Cancel Replace Order Qty less than the Cum Qty

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1

Imported from previous forum

2

Hi,

I wanted to know how most implementations handle the scenario when a Cancel Replace request is sent with the OrderQty that is lower than the CumQty.

eg
Initial Order Qty 10,000
Makes(CumQty ) = 6,000

Cancel Replace Request sent with
OrderQty = 5000.

ClOrdID = 4
OrigClOrdID = 3
OrderQty = 5000

In this case we would still like to accept the request , but we will be cancelling only the balance.

Do both parties generally communicate if such a scenario occurs. Can i still accept the Cancel Replace Request and report the Execution as follows.

ExecID = 10
ClOrdID = 4
ExecTransType = New
OrdStatus = Replaced
OrderQty = 6000 – ( note these are the current
makes and are not the same
as requested in the Cancel
Replace Request associated
with ClOrdID = 4)

I appreciate any suggestions. We are using FIX 4.0

thanks
Namrata

3

You should be rejecting this cancel replace request. Accepting it but changing the order quantity is a contradiction in terms and leaves you exposed.

> Hi,
>
> I wanted to know how most implementations handle the scenario when a Cancel Replace request is sent with the OrderQty that is lower than the CumQty.
>
> eg
> Initial Order Qty 10,000
> Makes(CumQty ) = 6,000
>
> -----
>
> Cancel Replace Request sent with
> OrderQty = 5000.
>
> ClOrdID = 4
> OrigClOrdID = 3
> OrderQty = 5000
>
> In this case we would still like to accept the request , but we will be cancelling only the balance.
>
> Do both parties generally communicate if such a scenario occurs. Can i still accept the Cancel Replace Request and report the Execution as follows.
>
> ExecID = 10
> ClOrdID = 4
> ExecTransType = New
> OrdStatus = Replaced
> OrderQty = 6000 – ( note these are the current
> makes and are not the same
> as requested in the Cancel
> Replace Request associated
> with ClOrdID = 4)
>
>
> I appreciate any suggestions. We are using FIX 4.0
>
> thanks
> Namrata
>
>
>