Imported from previous forum
[ original email was from Vinay Gaur - vinay.gaur@ubsw.com ]
If a broker makes an unsolicited amend to the FutSettDate, should he or should he not send a "Replaced" Execution Report to the Client? (Note that FutSettDate is not one of the modifiable fields on an Amend Order as defined in the specs).
Thanks in advance
Vinay Gaur
UBS Warburg
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> If a broker makes an unsolicited amend to the FutSettDate, should he or should he not send a "Replaced" Execution Report to the Client? (Note that FutSettDate is not one of the modifiable fields on an Amend Order as defined in the specs).
All sell-side "unsolicited" modifications to an order are handled in FIX 4.2 and later by using ExecType=Restated. Prior to 4.2 no standard way exists.
In the 4.3 spec, look at Vol 4, Order State Change Matrix 24. That example shows a verbal change to order quantity, but FutSettDate could be changed the same way. ExecRestatementReason must be specified; my guess is that you’d want one of the following values, depending on who initiated the change:
2 = Verbal change
4 = Broker option
8 = Market (Exchange) Option
If there’s a common business reason why FutSettDate would be changed by the broker, that can be proposed as an additional ExecRestatementReason enumeration in the next FIX version.