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 (E) message is sent after the bidding process has been completed, by telephone or electronically. The New Order - List (E) 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 is received or for immediate execution, in which case the orders will be executed on receipt.
In the "Disclosed" convention the New Order - List (E) message is sent before the bidding process is started, by telephone or electronically. The New Order - List (E) 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"
| Tag | Field Name | FIXML | Req'd | Comments | |||
|---|---|---|---|---|---|---|---|
| <Standard Message Header> | Y | MsgType = E | |||||
| 66 | ListID | @ListID | Y | Must be unique, by customer, for the day | |||
| 390 | BidID | @BidID | N | Should refer to an earlier program if bidding took place. | |||
| 391 | ClientBidID | @ClBidID | N | ||||
| 414 | ProgRptReqs | @ProgRptReqs | N | ||||
| 394 | BidType | @BidTyp | Y | e.g. Non Disclosed Model, Disclosed Model, No Bidding Process | |||
| 415 | ProgPeriodInterval | @ProgPeriodIntvl | N | ||||
| 480 | CancellationRights | @CxllationRights | N | For CIV - Optional | |||
| 481 | MoneyLaunderingStatus | @MnyLaunderingStat | N | ||||
| 513 | RegistID | @RegistID | N | Reference to Registration Instructions (o) message applicable to all Orders in this List. | |||
| 433 | ListExecInstType | @ListExecInstTyp | N | Controls when execution should begin For CIV Orders indicates order of execution.. | |||
| 69 | ListExecInst | @ListExecInst | N | Free-form text. | |||
| 1385 | ContingencyType | @ContingencyType | N | Used for contingency orders. | |||
| 352 | EncodedListExecInstLen | @EncListExecInstLen | C | Must be set if EncodedListExecInst (353) field is specified and must immediately precede it. | |||
| 353 | EncodedListExecInst | @EncListExecInst | C | Encoded (non-ASCII characters) representation of the ListExecInst (69) field in the encoded format specified via the MessageEncoding (347) field. | |||
| 765 | AllowableOneSidednessPct | @AOSPct | N | The maximum percentage that execution of one side of a program trade can exceed execution of the other. | |||
| 766 | AllowableOneSidednessValue | @AOSValu | N | The maximum amount that execution of one side of a program trade can exceed execution of the other. | |||
| 767 | AllowableOneSidednessCurr | @AOSCurr | N | The currency that AllowableOneSidedness is expressed in if AllowableOneSidednessValue (766) is used. | |||
| 68 | TotNoOrders | @TotNoOrds | Y | Used to support fragmentation. Sum of NoOrders (73) across all messages with the same ListID. | |||
| 893 | LastFragment | @LastFragment | N | Indicates whether this is the last fragment in a sequence of message fragments. Only required where message has been fragmented. | |||
| <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. | |||||
| <ListOrdGrp> | Y | Number of orders in this message (number of repeating groups to follow) | |||||
| <Standard Message Trailer> | Y | ||||||
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