cancel a cancel replace order

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Imported from previous forum

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Hello,

I have a question about cancel a cancel replace order.

Assume there is an order O1, then O2 comes to Cancel Replace O1. While O2 is being processed, a Cancel Request O3 (not replacement request) comes, which either cancels O1, or cancels O2. What does it mean in these two scenario (cancel the whole chain or just cancel O2 and keep O1)? And what are the normal FIX reaction sequence to expect?

If O3 is to cancel O2 but O2 gets cancel rejected, does O3 get cancel rejected as well, or O3 should now become a cancel request to O1?

Thanks!

Feng Shi

3

Hello,

I have a question about cancel a cancel replace order.

Assume there is an order O1, then O2 comes to Cancel Replace O1. While O2 is being processed, a Cancel Request O3 (not replacement request) comes, which either cancels O1, or cancels O2. What does it mean in these two scenario (cancel the whole chain or just cancel O2 and keep O1)? And what are the normal FIX reaction sequence to expect?

If O3 is to cancel O2 but O2 gets cancel rejected, does O3 get cancel rejected as well, or O3 should now become a cancel request to O1?

Thanks!

Feng Shi

Hi Feng Shi,
When O2 is in pending,O3 should not be honoured.O3 should be rejected back to the client saying there is a Pending order(O2) already.

Thanks,
Sam.

4

In response to your question, if you have sent order O1, and gotten a confirmation. Then sent O2 to replace )1, and have not yet gotten confirmation of replaced, then you should choose to send the cancel request O3, with OrigClOrdID (Tag 41=O2), and ClOrdID (Tag 11=03).

This is because while they may not have processed (or may likely, by now, are responding to the previous one), then O1 is no longer working, and would return a ‘Too Late To Cancel’ reject, and you would still have Order O2 working.

Thus, by cancelling O2, you should be pulling he only viable order still on the exchange (unless it was executed in the meantime).

Hello,

I have a question about cancel a cancel replace order.

Assume there is an order O1, then O2 comes to Cancel Replace O1. While O2 is being processed, a Cancel Request O3 (not replacement request) comes, which either cancels O1, or cancels O2. What does it mean in these two scenario (cancel the whole chain or just cancel O2 and keep O1)? And what are the normal FIX reaction sequence to expect?

If O3 is to cancel O2 but O2 gets cancel rejected, does O3 get cancel rejected as well, or O3 should now become a cancel request to O1?

Thanks!

Feng Shi

Hi Feng Shi,
When O2 is in pending,O3 should not be honoured.O3 should be rejected back to the client saying there is a Pending order(O2) already.

Thanks,
Sam.