Imported from previous forum
[ original email was from Alex Sato - alexs@sybase.com ]
Hi,
I would like an explanation
of what exactly Rule80A and
the OpenClose field are
in the Order message.
I read the FIX 4.1 spec,
but the explanations
weren’t quite adequate for me.
If you could give me a brief explanation
or point me to a resource
with the explanation,
that would be greatly appreciated!
Thanks!
Alex
[ original email was from Yevgeniy Tovshteyn - yevgeniy@javtech.com ]
This rule restrict prices from raising or falling to fast, protecting little bit stability of the market
See "Investments" by Sharpe, 6th edition p. 50
> Hi,
>
> I would like an explanation
> of what exactly Rule80A and
> the OpenClose field are
> in the Order message.
> I read the FIX 4.1 spec,
> but the explanations
> weren’t quite adequate for me.
>
> If you could give me a brief explanation
> or point me to a resource
> with the explanation,
> that would be greatly appreciated!
>
> Thanks!
>
> Alex
>
>
> Hi,
>
> I would like an explanation
> of what exactly Rule80A and
> the OpenClose field are
> in the Order message.
> I read the FIX 4.1 spec,
> but the explanations
> weren’t quite adequate for me.
>
> If you could give me a brief explanation
> or point me to a resource
> with the explanation,
> that would be greatly appreciated!
>
> Thanks!
>
> Alex
>
>
The Rule 80A field defines if the order was entered as Agency or Principal, among other things.
I believe this means that if an order was entered as Principal, it can’t be changed to Agency while waiting for execution (perhaps the other way around). This has to do with the queuing of orders, with Agency taking precedence over principal in heavy volume.
> I believe this means that if an order was entered as Principal, it can’t be changed to Agency while waiting for execution (perhaps the other way around). This has to do with the queuing of orders, with Agency taking precedence over principal in heavy volume.
>
Sorry, I made a slight error here. You can’t change from Agency to Principal after execution. This is to keep you from entering an order as agency to have it pop to the head of the queue when it is really a principal order.
We added some clarification re: Rule80A to the FIX 4.1 19990630 Errata. Please refer to it. You can find it under "Specifications".
> Hi,
>
> I would like an explanation
> of what exactly Rule80A and
> the OpenClose field are
> in the Order message.
> I read the FIX 4.1 spec,
> but the explanations
> weren’t quite adequate for me.
>
> If you could give me a brief explanation
> or point me to a resource
> with the explanation,
> that would be greatly appreciated!
>
> Thanks!
>
> Alex
>
>