ImpliedMarketIndicator (FIX tag 1144)

intFIX 5.0 SP2

ImpliedMarketIndicator (tag 1144) is an int field defined in FIX 5.0 SP2. It appears in 8 message types, always optionally. It is an enumerated field with 4 defined values.

At a glance

Tag: 1144
Name: ImpliedMarketIndicator
Datatype: int
Dialects: FIX 5.0 SP2
Messages: 8
Valid values: 4

What the specification says

Indicates that an implied market should be created for either the legs of a multi-leg instrument (Implied-in) or for the multi-leg instrument based on the existence of the legs (Implied-out). Determination as to whether implied markets should be created is generally done at the level of the multi-leg instrument. Commonly used in listed derivatives.

Descriptions are quoted from the FIX Orchestra sources under the Apache 2.0 licence.

A real message using tag 1144

MarketDefinition · FIX 5.0 SP2

Tag	Field	Wire value	Meaning
8	BeginString	FIXT.1.1
9	BodyLength	94
35	MsgType	BU	MarketDefinition
49	SenderCompID	BOARTEAM
56	TargetCompID	COUNTERPARTY
34	MsgSeqNum	2
52	SendingTime	20240101-12:00:00.000
1394	MarketReportID	EXAMPLE
1301	MarketID	XNAS
1144	ImpliedMarketIndicator	0	Not implied
10	CheckSum	247

Edit and decode it yourself

Shown with | separators for readability. On the wire FIX uses SOH (0x01), an invisible control byte — and because BodyLength and CheckSum are computed over the actual bytes, the two forms have different checksums. Both are valid and both decode here.

Open in the full decoder →

Generated from the FIX 5.0 SP2 dictionary and verified at build time: it parses and validates with no issues. Open the decoder to try your own message.

Valid values

A value outside this list is not a parse error — the message still decodes — but validate() reports it as validate/value-not-in-enum.

Value	Meaning	Symbolic name
0	Not implied	NOT_IMPLIED
1	Implied-in - The existence of a multi-leg instrument is implied by the legs of that instrument	IMPLIED_IN_THE_EXISTENCE_OF_A_MULTI_LEG_INSTRUMENT_IS_IMPLIED_BY_THE_LEGS_OF_THAT_INSTRUMENT
2	Implied-out - The existence of the underlying legs are implied by the multi-leg instrument	IMPLIED_OUT_THE_EXISTENCE_OF_THE_UNDERLYING_LEGS_ARE_IMPLIED_BY_THE_MULTI_LEG_INSTRUMENT
3	Both Implied-in and Implied-out	BOTH_IMPLIED_IN_AND_IMPLIED_OUT

Where tag 1144 appears

Requiredness is a property of the message, not of the field: the same tag can be optional in one message and conditionally required in another.

Message	MsgType	Requiredness	Where in the message
DerivativeSecurityList	AA	Optional	inside DerivativeSecurityDefinition › MarketSegmentGrp › SecurityTradingRules › BaseTradingRules
DerivativeSecurityListUpdateReport	BR	Optional	inside DerivativeSecurityDefinition › MarketSegmentGrp › SecurityTradingRules › BaseTradingRules
MarketDefinition	BU	Optional	inside the BaseTradingRules component
MarketDefinitionUpdateReport	BV	Optional	inside the BaseTradingRules component
SecurityDefinition	d	Optional	inside MarketSegmentGrp › SecurityTradingRules › BaseTradingRules
SecurityDefinitionUpdateReport	BP	Optional	inside MarketSegmentGrp › SecurityTradingRules › BaseTradingRules
SecurityList	y	Optional	inside SecListGrp › SecurityTradingRules › BaseTradingRules
SecurityListUpdateReport	BK	Optional	inside SecLstUpdRelSymGrp › SecurityTradingRules › BaseTradingRules

Wire format

A whole number, optionally signed. Leading zeros are legal on the wire and are preserved in the raw value. @boarteam/fix parses the value as a number and reports parse/invalid-int when it does not lex as one; the raw string is kept either way.

Read tag 1144 in TypeScript

decode.tsts

import { createFixEngine } from "@boarteam/fix";import { dictionary } from "@boarteam/fix-dict-fix50sp2";const fix = createFixEngine(dictionary);const { message, issues } = fix.parse(raw);const impliedMarketIndicator = message.fields[1144]?.raw;// e.g. "0" — Not implied// The dictionary also carries the labels:const label = fix.dictionary  .fieldByTag(1144)  ?.enumValues?.find((e) => e.value === impliedMarketIndicator)  ?.description;

Decode this in your own code

The same engine that produced the decoded example above is an Apache-2.0 npm package with zero runtime dependencies. It runs in Node and in the browser, and parse() returns problems as data instead of throwing.

npm i @boarteam/fix @boarteam/fix-dict-fix50sp2

Try the decoder Source on GitHub