TransactTime on Execution Report

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Imported from previous forum

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Hi,

TransactTime is described as “time of execution/order creation”.
What does the “/” means?

An order should hold two separate fields, the order creation time and the execution (or last execution) time.

What am I missing?

Thanks,
Danilo

3

[ original email was from Roman Dultsin - RDultsin@iseoptions.com ]
The definition of TransactTime [tag 60] is conditional on the context of message, in which it is used. Looking at message-specific descriptions of TransactTime shows:

  • New Order - Single: Time this order request was initiated/released by the trader, trading system, or intermediary
  • Execution Report: Time the transaction represented by this ExecutionReport occurred

Hi,

TransactTime is described as “time of execution/order creation”. What
does the “/” means?

An order should hold two separate fields, the order creation time and
the execution (or last execution) time.

What am I missing?

Thanks, Danilo

4

[ original email was from Phil Johnston - phil.johnston@transacttools.net ]
In this context, the “/” is meaning “or”, depending on what sort of message it is…

According to the FIX spec, the TransactTime for an order “Time this order request was initiated/released by the trader, trading system, or intermediary.”, while in an execution report, the TransactTime is listed as “Time the transaction represented by this ExecutionReport occurred”

Phil Johnston
TransactTools
http://www.transacttools.net

Hi,

TransactTime is described as “time of execution/order creation”. What
does the “/” means?

An order should hold two separate fields, the order creation time and
the execution (or last execution) time.

What am I missing?

Thanks, Danilo