FIX Protocol Tag 18: ExecInst
Execution instructions for the order, such as not held, all or none, or a peg type. Several codes may be sent in one field, separated by spaces.
- Tag number
- 18
- Data type
- MULTIPLECHARVALUE
- FIX versions
- FIX 4.0 to 5.0 SP2
- Used in
- 13 message types
Practical notes on ExecInst
ExecInst carries execution instructions for the order, such as not held, all or none, post only or peg types.
- From FIX 4.2 it can carry several codes separated by spaces, for example 18=1 G.
- Common codes: 1 Not held, 5 Held, 6 Participate do not initiate (often used for post only), G All or none, and pegs such as P Market peg, R Primary peg and M Mid price peg.
- Venues support different subsets and often give the codes venue-specific meanings. Check the rules of engagement.
Changes between FIX versions
- A single character in FIX 4.0 and 4.1; a list of space-separated values from FIX 4.2.
Tag 18 in each FIX version
Values and message usage as defined in a specific version.
Data type
MULTIPLECHARVALUE: One or more single-character values separated by spaces.
Valid values
62 enumerated values across all FIX versions. Several values can be sent in one field, separated by spaces.
| Value | Meaning | FIX versions |
|---|---|---|
| 0 | Stay on offer side | All |
| 1 | Not held | All |
| 2 | Work | All |
| 3 | Go along | All |
| 4 | Over the day | All |
| 5 | Held | All |
| 6 | Participate do not initiate | All |
| 7 | Strict scale | All |
| 8 | Try to scale | All |
| 9 | Stay on bid side | All |
| A | No cross | All |
| B | OK to cross | All |
| C | Call first | All |
| D | Percent of volume | All |
| E | Do not increase | All |
| F | Do not reduce | All |
| G | All or none | All |
| I | Institutions only | All |
| L | Last peg | All |
| M | Mid price peg | All |
| N | Non negotiable | All |
| O | Opening peg | All |
| P | Market peg | All |
| R | Primary peg | All |
| S | Suspend | All |
| U | Customer display instruction | 4.1, 4.2, 4.3, 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| V | Netting | 4.1, 4.2, 4.3, 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| T | Fixed peg to local best bid or offer at time of order | 4.2, 5.0, 5.0 SP1, 5.0 SP2 |
| W | Peg to VWAP | 4.2, 4.3, 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| Y | Try to stop | 4.3, 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| Q | Cancel on system failure | 4.3, 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| X | Trade along | 4.3, 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| H | Reinstate on system failure | 4.3, 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| J | Reinstate on trading halt | 4.3, 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| K | Cancel on trading halt | 4.3, 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| Z | Cancel if not best | 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| a | Trailing stop peg | 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| b | Strict limit | 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| c | Ignore price validity checks | 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| d | Peg to limit price | 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| e | Work to target strategy | 4.4, 5.0, 5.0 SP1, 5.0 SP2 |
| f | Intermarket sweep | 5.0, 5.0 SP1, 5.0 SP2 |
| g | External routing allowed | 5.0, 5.0 SP1, 5.0 SP2 |
| h | External routing not allowed | 5.0, 5.0 SP1, 5.0 SP2 |
| i | Imbalance only | 5.0, 5.0 SP1, 5.0 SP2 |
| j | Single execution requested for block trade | 5.0, 5.0 SP1, 5.0 SP2 |
| k | Best execution | 5.0, 5.0 SP1, 5.0 SP2 |
| l | Suspend on system failure | 5.0 SP1, 5.0 SP2 |
| m | Suspend on trading halt | 5.0 SP1, 5.0 SP2 |
| n | Reinstate on connection loss | 5.0 SP1, 5.0 SP2 |
| o | Cancel on connection loss | 5.0 SP1, 5.0 SP2 |
| p | Suspend on connection loss | 5.0 SP1, 5.0 SP2 |
| q | Release | 5.0 SP1, 5.0 SP2 |
| r | Execute as delta neutral | 5.0 SP1, 5.0 SP2 |
| s | Execute as duration neutral | 5.0 SP1, 5.0 SP2 |
| t | Execute as FX neutral | 5.0 SP1, 5.0 SP2 |
| u | Min guaranteed fill eligible | 5.0 SP2 |
| v | Bypass non display liquidity | 5.0 SP2 |
| w | Lock | 5.0 SP2 |
| x | Ignore notional value checks | 5.0 SP2 |
| y | Trd at ref px | 5.0 SP2 |
| z | Allow facilitation | 5.0 SP2 |
Example
18=0
Illustrative value. In a message, fields are separated by the SOH character (0x01), often shown as | or ^ in logs.
Decode a message with this tagMessage types that use tag 18
- Execution Report 35=8
- New Order Single 35=D
- New Order List 35=E
- Order Cancel/Replace Request 35=G
- Market Data Snapshot Full Refresh 35=W
- Market Data Incremental Refresh 35=X
- New Order Multileg 35=AB
- Multileg Order Cancel/Replace 35=AC
- Trade Capture Report 35=AE
- Trade Capture Report Ack 35=AR
- Trade Match Report 35=DC
- New Order Cross 35=s
- Cross Order Cancel Replace Request 35=t
Covers every version from FIX 4.0 to 5.0 SP2, including fields reached through components and repeating groups. The version pages above show whether the tag is required in each message.
Field and message data comes from the QuickFIX data dictionaries for FIX 4.0 to 5.0 SP2 and FIXT 1.1, used under the QuickFIX Software License. This product includes software developed by quickfixengine.org (http://www.quickfixengine.org/). Enumerated value names are converted to plain text for reading.