# Question about the implementation about Best on Board and Market Remain Limit

**URL:** <https://forum.fixtrading.org/t/question-about-the-implementation-about-best-on-board-and-market-remain-limit/3530>\
**Category:** General Q&A\
**Tags:** general-qa, xid\_166877, imported\
**Created:** [May 10, 2001, 3:14am UTC](https://forum.fixtrading.org/t/question-about-the-implementation-about-best-on-board-and-market-remain-limit/3530 "2001-05-10T03:14:00Z")\
**Posts on this page:** 3\
**Page:** 1

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**Author:** ![terencetang48\_x](https://avatars.discourse-cdn.com/v4/letter/t/a87d85/32.png) [@terencetang48\_x](https://forum.fixtrading.org/u/terencetang48_x)\
**Post date:** [May 10, 2001, 3:14am UTC](https://forum.fixtrading.org/t/question-about-the-implementation-about-best-on-board-and-market-remain-limit/3530/1 "2001-05-10T03:14:00Z")

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Imported from previous forum

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**Author:** ![terencetang48\_x](https://avatars.discourse-cdn.com/v4/letter/t/a87d85/32.png) [@terencetang48\_x](https://forum.fixtrading.org/u/terencetang48_x)\
**Post date:** [May 10, 2001, 3:14am UTC](https://forum.fixtrading.org/t/question-about-the-implementation-about-best-on-board-and-market-remain-limit/3530/2 "2001-05-10T03:14:00Z")

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1. Best On Board (BB): This is a limit Order. Limit Price is not entered by the user, it is set by the exchange. The Limit Price is set by the exchange as (Ask Price - 1 Tick) for Sell Order and (Bid Price + 1 Tick) for Buy Order.

2. Market Remaining Limit(ML): The Order is sent as Market Order (LimitPrice = 0). When the first partial execution is realized, the Limit Price of the Order is set by the exchange as the Execution Price of the first Execution.

3. Market Remaining Cancel(MC): The Order is sent as Market Order (LimitPrice = 0). When the first partial execution is realized, the rest of the Order is automatically cancelled by the exchange. This is an equivalent of FILL OR KILL.

If I use Order Type (tag 40=P ) and what kind of the tag at 18, which I need to map ?

Can anyone explain more for me for this issue ?

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**Author:** ![kazimierzsycz\_x](https://avatars.discourse-cdn.com/v4/letter/k/c4cdca/32.png) [@kazimierzsycz\_x](https://forum.fixtrading.org/u/kazimierzsycz_x)\
**Post date:** [May 11, 2001, 9:37am UTC](https://forum.fixtrading.org/t/question-about-the-implementation-about-best-on-board-and-market-remain-limit/3530/3 "2001-05-11T09:37:00Z")

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Here’s what I’d do…

1. BB:  
OrderType (40) = P (pegged)  
ExecInst (18) = T (fixed peg to local best Bid/Ask at time of order)  
PegDifference (211) = 0.1  
but:  
A) PegDifference is an Amount; this will work if your ticks are uniform, e.g. 10 cents, for all the instruments; Otherwise, you need some logic to map the security to its corresponding tick.  
B) T + PegDifference is ambiguous. To stay on the safe side, I’d systematically add a sign, based on the order Side : “+” for Bid, “-” for Ask.

2. ML:  
This is called MarketToLimit order in Euronext. I don’t know how you can express it directly in standard Fix 4.2. Euronext uses a (non-standard) value  
OrderType (40) = K

(Let’s see the 4.3 draft next month for that).

1. MC:  
Isn’t it FAK (Fill And Kill), rather than FOK ?.  
FOK implies an “All or Nothing” logic; FAK allows partial executions. FAK is commonly known as IOC (native English speakers know why).  
therefore, I’d suggest for your MC:  
OrdType (40) = 1 (Market)  
TimeInForce (59) = 3 (IOC)

By the way, don’t you find it more proper not to use Price (44) = 0 ?  
Given that OrdType is required, and that “1” means Market Order.

* * *

Kazimierz Sycz  
e.market  
[k.sycz@emarket.fr](mailto:k.sycz@emarket.fr)

* * *

\> 1) Best On Board (BB): This is a limit Order. Limit Price is not entered by the user, it is set by the exchange. The Limit Price is set by the exchange as (Ask Price - 1 Tick) for Sell Order and (Bid Price + 1 Tick) for Buy Order.  
\>  
\> 2) Market Remaining Limit(ML): The Order is sent as Market Order (LimitPrice = 0). When the first partial execution is realized, the Limit Price of the Order is set by the exchange as the Execution Price of the first Execution.  
\>  
\> 3) Market Remaining Cancel(MC): The Order is sent as Market Order (LimitPrice = 0). When the first partial execution is realized, the rest of the Order is automatically cancelled by the exchange. This is an equivalent of FILL OR KILL.  
\>  
\> If I use Order Type (tag 40=P ) and what kind of the tag at 18, which I need to map ?  
\>  
\> Can anyone explain more for me for this issue ?  
\>  
\>  
\>