Imported from previous forum
In the 4.1 Spec for OrdStatus in an Execution Report is says.
"The value with the highest precedence is the value that is reported in the OrdStatus field"
Now the precedence values are numbered 1 to 10, however in browsing the site I have seen various discussions that say the PENDING_CANCEL/REPLACE(Precedence=1) will take precedence over PARTIALLY FILLED (Precedence=8).
Can sombody clarify please.
I believe this should say lowest precendence value, or have I misunderstood?
John Agbai.
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> In the 4.1 Spec for OrdStatus in an Execution Report is says.
>
> "The value with the highest precedence is the value that is reported in the OrdStatus field"
>
> Now the precedence values are numbered 1 to 10, however in browsing the site I have seen various discussions that say the PENDING_CANCEL/REPLACE(Precedence=1) will take precedence over PARTIALLY FILLED (Precedence=8).
This is an error in the FIX 4.1 spec. The values listed first have the most precedence, with the most important having the LOWEST integer value (i.e. Pending Cancel/Replace = 1 takes precedence over Partially Filled = 8).
In FIX 4.2 the precedence values in the table have been listed in reverse order, so they are accurate with the text. (i.e. Pending Cancel = 12, and Partially Filled = 4.)