Sell side's behaviour on recieving message with possresend (tag# 97 ) set

, ,
1

Imported from previous forum

2

hi

Consider the given situation -

Buy side sends an order request -> sell side receives the request and responds with an order acknowledgement.

Now consider the following scenarios/perspectives in continuation to the above case -

Scenario 1) The buy side does not recieve the acknowledgement (due to network loss). So it sends the same order with possresend flag set.
Would the Sell side, on receiving this message, reject it saying duplicate client order id, or ignore it ,or send the last execution report with possresend flag set?

Scenario 2) The buy side does not recieve the acknowledgement (the acknowledgement may be pending in intermediate queue but the buy side is unaware of it) and sends the same order with possresend flag set.
Would the Sell side, on receiving this message, reject it saying duplicate client order id, or ignore it ,or send the last execution report with possresend flag set?

3

[ original email was from Ambar Arasan - ambar.arasan@gs.com ]
In general, Whenever an order is sent with possdup flag set to sell side, ack is sent back with the status of the original order with poss dup flag set. Since the original execution was sent by sell side but was lost in transmission. I think this should answer both the questions.

hi

Consider the given situation -

Buy side sends an order request → sell side receives the request and
responds with an order acknowledgement.

Now consider the following scenarios/perspectives in continuation to the
above case -

Scenario 1) The buy side does not recieve the acknowledgement (due to
network loss). So it sends the same order with possresend flag set.
Would the Sell side, on receiving this message, reject it saying
duplicate client order id, or ignore it ,or send the last execution
report with possresend flag set?

Scenario 2) The buy side does not recieve the acknowledgement (the
acknowledgement may be pending in intermediate queue but the buy side is
unaware of it) and sends the same order with possresend flag set. Would
the Sell side, on receiving this message, reject it saying duplicate
client order id, or ignore it ,or send the last execution report with
possresend flag set?

4

I think in both the cases, the sell-side OMS will validate the order parameters such as order id, side, type, etc and see if it was previously recieved. Once confirmed that its a re-sent order, it will ignore the new order message and re-send the last ER sent on the original order with Tag 43=Y.

Regards
Sunil Singh