Order Status Request for unknown order

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1

Imported from previous forum

2

I would be grateful if someone could answer the following FIX 4.1 question:

What would be the appropriate response to an Order Status Request message for an unknown (on
the broker’s system) order?

Should the broker’s system:

  1. Ignore the request,
  2. Send back an Execution Report with OrdStatus=Rejected,
    or take some other action?

Many thanks,
Lance Gardiner
BFT - Beauchamp Financial Technology Ltd.
email: lgardiner@bftl.com

3

[ original email was from , - ]
Ignorance is completely legitamate answer to order status request. If status request was not answered for a while, this itself should alert buyside

> I would be grateful if someone could answer the following FIX 4.1 question:
>
> What would be the appropriate response to an Order Status Request message for an unknown (on
> the broker’s system) order?
>
> Should the broker’s system:
> 1. Ignore the request,
> 2. Send back an Execution Report with OrdStatus=Rejected,
> or take some other action?
>
> Many thanks,
> Lance Gardiner
> BFT - Beauchamp Financial Technology Ltd.
> email: lgardiner@bftl.com
>
>
>

4

Also note that the current FIX 4.2 draft defines a "Business Message Reject" which could be used for this scenario.

> Ignorance is completely legitamate answer to order status request. If status request was not answered for a while, this itself should alert buyside
>
>
> > I would be grateful if someone could answer the following FIX 4.1 question:
> >
> > What would be the appropriate response to an Order Status Request message for an unknown (on
> > the broker’s system) order?
> >
> > Should the broker’s system:
> > 1. Ignore the request,
> > 2. Send back an Execution Report with OrdStatus=Rejected,
> > or take some other action?
> >
> > Many thanks,
> > Lance Gardiner
> > BFT - Beauchamp Financial Technology Ltd.
> > email: lgardiner@bftl.com
> >
> >
> >
>

5

It seems to me that you would send an Execution Report with the following field values:
11=< status request value> (ClOrdID)
150=8 (ExecType=Rejected)
39=8 (OrdStatus=Rejected)
103=5 (OrdRejReason=Unknown Order)

> I would be grateful if someone could answer the following FIX 4.1 question:
>
> What would be the appropriate response to an Order Status Request message for an unknown (on
> the broker’s system) order?
>
> Should the broker’s system:
> 1. Ignore the request,
> 2. Send back an Execution Report with OrdStatus=Rejected,
> or take some other action?
>
> Many thanks,
> Lance Gardiner
> BFT - Beauchamp Financial Technology Ltd.
> email: lgardiner@bftl.com
>
>
>