FIX Tag 30, designated as ‘LastMkt’ within the Financial Information eXchange (FIX) protocol, identifies the specific market of the last trade execution. In crypto trading, this tag specifies the exchange or venue where the most recent transaction for a particular digital asset occurred, providing crucial post-trade transparency and informing order routing decisions.
Mechanism
When an order is filled, the executing venue populates FIX Tag 30 with its unique identifier before transmitting the execution report back to the client system. This standardized field within the FIX message structure ensures consistent communication of execution details across disparate trading systems and institutional participants, facilitating interoperability.
Methodology
Systems architecture leverages FIX Tag 30 for granular trade analysis, compliance reporting, and refining smart order routing algorithms. By analyzing the ‘LastMkt’ information, institutions can assess venue performance, track liquidity sources, and optimize future execution strategies to achieve better price discovery and transaction cost efficiency in fragmented crypto markets.
We use cookies to personalize content and marketing, and to analyze our traffic. This helps us maintain the quality of our free resources. manage your preferences below.
Detailed Cookie Preferences
This helps support our free resources through personalized marketing efforts and promotions.
Analytics cookies help us understand how visitors interact with our website, improving user experience and website performance.
Personalization cookies enable us to customize the content and features of our site based on your interactions, offering a more tailored experience.
