ordstatus vs exectype

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1

Imported from previous forum

2

I understand that ordstatus indicates the current status of the order while exectype refers to the exact type of execution… however I don’t understand how/when they would be different.

Can anyone explain this or provide an example of when these two fields would have a different value within one execution report?

Thanks,
Dan

3

The type of the execution will be new for any executions you are sending but if you are cancelling or replacing an execution against a single order, then the exec status will reflect this (ie Replace or Cancel) whereas the order status will not (New, Part Fill etc)

I understand that ordstatus indicates the current status of the order
while exectype refers to the exact type of execution… however I don’t
understand how/when they would be different.

Can anyone explain this or provide an example of when these two fields
would have a different value within one execution report?

Thanks, Dan

4

For another reference point, take a look at Appendix D of the FIX 4.2 Spec. It defines the default scenarios for OrdStatus and ExecType.

Daniel Saad
Aqua Equities
499 Park Avenue
New York, NY 10022

The type of the execution will be new for any executions you are sending
but if you are cancelling or replacing an execution against a single
order, then the exec status will reflect this (ie Replace or Cancel)
whereas the order status will not (New, Part Fill etc)

I understand that ordstatus indicates the current status of the order
while exectype refers to the exact type of execution… however I
don’t understand how/when they would be different.

Can anyone explain this or provide an example of when these two fields
would have a different value within one execution report?

Thanks, Dan

5

Daniel,

The Exec Type field was incorporated in Fix version 4.1 to differentiate the ER from the status of the Order. It follows the logic of Order status prcedence which is explained in detail in Fix 4.2 heading Application Messages sub-heading Execution Reports. Its further explained with examples in Appendix D - Order state Change Matrices FIX4.2

As per Fix " In an execution report the OrdStatus is used to convey the current state of the order. If an order simultaneously exists in more than one order state, the value with highest precedence is the value that is reported in the OrdStatus field."

This can be elaborated with an example such as below:
=> New order sent (35=D)
=> Order Ack by Broker (35=8, 39=0, 150=0)
=> Cxl Req sent by Client (35=F)
=> Pending Cxl from Broker (35=8, 39=6, 150=6)
=> Partial fill from Broker (35=8, 39=6, 150=1)
=> Cancelled from Broker (35=8, 39=4, 150=4)

Please note tag 39 & 150 in the partial fill ER.
Likewise we can see different scenarios in Appendix D of FIX4.2

Regards,
Sunil

6

[ original email was from Rikard Hedberg - rikard.hedberg@omxgroup.com ]
Dan,

I would say the simple explanation is that the ExecType defines the event that occured and led to the Execution Report being issued (while the OrdStatus defines the current state of the order). The other respondents to this issue provided the links for more information.

Regards

Rikard

7

Thanks everyone who replied, it was very helpful!

Dan,

I would say the simple explanation is that the ExecType defines the
event that occured and led to the Execution Report being issued (while
the OrdStatus defines the current state of the order). The other
respondents to this issue provided the links for more information.

Regards

Rikard