This message is used to submit lists of related orders to a broker for execution.

The New Order List is intended for use in staging lists to be executed by the broker. If the institution wishes to work a list using the broker's execution services, the orders should be submitted as individual New Order Single <35=D>s.

After staging, the list can be operated on in the following ways:

• Execute: The broker can be instructed to release the list for execution using a List Execute <35=L> message.
• Cancel: After the list has been staged with the broker, it can be canceled using a List Cancel Request <35=K>. If the list has not yet been submitted for execution, the List Cancel Request <35=K> message will instruct the broker not to execute it. If the list is being executed, the List Cancel Request <35=K> message should trigger the broker's system to generate cancel requests for the remaining quantities of each order within the list. Individual orders within the list can be canceled using an Order Cancel Request <35=F>.
• Status: A status of the list can be requested via the submission of the List Status Request <35=M> message. The broker will respond with one or more List Status <35=N> messages which will report executed quantity, canceled quantity and average price for each order in the list.
• Replace: Individual orders within the list can be replaced using an Order Cancel/Replace Request <35=G>.

Executions against orders within the list will not normally be reported as they occur. If this feature is desired the institution and broker should arrange for this reporting as a custom feature using the Execution message. Executions against the list will be reported within the List Status <35=N> message.