Imported from previous forum
Dear Fix Trading Community,
I’m looking for an Order flow state diagram, similar to what you could find in FIX version 5, Service Pack1 speficiation Volume 7, on page 187, but the one that includes high touch flow. In particular, I see that the diagram in Volume 7 is missing “Replace” action when the participant, for instance, wants to update the quantity of the trade, or some other field. Please refer me to the diagram that depicts this information. Thank you!
Hi Olga,
I am not aware of any other diagram depicting order state transitions. The diagram is intended to be specific for exchanges, i.e. low touch with the objective of reducing the number of messages needed for a single business transaction. But it should also cover standard high touch flows as you would simply go explicitly through the order state “New” and send additional messages. Replacements are less exciting for this purpose as they do not change the order state per se. They could have been added as part of the description of the circular arrows of order states “New” and “Partially Filled”.
Is there a specific reason you are asking, i.e. a use case where you are not sure what the recommended practice is? Note that the diagram is only about orders, not trades (you give an example of “update the quantity of a trade”). I also suggest to always use the latest specification which is FIX 5.0 SP2 Errata. The diagram is the same, only the page number is different (page 192). The complete order state changes (in table form) with many examples are provided in Volume 4.
Regards,
Hanno.