Imported from previous forum
[ original email was from ron newell - rnewell@cme.com ]
TransactTime is currently a required tag for buy-side messages: New Order, Cancel and Cancel/Replace.
But, TransactTime is not currently required for sell-side messages: Execution Report and Cancel Reject. Should it be required for these? … And, if not required, TransactTime should not be required for Order Mass Cancel Report (currently is required).
Comments for various message types need to be corrected:
For Execution Report should read "Time this Execution Report was initiated/released by sell-side (broker, exchange, ECN) or sell-side executing system."
For Order Cancel Reject should read "Time this cancel reject was initiated/released by sell-side (broker, exchange, ECN) or sell-side executing system."
For Order Cancel/Replace, Cross Order Cancel/Replace and MultiLeg Order Cancel/Replace should read "Time this cancel/replace request was initiated/released by buy-side (trader, desk, broker, institution)or buy-side trading system."
For Order Cancel, Cross Order Cancel should read "Time this cancelrequest was initiated/released by buy-side (trader, desk, broker, institution)or buy-side trading system."
FIX 4.3 Draft #3 addressed the "Required" consistency issue: Changed TransactTime from required to optional on the Order Mass Cancel Report message to be consistent with other sellside-initiated order flow versions. (affected 4.3 Draft only) [PC20010628_9]
> TransactTime is currently a required tag for buy-side messages: New Order, Cancel and Cancel/Replace.
>
> But, TransactTime is not currently required for sell-side messages: Execution Report and Cancel Reject. Should it be required for these? … And, if not required, TransactTime should not be required for Order Mass Cancel Report (currently is required).
>
> Comments for various message types need to be corrected:
>
> For Execution Report should read "Time this Execution Report was initiated/released by sell-side (broker, exchange, ECN) or sell-side executing system."
>
> For Order Cancel Reject should read "Time this cancel reject was initiated/released by sell-side (broker, exchange, ECN) or sell-side executing system."
>
> For Order Cancel/Replace, Cross Order Cancel/Replace and MultiLeg Order Cancel/Replace should read "Time this cancel/replace request was initiated/released by buy-side (trader, desk, broker, institution)or buy-side trading system."
>
> For Order Cancel, Cross Order Cancel should read "Time this cancelrequest was initiated/released by buy-side (trader, desk, broker, institution)or buy-side trading system."
>
>
>