Imported from previous forum
[ original email was from Nikhil Bose - assistsoft@yahoo.com ]
Hello,
On page 14 in the FIX 4.1 spec, it says "Note: the sending application may wis to consider the message type when resending messages: e.g. if a new order is in the resend series and a significant time period as elapsed since its original inception, the sender may not wish to retransmit the order given the potential for changed market conditions"
Does that mean that tag 126, i.e. "ExpireTime" should be used to check if an application message should be resent? That is, the message should not be resent if the current time is past the ExpireTime. Or should some other criteria or tag be used whether an application message should be skipped for resend or not?
Thanks,
Nikhil
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Does that mean that tag 126, i.e. "ExpireTime" should be used to check if an application message should be resent? That is, the message should not be resent if the current time is past the ExpireTime. Or should some other criteria or tag be used whether an application message should be skipped for resend or not?
The spec doesn’t dictate which application messages should or should not be resent. That’s left as a business decision for the firm sending the messages.
Some firms may want to resend new orders under all occasions. Others might decide never to resend a new order, and if they receive a Resend Request for the order, they mark the order as dead and gap fill over it. Others may choose to resend the order if <X seconds have elapsed, and mark it as dead and gap fill over it if >X seconds have elapsed.