Cancellation of Part Filled Order

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1

Imported from previous forum

2

[ original email was from Catherine Ellis - Catherine.ellis@socgen.co.uk ]
If a an order is part filled and the cancellation request is accepted. Can fill corrections or fill cancellations to the fills be sent after "Execution Cancelled"

3

I am not sure I understood what you mean, but maybe it’s just a trouble about time. I mean, what you can do (or what it happens) is:

  1. send new order single
  2. order acknowledge

And after that
3. Cancel request
4. cancel acknowledge (this means that order is is in pending cancel status and takes precedence over anything else)
4. Executin pending cancel
5. order part filled
5. cancel accepted
6. Execution cancelled

This is not your test case, but quite similar one. Anyway, "execution cancelled" should be the last message sent. the only message sent after "execution cancelled" could be a cancel reject… reason: too late to cancel, because you sent Cancel request after order has been completed.

You can see order status change matrix in fix spec for further details… around page 193 (scenario D3, D4)… again, not your case but quite similar.

Hope this help
> If a an order is part filled and the cancellation request is accepted. Can fill corrections or fill cancellations to the fills be sent after "Execution Cancelled"
>

4

[ original email was from Catherine Ellis - Catherine.ellis@socgen.co.uk ]
> If a an order is part filled and the cancellation request is accepted. Can fill corrections or fill cancellations to the fills be sent after "Execution Cancelled"
> For clarification the flow I am looking at is

  1. Client sends order
  2. Broker accepts
  3. Broker part fills order
  4. Client cancels remaining
  5. Broker Accepts cancel
  6. Broker corrects fill sent in stage 3

Is item 6 generally allowed at this point?

5

Sure. it is allowed.

> > If a an order is part filled and the cancellation request is accepted. Can fill corrections or fill cancellations to the fills be sent after "Execution Cancelled"
> > For clarification the flow I am looking at is
>
> 1. Client sends order
> 2. Broker accepts
> 3. Broker part fills order
> 4. Client cancels remaining
> 5. Broker Accepts cancel
> 6. Broker corrects fill sent in stage 3
>
> Is item 6 generally allowed at this point?
>
>

6

> Sure. it is allowed, but it looks a bit strange. if execution occurs whilst cancel request is active, cancel request should be rejected.

anyway, i think that’s allowed.
>
> > > If a an order is part filled and the cancellation request is accepted. Can fill corrections or fill cancellations to the fills be sent after “Execution Cancelled”
> > > For clarification the flow I am looking at is
> >
> > 1. Client sends order
> > 2. Broker accepts
> > 3. Broker part fills order
> > 4. Client cancels remaining
> > 5. Broker Accepts cancel
> > 6. Broker corrects fill sent in stage 3
> >
> > Is item 6 generally allowed at this point?
> >
> >
>

7

[ original email was from Himanshu Sharma - hsharma@knighttrading.com ]
From FIX protocol point of view, I guess it is allowed.
But from business point of view it might be little problem. The reason is after step 5, the buy side might initiate back-office processing and might DKT step 6 from broker.
Hence, this whole flow is to be agreed upon by both buy and sell sides.
HTH

> > If a an order is part filled and the cancellation request is accepted. Can fill corrections or fill cancellations to the fills be sent after "Execution Cancelled"
> > For clarification the flow I am looking at is
>
> 1. Client sends order
> 2. Broker accepts
> 3. Broker part fills order
> 4. Client cancels remaining
> 5. Broker Accepts cancel
> 6. Broker corrects fill sent in stage 3
>
> Is item 6 generally allowed at this point?
>
>