Imported from previous forum
I’m trying to determine if there is some standard or convention used by brokerage firms in forming their ClOrdID (Tag 11). For example, Branch/Sequence with date? Some free form string? Also, how, if at all, is OrderID (Tag 37) used?
> I’m trying to determine if there is some standard or convention used by brokerage firms in forming their ClOrdID (Tag 11). For example, Branch/Sequence with date? Some free form string?
The only example I’ve seen was a unique integer. It would be unwise to depend on the internal structure of any key.
> Also, how, if at all, is OrderID (Tag 37) used?
OrderID is a required field of Execution Report (message type 8) - the sell-side party assigns a unique OrderID to each separate order they receive.
[ original email was from Witold Sames - witold@javtech.com ]
> I’m trying to determine if there is some standard or convention used by brokerage firms in forming their ClOrdID (Tag 11). For example, Branch/Sequence with date? Some free form string? Also, how, if at all, is OrderID (Tag 37) used?
>
While there is no standard, it might be useful to make ClOrdID unique across days so to allow for easy identification of GTC orders, for example. Pre-pending a 8-digit date is a good idea, so your ID would look like YYYYMMDD-123456.