Imported from previous forum
Hi all,
If the initiator sends a NewOrderSingle message and sets optional fields/tags on the message, is it mandatory for the acceptor to acknowledge the optional tags?
For example, tag 1 is optional in the rule of engagement and the initiator set the tag 1 in the NewOrderSingle. Can the acceptor reply the ExecutionReport with OrdStatus and ExecType equals NEW but not set the tag 1?
I read the document “FIX 5.0 Service Pack 2 with 20110818 Errata Specification - Volume 4” and found a passage in section “Execution Reports” stated as below.
… Any fills which occur and need to be communicated to the customer while an order is “pending” and
waiting to achieve a new state (e.g. via a Order Cancel Replace (aka Order Modification) Request) must
contain the “original” (current order prior to state change request) order parameters (i.e. ClOrdID,
OrderQty, Price, etc) …
Want to know if it also applies on the order acknowledgment.
There are two answers to this. The normal case (YES) is that you echo back the order attributes received upon order submission or modification. This is also the best approach for a dropy copy feed to a backup location that wants to keep track of the order book and take over if the primary submitter fails. The spec is not very exact here because the open list of attributes contains key fields but only ClOrdID is essential to link the response back to the request. FIX only requires you to repeat optional attributes on a OrderCancelReplace even if they are not supposed to change. Omitting them in the request means to take them away or set them to the default value (e.g. TimeInForce(59).
The second answer (NO) is tied to EP188 HPWG Application Level Optimization (http://www.fixtradingcommunity.org/pg/extensions/extension-pack?ExtensionID=EP188) which is about minimal verbosity, i.e. to avoid echoing back fields that were part of the submission (other than ID fields to link request/response). It even reduces the number of messages for a given event, e.g. “add IOC order”.
The truth depends on your counterparty and his abilities to cope with less information. It must be a benefit for both sides to omit redundant information. What is your benefit?
Could someone tell me how to ask a question? I can’t find a link and don’t want to mess up someone else’s thread.
Hi Alex, we will e-mail you the details.