Tag 41 (OrigClOrdID) in an unsolicited cancel

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1

Imported from previous forum

2

hi guys,

Can anyone let me know how you guys use the Original Client Order ID within a unsolicited cancel. Currently our systems populate tag 11 and 41 with the same ClOrdID but I’m not quite sure if many systems can handle this for unsolicited cancels.

Please comment.

thanks,
Heshan.

3

Heshan,

As per fix, there should be no Tag 41 in an unsolicited Cancel. Only Tag 11 would suffice.

Regards,
Sunil SIngh

4

This does’nt seem true in my case.

The unsolicited cancel sent on an order that has not been CFOd indeed does not include tag 41, however, if the order has been CFOd before at any point and unsolicited cancel is sent on such order then such cancel message does include tag 41.

Heshan,

As per fix, there should be no Tag 41 in an unsolicited Cancel. Only Tag
11 would suffice.

Regards, Sunil SIngh

5

[ original email was from Tushar Deshpande - tushar.deshpande@citi.com ]
Not sure why we need OrigClOrdID within an unsolicited cancel. Isn’t the ClOrdID enough? We don’t use OrigClOrdID in this scenario.

hi guys,

Can anyone let me know how you guys use the Original Client Order ID
within a unsolicited cancel. Currently our systems populate tag 11 and
41 with the same ClOrdID but I’m not quite sure if many systems can
handle this for unsolicited cancels.

Please comment.

thanks, Heshan.

6

Thanks guys. Appreciate your time.

Not sure why we need OrigClOrdID within an unsolicited cancel. Isn’t the
ClOrdID enough? We don’t use OrigClOrdID in this scenario.

hi guys,

Can anyone let me know how you guys use the Original Client Order ID
within a unsolicited cancel. Currently our systems populate tag 11 and
41 with the same ClOrdID but I’m not quite sure if many systems can
handle this for unsolicited cancels.

Please comment.

thanks, Heshan.

7

Some OMS might need OrigClOrdID for transaction management.

The only scenario where OrigClOrdID may not be populated is if you are sending an unsolicited cancel for a new order if the order could not be executed, for example, within a specified time or the order is no longer marketable.

For Cxl/Replace or Cxl messages, the OMS should populate unique values for both the ClOrdID and OrigClOrdID while sending it out and unsolicited cxl message should send the same values back.

  • Ashish

Thanks guys. Appreciate your time.

Not sure why we need OrigClOrdID within an unsolicited cancel. Isn’t
the ClOrdID enough? We don’t use OrigClOrdID in this scenario.

hi guys,

Can anyone let me know how you guys use the Original Client Order ID
within a unsolicited cancel. Currently our systems populate tag 11
and 41 with the same ClOrdID but I’m not quite sure if many systems
can handle this for unsolicited cancels.

Please comment.

thanks, Heshan.

8

Hi Ashish,

So in this case how to distinguish between the execution reports for solicited and unsolicited cancels from a buy-side perspective?

Thanks,

Some OMS might need OrigClOrdID for transaction management.

The only scenario where OrigClOrdID may not be populated is if you are
sending an unsolicited cancel for a new order if the order could not be
executed, for example, within a specified time or the order is no longer
marketable.

For Cxl/Replace or Cxl messages, the OMS should populate unique values
for both the ClOrdID and OrigClOrdID while sending it out and
unsolicited cxl message should send the same values back.

  • Ashish

Thanks guys. Appreciate your time.

Not sure why we need OrigClOrdID within an unsolicited cancel. Isn’t
the ClOrdID enough? We don’t use OrigClOrdID in this scenario.

hi guys,

Can anyone let me know how you guys use the Original Client Order
ID within a unsolicited cancel. Currently our systems populate tag
11 and 41 with the same ClOrdID but I’m not quite sure if many
systems can handle this for unsolicited cancels.

Please comment.

thanks, Heshan.