Price Tag 44 on Market order?

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1

Imported from previous forum

2

Should a Market order contain anything in the Price (Tag 44) field? My understanding is that Price would be used for a Limit order, but should not be used for a Market order.

We’re using VeriFIX to test our API, and when running a simple New Order (Market) - Receive Fill scenario we get a strange failure. The “Receive Message [Validate-ER Pend Ack]” step fails because Tag 44 is missing.

When I update our code to send 0 as the value for Tag 44 in the Pending New for a Market order, it passes. However it complains about the order itself containing the Price field.

So I’m trying to determine whether my understanding of FIX 4.2 is off, or if this could be a bug/config issue with VeriFIX.

3

I think config issue. In the version’s of Verifix I have used (its been a while), the validation checks are user defined, so your validation criteria is probably wrong.

Should a Market order contain anything in the Price (Tag 44) field? My
understanding is that Price would be used for a Limit order, but should
not be used for a Market order.

We’re using VeriFIX to test our API, and when running a simple New Order
(Market) - Receive Fill scenario we get a strange failure. The “Receive
Message [Validate-ER Pend Ack]” step fails because Tag 44 is missing.

When I update our code to send 0 as the value for Tag 44 in the Pending
New for a Market order, it passes. However it complains about the order
itself containing the Price field.

So I’m trying to determine whether my understanding of FIX 4.2 is off,
or if this could be a bug/config issue with VeriFIX.

4

Adam,
I don’t know about Verifix but a IMHO a market or should not contain tag 44.
Jim

Should a Market order contain anything in the Price (Tag 44) field? My
understanding is that Price would be used for a Limit order, but should
not be used for a Market order.

We’re using VeriFIX to test our API, and when running a simple New Order
(Market) - Receive Fill scenario we get a strange failure. The “Receive
Message [Validate-ER Pend Ack]” step fails because Tag 44 is missing.

When I update our code to send 0 as the value for Tag 44 in the Pending
New for a Market order, it passes. However it complains about the order
itself containing the Price field.

So I’m trying to determine whether my understanding of FIX 4.2 is off,
or if this could be a bug/config issue with VeriFIX.

5

Adam:

A market order should generally not even contain tag 44, though I have seen implementations where 44=0 is allowed. As far as VeriFIX is concerned, the behavior you are seeing is because the Validation Profile you are using was originally created for limit orders (hence the check for tag 44) and you are attempting to use it in a market order scenario. To resolve this, simply go into your scenario’s receive command and under ‘Validation Profiles’, disable the check for tag 44. This will alter the ‘ER Pend Ack’ validation for that scenario only to disregard price validation. You may also want to consider altering the ‘ER-Ack’ and ‘ER-Fill’ validations accordingly as need for this scenario as well. Please don’t hesitate to contact support@greenlinetech.com directly if you have any further issues or concerns.

Happy Holidays,

KD

Should a Market order contain anything in the Price (Tag 44) field? My
understanding is that Price would be used for a Limit order, but should
not be used for a Market order.

We’re using VeriFIX to test our API, and when running a simple New Order
(Market) - Receive Fill scenario we get a strange failure. The “Receive
Message [Validate-ER Pend Ack]” step fails because Tag 44 is missing.

When I update our code to send 0 as the value for Tag 44 in the Pending
New for a Market order, it passes. However it complains about the order
itself containing the Price field.

So I’m trying to determine whether my understanding of FIX 4.2 is off,
or if this could be a bug/config issue with VeriFIX.

6

K D,

What is VeriFix , is it a Fix Engine , Can we download its Trial Version ? please point me to documentation of VeriFix

Thanks
Nand

Adam:

A market order should generally not even contain tag 44, though I have
seen implementations where 44=0 is allowed. As far as VeriFIX is
concerned, the behavior you are seeing is because the Validation Profile
you are using was originally created for limit orders (hence the check
for tag 44) and you are attempting to use it in a market order scenario.
To resolve this, simply go into your scenario’s receive command and
under ‘Validation Profiles’, disable the check for tag 44. This will
alter the ‘ER Pend Ack’ validation for that scenario only to disregard
price validation. You may also want to consider altering the ‘ER-Ack’
and ‘ER-Fill’ validations accordingly as need for this scenario as well.
Please don’t hesitate to contact support@greenlinetech.com directly if
you have any further issues or concerns.

Happy Holidays,

KD

Should a Market order contain anything in the Price (Tag 44) field? My
understanding is that Price would be used for a Limit order, but
should not be used for a Market order.

We’re using VeriFIX to test our API, and when running a simple New
Order (Market) - Receive Fill scenario we get a strange failure. The
“Receive Message [Validate-ER Pend Ack]” step fails because Tag 44 is
missing.

When I update our code to send 0 as the value for Tag 44 in the
Pending New for a Market order, it passes. However it complains about
the order itself containing the Price field.

So I’m trying to determine whether my understanding of FIX 4.2 is off,
or if this could be a bug/config issue with VeriFIX.

7

Nand:

VeriFIX is a comprehensive FIX regression and performance testing system. I am emailing you some documentation directly for your review.

Thanks,

KD

K D,

What is VeriFix , is it a Fix Engine , Can we download its Trial
Version ? please point me to documentation of VeriFix

Thanks Nand

Adam:

A market order should generally not even contain tag 44, though I have
seen implementations where 44=0 is allowed. As far as VeriFIX is
concerned, the behavior you are seeing is because the Validation
Profile you are using was originally created for limit orders (hence
the check for tag 44) and you are attempting to use it in a market
order scenario. To resolve this, simply go into your scenario’s
receive command and under ‘Validation Profiles’, disable the check for
tag 44. This will alter the ‘ER Pend Ack’ validation for that scenario
only to disregard price validation. You may also want to consider
altering the ‘ER-Ack’ and ‘ER-Fill’ validations accordingly as need
for this scenario as well. Please don’t hesitate to contact
support@greenlinetech.com directly if you have any further issues or
concerns.

Happy Holidays,

KD

Should a Market order contain anything in the Price (Tag 44) field?
My understanding is that Price would be used for a Limit order, but
should not be used for a Market order.

We’re using VeriFIX to test our API, and when running a simple New
Order (Market) - Receive Fill scenario we get a strange failure. The
“Receive Message [Validate-ER Pend Ack]” step fails because Tag 44
is missing.

When I update our code to send 0 as the value for Tag 44 in the
Pending New for a Market order, it passes. However it complains
about the order itself containing the Price field.

So I’m trying to determine whether my understanding of FIX 4.2 is
off, or if this could be a bug/config issue with VeriFIX.

8

Hi,

No , it shouldnt contain Price Tag 44 as its a Market Order
Not sure about VeriFIX , i heard this name first time

Thanks
Nand

Should a Market order contain anything in the Price (Tag 44) field? My
understanding is that Price would be used for a Limit order, but should
not be used for a Market order.

We’re using VeriFIX to test our API, and when running a simple New Order
(Market) - Receive Fill scenario we get a strange failure. The “Receive
Message [Validate-ER Pend Ack]” step fails because Tag 44 is missing.

When I update our code to send 0 as the value for Tag 44 in the Pending
New for a Market order, it passes. However it complains about the order
itself containing the Price field.

So I’m trying to determine whether my understanding of FIX 4.2 is off,
or if this could be a bug/config issue with VeriFIX.

9

Thanks everyone - this discussion has been very useful. As KD mentioned, this does seem like a config issue with VeriFIX.

For what it’s worth, VeriFIX has been very helpful in developing and testing our FIX API. We just need to keep in mind that the off-the-shelf features may need to be tweaked slightly to suit our needs.

Adam

Should a Market order contain anything in the Price (Tag 44) field? My
understanding is that Price would be used for a Limit order, but should
not be used for a Market order.

We’re using VeriFIX to test our API, and when running a simple New Order
(Market) - Receive Fill scenario we get a strange failure. The “Receive
Message [Validate-ER Pend Ack]” step fails because Tag 44 is missing.

When I update our code to send 0 as the value for Tag 44 in the Pending
New for a Market order, it passes. However it complains about the order
itself containing the Price field.

So I’m trying to determine whether my understanding of FIX 4.2 is off,
or if this could be a bug/config issue with VeriFIX.