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A Market Order is entered with the New Order Single (Tag 35=D) message. Following are the most relevant tags to build a Market Order.

Tag 40=1OrdTypeSpecifier of Market Order Type
Tag 48SecurityIDMarket for which the order is sent
Tag 55SymbolContract for which the order is sent
Tag 207SecurityExchangeExchange for which the order is sent
Tag 167SecurityTypeSecurity Type (e.g. Futures) of this specific market

Sample

In this example, the order is submitted for the current market price. Note that a Limit Price (Tag 44) is not specified.

Please note that the exchanges generally place limits on market orders which effectively makes Market orders a limit order with a 10 or 20 tick price limit on it. Hence, you are not guaranteed a fill with a market order in a market that is moving very fast. Please check with the exchange you are trading to determine what their current limits are.

Market Order
>> 2/21/2013 5:13:52 PM [FIXNEWORDER] 34=59|49=T4Example|56=T4|50=TraderName|52=20130221-23:13:52.800|1=Account1|11=fn-634970636328000781|48=CME_20130300_ESH3|55=ES|207=CME_Eq|54=1|38=1|40=1|59=0|167=FUT|21=1|60=20130221-23:13:52.800|204=0|
[FIXNEWORDER]
[MsgSeqNum] 34 = 59
[SenderCompID] 49 = T4Example
[TargetCompID] 56 = T4
[SenderSubID] 50 = TraderName
[SendingTime] 52 = 20130221-23:13:52.800
[Account] 1 = Account1
[ClOrdID] 11 = fn-634970636328000781
[SecurityID] 48 = CME_20130300_ESH3
[Symbol] 55 = ES
[SecurityExchange] 207 = CME_Eq
[Side] 54 = 1 (BUY)
[OrderQty] 38 = 1
[OrdType] 40 = 1 (MARKET)
[TimeInForce] 59 = 0 (DAY)
[SecurityType] 167 = FUT (FUTURE)
[HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION)
[TransactTime] 60 = 20130221-23:13:52.800
[CustomerOrFirm] 204 = 0 (CUSTOMER)

Market Order Response
<< 2/21/2013 5:13:52 PM [fixexecutionreport] 34=102|49=T4|56=T4Example|50=T4FIX|52=20130221-23:13:52.878|143=US,IL|1=Account1|11=fn-634970636328000781|17=48008.6417469422_ESH3.6349706363399900006.1.A3287974|150=0|37=A3287974-CA48-4021-95E1-B865BC78AEC7|39=0|48=CME_20130300_ESH3|55=ES|207=CME_Eq|200=201303|59=0|107=E-mini S&P 500 Mar13|54=1|167=FUT|38=1|40=1|60=20130221-23:13:53.999|21=1|204=0|
[FIXEXECUTIONREPORT]
[MsgSeqNum] 34 = 102
[SenderCompID] 49 = T4
[TargetCompID] 56 = T4Example
[SenderSubID] 50 = T4FIX
[SendingTime] 52 = 20130221-23:13:52.878
[TargetLocationID] 143 = US,IL
[Account] 1 = Account1
[ClOrdID] 11 = fn-634970636328000781
[ExecID] 17 = 48008.6417469422_ESH3.6349706363399900006.1.A3287974
[ExecType] 150 = 0 (NEW)
[OrderID] 37 = A3287974-CA48-4021-95E1-B865BC78AEC7
[OrdStatus] 39 = 0 (NEW)
[SecurityID] 48 = CME_20130300_ESH3
[Symbol] 55 = ES
[SecurityExchange] 207 = CME_Eq
[MaturityMonthYear] 200 = 201303
[TimeInForce] 59 = 0 (DAY)
[SecurityDesc] 107 = E-mini S&P 500 Mar13
[Side] 54 = 1 (BUY)
[SecurityType] 167 = FUT (FUTURE)
[OrderQty] 38 = 1
[OrdType] 40 = 1 (MARKET)
[TransactTime] 60 = 20130221-23:13:53.999
[HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION)
[CustomerOrFirm] 204 = 0 (CUSTOMER)

Further details on the tags used for this order type are described in the dictionary of the New Order Single message.

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