Imported from previous forum
Hi,
In OUO contingency orders I would like to be able to increase one order by the amount by which another order is reduced (partially or fully traded). So if I’m buying AAPL at price x and selling it at price x+n I would like to increase the amount I’m offering by the amount by which my bid gets hit. If I start offering 100 and bidding for 100 and my bid is hit for 20 I want the OUO behavior to increase my offer size to 120. I can’t figure out how to specify that in the NewOrderList message.
Thanks,
Tag 1385 ContingencyType is the basis and it seems like value 3 = “One Updates the Other (OUO) - Absolute Quantity Reduction” is the one you want except for the fact that you need to define an increase and not a reduction. The original intention of values 3 and 4 had been the use case of class A and B shares where you do not care where you are filled as long as you are not overfilled. Tag 1385 allows user-defined values of 100 and above, hence you could use 100=“OUO - Absolute Quantity Increase”. It might be worth adding new standard values by means of a formal Gap Analysis where you would describe the business background for this type of contingency behaviour (the more you buy the more you want to sell). You did not specify what happens if you start selling, i.e. should the buy order’s quantity increase again or stay unchanged? That might be a flavor merely defined in your Rules of Engagement.
Regards,
Hanno.
Hi,
In OUO contingency orders I would like to be able to increase one order by the amount by which another order is reduced (partially or fully traded). So if I’m buying AAPL at price x and selling it at price x+n I would like to increase the amount I’m offering by the amount by which my bid gets hit. If I start offering 100 and bidding for 100 and my bid is hit for 20 I want the OUO behavior to increase my offer size to 120. I can’t figure out how to specify that in the NewOrderList message.
Thanks,