How we handle order in this case ?

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Imported from previous forum

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Hi

  1. I am wondering that how FIX system manage the orders. As I saw that field ‘[109]ClientId’ and ‘[1]Account’ are optional fields, so how can we associate the order ID with the account in Sell-Side (Server).
    After walk-through the FIX4.2 spec, I saw fields ‘[49]SenderCompID’ and ‘[116]OnBehalfOfSubID’ in the standard header. So I got an idea that can I use one of these fields as identifier of firm and then use ‘[11]ClOrdId’ to identify order from this firm. According to this idea, I will have one account at the Sell-side (Server) that associate with sender firm and the task of mapping client-account (retail) with each ClOrdId is handled by OMS of the sending firm.
    Does this idea seem practical in FIX world ? What is the normal practice of handling order while we using FIX ?

  2. Do you know prefered length of ‘[11]ClOrdId’ ?

Regards,
Pum

3

Hi

  1. I am wondering that how FIX system manage the orders. As I saw that
    field ‘[109]ClientId’ and ‘[1]Account’ are optional fields, so how
    can we associate the order ID with the account in Sell-Side (Server).

IMHO, these field seem to fit your needs. Use them.

After walk-through the FIX4.2 spec, I saw fields ‘[49]SenderCompID’
and ‘[116]OnBehalfOfSubID’ in the standard header. So I got an idea
that can I use one of these fields as identifier of firm and then use
‘[11]ClOrdId’ to identify order from this firm. According to this
idea, I will have one account at the Sell-side (Server) that
associate with sender firm and the task of mapping client-account
(retail) with each ClOrdId is handled by OMS of the sending firm.
Does this idea seem practical in FIX world ? What is the normal
practice of handling order while we using FIX ?

The header fields SenderCompID is used the identify the FIX session at the technical level, the fields OnBehalfOf… are used for router. They are not suited for business details.

With FIX 4.3, the concept of “Parties” has been introduced (See ‘Appendix 6-G - Use of Component Block’). This component provides a rather generic way to specify information about different parties (clients, brokers, clearer etc.) taking part in the business transaction. Before FIX 4.3, you have to store this stuff into different fields spread of the messages. Sometimes you had to find workaround.
But in your case, ClientID and Account seem to be fine.

  1. Do you know prefered length of ‘[11]ClOrdId’ ?

I would guess about 16 characters (it should be unique, at least per day), but this depends on the different technical systems.

Cheers, Jörg

4

Hi

  1. I am wondering that how FIX system manage the orders. As I saw that
    field ‘[109]ClientId’ and ‘[1]Account’ are optional fields, so how
    can we associate the order ID with the account in Sell-Side (Server).
    After walk-through the FIX4.2 spec, I saw fields ‘[49]SenderCompID’
    and ‘[116]OnBehalfOfSubID’ in the standard header. So I got an idea
    that can I use one of these fields as identifier of firm and then use
    ‘[11]ClOrdId’ to identify order from this firm. According to this
    idea, I will have one account at the Sell-side (Server) that
    associate with sender firm and the task of mapping client-account
    (retail) with each ClOrdId is handled by OMS of the sending firm.
    Does this idea seem practical in FIX world ? What is the normal
    practice of handling order while we using FIX ?

Fix systems each have to manage orders in whatever way they can see fit. It seems like from what you describe here is that you need to be able to separate orders by client. Using any of the fields that you list above to uniquely identify an account is possible. SenderCompID might be the best choice since it is required, as long as you can ensure that it each client uses a unique senderCompId, you’re all set.

  1. Do you know prefered length of ‘[11]ClOrdId’ ?

Generally speaking the assignment of the CliordId is up to the sender of the message. It’s considered good practice for the CliOrdid to be of the format ‘timestamp + uniqueid’ ie:
20061207-0900_ABC12345 (This would signify a message sent today at 09:00) by firm ABC and there internal system has an id of 12345 for this message.

Obviously the length will vary but assuming you must have the timestamp you’ve got at least 12 chars and another 8 or so for the identifier. Remember to be careful FIX only recommends that Clordid’s to be unique there might be some cases where you will get the same cliordid from a client.

Best,

Adam Kravetz
Transacttools NYC
http://transacttools.net