TransactTime <60> in Cancel and CancelReplace

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1

Imported from previous forum

2

For Cancel and CancelReplace message, is the Transact Time intended to be the time the original order was created, or the time the update or cancellation request was made by the trader?

3

[ original email was from Sunil Singh - sunil.singh@gs.com ]
In my opinion, its the time when the cancellation request was made by the trader.

Regards
Sunil Singh

4

I agree with Sunil Singh. “Transact Time” should indicate the time of initiation (If its request) / execution (if its a response) of a “transaction”. In FIX every action / state change / unsolicited change is a transaction on the order. Stamping transact time this way, will help sort issues in the case of “Too late to amend” scenarios, where in the trade message, the exchange will stamp the execution time as the transact time.

This can help parties verify whether it was indeed too late to cancel! J

Rgds,
Thaya

In my opinion, its the time when the cancellation request was made by
the trader.

Regards Sunil Singh

5

Kent,

The description of the field Transact Time appears as extracted from the 4.2 spec, below :-

“Time this order request was initiated/released by the
trader or trading system.”

No where in the 4.2 spec it is explicitly stated that the transact time in the Cancel/Replace should be the time of origination of the cancel/replace or that of the original new order.

I would interpret the term “order request”, in this context, to include New, Amend and Cancels. Hence it would refer to the time at which the cancel/replace request was originated (and not that of the new order).

Rgds,
Thaya

I agree with Sunil Singh. “Transact Time” should indicate the time of
initiation (If its request) / execution (if its a response) of a
“transaction”. In FIX every action / state change / unsolicited change
is a transaction on the order. Stamping transact time this way, will
help sort issues in the case of “Too late to amend” scenarios, where in
the trade message, the exchange will stamp the execution time as the
transact time.

This can help parties verify whether it was indeed too late to cancel!
J

Rgds, Thaya

In my opinion, its the time when the cancellation request was made by
the trader.

Regards Sunil Singh