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FIXtags

FIX TAG 104

IOIQualifier

charAdded FIX.3.0

Definition

Code to qualify IOI use. (see Volume : "Glossary" for value definitions)

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Differences between the selected source snapshots, including wording and errata; not a migration guide.

FIX 5.0 SP2 FIX Latest · EP309

Values only in FIX Latest · EP309 17

  • EAxe
    Additional source detail

    Indicates that a quote is an Axe, without specifying a side preference. Mutually exclusive with F(Axe on bid) and G(Axe on offer).

  • FAxe on bid
    Additional source detail

    Indicates that a quote is an Axe, with a preference to execute on the bid side. Mutually exclusive with E(Axe) and G (Axe on offer)

  • GAxe on offer
    Additional source detail

    Indicates that a quote is an Axe, with a preference to execute on the offer side. Mutually exclusive with E(Axe) and F (Axe on bid)

  • HClient natural working
    Additional source detail

    With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type C2 – Client Natural (Working). A client should be able to seek verification (from IOI publisher’s management/compliance) that, for any C2 IOIs received, there was a corresponding live client order for at least the advertised size prior to the IOI being generated. Resulting trades are expected to be of a riskless nature.

  • JPosition wanted
    Additional source detail

    With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type H2 – Position Wanted. Brokers will be likely be sourcing liquidity and therefore may advertise the size of IOI they wish; however, clients can expect the broker to honour the size of IOI shown. The presumption is that there is no intent to immediately unwind the position without notification, however, brokers may provide additional granularity to the category and may offer bilateral post trade commitments. Brokers will also offer clients a feedback mechanism.

  • KMarket making
    Additional source detail

    With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type H3 – Market Making, no enforcement is required.

  • NClient natural block
    Additional source detail

    With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type C1 - Client Natural (Block). A client should be able to seek verification (from IOI publisher’s management/compliance) that, for any C1 IOIs received, there was a corresponding live client order for at least the advertised size prior to the IOI being generated. Resulting trades are expected to be of a riskless nature.

  • UUnwind
    Additional source detail

    With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type H1 - Unwind. Brokers will be responsible for ensuring that the size of the IOI reflects the actual house position in the relevant business unit and should not inflate the size of the IOI. The presumption is that there is no intent to immediately replace the position without notification, however, brokers may provide additional granularity to the category and may offer bilateral post trade commitments. Brokers will also offer clients a feedback mechanism.

  • 1Quantity is negotiable
    Additional source detail

    When specified, the dealer may counter with a reduced quantity in its Quotes in response to QuoteRequest(35=R). All-or-none if omitted.

  • 2Allow late bids
    Additional source detail

    When specified in QuoteRequest(35=R) the dealer may submit quotes after curtain time has elapsed.

  • 3Immediate or counter
    Additional source detail

    When specified, the buy-side customer is permitted to counter a firm quote during wiretime.

  • 4Auto trade
    Additional source detail

    Trade is in an auto-trading mode whereby the best quote that satisfies user criteria as determined by the trading platform will be accepted automatically.

  • aAutomatic spot
    Additional source detail

    At completion of price negotiation based on spread the trading platform will propose a benchmark spot price which may be filled immediately by the dealer or countered.

  • bPlatform calculated spot
    Additional source detail

    At completion of price negotiation based on spread the trading platform will supply a benchmark spot price and immediately complete the trade reporting fill. There is no dealer last look.

  • cOutside spread
    Additional source detail

    The IOI is identifiable outside the current bid/offer.

  • dDeferred spot
    Additional source detail

    At a future time after completion of price negotiation based on spread and reported in StrikeTime(443) the trading platform will propose a benchmark spot price which may be filled immediately by the dealer or countered.

  • nNegotiated spot
    Additional source detail

    Once price negotiation based on spread is completed negotiation of the benchmark spot price proceeds immediately.

Value text or deprecation changed 2

ValueFIX 5.0 SP2FIX Latest · EP309
IIn touch withIn touch with
Additional source detail

With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type P1 - Potential. Post-execution, a client should be able to seek verification (from IOI publisher’s management/ compliance) that, for any P1 IOIs received and executed against, there was by time of the execution, an opposing specific client order. Resulting trades are expected to be of a riskless nature. If the anticipated client order does not materialise, and the broker elects to commit capital, this must be disclosed prior to execution.

SPortfolio ShownInventory or Portfolio Shown

Values 35

ValueMeaning
A

All or None (AON)

B

Market On Close (MOC) (held to close)

C

At the close (around/not held to close)

D

VWAP (Volume Weighted Average Price)

E

Axe

Additional detail from the official source

Indicates that a quote is an Axe, without specifying a side preference. Mutually exclusive with F(Axe on bid) and G(Axe on offer).

F

Axe on bid

Additional detail from the official source

Indicates that a quote is an Axe, with a preference to execute on the bid side. Mutually exclusive with E(Axe) and G (Axe on offer)

G

Axe on offer

Additional detail from the official source

Indicates that a quote is an Axe, with a preference to execute on the offer side. Mutually exclusive with E(Axe) and F (Axe on bid)

H

Client natural working

Additional detail from the official source

With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type C2 – Client Natural (Working). A client should be able to seek verification (from IOI publisher’s management/compliance) that, for any C2 IOIs received, there was a corresponding live client order for at least the advertised size prior to the IOI being generated. Resulting trades are expected to be of a riskless nature.

I

In touch with

Additional detail from the official source

With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type P1 - Potential. Post-execution, a client should be able to seek verification (from IOI publisher’s management/ compliance) that, for any P1 IOIs received and executed against, there was by time of the execution, an opposing specific client order. Resulting trades are expected to be of a riskless nature. If the anticipated client order does not materialise, and the broker elects to commit capital, this must be disclosed prior to execution.

J

Position wanted

Additional detail from the official source

With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type H2 – Position Wanted. Brokers will be likely be sourcing liquidity and therefore may advertise the size of IOI they wish; however, clients can expect the broker to honour the size of IOI shown. The presumption is that there is no intent to immediately unwind the position without notification, however, brokers may provide additional granularity to the category and may offer bilateral post trade commitments. Brokers will also offer clients a feedback mechanism.

K

Market making

Additional detail from the official source

With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type H3 – Market Making, no enforcement is required.

L

Limit

M

More Behind

N

Client natural block

Additional detail from the official source

With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type C1 - Client Natural (Block). A client should be able to seek verification (from IOI publisher’s management/compliance) that, for any C1 IOIs received, there was a corresponding live client order for at least the advertised size prior to the IOI being generated. Resulting trades are expected to be of a riskless nature.

O

At the Open

P

Taking a Position

Q

At the Market (previously called Current Quote)

R

Ready to Trade

S

Inventory or Portfolio Shown

T

Through the Day

U

Unwind

Additional detail from the official source

With reference to the AFME/IA Framework for Indications of Interest, this is to be used to denote IOIs of type H1 - Unwind. Brokers will be responsible for ensuring that the size of the IOI reflects the actual house position in the relevant business unit and should not inflate the size of the IOI. The presumption is that there is no intent to immediately replace the position without notification, however, brokers may provide additional granularity to the category and may offer bilateral post trade commitments. Brokers will also offer clients a feedback mechanism.

V

Versus

W

Indication - Working Away

X

Crossing Opportunity

Y

At the Midpoint

Z

Pre-open

1

Quantity is negotiable

Additional detail from the official source

When specified, the dealer may counter with a reduced quantity in its Quotes in response to QuoteRequest(35=R). All-or-none if omitted.

2

Allow late bids

Additional detail from the official source

When specified in QuoteRequest(35=R) the dealer may submit quotes after curtain time has elapsed.

3

Immediate or counter

Additional detail from the official source

When specified, the buy-side customer is permitted to counter a firm quote during wiretime.

4

Auto trade

Additional detail from the official source

Trade is in an auto-trading mode whereby the best quote that satisfies user criteria as determined by the trading platform will be accepted automatically.

a

Automatic spot

Additional detail from the official source

At completion of price negotiation based on spread the trading platform will propose a benchmark spot price which may be filled immediately by the dealer or countered.

b

Platform calculated spot

Additional detail from the official source

At completion of price negotiation based on spread the trading platform will supply a benchmark spot price and immediately complete the trade reporting fill. There is no dealer last look.

c

Outside spread

Additional detail from the official source

The IOI is identifiable outside the current bid/offer.

d

Deferred spot

Additional detail from the official source

At a future time after completion of price negotiation based on spread and reported in StrikeTime(443) the trading platform will propose a benchmark spot price which may be filled immediately by the dealer or countered.

n

Negotiated spot

Additional detail from the official source

Once price negotiation based on spread is completed negotiation of the benchmark spot price proceeds immediately.

About the char data type

Single character value, can include any alphanumeric character or punctuation except the delimiter. All char fields are case sensitive (i.e. m != M).

Used in messages 1

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