Imported from previous forum
Is it valid for a sell-side to send Trade Busts (Execution Corrections/Cancellations) for an order whose Order Status is ‘Done for day’ ?
Orders are simply vehicles to enable trades to happen. Once a trade has happened, it is an entity in its own right. The order (possibly having a remaining qty) can be cancelled w/o having an impact on the trade. Done for day is not very different to an immediate cancellation. The status indicates the end of trading for this order. This phase can be followed by another (non-trading) phase where trades are corrected/busted by the marketplace.
The trade can be busted even if the order is terminated or no longer trading and should only affect the trade entity. I would not advise to have to go back and add the busted qty to the order which was the basis for the trade. It is not invalid in FIX per se but can cause performance issues in algorithmic trading. The FIX 5.0 SP1 Spec Volume 4 shows this message flow in scenario C.1.c (page 64) where a filled order is “revived” by modifying its quantity.
Regards,
Hanno.
Is it valid for a sell-side to send Trade Busts (Execution
Corrections/Cancellations) for an order whose Order Status is ‘Done
for day’ ?