Imported from previous forum
If I have a SOR that multi-posts, meaning, I accept a client order (parent order) and split the order until multiple child orders to multiple markets. And part of the order was successfully posted to certain market but with the remaining order “not routable” what should I send back to the client from a FIX perspective?
So for example, client sends order for 300 shares of IBM, I routed 200 to NASDAQ, but for whatever reason (network issues or exchanges down), no one excepts my last 100 shares.
It seems like in FIX, I can’t unsolicited cancel “down” qty of an order, so is my only option to cancel the order that is out there, and if nothing was executed then reject the order, otherwise give fill then unsolicited cancel?
Thanks, any help would be much appreciated
K
You can restate the order and change the qty that way. ExecRestatementReason can explain why you needed to do this. Compare it to a (reverse) stock split where you want to restate the order with (half) double the quantity.
If I have a SOR that multi-posts, meaning, I accept a client order (parent order) and split the order until multiple child orders to multiple markets. And part of the order was successfully posted to certain market but with the remaining order “not routable” what should I send back to the client from a FIX perspective?
So for example, client sends order for 300 shares of IBM, I routed 200 to NASDAQ, but for whatever reason (network issues or exchanges down), no one excepts my last 100 shares.
It seems like in FIX, I can’t unsolicited cancel “down” qty of an order, so is my only option to cancel the order that is out there, and if nothing was executed then reject the order, otherwise give fill then unsolicited cancel?
Thanks, any help would be much appreciated
K
Hi,
I have experienced a similar type of situation during exchange close time in Indian Markets. The algo which runs on the OMS automatically cancels the pending orders on the end time and a cancellation message is sent via FIX.
Sudhir