Shall "Market with Leftover as Limit" OrdType change for partially unexecuted orders in the market book ?

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1

Imported from previous forum

2

Let’s assume the following scenario:

a buy order with OrderQty=100 forwarded to the market with OrdType=K [Market with Leftover as Limit] is partially executed as soon as it reaches the market with 2 trades:

  1. Qty=60, Price 4.5
  2. Qty=20, Price 4.6 .

At this point the unexecuted Qty=20 is still in the market order book with Price=4.6 (last trade price), but it has now become a Limit order (OrdType=2).

First question:
Is the Sell Side bound to notify the new OrdType=2 [Limit] and the (new) price via the Execution Report message ?

Second question:
If a new OrdType=2 [Limit] is NOT to be notified by the Sell Side, shall the Buy Side use the ORIGINAL OrdType=K [Market with Leftover as Limit] for future Order/Cancel Replace Requests (OrdType is always mandatory) ?

Thank you in advance for your help.

Antonio Caroselli
GATE T.I.