Canceling a Cancel Request

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Imported from previous forum

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Hi

Is it possible to cancal a cancel request? That is, submiting a Cancel Request where OrigClOrdID is the ClOrdID of a previous cancel request.

Thanx
Herman

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[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Is it possible to cancal a cancel request? That is, submiting a Cancel Request where OrigClOrdID is the ClOrdID of a previous cancel request.

No. That behavior is not defined or even suggested in any FIX spec to my knowledge.

Are you suggesting that cancelling a cancel request on a live order with a cancel pending would result in the pending cancel being dropped, and the order remaining live? Or that cancelling a cancel for an order that is dead will reinstate it?

I don’t know of any markets, ECNs, exchanges, brokers, protocols, etc. that support the former operation. Given that a party receiving a cancel generally will try to cancel the order as quickly as possible, there wouldn’t be a very large time window during which one could do this. If you know of any firm or protocol that supports this, I’d be interested in knowing.

With the latter operation, the order would in all likelihood lose any kind of book priority, so submitting a new order would work just as well. Now FIX does define the capability of using a Cancel / Replace to increase the quantity of a filled order, thus reinstating it, but support for this is optional, and I don’t believe that it is applicable to cancelled orders anyway.