Direct Edge introduced Retail Attribution functionality in June that allows Members to display orders on the EdgeBook Attributed data feed with a standard retail identifier (“RTAL”). The initial functionality enabled Members to default all orders entered on EDGX via a specific session(s) to the RTAL identifier.
To provide greater flexibility, this functionality will be available on an order-by-order basis to firms that enter orders via the FIX interface on EDGX, effective August 4, 2014. This will allow Members to selectively determine if an order should be displayed without attribution, with full attribution (displaying the firm’s MPID) or with retail attribution (RTAL).
To participate in order-by-order retail attribution, Members must mark their inbound orders by submitting Tag 9140 with the value of “R” = Displayed with Retail Attribution. The range of allowable responses in Tag 9140 is now:
Members wishing to participate in Retail Attribution are required to sign and submit a Retail Attestation Form indicating they have instituted policies and procedures reasonably designed to ensure that their Retail Orders satisfy pre-determined criteria as outlined in footnote 4 of the EDGX Fee Schedule. The Attestation Form is available at:
http://directedge.com/Portals/0/01Trading/Designated Retail Order Attestation Form.pdf
Once completed, the form should be submitted to membershipservices@bats.com. If a signed form is already on file, it is not necessary to resubmit.
Members may confirm their changes in the Member Test environment. Testing can be scheduled by reaching the FIX Support Group: FIXSUPPORT@directedge.com.
More Information
- Refer to EDGX Rule Filing SR-EDGX-2014-13 and the SEC Approval Order
- Footnote 4 in the EDGX Fee Schedule.
- Refer to the trading with attribution page on the Direct Edge website.