ExchangeRule (FIX tag 825)

StringFIX 4.4

ExchangeRule (tag 825) is a String field defined in FIX 4.4. It appears in 1 message type, always optionally.

At a glance

Tag: 825
Name: ExchangeRule
Datatype: String
Dialects: FIX 4.4
Messages: 1

What the specification says

Used to report any exchange rules that apply to this trade. Primarily intended for US futures markets. Certain trading practices are permitted by the CFTC, such as large lot trading, block trading, all or none trades. If the rules are used, the exchanges are required to indicate these rules on the trade.

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

A real message using tag 825

TradeCaptureReport · FIX 4.4

Tag	Field	Wire value	Meaning
8	BeginString	FIX.4.4
9	BodyLength	207
35	MsgType	AE	Trade Capture Report
49	SenderCompID	BOARTEAM
56	TargetCompID	COUNTERPARTY
34	MsgSeqNum	2
52	SendingTime	20240101-12:00:00.000
571	TradeReportID	EXAMPLE
570	PreviouslyReported	N	not reported to counterparty
32	LastQty	1000000
31	LastPx	1.09210
75	TradeDate	20240101
60	TransactTime	20240101-12:00:00.000
552	NoSides2 entries	2	repeating group
54	Side	1	Buy
37	OrderID	ORD-10042
825	ExchangeRule	EXAMPLE
54	Side	1	Buy
37	OrderID	ORD-10042
825	ExchangeRule	EXAMPLE
10	CheckSum	008

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 4.4 dictionary and verified at build time: it parses and validates with no issues. Open the decoder to try your own message.

Where tag 825 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
TradeCaptureReport	AE	Optional	inside the TrdCapRptSideGrp component

Wire format

Free-form text. Any byte except the SOH separator is legal, so values are not trimmed or case-folded on the wire. @boarteam/fix keeps the value as a string; format rules are checked by validate(), which reports validate/invalid-value rather than throwing.

Read tag 825 in TypeScript

decode.tsts

import { createFixEngine } from "@boarteam/fix";import { dictionary } from "@boarteam/fix-dict-fix44";const fix = createFixEngine(dictionary);const { message, issues } = fix.parse(raw);const field = message.fields[825];field?.name;   // "ExchangeRule"field?.raw;    // the verbatim wire stringfield?.value;  // coerced to a string

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-fix44

Try the decoder Source on GitHub