Question 2.2.1

Question 2.2.1

We understand that an order will not be required for Click & Trade as per Annex II of the TRUM, but is there a way of indicating that the Trade is a Click and Trade so that it won’t get rejected for not having a valid Order associated with it?

Suggested solution: We think the answer to this is already in the .XML sample. There is an optional tag called ‘clickAndTradeDetails’ which we would use to indicate the Trade type.


It is our understanding that a Click & Trade is a Limit order which aggresses the initiator order. When reporting click and trade transactions the reporting parties have to report:

For the Initiator:

  1. A Limit Order and report it as an order;
  2. A trade report reporting field (12) with “I”

For the Aggressor who aggresses the initiator’s order:

A trade with the tag called ‘clickAndTradeDetails’ where the aggressor provides the order details of the initiator’s order report (i.e. “LIM” for Limit Order in the order type. There is no order report of the aggressor.

However, the Agency is aware that some trading systems automatically create the order for the Aggressor when a Click&Trade takes place. In this case, when reporting Click&Trade transactions, the reporting party can decide to send also the Aggressor’s order report.

Please see examples in Annex II to the TRUM and XML examples related to them available in the REMIT Documents section of the ACER website.