Imported from previous forum
Hi,
When a FIX engine rejects a order message (new order/modify/cancel) request, can the sender of this order message send the same order with error rectified using the same client order id as used in the first order message.
Ex. A.FIX Client sends a new order message with Client Order ID (11) as 1.
B.FIX server rejects the message. say Invalid price.
C.Now FIX client sends the new order message with a proper price and with the same Client order ID 1.
Should the FIX server accept this order or reject it saying “Duplicate Order ID” ?
Though the original order with ClOrdID ^11=1^ was rejected, this ClOrdID value was “used up”, so I would expect the FIX Server to reject it. The “corrected” order would need a new ClOrdId for uniqueness.
Hi, When a FIX engine rejects a order message (new order/modify/cancel)
request, can the sender of this order message send the same order with
error rectified using the same client order id as used in the first
order message.Ex. A.FIX Client sends a new order message with Client Order ID
(11) as 1.
B.FIX server rejects the message. say Invalid price.
C.Now FIX client sends the new order message with a proper price and
with the same Client order ID 1.Should the FIX server accept this order or reject it saying “Duplicate
Order ID” ?
Hi Sundar,
I think under normal circumstances a typical FIX engine will not reject an order message with earlier used ClintorderID. This may be possible by applying some extra validation in your FIX engine.
Ideally this is something which should be implemented in your OMS, to reject Order messages which are sent with already used ClientOrderID on the same day/across days. It should also be noted here that at first place your counterparty should have this implemented in his OMS, not to submit new orders with ClientOrderID which has already been rejected.
Under normal practise Trading partners keeps ClientOrderIDs to be unique on a single day, some houses keep it unique across days. If this practise is not followed strictly, it becomes very difficult to monitor the status of orders on a trading floor.
Hi, When a FIX engine rejects a order message (new order/modify/cancel)
request, can the sender of this order message send the same order with
error rectified using the same client order id as used in the first
order message.Ex. A.FIX Client sends a new order message with Client Order ID
(11) as 1.
B.FIX server rejects the message. say Invalid price.
C.Now FIX client sends the new order message with a proper price and
with the same Client order ID 1.Should the FIX server accept this order or reject it saying “Duplicate
Order ID” ?
Thanks Sumit and Mahesh for your response…
Hi Sundar,
I think under normal circumstances a typical FIX engine will not reject
an order message with earlier used ClintorderID. This may be possible by
applying some extra validation in your FIX engine.Ideally this is something which should be implemented in your OMS, to
reject Order messages which are sent with already used ClientOrderID on
the same day/across days. It should also be noted here that at first
place your counterparty should have this implemented in his OMS, not to
submit new orders with ClientOrderID which has already been rejected.Under normal practise Trading partners keeps ClientOrderIDs to be unique
on a single day, some houses keep it unique across days. If this
practise is not followed strictly, it becomes very difficult to monitor
the status of orders on a trading floor.Hi, When a FIX engine rejects a order message (new
order/modify/cancel) request, can the sender of this order message
send the same order with error rectified using the same client order
id as used in the first order message.Ex. A.FIX Client sends a new order message with Client Order ID
(11) as 1.
B.FIX server rejects the message. say Invalid price.
C.Now FIX client sends the new order message with a proper price
and with the same Client order ID 1.Should the FIX server accept this order or reject it saying “Duplicate
Order ID” ?
Hi, When a FIX engine rejects a order message (new order/modify/cancel)
request, can the sender of this order message send the same order with
error rectified using the same client order id as used in the first
order message.Ex. A.FIX Client sends a new order message with Client Order ID
(11) as 1.
B.FIX server rejects the message. say Invalid price.
C.Now FIX client sends the new order message with a proper price and
with the same Client order ID 1.Should the FIX server accept this order or reject it saying “Duplicate
Order ID” ?
Hi,
This order will be rejected giving the rejection reason as Client order id already exists.