This message is used to submit orders for execution, for securities, forex, collective investment vehicles (CIV), and more.
Orders can be submitted with special handling instructions and execution instructions. Handling instructions refer to how the broker should handle the order on its trading floor. See HandlInst (21). Execution instructions contain explicit directions as to how the order should be executed. See ExecInst (18).
Orders received with PossResend (97) set in the header should be validated by ClOrdID (11). Implementations should also consider checking order parameters (side, symbol, quantity, etc.) to determine if the order had been previously submitted. PossResend (97) previously received should be acknowledged back to the client using an Execution Report <35=8>. PossResend (97) not previously received should be processed as a new order.
The given TransactTime (60) should allow the receiver of the order to apply business rules to determine if the order is potentially stale, e.g. in the event that there have been communication problems.
To support forex accommodation trades, two fields, ForexReq (121) and SettlCurrency (120), are included in the message. To request a broker to execute a forex trade in conjunction with the securities trade, the institution would set the ForexReq (121) = Y and SettlCurrency (120) = "intended settlement currency". The broker would then execute a forex trade from the execution currency to the settlement currency and report the results via the execution message in the SettlCurrAmt (119) and SettlCurrency (120) fields.
Orders involving or requiring pre-trade allocation consist of the following steps:
To take an Indication of Interest <35=6> or Quote <35=S> from an ECN or exchange and not display the order on the book, the New Order Single message should contain TimeInForce (59) = "ImmediateOrCancel" and OrdType (40) = "Previously Indicated" or "Previously Quoted".