Imported from previous forum
How is it best to handle good for day orders that need to be traded tomorrow. These orders are typically cross time zone orders. Are there different options according to different FIX versions?
I understand it is possible in 4.2 to add a date to the ClientOrderId in order to retain the unique order ID over multiple days - are there any problems with this and can it be implemented through earlier versions of FIX?
Thanks
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> How is it best to handle good for day orders that need to be traded tomorrow. These orders are typically cross time zone orders. Are there different options according to different FIX versions?
All recent FIX versions allow you to send the order as GTD, i.e. Good Till Date, with an ExpireTime field. You the set ExpireTime with the time in UTC that the order expires. This eliminates timezone ambiguity.
> I understand it is possible in 4.2 to add a date to the ClientOrderId in order to retain the unique order ID over multiple days - are there any problems with this and can it be implemented through earlier versions of FIX?
Any FIX version allows you to specify ClOrdID in whatever format you choose. FIX requires uniqueness of ClOrdID, but doesn’t really standardize on the scope of uniqueness, i.e. at what point in time a ClOrdID can be reused. Many firms have found it best to embed some representation of the date in ClOrdID, which guarantees uniqueness across days.
Note that the field should be treated as a black box. The sell-side should never attempt to parse the ClOrdID to extract the date.
Also, EffectiveTime (tag 168) represents the time (in UTC) tha the message should take effect.
> > How is it best to handle good for day orders that need to be traded tomorrow. These orders are typically cross time zone orders. Are there different options according to different FIX versions?
>
> All recent FIX versions allow you to send the order as GTD, i.e. Good Till Date, with an ExpireTime field. You the set ExpireTime with the time in UTC that the order expires. This eliminates timezone ambiguity.
>
> > I understand it is possible in 4.2 to add a date to the ClientOrderId in order to retain the unique order ID over multiple days - are there any problems with this and can it be implemented through earlier versions of FIX?
>
> Any FIX version allows you to specify ClOrdID in whatever format you choose. FIX requires uniqueness of ClOrdID, but doesn’t really standardize on the scope of uniqueness, i.e. at what point in time a ClOrdID can be reused. Many firms have found it best to embed some representation of the date in ClOrdID, which guarantees uniqueness across days.
>
> Note that the field should be treated as a black box. The sell-side should never attempt to parse the ClOrdID to extract the date.
>
>