can we do unsolicited action on GTC order?

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Imported from previous forum

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If client call in to change the TimeInForce from GTC to ‘Day’, is it do-able?

Thanks

3

The change is perfectly legitimate from FIX 4.0’s point of view. Under the cancel/replace section of the 4.0 specifications you will find the list of fields that can be changed and TimeInForce is one of them. Whether the client side supports an unsolicited ammendment of TimeInForce is altogether another story.
Basically, it is allowed and certainly do-able!

If client call in to change the TimeInForce from GTC to ‘Day’, is
it do-able?

Thanks

4

[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> The change is perfectly legitimate from FIX 4.0’s point of view. Under

the cancel/replace section of the 4.0 specifications you will find the
list of fields that can be changed and TimeInForce is one of them.
Whether the client side supports an unsolicited ammendment of
TimeInForce is altogether another story. Basically, it is allowed and
certainly do-able!

I disagree. The FIX spec requires that each change be assigned a new, unique ClOrdID, so simply sending OrdStatus=Replaced as if the client sent in a change doesn’t seem like it could be considered FIX 4.0-compliant. While Execution Reports can be sent without ClOrdID in the case of unidirectional FIX drop-copies, it doesn’t seem applicable here. I don’t remember anything in the 4.0 spec which implies that this behavior is supported. So in addition to the question of whether the client supports unsolicited amendments, I don’t see a standardized way to represent them in FIX 4.0.

That’s not to say that it won’t work. Keeping ClOrdID and OrigClOrdID the same on OrdStatus=Replaced could be a way of indicating an unsolicited amendment to a counterparty, but I think this falls in the realm of bilateral agreement among counterparties to deviate from the FIX 4.0 standard.

If you can upgrade to FIX 4.2, it is the first version to support ExecType=Restated which was designed to allow these kinds of unsolicited amendments, as well as enhanced support for GTC orders. (Corporate actions, ability to broadcast a list of currently live GTC orders from previous days at the start of the day, distinct reporting of both current day and total volume traded and average prices, etc.)

5

The change is perfectly legitimate from FIX 4.0’s point of view. Under
the cancel/replace section of the 4.0 specifications you will find the
list of fields that can be changed and TimeInForce is one of them.
Whether the client side supports an unsolicited ammendment of
TimeInForce is altogether another story. Basically, it is allowed and
certainly do-able!

If client call in to change the TimeInForce from GTC to ‘Day’, is it
do-able?

Thanks
YES I BELIVE SO!

6

If client call in to change the TimeInForce from GTC to ‘Day’, is
it do-able?

Thanks
yes