Imported from previous forum
[ original email was from H. Scott Buckwalter - Ease Technologies, Inc. ]
The wording for the description of the Order Cancel/Replace Request is a little confusing. Here’s what it says:
"Only a limited number of fields can be changed via the cancel/replace request message. All other fields should be retransmitted as sent in the original order. These fields are:" (followed by a list of fields).
Syntactically, this statement says that the list of fields that follows is those fields that must match the original order. But the list is those fields that CAN be changed (the exact opposite). Or have I got this wrong? Can it be re-worded to be clearer?
Also, the field “HandlInst” is listed as one of the fields that can change but when you look in the table listing all the fields for the message, it says in the comments for the HandlInst field “Must match original order”. So can it change or must it match the original order?
And also, the field “Size” is not listed as a changeable field but the comment in the table says “Must match original side, however, Buy and Buy Minus can be interchanged as well as Sell and Sell Plus”. Seems like it can change to me. It should be listed with the fields that can change above along with a note specifying the restrictions.
And finally, I’ve noticed that most of the fields from the New Order Single message are repeated in the Cancel/Replace with the exception of a few. I can understand PrevClosePx, IOIid, and QuoteID not existing in the Cancel/Replace Request message, but I need a better explanation of why LocateReqd and ProcessCode are missing. Since LocateReqd is required for short sell orders (in New Order Single), am I to interpret its absence in Cancel/Replace Request to indicate that Cancel/Replace Requests should not (and therefore cannot) happen for short sell orders? A similar question can be asked for ProcessCode and soft trades although it’s not required in the New Order Single message.