The NewOrderList 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 enumerates the stocks, quantities, direction for the trade and may contain pre-allocation information.

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.

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 enumerates 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.

See Appendix N – Program/Basket/List Trading for an example.