This message can be used in one of two ways depending on which market conventions are being followed.

In the non-disclosed convention, the New Order List message is sent after the bidding process has been completed, by telephone or electronically. The New Order List message lists the stocks, quantities, and direction for the trade and may contain pre-allocation information.

In the disclosed convention, the New Order List message is sent before the bidding process is started, by telephone or electronically. The New Order List message lists the stocks and quantities from the bidding process, and may contain pre-allocation information. The direction of the trade is disclosed after the bidding process is completed.

This message may also be used as the first message for the transmission of a program trade where the bidding process has been done by means other than FIX. In this scenario, the messages may either be used as a staging process, in which case the broker will start execution once either a List Execute <35=L> is received or for immediate execution, in which case the orders will be executed on receipt.

Where multiple waves of a program trade are submitted by an institution or retail intermediaries, as a series of separate lists, to a broker ClOrdLinkID (583) may be used to link the orders together.

The New Order List message type may also be used by institutions or retail intermediaries wishing to electronically submit multiple Collective Investment Vehicle orders to a broker or fund manager for execution.