Sell-side Execution of previously rejected placment

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1

Imported from previous forum

2

Hi,

Given the following scenario:

Buy Side - New Order Single
Buy Side - Placement
Sell Side - Order Reject
Sell Side - Fill (of previously rejected order)

Is there anything in the FIX spec (I cannot determine) if the Fill of a previously rejected order should be possible. If this is allowed what should be the status of the order on the buy side.

(if you’re using a sell-side (broker) simulator does it allow previously rejected orders to be filled ?)

Any information appreciated, thanks.

3

We have generally and deliberately not been overly prescriptive about the order state model in FIX so as to accommodate different business practises. Personally, however, I would view ‘rejected’ as a terminal order state and would therefore not expect a rejected order to be executed.

> Hi,
>
> Given the following scenario:
>
> Buy Side - New Order Single
> Buy Side - Placement
> Sell Side - Order Reject
> Sell Side - Fill (of previously rejected order)
>
> Is there anything in the FIX spec (I cannot determine) if the Fill of a previously rejected order should be possible. If this is allowed what should be the status of the order on the buy side.
>
> (if you’re using a sell-side (broker) simulator does it allow previously rejected orders to be filled ?)
>
> Any information appreciated, thanks.
>
>
>