# Execution Instructions and Order Types **URL:** \ **Category:** General Q&A\ **Tags:** general-qa, xid\_166985, imported\ **Created:** [December 7, 2000, 5:41pm UTC](https://forum.fixtrading.org/t/execution-instructions-and-order-types/3652 "2000-12-07T17:41:00Z")\ **Posts on this page:** 5\ **Page:** 1
**Author:** ![michelandre\_x](https://avatars.discourse-cdn.com/v4/letter/m/edb3f5/32.png) [@michelandre\_x](https://forum.fixtrading.org/u/michelandre_x)\ **Post date:** [December 7, 2000, 5:41pm UTC](https://forum.fixtrading.org/t/execution-instructions-and-order-types/3652/1 "2000-12-07T17:41:00Z")
Imported from previous forum ---
**Author:** ![michelandre\_x](https://avatars.discourse-cdn.com/v4/letter/m/edb3f5/32.png) [@michelandre\_x](https://forum.fixtrading.org/u/michelandre_x)\ **Post date:** [December 7, 2000, 5:41pm UTC](https://forum.fixtrading.org/t/execution-instructions-and-order-types/3652/2 "2000-12-07T17:41:00Z")
Regards, Two questions: 1/ We have a problem with expressing an order that only should be executed when the orderbook is in a particular state. The ExecInst:s we need to express is ‘Auction Only’ ‘Opening Auction Only’ ‘Closing Auction Only’ these orders should only be executed and visible during the specified auctions. I wonder if its possible to express this within the current specification or of somebody has done a proprietary solution (these order restrictions is handled by Xetra). 2/ Order Type how to express an "Market to limit order" or "At opening price order" these order types exist on Euronext (Paris), and Xetra. On the Brussels Exchange website they have an FIX adaption document where they have extended the enumeration OrderType with the following types: K : Market to limit L : All or none M : At opening price and states the following "K, L, M : waiting for is FIX validation" for further information read [http://www.stockexchange.be/ftpdir/euronext/docgen/html/fielddefs-byname.html#NOrdType](http://www.stockexchange.be/ftpdir/euronext/docgen/html/fielddefs-byname.html#NOrdType) I wonder how far in the process they have come in adding these fields and if it is koscher FIX usage to extend an enumeration like this without permission. I also wonder if there is any other way to express at least an ‘Market to limit’ order. Or how other implementers have solved the problem. Best regards /Michel ---
**Author:** ![fplpo\_x](https://avatars.discourse-cdn.com/v4/letter/f/7ab992/32.png) [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)\ **Post date:** [December 7, 2000, 6:03pm UTC](https://forum.fixtrading.org/t/execution-instructions-and-order-types/3652/3 "2000-12-07T18:03:00Z")
[original email was from Ryan Pierce - [rpierce@taltrade.com](mailto:rpierce@taltrade.com) ] \> 1/ \> We have a problem with expressing an order that only should be executed when the orderbook is in a particular state. The ExecInst:s we need to express is ‘Auction Only’ ‘Opening Auction Only’ ‘Closing Auction Only’ these orders should only be executed and visible during the specified auctions. I wonder if its possible to express this within the current specification or of somebody has done a proprietary solution (these order restrictions is handled by Xetra). I can think of two ways to do this in FIX. You can use a TimeInForce of At the Opening(2), and you can use OrdStatus of Market on Close(5) and Limit on Close(B). Alternately, you can use FIX 4.2’s concept of TradingSessionID and create a specific ID for the opening auction and closing auction. Orders can then be tagged with that TradingSessionID to indicate that they should participate in these auctions. ---
**Author:** ![michelandre\_x](https://avatars.discourse-cdn.com/v4/letter/m/edb3f5/32.png) [@michelandre\_x](https://forum.fixtrading.org/u/michelandre_x)\ **Post date:** [December 8, 2000, 8:42am UTC](https://forum.fixtrading.org/t/execution-instructions-and-order-types/3652/4 "2000-12-08T08:42:00Z")
\> You can use a TimeInForce of At the Opening(2), and you can use OrdStatus of Market on Close(5) and Limit on Close(B). \> Ok but this would be intepreted as ‘Opening Auction Only’ and don’t include the other cases. Or should I interpret the above as ‘Closing Auction Only’ and if OrdType = ‘Limit’ or ‘Market’ interpret it as ‘Opening Auction Only’ and how to cover the ‘Auction Only’ case. /Michel ---
**Author:** ![fplpo\_x](https://avatars.discourse-cdn.com/v4/letter/f/7ab992/32.png) [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)\ **Post date:** [December 8, 2000, 5:36pm UTC](https://forum.fixtrading.org/t/execution-instructions-and-order-types/3652/5 "2000-12-08T17:36:00Z")
[original email was from Ryan Pierce - [rpierce@taltrade.com](mailto:rpierce@taltrade.com) ] \> \> You can use a TimeInForce of At the Opening(2), and you can use OrdStatus of Market on Close(5) and Limit on Close(B). \> \> \> \> Ok but this would be intepreted as ‘Opening Auction Only’ and don’t include the other cases. Or should I interpret the above as ‘Closing Auction Only’ and if OrdType = ‘Limit’ or ‘Market’ interpret it as ‘Opening Auction Only’ and how to cover the ‘Auction Only’ case. I would consider an order with TimeInForce of At the Opening(2) to be valid only for the opening auction. I would consider an order with OrdType (sorry that was a typo) of Market on Close(5) or Limit on Close(B) to be a market or limit order, respectively, only valid for the closing auction.