Imported from previous forum
[ original email was from Matthew Duffey - matthew.duffey@thomson.com ]
Does OrdStatus represent the state that the order will be in after the receiving side processes a bust message (150=H) or does OrdStatus represent the state of the order before it is busted ?
So for 1 full execution that is busted, would 39=4 and 150=H? And if there were partial fills, 39=1 and 150=H signifying that order will be partially filled since one of the partials was busted?
What is the benefit of going back to the order instead of sticking with the trade? What I mean is that value H belongs to the subset of ExecType values that are to be used for the Trade Capture Report (TCR). A bust would thus result in a TCR to convey this. The TCR contains the identifier of the (partial) fill in the field ExecRefID of TrdCapRepSideGrp.
The order is simply the vehicle to enable trades. Whether the trade is busted further down the process chain, possibly by an external organization, should not have to get passed back to the trading venue.
The following typically applies to exchange/ECN environments. Filled orders are gone and no longer accessible/visible for the user.
The exchange also does not touch them (especially after they have reached a terminal state such as filled or canceled) and is only concerned about the trade and possibly index calculation based on the busted trade. Bottom line is that, conceptually, there is no busted orders just busted trades.
Regards,
Hanno.
Does OrdStatus represent the state that the order will be in after the
receiving side processes a bust message (150=H) or does OrdStatus
represent the state of the order before it is busted ?So for 1 full execution that is busted, would 39=4 and 150=H? And if
there were partial fills, 39=1 and 150=H signifying that order will be
partially filled since one of the partials was busted?