Canceling GTC order

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Imported from previous forum

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[ original email was from Eric Gottesman - eric@agentidea.com ]
Since ClOrdID is not unique across multiple trading days, only within the trading day,
how do we cancel a GTC order placed yesterday?

Isn’t there the possibility of canceling the wrong order if the same ClOrdID is used over different days?

For example, on 8/22/2001, a GTC order is placed:
ClOrdID=ABC123

On 8/23/2001, a GTC order is placed with same ClOrdID:
ClOrdID=ABC123

Now on 8/23/2001, how should the Cancel msg look to cancel the order from 8/22?
ClOrdID=XYZ456 OrigClOrdID=ABC123.

Isn’t this ambiguous? Are we supposed to match on
Symbol and OrderQty? If so, what if both orders are the same?

Thanks in advance.

Eric Gottesman
AgentIdea, LLC

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[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Since ClOrdID is not unique across multiple trading days, only within the trading day,
> how do we cancel a GTC order placed yesterday?
>
> Isn’t there the possibility of canceling the wrong order if the same ClOrdID is used over different days?
>
> For example, on 8/22/2001, a GTC order is placed:
> ClOrdID=ABC123
>
> On 8/23/2001, a GTC order is placed with same ClOrdID:
> ClOrdID=ABC123

ClOrdID must be unique across the life of an order. For firms only placing day orders, this means that they can recycle ClOrdIDs the following day. But for GTC orders, as your example shows, the act of submitting the second order on 8/23/2001 is invalid, and that second order should (assuming FIX 4.1 or later) be rejected for the reason of duplicate ClOrdID. (FIX 4.0 doesn’t define what you do if you get a duplicate ClOrdID.)