Renamed Routing Options and Display Instructions for Pegged Orders
IEX Trading Alert #2015 - 006
Please Route To: Technology, Trade Support, and Business
What you need to know:
- Effective immediately, IEX renames existing routing options to enhance clarity, while keeping routing functionality unchanged.
- IEX offers greater flexibility for pegged order entry; effective Wednesday, April 1, pegged orders submitted without the MaxFloor tag (FIX tag 111) will not result in a reject. Pegged orders will be defined as non-displayed if MaxFloor (FIX tag 111) is omitted.
How will the labels for IEX routing options change?
IEX is renaming our routing options to simplify the labels. FIX tag values, router functionality, and availability will remain unchanged.
| Unchanged | Unchanged | ||
|---|---|---|---|
| Old Name | New Name | ExecInst (FIX tag 18) | Availability |
| IEX Only | Standard | i | Currently Available |
| Route to Take with Resweep | Router | u | Currently Available |
| Route to Rest with Resweep | Router+ | s | Available 1 April 2015 |
| Route to Take | SweepPost | t | Currently Available |
| Route to Rest | SweepPost+ | r | Available 1 April 2015 |
| Route to Rest Away | Route to Rest Away | v | Currently Available |
How will FIX instructions regarding display values ("MaxFloor" (FIX tag 111)) change for Pegged Orders?
All pegged orders are always non-displayed at IEX.
Beginning on Wednesday, April 1, to facilitate ease of use, IEX will accept the submission of pegged orders with MaxFloor (FIX tag 111) omitted. Normally, the omission of MaxFloor (FIX tag 111) instructs the IEX trading system to fully display the order.
- If MaxFloor (FIX tag 111) is omitted for a pegged order, the result is a non-displayed order.
- If MaxFloor (FIX tag 111) is omitted for a limit order, the result is a fully-displayed order.
The objective of this change is to help Subscribers receive fewer order rejects resulting from the submission of unsupported MaxFloor (order display) values.
Pegged order functionality will remain unchanged. Pegged orders do not route out to external destinations, and execute only on IEX.
| OrdType (FIX tag 40) | MaxFloor (FIX tag 111) | Result of Order Submission |
|---|---|---|
| P | Omitted | Accepted, non-displayed pegged order |
| P | 0 | Accepted, non-displayed pegged order |
| P | Any Value > 0 | Rejected |
What do I need to do?
No technical change is required for either of these updates.
Please ensure that your trading desk and technology team becomes familiar with the new names of IEX routing options.
Please ensure that your team is aware that beginning Wednesday, April 1, pegged orders submitted without the MaxFloor (FIX tag 111) will be handled as non-displayed orders.
The IEX Subscriber Manual and IEX FIX Specification have been updated to reflect this new information.
Where can I learn more?
- View the IEX Subscriber Manual.
- View the IEX FIX Specification.
- A summary of the IEX Smart Order Router.
- IEX Trading Alert #2014 - 029: IEX Announces: IEX Displayed Book Functionality and TOPS Connectivity Information
- Contact IEX Sales at 646.568.2345 or subscriber@iextrading.com.
- Contact IEX Market Operations at 646.568.2330 or marketops@iextrading.com.
- Become an IEX Subscriber.
- IEX Frequently Asked Questions.
About IEX
Dedicated to institutionalizing fairness in the markets, IEX provides a more balanced marketplace via simplified market structure design and cutting-edge technology. IEX operates a fair-access platform accessible by any qualified broker dealer. IEX is driven by a team of cross-industry experts with backgrounds spanning market venues, electronic trading, and broker-dealers. IEX is the first equity trading venue seeded exclusively by a consortium of buy-side investors, including mutual funds, hedge funds, and family offices. Learn more at: iextrading.com.