Imported from previous forum
Hello,
I’ve got a question regarding the order state change matrice in FIX4.4 Vol.4 p.45.
If the actual state is ‘New’ how can the order state become ‘Rejected’?
Regards,
Harald
Hello,
I’ve got a question regarding the order state change matrice in FIX4.4 Vol.4 p.45.
If the actual state is ‘New’ how can the order state become ‘Rejected’?Regards,
Harald
Harald,
Order can be rejected for “New” request. If the target market is not in trading hour or already closed. The FIX server in exchange can reject your request.
Good luck,
Changpeng Yu
FT Computer Solutions, Inc.
http://ftcs.eptop.com
I believe the scenario was not about a “New” request where the order does not have any prior status, gets refused and starts with “Rejected”. The scenario was FIX4.4 Vol.4 p.45 where a new order has been accepted but not executed and then transitions from “New” to “Rejected”.
Personally, I am not convinced that this is a valid scenario but I can explain its origin. The row in the precedence list for “Rejected” on page 11 says “NOTE: An order can be rejected subsequent to order acknowledgment, i.e. an order can pass from New to Rejected status.” The following row defines “Pending New” as “An execution message with this status will only be sent in response to a Status Request message.”. The usage of “Pending New” applies when validation cannot take place immediately and could lead to a rejection.
I believe one should also be able to send “Pending New” as a response to a request to enter an order. A status request is not always supported and sending “New” normally implies an application level validation. However, if you go by the spec, it might only be a technical validation, i.e. a shift of responsibility to the recipient of the request, using an ExecutionReport to say “I got your request and will either accept it silently or reject it with another ExecutionReport”.
Regards,
Hanno.
Hello,
I’ve got a question regarding the order state change matrice in FIX4.4 Vol.4 p.45.
If the actual state is ‘New’ how can the order state become ‘Rejected’?Regards,
Harald
Harald,Order can be rejected for “New” request. If the target market is not in trading hour or already closed. The FIX server in exchange can reject your request.
Good luck,
Changpeng YuFT Computer Solutions, Inc.
http://ftcs.eptop.com
Hi Chu and Hanno,
thank you for your answers. From our point of view, the direct change from new to rejected is invalid, since we are reading status new as a validation that the order has gone live. If it has been immediatly rejected , the status mirror that and not confuse the other end.
Maybe it’s a remnant of a prior fix version, when less orderstates were available.
Regards,
Harald
I believe the scenario was not about a “New” request where the order does not have any prior status, gets refused and starts with “Rejected”. The scenario was FIX4.4 Vol.4 p.45 where a new order has been accepted but not executed and then transitions from “New” to “Rejected”.
Personally, I am not convinced that this is a valid scenario but I can explain its origin. The row in the precedence list for “Rejected” on page 11 says “NOTE: An order can be rejected subsequent to order acknowledgment, i.e. an order can pass from New to Rejected status.” The following row defines “Pending New” as “An execution message with this status will only be sent in response to a Status Request message.”. The usage of “Pending New” applies when validation cannot take place immediately and could lead to a rejection.
I believe one should also be able to send “Pending New” as a response to a request to enter an order. A status request is not always supported and sending “New” normally implies an application level validation. However, if you go by the spec, it might only be a technical validation, i.e. a shift of responsibility to the recipient of the request, using an ExecutionReport to say “I got your request and will either accept it silently or reject it with another ExecutionReport”.
Regards,
Hanno.Hello,
I’ve got a question regarding the order state change matrice in FIX4.4 Vol.4 p.45.
If the actual state is ‘New’ how can the order state become ‘Rejected’?Regards,
Harald
Harald,Order can be rejected for “New” request. If the target market is not in trading hour or already closed. The FIX server in exchange can reject your request.
Good luck,
Changpeng YuFT Computer Solutions, Inc.
http://ftcs.eptop.com