If done orders

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Imported from previous forum

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[ original email was from dave gibbs - gibbsd@igindex.co.uk ]
Hi chaps,

I’m trying to understand how to accommodate and specify “if done” order types.
For example, how to specify orders to be placed contingent on the placement of another stop or limit order.
The FIX 5 triggering instructions don’t appear to be intended for this purpose.
What’s the conventional way to accomplish these “if done” or “one cancels the other” orders.

thanks
David Gibbs

3

Have a look at NewOrderList and tag ContingencyType (1385) which should cover your requirement.

An ExtensionPack to FIX 5.0 SP2 (GTC approved) actually offers a similar option by means of the TriggeringInstruction. This block was enhanced with a field 1628=TriggerScope that allows you to reference another order (using field 1080=RefOrderID) or all orders fulfilling a filter criteria (e.g. all orders for the same security). TriggerType has received an additional enum 5=“On order entry or modification entry” so that the trigger immediately hits when you enter or modify the order. For example, it can be used to ensure that you always only have a single order in the market for a given security.

Regards,
Hanno.

Hi chaps,

I’m trying to understand how to accommodate and specify “if done” order
types. For example, how to specify orders to be placed contingent on the
placement of another stop or limit order. The FIX 5 triggering
instructions don’t appear to be intended for this purpose. What’s the
conventional way to accomplish these “if done” or “one cancels the
other” orders.

thanks David Gibbs

4

[ original email was from dave gibbs - gibbsd@igindex.co.uk ]
thanks very much
David Gibbs