ExecRefID, a key identifier in financial messaging, designates a unique reference for a specific execution report generated by a broker or execution venue. It acts as a distinct tag for an individual execution event, differentiating it from the broader order it pertains to. This identifier is crucial for precise post-trade processing and reconciliation.
Mechanism
Upon the completion of a partial or full trade, the execution venue transmits an execution report containing this unique ExecRefID. Subsequent messages relating to that particular execution, such as modifications or cancellations, reference this exact identifier. This architecture ensures that all related operational data can be accurately linked to its specific trade instance.
Methodology
The strategic use of ExecRefID streamlines audit trails, facilitates rapid resolution of trade discrepancies, and supports robust performance analysis. For institutional crypto trading systems, consistent application of this identifier is vital for maintaining data integrity across disparate platforms, enabling accurate real-time position keeping, and meeting regulatory reporting requirements for execution quality.
The FIX protocol corrects individual leg executions via a new ExecutionReport (35=8) referencing the original trade, using ExecType 'G' to amend specific leg data within the 'NoLegs' repeating group.
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