Overview
Effective Monday, June 4, 2012, Members of EDGA Exchange, Inc. and EDGX Exchange, Inc. (together, the “Exchanges”) will be required to identify orders accurately as a principal, agency, or riskless principal order, pending filing of Rule 11.22 with the Securities and Exchange Commission (SEC).
Description of Rule 11.22
Rule 11.22 will require Members of the Exchanges to input accurate information into its Systems, including, but not limited to, whether the Member is acting in the capacity of principal, agent, or riskless principal in connection with each order entered.
Change to FIX Tag 47
Currently, in FIX tag 47, Members are asked to populate their capacity when entering orders onto the Exchanges’ systems; however, if the field is left blank by the Member, it is automatically populated with an “A” value (denoting agency). Effective Monday June 4, 2012, the Exchanges will no longer accept any order for which that particular field is left blank. Members will be required to specifically enter either A (for agency), P (for principal), or R (for riskless principal).
In addition, other values are currently accepted in FIX tag 47 that are mapped to either A or P. Per Rule 11.22, the Exchanges will no longer accept these other values.
Please note that there is no impact to orders entered via XPRS, our high performance API.
Action Required
Members must update their systems to ensure FIX tag 47 is specifically populated with an A, P, or R. The Exchanges will not process orders that contain any other value.
More Information
- Contact Direct Edge Member Services at 201.942.8220, option #3.
- Contact the Direct Edge Sales Team at 201.942.8259.