Application Messages By Name

Advertisement (7) messages are used to announce completed transactions. The Advertisement (7) message can be transmitted in various transaction types; NEW, CANCEL and REPLACE. All message types other than NEW modify the state of a previously transmitted advertisement identified in AdvRefID (3) .

The allocation record instructs a broker on how to allocate executed shares to sub-accounts. The allocation record can also be used as a confirmation message through which third parties can communicate execution and settlement details between trading partners. In addition, the allocation record can be sent by the broker to communicate fees and other details which can only be computed once the sub-account breakdowns are known.

The allocation ACK record is used by the broker to acknowledge the receipt and status of an allocation record received from the institution.

The Don't Know Trade (DK) (Q) message notifies a trading partner that an electronically received execution has been rejected. This message can be thought of as an execution reject message.

The email (C) message is similar to the format and purpose of to the News (B) message, however, it is intended for private use between two parties.

The Execution Report (8) message is used to:

1. confirm the receipt of an order
2. confirm changes to an existing order (i.e. accept cancel and replace requests)
3. relay order status information
4. relay fill information on working orders
5. reject orders
6. report post-trade fees calculations associated with a trade

Indication of interest (6) messages market merchandise which the broker is buying or selling in either a proprietary or agency capacity. The indications can be time bound with a specific expiration value. Indications are distributed with the understanding that other firms may react to the message first and that the merchandise may no longer be available due to prior trade.

The List Cancel Request (K) message type is used by institutions wishing to cancel previously submitted lists either before or during execution.

The List Execute (L) message type is used by institutions to instruct the broker to begin execution of a previously submitted list.

The List Status (N) message is issued as the response to a List Status Request (M) message and indicates the current state of the orders within the list as they exists at the broker's site.

The List Status Request (M) message type is used by institutions to instruct the broker to generate status messages for a list.

The new order list (E) message type is used by institutions wishing to electronically submit lists of related orders to a broker for execution.

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

The news (B) message is a general free format message between the broker and institution. The message contains flags to identify the news item's urgency and to allow sorting by subject company (symbol). The News record can be originated at either the broker or institution side.

The Order Cancel Reject (9) message is issued by the broker upon receipt of a Cancel Request (F) or Cancel/Replace Request (G) message which cannot be honored. Requests to change price or decrease quantity are executed only when an outstanding quantity exists. Filled orders cannot be changed (i.e quantity reduced or price change. However, the broker/sellside may support increasing the order quantity on a currently filled order).

The order cancel request (F) message requests the cancellation of all of the remaining quantity of an existing order. Note that the Order Cancel/Replace Request (G) should be used to partially cancel (reduce) an order).

The order cancel/replace request (G) is used to change the parameters of an existing order.

The order status request (H) message is used by the institution to generate an Execution Report (8) message back from the broker.

The Quote (S) message is used as the response to a Quote Request (R) message and can be used to publish unsolicited quotes.

In some markets it is the practice to request quotes from brokers prior to placement of an order. The Quote Request (R) message is used for this purpose.

The Settlement Instructions (T) message provides either the broker's or the institution's instructions for trade settlement. The SettlInstSource (165) field indicates if the settlement instructions are the broker's or the institution's. This message has been designed so that it can be sent from the broker to the institution, from the institution to the broker, or from either to an independent "standing instructions" database or matching system.