[This message was posted by Ryan Hart of Citadel Investment Group <[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/dcd1925a - PLEASE DO NOT REPLY BY MAIL.]
It's not really pros and cons, but objections of downstream users. It's easier for them if I send an expired execution report since this is the same as the normal expiration behavior. But I don't really think this is a strong argument as you still have to handle rejections in general. I agree with you, if there's something illogical with the order, it should simply be rejected at the door. There's only two reasons this should ever occur: 1) An order was entered with a short expiration and there were delays processing the order, or 2) The order was entered with a bad UTC timestamp. In the second case I think you would definitely want to see the rejections to flag a potential system problem rather than silently getting expired execution reports. I also like your point that you would presumably have to first accept the order and then immediately expire it since a state transition from pending new to expired is a bit odd. Thanks for your input, Ryan > Hi Ryan, > > I would propose to reject the new order. My view is, anything illogical > at first sight, should rejected as opposed to accepting and then > dismissing by other means. In this case it will be an execution report > with Exec Type = "Reject" and the proper reason. > > Please share your views also on the pros and cons you mentioned. > > Rgds, Thaya. > > > What is the correct way to handle a GTD order with an ExpireTime > > that has already expired? Should the order be rejected with > > OrdRejReason=TOO LATE_TO_ENTER, or should an ExecutionReport > > with ExecType=EXPIRED and OrdStatus=EXPIRED be immediately sent? > > I'm leaning towards rejecting the order, but both seem to have > > their merits. > > > > Thanks, Ryan [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 -~----------~----~----~----~------~----~------~--~---
