Order cancellation

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1

Imported from previous forum

2

I have a question about cancelling an order…

  1. If I submit a new order A
  2. Then a revision to order A, which now becomes B.
  3. Next we cancel the revised order B.
  4. But the revision B is rejected (for some reason).

What happens to the cancellation request, will it be rejected?
In the our system we would revert order B back to its original state A.
Do we need to re-submit the cancellation on A?

Thanks for any help,
Chris

3

[ original email was from Himanshu Sharma - hsharma@knighttrading.com ]
IMHO CancelRequest for B should be rejected as it has ClOrdID to be rejected for B which never became complete order.
Yes, you need to resubmit a new cancelRequest for A (with A’s ClOrdID etc.).
Such race conditions do happen and sending OrderStatus request helps to know the exact state of the order on the other side.

I have a question about cancelling an order…

  1. If I submit a new order A
  2. Then a revision to order A, which now becomes B.
  3. Next we cancel the revised order B.
  4. But the revision B is rejected (for some reason).

What happens to the cancellation request, will it be rejected? In the
our system we would revert order B back to its original state A. Do we
need to re-submit the cancellation on A?

Thanks for any help, Chris

4

Thanks so much…

IMHO CancelRequest for B should be rejected as it has ClOrdID to be
rejected for B which never became complete order. Yes, you need to
resubmit a new cancelRequest for A (with A’s ClOrdID etc.). Such race
conditions do happen and sending OrderStatus request helps to know the
exact state of the order on the other side.

I have a question about cancelling an order…

  1. If I submit a new order A
  2. Then a revision to order A, which now becomes B.
  3. Next we cancel the revised order B.
  4. But the revision B is rejected (for some reason).

What happens to the cancellation request, will it be rejected? In the
our system we would revert order B back to its original state A. Do we
need to re-submit the cancellation on A?

Thanks for any help, Chris

5

Ideally, receiver should be able to recognize that clOrdIDs are chained and process the request to cancel order B by canceling order A.(According to FIX Specifications, The order sender should chain client order ids on an ‘optimistic’ basis whereas The order receiver should chain client order ids on a ‘pessimistic’ basis).

I have a question about cancelling an order…

  1. If I submit a new order A
  2. Then a revision to order A, which now becomes B.
  3. Next we cancel the revised order B.
  4. But the revision B is rejected (for some reason).

What happens to the cancellation request, will it be rejected? In the
our system we would revert order B back to its original state A. Do we
need to re-submit the cancellation on A?

Thanks for any help, Chris