ExecInst/6 ParticipateDoNotInitiate

ExecInst Value 6

Value	Name	Field(tag)	First introduced
6	ParticipateDoNotInitiate	ExecInst(18)	FIX.2.7

An order that may participate in a transaction initiated by another party, but may not initiate a transaction. For example, on US ECNs / Exchanges, this may represent an order that will be quoted to the marketplace and will trade if another party initiates a trade (i.e. hits the posted quote), but cannot be routed to initiate a trade with another market or market maker.

Notes

Also known as "Book or Cancel" or "Store order". The intention is to avoid becoming an aggressor (also known as "liquidity taker") which may result in higher transaction fees. See http://fixprotocol.org/discuss/read/bb8fee4a

Error in FIX Specification:

The Glossary (Spec volume 1) refers to this field as "Participate Don't Initiate", Volume 6 refers to it as "Participant don't initiate". It should be consistent. Also, other values of this field use "do not" instead of "don't". Therefore, it is suggested that the name "Participate do not initiate" should be used everywhere for this value.