Imported from previous forum
[ original email was from Witold E. Sames - wsames@bloomberg.net ]
I do realize that this might sound trivial, but I’d like to comment on the OrdStatus (39) and Cancel Replace subjects. As some of you might know, not all systems have a common sense concept of cancel replace, for various reasons. In our case (Tradebook), we don’t actually cancel and replace an order when we receive a Cancel Replace request. Instead, we modify the already existing order with the new values submitted in such Cancel Replace request message.
For systems that do have a clear cancel replace concept built in, i.e., the ClOrdID changes with each modification of the (for me) same order, we basically map the client’s ID to our ID such that the last known ID for this order submitted by the client is the current ID mapped to my (never changing) ID inside. Other mechanisms are possible, but subject to a rather customized solution.
Would it clarify the discussion about Cancel Replace and order status if we called OrdStatus 5 "modified" instead of "replaced" ?
All comments are welcome.
Witold E. Sames
wsames@bloomberg.net