Adding new Order to the basket

1

Hi there!

In FIX there is an ability to post basket by means of New Order — List (MsgType = ‘E’) message. Also, one can modify/cancel a particular order from the basket via common Order Cancel Request (F) and Order Cancel/Replace Request (G) messages.

But what is the way to add one more order to the same basket once it is submitted? Please advise.

Regards,
Alex

2

FIX covers the ability to create baskets and submit them for execution. A subsequent change of the basket in terms of adding orders can be achieved by using NewOrderSingle to submit the order, followed by a OrderCancelReplaceRequest and populating the ListID(66) to associate the order with an existing basket. Changing the orders in the basket prior to its execution is best done by using ListCancelRequest followed by NewOrderList whereby the latter includes the new order(s). It is not foreseen to associate a new order with an existing basket directly as part of NewOrderSingle. Can you provide any background regarding such a business practice?

3

Thanks for the reply! I know some brokers do provide such functionality for the Portfolio Trading, but I never saw any FIX spec to see how they implemented it.
I think this ListID (66) can be used right in NewOrderSingle message to bound it to the specific Portfolio rather than firstly send NewOrderSingle without ListID (66) and then bound it by means of OrderCancelReplaceRequest.

Not sure if there is wide business practice for that workflow though.