Overview
As part of our effort to promote unified compliance standards across the industry, Direct Edge will update the order entry requirements for sending short sale orders via FIX on both EDGA and EDGX Exchanges. Effective February 15, 2012, Direct Edge will require firms to populate FIX tag 114. This change will ensure short sale orders are clearly defined before entering the Direct Edge Exchanges.
Details
- Members will be required to specify their ability to borrow shares when entering a Short Sale order via the Direct Edge Exchanges with a Y or N in FIX tag 114. Currently, the field is populated with an N value if left blank.
- N = Client affirms ability to borrow
- Y = Client cannot affirm ability to borrow
- There will no longer be a default value, so Members will be required to populate FIX tag 114.
- There is no impact to orders entered via XPRS, our high performance API.
Timing
- Change will go into effect on Wednesday, February 15, 2012.
Action Required
- Members must update their systems accordingly to ensure FIX tag 114 is populated.
More Information
