Imported from previous forum
[ original email was from Michael Whealy - michael.whealy@asx.com.au ]
Should a ‘Business Message Reject’ be sent back in response to any application level message which has a conditionally required field missing? For example if a ‘New Order - Single’ message was sent which had a conditionally required field missing, what message should be returned? In the FIX spec, it says an ‘Execution Report’ should be sent back, however there is no appropriate value to be set for the OrdRejReason (103).
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Should a ‘Business Message Reject’ be sent back in response to any application level message which has a conditionally required field missing? For example if a ‘New Order - Single’ message was sent which had a conditionally required field missing, what message should be returned? In the FIX spec, it says an ‘Execution Report’ should be sent back, however there is no appropriate value to be set for the OrdRejReason (103).
When possible, it is better to send Application level rejects (i.e. Execution Report), then Business Rejects, then Session-level Rejects.
If a conditionally required field is missing from an order, if it is possible to send an Execution Report, then by all means do so. OrdRejReason is an optional field and does not need to be specified. It is standard practice to use the Text field to state the reason for the reject.