strategy parameter block
848 TargetStrategyParameters N For further specification of the TargetStrategy
849 ParticipationRate N

Mandatory for a TargetStrategy=Participate order and specifies the target particpation rate.

For other order types optionally specifies a volume limit (i.e. do not be more than this percent of the market volume)

480 CancellationRights N For CIV - Optional
481 MoneyLaunderingStatus N
513 RegistID N Reference to Registration Instructions message for this Order.
494 Designation N Supplementary registration information for this Order
1028 ManualOrderIndicator N
1029 CustDirectedOrder N
1030 ReceivedDeptID N
1031 CustOrderHandlingInst N
1032 OrderHandlingInstSource N
1724 OrderOrigination N
2882 ContraOrderOrigination N

May be used for cross orders submitted with single order messages.

1725 OriginatingDeptID N
1726 ReceivingDeptID N
2883 RoutingArrangmentIndicator N
2884 ContraRoutingArrangmentIndicator N

May be used for cross orders submitted with single order messages.

2525 AffiliatedFirmsTradeIndicator N
522 OwnerType N
Component Block - <TrdRegTimestamps> N
Component Block - <TrdRegPublicationGrp> N
2524 TradeReportingIndicator N
1080 RefOrderID N Required for counter-order selection / Hit / Take Orders. (OrdType = Q)
1081 RefOrderIDSource N Conditionally required if RefOrderID is specified.
1685 ThrottleInst N
1806 RefClOrdID N
1803 AuctionType N

Conditionally required for auction orders

1804 AuctionAllocationPct N
Component Block - <StandardTrailer> Y

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