When to set the PossResend field

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Imported from previous forum

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I’m using FIX version 4.2 and I’m trying to understand when I should set the PossResend field.

Is it only set when an order that I’ve sent to my counterparty hasn’t been acknowledged within an agreed time, forcing me to resend the message with a new message sequent number? Or am I missing something here?

Thanks.

Nik

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Hi Nik,

I’m using FIX version 4.2 and I’m trying to understand when I should set
the PossResend field.

Is it only set when an order that I’ve sent to my counterparty
hasn’t been acknowledged within an agreed time, forcing me to resend
the message with a new message sequent number? Or am I missing
something here?

Using PossResend means to send the same business content with a new message sequence number. Your counterparty is expected to check whether it has processed the business content already.

In your case (NewOrderSingle), you re-send the same order after a timeout (no ExecReport(NEW) within agreed time). Since you do not want to send a duplicate order into the market, you asked the other side by setting PossResend to check whether the order is already being processed. If the order is already in the market, your PossResend order is ignored.

Another examples:

You are receiving trades (ExecReport(Partially Filled)) from your counterparty. After some failure at your counterparty , you re-connect and want to receive outstanding trades without loosing some trades in the middle.

Due to the failure, the counterparty does not know where to start exactly. Therefore, it starts a bit earlier and marks the possibly duplicate trades with PossResend.

Now you check all PossResend trades using the unique id ExecID whether you have received them already (and can savely ignore them) or not.

Regards, Jörg