Question about the TimeInForce field (tag 59)

, ,
1

Imported from previous forum

2

Q1> How about the order with tag 59 (TimeInForce) = 3 or 4 shoud be expired as a Day order?

Q2> We are now implement these order type at our FIX Server.

  1. 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.

Order Type (40=1) and TimeInForce (59= 3 ) Immediate or Cancel

  1. Fill Or Kill
    TimeInForce (59=4)

Question is when someone at the middle of the process and change the order status such as
from MC -> Limit order
then should the TimeInForce field send back to
(59=3) or (59=0) ?
Can anyone answer my question ?

If you want the details of the stories, pls give me an email : ttang@hk.indocarrsec.com

Thanks

3

[ original email was from Ryan Pierce - rpierce@taltrade.com ]
Fill or Kill and Immediate or Cancel are not the same thing.

FOK effectively is IOC + AON (All or None).

Fill or Kill is an order that must be filled in its entirely immediately or it is killed.

Immediate or Cancel orders may be partially filled and then killed.