Imported from previous forum
Tag 487 Identifies the trade message transaction type.
What do these values mean
0 - New ( New Trade )
1- Cancel ( Cancel Trade )
2- Replace ???
3 - Release ???
4 - Reverse ???
Hi Tanuj,
Tag 487 Identifies the trade message transaction type. What do these
values mean - New ( New Trade ) 1- Cancel ( Cancel Trade ) 2- Replace
??? 3 - Release ??? 4 - Reverse ???
In the thread http://www.fixprotocol.org/discuss/read/1f386a16
Matt Simpson from CME writes:
Tag 487 allows you to manage the transaction throughout the trade
life-cycle.
“New” is used when a trade is initially submitted after a fill or off-exchange deal has been done.
“Replace” or “Cancel” can be used if the trade needs to be changed prior to acceptance.
“Reverse” is used to counteract the results of trade if already accepted.
AFAIK “Reverse” means that the trade has to be reversed by booking the opposite deal in the clearing system (swap buy and sell).
No idea what “Release” means here.
Cheers, Jörg
Hi Tanuj,
Tag 487 Identifies the trade message transaction type. What do these
values mean - New ( New Trade ) 1- Cancel ( Cancel Trade ) 2- Replace
??? 3 - Release ??? 4 - Reverse ???In the thread http://www.fixprotocol.org/discuss/read/1f386a16 Matt
Simpson from CME writes:Tag 487 allows you to manage the transaction throughout the trade life-
cycle. “New” is used when a trade is initially submitted after a fill
or off-exchange deal has been done. “Replace” or “Cancel” can be used
if the trade needs to be changed prior to acceptance. “Reverse” is
used to counteract the results of trade if already accepted.AFAIK “Reverse” means that the trade has to be reversed by booking the
opposite deal in the clearing system (swap buy and sell).No idea what “Release” means here.
Cheers, Jörg
Hi Jörg
If a new message is sent after the fill and lets say an incorrect price was sent , then do we send need to send a ‘Replace’ message to correct the price. OR send a cancel to the original message and send a new message.
Regards
Tanuj