OrderId/ExecId in Execution Message

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Imported from previous forum

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[ original email was from Juergen Schwibs - Juergen.Schwibs@seb.se ]
I’m getting a new Order Single, which I’m verifying. If validation fails I’m sending back an Execution report with OrdStatus = 8 (Rejected). Question is what the values of OrderId and ExecId should be in this case. Is it correct to set them to 0 or NONE ??

Juergen Schwibs
SEB AG

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[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
According to the 4.3 spec OrderID can be “NONE” in an OrderCancelReject if the CxlRejReason is “Unknown Order” and ExecID can be 0 (zero) in ExecutionReport if xecType is “I” OrderStatus.
But neither of these values apply to ExecutionReport “Reject”. I’d recommend that if you cannot collect enough information from an order to create a retrievable event then send a BusinessMessageReject. But if you can at least parse a ClOrdId you have an implied obligation to record the event keyed to the sender’s ClOrdId, generate a reference within your namespace and use that referece in both OrderID and ExecID in your response.

> I’m getting a new Order Single, which I’m verifying. If validation fails I’m sending back an Execution report with OrdStatus = 8 (Rejected). Question is what the values of OrderId and ExecId should be in this case. Is it correct to set them to 0 or NONE ??
>
> Juergen Schwibs
> SEB AG
>

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[ original email was from Amy Muddimer - amy.muddimer@fixcity.co.uk ]
Juergen,

It is valid for the OrderID and ExecID to be zero in this scenario. (ClOrdID should always reflect the value sent in the New Order Single message).

However, we would normally prefer a value in the ExecID tag, so that either party could reference the exact message in case of a query.
(MsgSeqNum & ClOrdID are not necessarily enough to pinpoint the message - especially the following day).

Hope this helps.

Amy Muddimer

> I’m getting a new Order Single, which I’m verifying. If validation fails I’m sending back an Execution report with OrdStatus = 8 (Rejected). Question is what the values of OrderId and ExecId should be in this case. Is it correct to set them to 0 or NONE ??
>
> Juergen Schwibs
> SEB AG
>