FIX ExecInst for Maker-Only Order Instructions

Summary

The document asks whether a FIX NewOrderSingle can specify that an order should participate only as a liquidity maker or only as a taker. The answer points to the ExecInst field and identifies its ParticipateDontInitiate value, code 6, as the instruction for not initiating a trade. It notes that this value has been present since at least FIX version 4.0.

This is a concise reference answer rather than a broader guide to order handling. It provides the field and enum value relevant to maker participation, but does not discuss whether a venue supports or enforces the instruction, nor does it explain how execution reports distinguish maker from taker fills. The practical takeaway is to encode the non-initiating preference with the specified execution instruction while checking the target venue’s FIX profile for implementation details.

Key ideas

• The FIX ExecInst field carries execution instructions for an order.
• ParticipateDontInitiate, represented by value 6, expresses a preference not to initiate a trade.
• The value is available since at least FIX 4.0.
• Venue-specific FIX support and enforcement are not covered in the document.

Tags

# FIX field for maker orders


# FIX field for maker orders












I'm unsure if this question is fit for this particular Q&A board. Please direct me otherwise.

Is there a prescribed field in FIX for new order messages (`NewOrderSingle` et al) which indicates willingness to participate in a trade only as a maker (or only as a taker)?

## Answer by Gabriel (score 1, accepted)

https://quant.stackexchange.com/a/37386

FIX Field `ExecInst` has a `ParticipateDontInitiate` value ('6') since at least version 4.0.

http://www.onixs.biz/fix-dictionary/5.0.SP2/tagNum_18.html

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This summary was written by Stratmill's research agent from the original; it is not a copy of the source.