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FIXtags

FIX TAG 18

ExecInst

MultipleCharValueAdded FIX.2.7

Definition

Instructions for order handling on exchange trading floor. If more than one instruction is applicable to an order, this field can contain multiple instructions separated by space. (see Volume : "Glossary" for value definitions)

Original source wording
Instructions for order handling on exchange trading floor. If more than one instruction is applicable to an order, this field can contain multiple instructions separated by space. *** SOME VALUES HAVE BEEN REPLACED - See "Replaced Features and Supported Approach" *** (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 6

  • uMinimum guaranteed fill eligible
  • vBypass non-displayed liquidity
  • wLock
    Additional source detail

    Mutually exclusive with q.

  • xIgnore notional value checks
  • yTrade at reference price
    Additional source detail

    In the context of Reg NMS and the Tick Size Pilot Program, this is intended to indicate the order should Trade At Intermarket Sweep Order (TAISO) price.

  • zAllow facilitation
    Additional source detail

    Express explicit consent to receive facilitation services from the counterparty. Facilitation services are when an institutional client allows a broker to assume a risk-taking principal position rather than an agency position, to obtain liquidity or achieve a guaranteed execution price on the client's behalf. Interpretation of absence of this value needs to be bilaterally agreed, if applicable. In the context of Hong Kong's SFC, this can be used to comply with SFC regulations for disclosure of client facilitation.

Value text or deprecation changed 27

ValueFIX 5.0 SP2FIX Latest · EP309
ANo cross (cross is forbidden)No cross
Additional source detail

Cross is forbidden.

DPercent of volume (indicates that the sender does not want to be all of the volume on the floor vs. a specific percentage)Percent of volume
Additional source detail

Indicates that the sender does not want the order to be all of the volume on the floor vs. a specific percentage.

HReinstate on system failure (mutually exclusive with Q and l)Reinstate on system failure
Additional source detail

Mutually exclusive with Q and l (lower case L).

JReinstate on Trading Halt (mutually exclusive with K and m)Reinstate on trading halt
Additional source detail

Mutually exclusive with K and m.

KCancel on Trading Halt (mutually exclusive with J and m)Cancel on trading halt
Additional source detail

Mutually exclusive with J and m.

QCancel on system failure (mutually exclusive with H and l)Cancel on system failure
Additional source detail

Mutually exclusive with H and l(lower case L).

RPrimary peg (primary market - buy at bid/sell at offer)Deprecated FIX.5.0Primary peg
Additional source detail

Primary market - buy at bid, sell at offer.

Deprecated FIX.5.0
TFixed Peg to Local best bid or offer at time of orderDeprecated FIX.5.0Fixed peg to local best bid or offer at time of orderDeprecated FIX.5.0
UCustomer Display Instruction (Rule 11Ac1-1/4)Customer display instruction
Additional source detail

Used in US Markets for: SEC Rule 11Ac1-1/4.

XTrade AlongTrade along
YTry To StopTry to stop
aTrailing Stop PegDeprecated FIX.5.0Trailing stop pegDeprecated FIX.5.0
bStrict Limit (No price improvement)Strict limit
Additional source detail

No price improvement.

cIgnore Price Validity ChecksIgnore price validity checks
dPeg to Limit PriceDeprecated FIX.5.0Peg to limit priceDeprecated FIX.5.0
eWork to Target StrategyWork to target strategy
fIntermarket SweepIntermarket sweep
gExternal Routing AllowedExternal routing allowed
hExternal Routing Not AllowedExternal routing not allowed
iImbalance OnlyImbalance only
kBest ExecutionBest execution
lSuspend on system failure (mutually exclusive with H and Q)Suspend on system failure
Additional source detail

Mutually exclusive with H and Q.

mSuspend on Trading Halt (mutually exclusive with J and K)Suspend on trading halt
Additional source detail

Mutually exclusive with J and K.

nReinstate on connection loss (mutually exclusive with o and p)Reinstate on connection loss
Additional source detail

Mutually exclusive with o and p.

oCancel on connection loss (mutually exclusive with n and p)Cancel on connection loss
Additional source detail

Mutually exclusive with n and p.

pSuspend on connection loss (mutually exclusive with n and o)Suspend on connection loss
Additional source detail

Mutually exclusive with n and o.

qRelease from suspension (mutually exclusive with S)Release
Additional source detail

Mutually exclusive with S and w.

Values 62

ValueMeaning
0

Stay on offer side

1

Not held

2

Work

3

Go along

4

Over the day

5

Held

6

Participate don't initiate

7

Strict scale

8

Try to scale

9

Stay on bid side

A

No cross

Additional detail from the official source

Cross is forbidden.

B

OK to cross

C

Call first

D

Percent of volume

Additional detail from the official source

Indicates that the sender does not want the order to be all of the volume on the floor vs. a specific percentage.

E

Do not increase - DNI

F

Do not reduce - DNR

G

All or none - AON

H

Reinstate on system failure

Additional detail from the official source

Mutually exclusive with Q and l (lower case L).

I

Institutions only

J

Reinstate on trading halt

Additional detail from the official source

Mutually exclusive with K and m.

K

Cancel on trading halt

Additional detail from the official source

Mutually exclusive with J and m.

L

Last peg (last sale)

Deprecated FIX.5.0
M

Mid-price peg (midprice of inside quote)

Deprecated FIX.5.0
N

Non-negotiable

O

Opening peg

Deprecated FIX.5.0
P

Market peg

Deprecated FIX.5.0
Q

Cancel on system failure

Additional detail from the official source

Mutually exclusive with H and l(lower case L).

R

Primary peg

Additional detail from the official source

Primary market - buy at bid, sell at offer.

Deprecated FIX.5.0
S

Suspend

T

Fixed peg to local best bid or offer at time of order

Deprecated FIX.5.0
U

Customer display instruction

Additional detail from the official source

Used in US Markets for: SEC Rule 11Ac1-1/4.

V

Netting (for Forex)

W

Peg to VWAP

Deprecated FIX.5.0
X

Trade along

Y

Try to stop

Z

Cancel if not best

a

Trailing stop peg

Deprecated FIX.5.0
b

Strict limit

Additional detail from the official source

No price improvement.

c

Ignore price validity checks

d

Peg to limit price

Deprecated FIX.5.0
e

Work to target strategy

f

Intermarket sweep

g

External routing allowed

h

External routing not allowed

i

Imbalance only

j

Single execution requested for block trade

k

Best execution

l

Suspend on system failure

Additional detail from the official source

Mutually exclusive with H and Q.

m

Suspend on trading halt

Additional detail from the official source

Mutually exclusive with J and K.

n

Reinstate on connection loss

Additional detail from the official source

Mutually exclusive with o and p.

o

Cancel on connection loss

Additional detail from the official source

Mutually exclusive with n and p.

p

Suspend on connection loss

Additional detail from the official source

Mutually exclusive with n and o.

q

Release

Additional detail from the official source

Mutually exclusive with S and w.

r

Execute as delta neutral using volatility provided

s

Execute as duration neutral

t

Execute as FX neutral

u

Minimum guaranteed fill eligible

v

Bypass non-displayed liquidity

w

Lock

Additional detail from the official source

Mutually exclusive with q.

x

Ignore notional value checks

y

Trade at reference price

Additional detail from the official source

In the context of Reg NMS and the Tick Size Pilot Program, this is intended to indicate the order should Trade At Intermarket Sweep Order (TAISO) price.

z

Allow facilitation

Additional detail from the official source

Express explicit consent to receive facilitation services from the counterparty. Facilitation services are when an institutional client allows a broker to assume a risk-taking principal position rather than an agency position, to obtain liquidity or achieve a guaranteed execution price on the client's behalf. Interpretation of absence of this value needs to be bilaterally agreed, if applicable. In the context of Hong Kong's SFC, this can be used to comply with SFC regulations for disclosure of client facilitation.

About the MultipleCharValue data type

string field containing one or more space delimited single character values (e.g. |18=2 A F| ).

Used in messages 13

Includes nested components and repeating groups. Open a location to see its surrounding requirements.