Imported from previous forum
Hi
1)Is Amendment of TimeInForce tag from GFD(59=0) to IOC/FOK(59=3 or 4) a valid operation in FIX 4.2 and above?
FIX leaves the permissible changes of valid values for order attributes up to the Rules of Engagement between the two parties. However, I do not see why someone would want to change from GTD to IOC/FOK, at least not in an automated trading environment. The order must be sitting on the book in order to be able to amend it. If it is executable it would have executed without the amendment. If it is not executable, the amendment is equal to simply cancelling the order.
It sounds like someone is trying to give the recipient of the order “one last chance” to (partially) fill the order, saying “either you (partially) fill my order now or I want to get out”. What business requirement would be supported by an amendment from GTD to IOC/FOK?
Regards,
Hanno.
Hi
1)Is Amendment of TimeInForce tag from GFD(59=0) to IOC/FOK(59=3 or 4) a valid operation in FIX 4.2 and above?