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Overview
As described in Direct Edge Trading Notice #12-13, 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, pursuant to EDGA Rule 11.22 and EDGX Rule 11.22.
Description of Rule 11.22
Rule 11.22 will require Members of the Exchanges to input accurate information into the Exchanges' 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 into 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 if that particular field is left blank. Members will thereafter be required to enter either A (for agency), P (for principal), or R (for riskless principal); otherwise, the order will be rejected back to the Member.
In addition, other values that are currently accepted in FIX tag 47 that are mapped to either A or P will no longer be accepted by the Exchanges.
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 populated with an A, P, or R. The Exchanges will not accept orders that contain any other value or if FIX tag 47 is left blank.
More Information
- Refer to EDGA Rule 11.22 and EDGX Rule 11.22
