This message is sent by an instructing party, eg, a client, or its authorised representative, to an executing party, eg, broker-dealer, or where permitted, directly by an executing party to a point of execution such as an exchange. It may be used in broker-to-broker communications.
This message is used to instruct the executing party to buy or sell a given quantity of a specified financial instrument.
It may also be used to:
request the cancellation of a previously sent order
replace a previously sent order
duplicate an order previously sent
provide a third party with a copy of the message (be it the order or a request for cancellation) being sent.