Imported from previous forum
Can we change Order type, Time in force, Execution Instruction, Price in Order Cancel Request.
Eg
Original order is Sell 1000 IBM @ Mkt, day
I want to modify to
Sell Short 1000 IBM @ limit (Price=59), GTC
Can i use order cancel replace to modify the order
> Can we change Order type, Time in force, Execution Instruction, Price in Order Cancel Request.
>
> Eg
> Original order is Sell 1000 IBM @ Mkt, day
> I want to modify to
> Sell Short 1000 IBM @ limit (Price=59), GTC
>
> Can i use order cancel replace to modify the order
>
A cancel request is used to cancel the balance of an order. To modify the order use the cancel/replace message. The spec allows for a limited number of fields to be modified by the cancel/replace message (including the ones you mention above :OrderType, TimeInForce, ExecInst, Price ). As ever, the fact that the spec ‘permits’ these fields to be changed, does not mean that every implementation will support such changes being requested.
Modifying the side of an order is more ‘problematic’. Many order management systems would not permit changing a buy to a sell for example, but the 4.2 spec does not prohibit changing a sell to a sell plus for example.
In the case of your example, changing a sell to a sell short is not explicitly mentioned in the spec: my guess would be that again this is likely to cause parties problems as the work flow for a sell short might be different (e.g. having to get a locate to cover the short).
Peter