Imported from previous forum
How should same day corrections be processed? What message type should be utilized and with which tags? On a correction would the whole trade be resent or just the corrected tags. How would multiple corrections on the same order be handled? Thanks!
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> How should same day corrections be processed? What message type should be utilized and with which tags?
You send another Execution Report with ExecTransType = Correct. ExecRefID = the ExecID of the trade being corrected, ExecID = the new ID for the corrected trade.
>On a correction would the whole trade be resent or just the corrected tags.
The entirety of the trade must be sent. Also note that CumQty, LeavesQty, and AvgPx represent the CURRENT state of the order, not the state of the order at the time of the trade being corrected.
>How would multiple corrections on the same order be handled? Thanks!
You assign the corrected trade a different ExecID than the original trade. That way you can correct a correction.
I believe Appendix D will have examples of this.
> > How should same day corrections be processed? What message type should be utilized and with which tags?
>
> You send another Execution Report with ExecTransType = Correct. ExecRefID = the ExecID of the trade being corrected, ExecID = the new ID for the corrected trade.
>
> >On a correction would the whole trade be resent or just the corrected tags.
>
> The entirety of the trade must be sent. Also note that CumQty, LeavesQty, and AvgPx represent the CURRENT state of the order, not the state of the order at the time of the trade being corrected.
>
> >How would multiple corrections on the same order be handled? Thanks!
>
> You assign the corrected trade a different ExecID than the original trade. That way you can correct a correction.
>
> I believe Appendix D will have examples of this.
Thank you for the input on how to perform same day corrections on executions. Do you know of any way to perform a correction on an Open Order? We need the correction to originate from the order entry system not the execution system. I.E. to change an account number or commission type, etc. We don’t want to do a cancel replace, which would cause us to lose our place in que at the exchange.
> > How should same day corrections be processed? What message type should be utilized and with which tags?
>
> You send another Execution Report with ExecTransType = Correct. ExecRefID = the ExecID of the trade being corrected, ExecID = the new ID for the corrected trade.
>
> >On a correction would the whole trade be resent or just the corrected tags.
>
> The entirety of the trade must be sent. Also note that CumQty, LeavesQty, and AvgPx represent the CURRENT state of the order, not the state of the order at the time of the trade being corrected.
>
> >How would multiple corrections on the same order be handled? Thanks!
>
> You assign the corrected trade a different ExecID than the original trade. That way you can correct a correction.
>
> I believe Appendix D will have examples of this.
Thank you for the input on how to perform same day corrections on executions. Do you know of any way to perform a correction on an Open Order? We need the correction to originate from the order entry system not the execution system. I.E. to change an account number or commission type, etc. We don’t want to do a cancel replace, which would cause us to lose our place in que at the exchange.
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Thank you for the input on how to perform same day corrections on executions. Do you know of any way to perform a correction on an Open Order? We need the correction to originate from the order entry system not the execution system. I.E. to change an account number or commission type, etc. We don’t want to do a cancel replace, which would cause us to lose our place in que at the exchange.
Sorry, I thought you were talking about how the sell side can correct trades, not how the buy side can correct the order.
The only way in the FIX spec for the buy side to correct the order is to do a cancel replace. However, this does NOT necessarily mean that you lose your place at the exchange.
It is a goal for FIX to separate exchange rules and complexity from the buy side. Starting in FIX 4.1, “partial cancels” (i.e. cancel leaves) were removed. When the buy side sends a Cancel Replace to the broker, the broker is supposed to be smart enough to know that only the quantity was reduced, hence it should be sent as a cancel leaves to the appropriate exchange, keeping the customer’s place in the book. The buy side isn’t supposed to have to keep track of whether the order change is a cancel leaves or cancel replace.
Any sell side system that has the capability of re-booking an order to a different account without notifying the exchange (i.e. the sell side never reports account numbers to the exchange on its orders) should, upon seeing that only the account number changed in a cancel replace request, do the re-booking and accept the change. The exchange floor likely needs not be informed in this case, and the customer’s place in line would be preserved.