Question on pending cancels

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1

Imported from previous forum

2

Hello,

What is the proper protocol for managing the following scenario?

  1. New FIX order for 100 shares
  2. Amend quantity on the order to 70 shares
  3. Prior to acknowledging the amendment, broker fills for 100 shares

Should the 30 shares be DK’ed via FIX? Should they be accepted via FIX and then negotiated over the phone?

Thank you,
Graham

3

Your system is expected to accept the Fill of Qty=100 because the original Order Qty=100, your SellSide might send an reject for your CancelReplace of step 2 with RejectReason = Too Late to Cancel

Hello,

What is the proper protocol for managing the following scenario?

  1. New FIX order for 100 shares
  2. Amend quantity on the order to 70 shares
  3. Prior to acknowledging the amendment, broker fills for 100 shares

Should the 30 shares be DK’ed via FIX? Should they be accepted via FIX and then negotiated over the phone?

Thank you,
Graham