Replacement for FIX4.2 Ordertype limitorbetter

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1

Imported from previous forum

2

Hello,

I would like to know the order type that replaced the FIX 4.2 order type of “limitorbetter” in FIX 4.4. The 4.4 specification says this is been deprecated however i do not see anything in the appendices suggesting a replacement.

Regards

Ed.

3

Hello Ed,

In Vol. 6 of the specification documentation in Appendix 6-F, item number 11 shows the FIX 4.2 OrdType=B (Limit Or Better) is now replaced with the combination of TimeInForce(59)=7 (at the close) and OrdType(38)=2 (limit).

Lisa

Hello,

I would like to know the order type that replaced the FIX 4.2 order type of “limitorbetter” in FIX 4.4. The 4.4 specification says this is been deprecated however i do not see anything in the appendices suggesting a replacement.

Regards

Ed.

4

Hi Lisa,
Thanks for responding. I think you mistook my question to be for “limit on close”. There is an order type “limitorbetter” in FIX4.2 (40=7) which has been deprecated and i would like to understand how to send the same kind of order type in 4.4.

Thanks
Ed.

Hello Ed,

In Vol. 6 of the specification documentation in Appendix 6-F, item number 11 shows the FIX 4.2 OrdType=B (Limit Or Better) is now replaced with the combination of TimeInForce(59)=7 (at the close) and OrdType(38)=2 (limit).

Lisa

Hello,

I would like to know the order type that replaced the FIX 4.2 order type of “limitorbetter” in FIX 4.4. The 4.4 specification says this is been deprecated however i do not see anything in the appendices suggesting a replacement.

Regards

Ed.

5

Hi Ed,
please refer to the FIX 4.4 Release Notes where it says:
Addressed the lack of distinction between OrdType “Limit” and “Limit or Better” values and included support for expressing a “Strict Limit”. [PC20030312_2]
• Deprecated OrdType value “7 = Limit or better”.
• Added value “Strict Limit” to ExecInst field. (used in conjunction with OrdType=Limit to support HKSE “strict limit order” use)
• Added value “Ignore Price Validity Checks” (used in conjunction with OrdType=Limit to support NYSE (CMS) “limit or better” use)
I believe that a normal limit order (OrdType=2) always allows me to get filled at a better price. Only if I want to enforce a strict limit I need to add an execution instruction. In general there should only be very few order types and additional fields covering flavors of these basic order types.
Regards,
Hanno.

Hi Lisa,
Thanks for responding. I think you mistook my question to be for “limit on close”. There is an order type “limitorbetter” in FIX4.2 (40=7) which has been deprecated and i would like to understand how to send the same kind of order type in 4.4.

Thanks
Ed.

Hello Ed,

In Vol. 6 of the specification documentation in Appendix 6-F, item number 11 shows the FIX 4.2 OrdType=B (Limit Or Better) is now replaced with the combination of TimeInForce(59)=7 (at the close) and OrdType(38)=2 (limit).

Lisa

Hello,

I would like to know the order type that replaced the FIX 4.2 order type of “limitorbetter” in FIX 4.4. The 4.4 specification says this is been deprecated however i do not see anything in the appendices suggesting a replacement.

Regards

Ed.

6

Thank You, this solves my problem.

Hi Ed,
please refer to the FIX 4.4 Release Notes where it says:
Addressed the lack of distinction between OrdType “Limit” and “Limit or Better” values and included support for expressing a “Strict Limit”. [PC20030312_2]
• Deprecated OrdType value “7 = Limit or better”.
• Added value “Strict Limit” to ExecInst field. (used in conjunction with OrdType=Limit to support HKSE “strict limit order” use)
• Added value “Ignore Price Validity Checks” (used in conjunction with OrdType=Limit to support NYSE (CMS) “limit or better” use)
I believe that a normal limit order (OrdType=2) always allows me to get filled at a better price. Only if I want to enforce a strict limit I need to add an execution instruction. In general there should only be very few order types and additional fields covering flavors of these basic order types.
Regards,
Hanno.

Hi Lisa,
Thanks for responding. I think you mistook my question to be for “limit on close”. There is an order type “limitorbetter” in FIX4.2 (40=7) which has been deprecated and i would like to understand how to send the same kind of order type in 4.4.

Thanks
Ed.

Hello Ed,

In Vol. 6 of the specification documentation in Appendix 6-F, item number 11 shows the FIX 4.2 OrdType=B (Limit Or Better) is now replaced with the combination of TimeInForce(59)=7 (at the close) and OrdType(38)=2 (limit).

Lisa

Hello,

I would like to know the order type that replaced the FIX 4.2 order type of “limitorbetter” in FIX 4.4. The 4.4 specification says this is been deprecated however i do not see anything in the appendices suggesting a replacement.

Regards

Ed.

7

I have captured this in FIXwiki at http://fixwiki.org/fixwiki/OrdType/7_LimitOrBetter

Hi Ed,
please refer to the FIX 4.4 Release Notes where it says:
Addressed the lack of distinction between OrdType “Limit” and “Limit or Better” values and included support for expressing a “Strict Limit”. [PC20030312_2]
• Deprecated OrdType value “7 = Limit or better”.
• Added value “Strict Limit” to ExecInst field. (used in conjunction with OrdType=Limit to support HKSE “strict limit order” use)
• Added value “Ignore Price Validity Checks” (used in conjunction with OrdType=Limit to support NYSE (CMS) “limit or better” use)
I believe that a normal limit order (OrdType=2) always allows me to get filled at a better price. Only if I want to enforce a strict limit I need to add an execution instruction. In general there should only be very few order types and additional fields covering flavors of these basic order types.
Regards,
Hanno.

Hi Lisa,
Thanks for responding. I think you mistook my question to be for “limit on close”. There is an order type “limitorbetter” in FIX4.2 (40=7) which has been deprecated and i would like to understand how to send the same kind of order type in 4.4.

Thanks
Ed.

Hello Ed,

In Vol. 6 of the specification documentation in Appendix 6-F, item number 11 shows the FIX 4.2 OrdType=B (Limit Or Better) is now replaced with the combination of TimeInForce(59)=7 (at the close) and OrdType(38)=2 (limit).

Lisa

Hello,

I would like to know the order type that replaced the FIX 4.2 order type of “limitorbetter” in FIX 4.4. The 4.4 specification says this is been deprecated however i do not see anything in the appendices suggesting a replacement.

Regards

Ed.