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Tag

Field Name

Binary Type

Binary Length

Req

Value

Description

18ExecInstExecInst1N

Bit 0: (least significant bit) All Or None

Bit 1: Only Best

Bit 2: Not Held

Bit 3: Reserved for future use

Bit 4: Reserved for future use

Bit 5: Reserved for future use

Bit 6: Reserved for future use

Bit 7: (most significant bit) Reserved for future use

Instructions for order handling for fixed income markets.

Only Best may be applied to resting and aggressing orders and:

  • Prevents submission of an order if the order’s price is not equal to or better than the best price on the book.
  • Cancels an order from the book if a new order with a better price enters the queue.
  • This order condition permits the order to be alone at the best price level or join other orders at the best price level.

Not Held (applies only to US Repo) eliminates quantity remaining from an FaKi order (tag 59=3) and ensures it will it not be included in a work-up session; however, the order can still trigger a work-up session.

AONs will have a separate book with a separate ISIN. The AON orders that cannot trade immediately can rest in the AON book. They can only trade with AON orders on the other side of the AON book that have the SAME PRICE and SAME QUANTITY.

Applicable only for BrokerTec Markets;

  • should not be used for future and options markets (i.e. tag 18=00000000)

New orders submitted with tag 18 instructions for futures and options markets will be rejected with 35=j, except:

  • Limit FAK orders submitted with Not Held instruction
  • Market FAK orders submitted with Not Held instruction
5906ExecutionModeExecMode1N
  • A=Aggressive
  • P=Passive

Instruction for whether the order should rest on the book upon entry or match as an aggressor.

A Passive Order will rest in the market without executing unless matched with an Aggressive Order on the other side.

An Aggressive Order will match against any other order on the opposite side.

Applicable for US & EU Repos.

New Orders submitted with tag 5906 = P will be rejected for futures and options markets.

6881ManagedOrderBooleanNULL
N
  • 0=False
  • 1=True

Boolean: flags a managed order.

Applicable only to Repo fixed income markets.

New Orders submitted with tag 6881 = 1 will be rejected for futures and options markets.

9373LiquidityFlagBooleanNULL1N
  • 0=False
  • 1=True

Indicates if an order was submitted for market making obligation as required for MiFID.

Applicable only for EU fixed income markets.

5409ShortSaleTypeShortSaleType1N

0=Long Sell

1=Short Sale With No Exemption (SESH)

2=Short Sale With Exemption (SSEX)

3=Undisclosed Sell (Information not available – UNDI)

Indicates the type of short sale on Sell orders only as required for MiFID.

Should not be used for Buy orders.

Applicable only for EU fixed income markets.

Info
titleNote
The Short-Selling Field is only required from Participants when BrokerTec EU has a regulatory obligation (pursuant to Article 26(5) of MiFIR) to conduct transaction reporting on behalf of the Participant. This obligation only applies to BrokerTec EU when the relevant participant is exempt from MiFIR (typically non-EEA firms, corporate entities or certain asset managers).  Please reach out to TradingVenueCompliance@cmegroup.com for guidance. 


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