In an effort to continue to provide member firms with greater flexibility and detail to manage both their customer and internal billing statements, the NYSE is introducing a new user-defined FIX Tag (Tag <9426> BillingRate). This single FIX Tag is a six byte Tag and will contain all the member firm's customer execution billing information, including the location of the execution (NYSE or away market center).
This tag will contain either a) a Liquidity Indicator followed by the new optional Displayed Liquidity indicator or b) a Market Center ID (MCID) followed by an optional Market Maker ID (MMID), if the trade was routed to and executed by a FINRA ADF participant. The NYSE expects to begin appending this new indicator to reports and disseminating an updated Merged Order Log (MOL) by the end of the second quarter.
A future notification will provide further information regarding testing opportunities and exact implementation dates. Please contact your Relationship Manager or Robert Airo should you have any business questions or comments:
| Robert Airo | rairo@nyx.com | 212.656.5663 |
Trading Technology Information Memo
Category: Product News
