Imported from previous forum
Could please someone explain the meaning of the new 4.2 fields ‘DiscretionOffset’ and ‘DiscretionInst’? It would be greatly appreciated if some example could be given for when to use those fields.
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Could please someone explain the meaning of the new 4.2 fields ‘DiscretionOffset’ and ‘DiscretionInst’? It would be greatly appreciated if some example could be given for when to use those fields.
The presence of DiscretionInst indicates a discretionary order, neaning that the trader wishes to display one price but will accept trades at another price.
For instance:
Side = Sell
OrdType = Limit
Price = 50.0
DiscretionInst = Related to displayed price
DiscretionOffset = -0.25
This is a sell limit order which will display as an offer at 50, but will match with any bid >= 49.75
Or:
Side = Buy
OrdType=Pegged
ExecInst = Primary peg
PegDifference = -0.25
DiscretionInst = Related to market price
DiscretionOffset = 0.0
This is an order whose display price is pegged to the bid minus 1/4, and the discretion price is pegged to the offer. This order will match anything <= the offer price.
DiscretionInst needs to be conditionally required when DiscretionOffset is specified.