Order Expired or Cancelled?

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Imported from previous forum

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Hi everyone,

I am evaluating the scenarios during which an order needs to be automatically taken off the book due to the firing of a corporate action. I am trying to figure out whether it should go as an expiration or a cancellation. I feel that it is more appropriate to expire the order because it is an automatic action and that cancelling of an order should only be used if it is a manual action. I also want to stamp the field ExecRestatementReason(378) = 0 (GT Corporate Action) to indicate that the order was taken out due to a Corporate Action. But according to the definition of ExecRestatementReason(378), the tag should only be stamped if the ExecType(150) = D (Restated) or when communicating an unsolicited cancel.

My questions are :

  1. If the order is to be taken out due to a corporate action, should it be expired (150=C) or should it be cancelled (150=4)?
  2. If I do use it as expired (150=C), is it correct to stamp the tag ExecRestatementReason(378) by interpreting the expiration also as an unsolicited cancel?

Thanks to all in advance.

Regards,
Nishadi

3

In this scenario I would use cancelled. This is an unsolicited cancel by the market (operations, can be manual or automated due to market event rules) and you can use the ExecRestatementReason=0. “Expired” connotes an element of time which there isn’t any in this case. The order is to be taken out of the market due to an event, corporate action event in this case.

Hi everyone,

I am evaluating the scenarios during which an order needs to be automatically taken off the book due to the firing of a corporate action. I am trying to figure out whether it should go as an expiration or a cancellation. I feel that it is more appropriate to expire the order because it is an automatic action and that cancelling of an order should only be used if it is a manual action. I also want to stamp the field ExecRestatementReason(378) = 0 (GT Corporate Action) to indicate that the order was taken out due to a Corporate Action. But according to the definition of ExecRestatementReason(378), the tag should only be stamped if the ExecType(150) = D (Restated) or when communicating an unsolicited cancel.

My questions are :

  1. If the order is to be taken out due to a corporate action, should it be expired (150=C) or should it be cancelled (150=4)?
  2. If I do use it as expired (150=C), is it correct to stamp the tag ExecRestatementReason(378) by interpreting the expiration also as an unsolicited cancel?

Thanks to all in advance.

Regards,
Nishadi