ExpirationCycle (FIX tag 827)

intFIX 4.4

ExpirationCycle (tag 827) is an int field defined in FIX 4.4. It appears in 4 message types, always optionally. It is an enumerated field with 2 defined values.

At a glance

Tag: 827
Name: ExpirationCycle
Datatype: int
Dialects: FIX 4.4
Messages: 4
Valid values: 2

What the specification says

Part of trading cycle when an instrument expires. Field is applicable for derivatives.

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

A real message using tag 827

SecurityDefinitionRequest · FIX 4.4

Tag	Field	Wire value	Meaning
8	BeginString	FIX.4.4
9	BodyLength	87
35	MsgType	c	Security Definition Request
49	SenderCompID	BOARTEAM
56	TargetCompID	COUNTERPARTY
34	MsgSeqNum	2
52	SendingTime	20240101-12:00:00.000
320	SecurityReqID	EXAMPLE
321	SecurityRequestType	0	Request Security identity and specifications
827	ExpirationCycle	0	Expire on trading session close (default)
10	CheckSum	217

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.

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	Expire on trading session close (default)	EXPIRE_ON_TRADING_SESSION_CLOSE
1	Expire on trading session open	EXPIRE_ON_TRADING_SESSION_OPEN

Where tag 827 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 the RelSymDerivSecGrp component
SecurityDefinition	d	Optional	directly on the message body
SecurityDefinitionRequest	c	Optional	directly on the message body
SecurityList	y	Optional	inside the SecListGrp component

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 827 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 expirationCycle = message.fields[827]?.raw;// e.g. "0" — Expire on trading session close (default)// The dictionary also carries the labels:const label = fix.dictionary  .fieldByTag(827)  ?.enumValues?.find((e) => e.value === expirationCycle)  ?.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-fix44

Try the decoder Source on GitHub