What is the Mechanism of FIX Tag 847?

This FIX tag functions by carrying an enumerated value that designates the trading methodology within a FIX message, typically within a SecurityDefinitionRequest or MarketDataRequest. When a request for quote (RFQ) for crypto options is sent, Tag 847 indicates whether the quote is expected from an automated electronic system or via human interaction. The receiving system interprets this tag to correctly route the request and apply relevant execution logic, ensuring interoperability between diverse trading systems.

What is the Methodology of FIX Tag 847?

The methodology for utilizing FIX Tag 847 involves standardizing its application across internal and external trading interfaces to ensure consistent interpretation of trading methods. For institutional crypto platforms, this includes mapping specific RFQ workflows or options execution strategies to appropriate TradSesMethod values. Accurate use of this tag aids in auditability and compliance, providing clarity on the nature of price discovery and execution within complex trading architectures. It contributes to system integration and operational efficiency.

FIX Tag 847

Meaning

FIX Tag 847, known as TradSesMethod, is a field within the Financial Information eXchange (FIX) protocol used to specify the method of trading for a particular session or instrument. It provides a standardized way for market participants to communicate how a trade is being conducted, offering options such as “Voice Brokered” or “Electronic Trading.” In the context of crypto RFQ and institutional options trading, this tag helps to clarify the operational context of a quoted price or executed trade.

A sharp, metallic blue instrument with a precise tip rests on a light surface, suggesting pinpoint price discovery within market microstructure. This visualizes high-fidelity execution of digital asset derivatives, highlighting RFQ protocol efficiency. It represents the intelligence layer of a Prime RFQ for atomic settlement.

▴FIX Tag 958

▴Transaction Cost Analysis

▴Execution Management System

What Are the Key Fix Tags Used to Configure an Is Algorithm to Mimic a Vwap Profile?

Key FIX tags in the StrategyParametersGrp (957) remap an IS algo's objective to a VWAP benchmark.

▴Market Impact

▴Algorithmic Trading Engine

▴Post-Trade Analysis

What Are the Key Differences between Vwap and Twap Algorithmic Trading Strategies?

VWAP aligns execution with market volume to reduce impact; TWAP uses time-based slicing for disciplined, low-signal participation.

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FIX Tag 847

Meaning

Mechanism

Methodology

What Are the Key Fix Tags Used to Configure an Is Algorithm to Mimic a Vwap Profile?

What Are the Key Differences between Vwap and Twap Algorithmic Trading Strategies?

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