Unique EXECID (17) is it for the day or is it never recycled

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Imported from previous forum

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[ original email was from Zul Kagalwalla - zkagalwalla@fmco.com ]
Hello,

According to FIX specifications it is recommended that the EXECID be unique for a day.

My question is based on the FIX communities expereince are people using a unique EXECID for the day or globally unique? (i.e. once an execid is used, then it is never used again).

Thanks
Zul

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If you are handling day orders only there is no reason why you shouldn’t recycle your ExecIds daily. But if you are looking into supporting multi day orders (GTC, GTD,…) then you have to guarantee uniqueness across different days. A good way to achieve this is by prefixing the ExecId with YYYYMMDD for example, ie, 17=YYYYMMDDuvwxyz.

Hello,

According to FIX specifications it is recommended that the EXECID be
unique for a day.

My question is based on the FIX communities expereince are people using
a unique EXECID for the day or globally unique? (i.e. once an execid is
used, then it is never used again).

Thanks Zul

4

[ original email was from John Prewett - jprewett@lavatrading.com ]
I believe it is always preferable to allocate permanently unique ExecIDs, even if you are only processing day orders (you never know what line of business will open up tomorrow, right?).

You can never tell if the recipients of your ExecIDs are storing them in a database which requires permanent uniqueness. Under this circumstance, if your ExecIDs aren’t permanently unique, you are adding a chore onto the recipient to prepend YYYYMMDD to your ExecID and also to remember to strip it off again when sending it back to you.

Unfortunately, the downside to a permanently unique ExecID is that the additional YYYYMMDD also makes the ExecID 8 characters longer. Some recipients are (IMHO overly) sensitive to the length of the ExecID and may force you to keep it to an (IMHO unreasonably) small length. Under this circumstance, the allocator can still have the ExecID start with YYYYMMDD internally, but strip off the 8 characters prior to transmission. Of course, receiving an “abbreviated” ExecID will also cause you to have to add today’s date onto the front of it under these circumstances. Clearly, the sender of the abbreviated ExecID can only refer to today’s business, but that’s their problem for having imposed an absurdly small ExecID length upon you.

I hope this helps (and isn’t too opinionated :slight_smile:

JohnP

If you are handling day orders only there is no reason why you shouldn’t
recycle your ExecIds daily. But if you are looking into supporting multi
day orders (GTC, GTD,…) then you have to guarantee uniqueness across
different days. A good way to achieve this is by prefixing the ExecId
with YYYYMMDD for example, ie, 17=YYYYMMDDuvwxyz.

Hello,

According to FIX specifications it is recommended that the EXECID be
unique for a day.

My question is based on the FIX communities expereince are people
using a unique EXECID for the day or globally unique? (i.e. once an
execid is used, then it is never used again).

Thanks Zul