FIX Tag 150 (ExecType) is a standardized field within the Financial Information eXchange (FIX) protocol, denoted by its tag number 150, which specifies the type of execution report. It communicates the current state or specific event pertaining to an order’s execution.
Mechanism
The ExecType (Tag 150) functions as a status indicator embedded within execution report messages, providing crucial information to trading systems regarding various stages of an order’s lifecycle. Its distinct values signal events such as a new order, a partial fill, a complete fill, a cancellation, a rejection, or a pending cancellation, delivering real-time operational feedback for system processing.
Methodology
For institutional crypto trading and smart trading platforms, consistent and accurate use of FIX Tag 150 is paramount for effective order management, risk monitoring, and robust post-trade processing. This standardized reporting methodology ensures that all integrated systems, including Execution Management Systems (EMS) and Order Management Systems (OMS), correctly interpret execution events, thereby enabling automated position updates, compliance checks, and precise performance attribution within a dynamic digital asset market.
A hybrid router's core function is using specific FIX tags to control the logical flow of an order between an anonymous dark pool and a targeted RFQ system.
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