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Code used to identify the person or algorithm within the member or participant of the trading venue who is responsible for the execution of the transaction resulting from the order. Where a natural person is responsible for the execution of the transaction, the person shall be identified National ID. Where more than one person or a combination of persons and algorithms are involved in the execution of the transaction, the member or participant or client of the trading venue shall determine the trader primarily responsible and populate this field with the identity of that trader.
CLIENT (NORE) - Should be used when the firm receives specific instructions from the client, which prevents the investment firm from taking its own execution decision. In this case the execution decision was already taken by persons outside the investment firm without any further intervention by the investment firm in that case should the field "Execution decision within firm" be filled with the identifier 'CLIENT' ( or 'NORE').
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It can also be modified in the Client Order Entry Windo and Market Order Entry Window by going into the form and changing the Capacity value.
DMA users in Kodiak PRO
The new MiFID Order Entry Fields are set to fixed values for each user, the DMA users cannot change these values.
Client Identification Code: A short code for the customer who is responsible for the account (The customer defined for the user in AdminX → External Users).
Investment decision within firm: Will always be sent blank (NONE)
Execution decision within firm: Will always send CLIENT ('NORE')