Stop Limit

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Imported from previous forum

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Hi,

I have observed that people are adopting different approach to generate execution report for stop/stop limit orders. for example…

1, approach is to use send Pending New in Exec Type and OrderStatus

2, using WorkingIndicator Field.

I just wanna know which will be the better approach and adopted by vendors.

thanks

Asim

3

Hi Asim,

I have observed that people are adopting different approach to
generate execution report for stop/stop limit orders. for example…

1, approach is to use send Pending New in Exec Type and OrderStatus

2, using WorkingIndicator Field.

The field WorkingIndicator exists starting with FIX 4.3. I would use it if you have FIX 4.3 or FIX 4.4.

We send an ExecutionReport(ExecType=Restated) which is usual for unsolicited order state changes. You should also use Restated, with WorkingIndicator if possible.

We use Restated, but change the order type from Stop to Market, or from Stop Limit to Limit.

I am not sure whether this is the correct way. Others will probably also comment on this.

Cheers, Jörg