This message is sent by an executing party, eg, a broker-dealer, which has accepted one or several orders to buy or sell financial instruments, to an instructing party, eg, a client, or its authorised agent. Where permitted, it may also be sent by a point of execution, eg, an exchange, to list open orders.
This message identifies, as at a specific date, orders which have not yet been legally agreed or fully executed. It may include all open orders or selected open orders by financial instrument in all or selected safekeeping accounts or sub-accounts.