Order Status Request on Pending New Order

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Imported from previous forum

2

hi,

i got few question on order status request and report, could anyone help on this.

  1. what value of orderID and execID should be in response to a order status request on a pending new order which is not yet accepted by sellside trader.

  2. it better handled manually (by trader) or automatically (by system)?

  3. what kind of message should return if order not in the sellside system.

scenario

  1. (pending new order)

1.1 new order [ClOrdId=C1] (buyside) ->
1.2 order status request [ClOrdId=C1] (buyside) ->
1.3 <- order status report [ClOrdId=C1, execID=?, orderID=?] (sellside)

  1. (order not found)

2.1 order status request [ClOrdId=C2] (buyside) ->
2.2 <- business order request / execution report reject / ??

thanks in advance!

3

[ original email was from Andrew Scott - ascott@latentzero.com ]
> hi,

Hello, please see in-line replies.

i got few question on order status request and report, could anyone
help on this.

  1. what value of orderID and execID should be in response to a order
    status request on a pending new order which is not yet accepted by
    sellside trader.

a. 17 ExecID should always be unique on each Execution Report;

b. If the sell-side have already issued a Pending New Execution Report then an OrderID has been assigned and can be given. 37 OrderID is unique through the life of a FIX order.

  1. it better handled manually (by trader) or automatically (by system)?

I can’t imagine sales traders would actually have the time for entertaining status requests; hence, automatically by system is preferred.

  1. what kind of message should return if order not in the
    sellside system.

Execution Report Rejected with 20 EecTransType = 3, 39 OrdStatus = 8, and 150 ExecType = 8 [assumes FIX 4.2].

scenario

  1. (pending new order)

5.1 new order [ClOrdId=C1] (buyside) →
6.2 order status request [ClOrdId=C1] (buyside) →
7.3 ← order status report [ClOrdId=C1, execID=?, orderID=?] (sellside)

This is never likely to happen as the sell-side have not assigned an OrderID and the order is not active on their system.

  1. (order not found)

9.1 order status request [ClOrdId=C2] (buyside) →
10.2 ← business order request / execution report reject / ??

This is similar to part of FPL FIX 4.2 specification Appendix D scenario D24 - the appropriate response is Execution Report Rejected with 20 ExecType set to 3 [status] - see above.

thanks in advance!

Hope this is helpful!

4

thanks scott,

hi,

Hello, please see in-line replies.

i got few question on order status request and report, could anyone
help on this.

  1. what value of orderID and execID should be in response to a order
    status request on a pending new order which is not yet accepted by
    sellside trader.

a. 17 ExecID should always be unique on each Execution Report;

yes, i agree with that and should not be ExecID should not be 0 even order is in pending new status.

b. If the sell-side have already issued a Pending New Execution Report
then an OrderID has been assigned and can be given. 37 OrderID is
unique through the life of a FIX order.

OrderID is not assign in our OMS when order is in pending new, so is it valid to send back
order status report with ordStatus=PendingNew and OrderID=0 to buyside?

  1. it better handled manually (by trader) or automatically (by
    system)?

I can’t imagine sales traders would actually have the time for
entertaining status requests; hence, automatically by system is
preferred.

just in case of pending new order (without OrderID).

alert will be send to the trader again to notify him there is pending new order.
when he accept the order (Assigned OrderID), order ack and all pending order status request
will send back to the buyside.

  1. what kind of message should return if order not in the sellside
    system.

Execution Report Rejected with 20 EecTransType = 3, 39 OrdStatus = 8,
and 150 ExecType = 8 [assumes FIX 4.2].

thanks!

scenario

  1. (pending new order)

5.1 new order [ClOrdId=C1] (buyside) →
6.2 order status request [ClOrdId=C1] (buyside) →
7.3 ← order status report [ClOrdId=C1, execID=?, orderID=?]
(sellside)

This is never likely to happen as the sell-side have not assigned an
OrderID and the order is not active on their system.

this will happen, similiar to scenario D26 (1,2) in the fix4.2 spec.

  1. (order not found)

9.1 order status request [ClOrdId=C2] (buyside) →
10.2 ← business order request / execution report reject / ??

This is similar to part of FPL FIX 4.2 specification Appendix D scenario
D24 - the appropriate response is Execution Report Rejected with 20
ExecType set to 3 [status] - see above.

thanks!

thanks in advance!

Hope this is helpful!