Tag 40 OrdType

, ,
1

Imported from previous forum

2

[ original email was from Maura Sawyer - msawyer@bis.adp.com ]
FIX lists Tag 40 Order Type with the possible values:

5= Market on close
A= On close
B= Limit on close

What is the difference between A and B?

Please advise. Thank you.

3

[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> FIX lists Tag 40 Order Type with the possible values:
>
> 5= Market on close
> A= On close
> B= Limit on close
>
> What is the difference between A and B?
>
> Please advise. Thank you.

I don’t know. I don’t know if anybody knows, given that this is historical baggage.

This is why these tags have been deprecated in FIX 4.3, and will be removed entirely in the next FIX spec version. They should be replaced with the TimeInForce introduced in FIX 4.3 indicating at the close.