[This message was posted by Hanno Klein of Deutsche Börse Systems <[EMAIL PROTECTED]> to the "General Q/A" discussion forum at http://fixprotocol.org/discuss/22. You can reply to it on-line at http://fixprotocol.org/discuss/read/2332a64f - PLEASE DO NOT REPLY BY MAIL.]
I think your view is more technical than functional. I asked for a business reason why MinQty should be conditionally required for TIF=IOC. I now assume there is none. It is an optional, additional restriction on an IOC order. So the answer to your question is No. MinQty is independent of TIF values. If present in the New Order Single message it has to be taken into account. If not present, the IOC order can be executed at any amount. From a technical point of view you can use an amount of zero as default value in your application. Every execution will then fulfill the check if it is at or above the minimum quantity. The default value needs to be replaced with the value of MinQty in the message if present. Conditional requirements in FIX are more related to functionality that requires certain pieces of information to be present. For example, a stop order does not make sense without a stop price. Therefore the latter (StopPx) is conditionally required when OrdType expressed a stop order. The concept of minimum quantity can be expressed by a single field and whether it is present or not in the message. > > No, what are your thoughts why it should/could be? IOC just says that > > you need to get an immediate execution or none at all, i.e. usage of > > MinQty would add further restrictions on the possible execution but > > this is optional. > > > > > For Time In Force = IOC, is MinQty required? > > Well if it is specified, then it is the minimum required quantity to > be filled. E.g. Buy 10 with MinQty=3 would fill 3 or more, or kill > the order. > > I'm just wondering if MinQty is conditionally required for > TIF=IOC. If not, are there any other scenarios where MinQty is > conditionally required. [You can unsubscribe from this discussion group by sending a message to mailto:[EMAIL PROTECTED] --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Financial Information eXchange" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/FIX-Protocol?hl=en -~----------~----~----~----~------~----~------~--~---
