Order Cancel & Cancel/Replace initiated by Broker

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Imported from previous forum

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Hi,

I am involved in building a fixed income platform which is to be hooked into FIX for clients. The platform will allow brokers to Cancel orders placed by Clients and also Update orders placed by Clients. Is it ok for a broker (my platform) to initiate a “Order Cancel/Replace Request” and “Order Cancel Request” message? If not, what would be the alternative?

Would really really appreciate any advice on this.

Thanks,
Sukhy

3

If the broker/receiving platform wishes to Cancel the order, they may send an Execution Report stating the Order Status as Cancelled. I’ve come across this flow working with many execution platforms. If an order is “staged” from one system to another, typically the order can be cancelled from within the receiving system/broker. This will result in a ExecReport sent back with the order in the cancelled state.

The Order Cancel Req is from the originating system. If the order is cancelled from the receiving system, only an execution report is required to be sent to the originating system with an OrdStatus(39)=4.

-Gregg

Hi,

I am involved in building a fixed income platform which is to be hooked into FIX for clients. The platform will allow brokers to Cancel orders placed by Clients and also Update orders placed by Clients. Is it ok for a broker (my platform) to initiate a “Order Cancel/Replace Request” and “Order Cancel Request” message? If not, what would be the alternative?

Would really really appreciate any advice on this.

Thanks,
Sukhy

4

What is the acceptance message of Order cancel/replace message from broker receiving Order cancel/replace message?

Thanks
Abhay

If the broker/receiving platform wishes to Cancel the order, they may send an Execution Report stating the Order Status as Cancelled. I’ve come across this flow working with many execution platforms. If an order is “staged” from one system to another, typically the order can be cancelled from within the receiving system/broker. This will result in a ExecReport sent back with the order in the cancelled state.

The Order Cancel Req is from the originating system. If the order is cancelled from the receiving system, only an execution report is required to be sent to the originating system with an OrdStatus(39)=4.

-Gregg

Hi,

I am involved in building a fixed income platform which is to be hooked into FIX for clients. The platform will allow brokers to Cancel orders placed by Clients and also Update orders placed by Clients. Is it ok for a broker (my platform) to initiate a “Order Cancel/Replace Request” and “Order Cancel Request” message? If not, what would be the alternative?

Would really really appreciate any advice on this.

Thanks,
Sukhy