Imported from previous forum
For Time In Force = IOC, is MinQty required?
No, what are your thoughts why it should/could be? IOC just says that you need to get an immediate execution or none at all, i.e. usage of MinQty would add further restrictions on the possible execution but this is optional.
For Time In Force = IOC, is MinQty required?
Hi all,
I would agree with Hanno, for simple order submission. IOC does not have any direct relationship with Min QTY. Min QTy indeed makes sense if you have “lot sizes” in your system, and you represent transactions as multiples of lot sizes. In such a case Min QTY would be the Lot size of the instrument of the order. But then thats general and not specific to IOC.
Rgds,
Thaya.
No, what are your thoughts why it should/could be? IOC just says that
you need to get an immediate execution or none at all, i.e. usage of
MinQty would add further restrictions on the possible execution but this
is optional.For Time In Force = IOC, is MinQty required?
No, what are your thoughts why it should/could be? IOC just says that
you need to get an immediate execution or none at all, i.e. usage of
MinQty would add further restrictions on the possible execution but this
is optional.For Time In Force = IOC, is MinQty required?
Well if it is specified, then it is the minimum required quantity to be filled. E.g. Buy 10 with MinQty=3 would fill 3 or more, or kill the order.
I’m just wondering if MinQty is conditionally required for TIF=IOC. If not, are there any other scenarios where MinQty is conditionally required.
I think your view is more technical than functional. I asked for a business reason why MinQty should be conditionally required for TIF=IOC. I now assume there is none. It is an optional, additional restriction on an IOC order.
So the answer to your question is No. MinQty is independent of TIF values. If present in the New Order Single message it has to be taken into account. If not present, the IOC order can be executed at any amount. From a technical point of view you can use an amount of zero as default value in your application. Every execution will then fulfill the check if it is at or above the minimum quantity. The default value needs to be replaced with the value of MinQty in the message if present.
Conditional requirements in FIX are more related to functionality that requires certain pieces of information to be present. For example, a stop order does not make sense without a stop price. Therefore the latter (StopPx) is conditionally required when OrdType expressed a stop order. The concept of minimum quantity can be expressed by a single field and whether it is present or not in the message.
No, what are your thoughts why it should/could be? IOC just says that
you need to get an immediate execution or none at all, i.e. usage of
MinQty would add further restrictions on the possible execution but
this is optional.For Time In Force = IOC, is MinQty required?
Well if it is specified, then it is the minimum required quantity to
be filled. E.g. Buy 10 with MinQty=3 would fill 3 or more, or kill
the order.I’m just wondering if MinQty is conditionally required for
TIF=IOC. If not, are there any other scenarios where MinQty is
conditionally required.
No, what are your thoughts why it should/could be? IOC just says that
you need to get an immediate execution or none at all, i.e. usage of
MinQty would add further restrictions on the possible execution but this
is optional.For Time In Force = IOC, is MinQty required?
In addition, I’m contemplating whether to make the field non-null in our DB. And if it is non-null, what would make sense for a default value, 0 or 1?