Imported from previous forum
[ original email was from Atul Pandya - apandya@latentzero.com ]
I have a question about the presence of tag 41 in responses to cancels and cancel replaces in relation to tag 41.
Here is what the FIX 4.2 spec states:
41 OrigClOrdID
Conditionally required for response to an electronic Cancel or Cancel/Replace request (ExecType=PendingCancel, Replaced, or Canceled). ClOrdID of the previous order (NOT the initial order of the day) when canceling or replacing an order.
My question:
Does “Conditionally required for response to an electronic Cancel or Cancel/Replace request” mean “it is not optional” for cancel and cancel replace responses?
What is the normal industry trend?
Thanks
Atul Pandya
[ original email was from John Prewett - jprewett@lavatrading.com ]
Hi Atul,
It is both my understanding and my experience that tag 41 is mandatory on Execution Reports with ExecType=PendingCancel, PendingReplace or Replaced.
Tag 41 is also mandatory on Execution Reports with ExecType=Canceled when the cancelation was a response to a Cancel Request.
Tag 41 is not required on Execution Reports with ExecType=Canceled when the execution venue decided to cancel the order without an explicit Cancel Request request from the order originator.
To further re-inforce my position, I could point out that the words “conditionally required” would be redundant if they really meant “optional” as tag 41 is already listed as “not required”.
Furthermore, look at fields 432(ExpireDate) and 126(ExpireTime) in the New Order Single message. Both of these fields are listed as “conditionally required”. You can easily determine that functionality would be broken if these fields were both missing for a GTD order as the expiration date/time would definitely need to be specified.
JohnP
I have a question about the presence of tag 41 in responses to cancels
and cancel replaces in relation to tag 41.Here is what the FIX 4.2 spec states:
41 OrigClOrdID
Conditionally required for response to an electronic Cancel or
Cancel/Replace request (ExecType=PendingCancel, Replaced, or Canceled).
ClOrdID of the previous order (NOT the initial order of the day) when
canceling or replacing an order.
My question:
Does “Conditionally required for response to an electronic Cancel or
Cancel/Replace request” mean “it is not optional” for cancel and cancel
replace responses?What is the normal industry trend?
Thanks Atul Pandya
Hi
I think it is always required when its dealing with “electronically” submitted orders. There are cases where orders are entered from telephonic conversations(e.g) and they dont have a CLOrdID to start with…
Normally clordid and origclordid are always required.
Hi Atul,
It is both my understanding and my experience that tag 41 is
mandatory on Execution Reports with ExecType=PendingCancel,
PendingReplace or Replaced.Tag 41 is also mandatory on Execution Reports with ExecType=Canceled
when the cancelation was a response to a Cancel Request.Tag 41 is not required on Execution Reports with ExecType=Canceled when
the execution venue decided to cancel the order without an explicit
Cancel Request request from the order originator.To further re-inforce my position, I could point out that the words
“conditionally required” would be redundant if they really meant
“optional” as tag 41 is already listed as “not required”.Furthermore, look at fields 432(ExpireDate) and 126(ExpireTime) in the
New Order Single message. Both of these fields are listed as
“conditionally required”. You can easily determine that functionality
would be broken if these fields were both missing for a GTD order as the
expiration date/time would definitely need to be specified.JohnP
I have a question about the presence of tag 41 in responses to cancels
and cancel replaces in relation to tag 41.Here is what the FIX 4.2 spec states:
41 OrigClOrdID
Conditionally required for response to an electronic Cancel or
Cancel/Replace request (ExecType=PendingCancel, Replaced, or
Canceled). ClOrdID of the previous order (NOT the initial order of the
day) when canceling or replacing an order.
My question:
Does “Conditionally required for response to an electronic Cancel or
Cancel/Replace request” mean “it is not optional” for cancel and
cancel replace responses?What is the normal industry trend?
Thanks Atul Pandya