TIF absent in Replace message but was sent by client in the NOS message

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1

Imported from previous forum

2

This is a basic question.

Scenario 1:

  1. Client sends NOS message with TIF = GTC
  2. Client sends an replace with quantity change on this message without tag TIF

What should this be considered ?
a) Replace from GTC to Day order with qty change ?
b) Replace for qty change but TIF as GTC

Scenario 2:

  1. Client sends NOS message with TIF = GTC
  2. Client sends an replace with no other change than NOS but without TIF on the message

What should this be considered ?
a) Replace from GTC to day order?
b) No change , consider the order as GTC

3

First of all, it does not matter whether only TIF is different from NOS or TIF and other fields such as qty.

Volume 4 of the spec is quite clear on this, i.e. “All of the application-level fields in the original order should be retransmitted with the original values in the Order Cancel/Replace Request, except the fields that are being changed.”

Leaving out TIF hence means that you are sending the default which is 0=“Day”.

This is a basic question.

Scenario 1:

  1. Client sends NOS message with TIF = GTC
  2. Client sends an replace with quantity change on this message without tag TIF

What should this be considered ?
a) Replace from GTC to Day order with qty change ?
b) Replace for qty change but TIF as GTC

Scenario 2:

  1. Client sends NOS message with TIF = GTC
  2. Client sends an replace with no other change than NOS but without TIF on the message

What should this be considered ?
a) Replace from GTC to day order?
b) No change , consider the order as GTC