Cancel a GTC Order

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Imported from previous forum

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Hi,

Our Firm (Sell Side) does not have the capability of executing GTC orders electronically, but at the Same time we do not want to reject them.

We would like to accept them and then talk to the client and tell them to convert this to day orders using a Cancel Replace or Issuing a Cancel Request and then Sending a New Day Order. In most cases this GTC order will be converted to Day Order since our clients will be informed before we implement FIX that we do not support GTC orders electronically.

Now my question is What if for some reason we are not able to resolve this with our Client. Is it possible to Cancel a GTC order once it has been accepted. If so how do we cancel GTC orders

We are using FIX 4.0

thanks in advance

Namrata

3

[ original email was from Ian Orford - ian.orford@drkw.com ]
Any orders can be cancelled by the sell-side. If you just send out an ExecutionReport with status Cancelled without receiving a CancelRequest first, this is referred to as an "Unsolicited" cancel.

> Hi,
>
> Our Firm (Sell Side) does not have the capability of executing GTC orders electronically, but at the Same time we do not want to reject them.
>
> We would like to accept them and then talk to the client and tell them to convert this to day orders using a Cancel Replace or Issuing a Cancel Request and then Sending a New Day Order. In most cases this GTC order will be converted to Day Order since our clients will be informed before we implement FIX that we do not support GTC orders electronically.
>
> Now my question is What if for some reason we are not able to resolve this with our Client. Is it possible to Cancel a GTC order once it has been accepted. If so how do we cancel GTC orders
>
> We are using FIX 4.0
>
> thanks in advance
>
> Namrata
>
>