[This message was posted by Sri Thayaparan of Millennium IT <[email protected]> to the "4.2 Changes" discussion forum at http://fixprotocol.org/discuss/5. You can reply to it on-line at http://fixprotocol.org/discuss/read/998ea0b6 - PLEASE DO NOT REPLY BY MAIL.]
> thank you Hi, There are instances where certain execution venues request you to send a cancel to a previous order and send a fresh order. The underlying cause, in most of the cases is related to priority maintenance. 35 = G is also known as "CancelReplaceRequest" as John mentioned. When you send a 35=G, it is a replace request for a previous order, that doesn;t modify the time priority of the previous original order. Venues that are comfortable to keep the time priority in certain modification scenarios (qty reduction, parametric changes that do not offer additional previldege due to time priority) recommend 35=G in such situations. The same venue, on different scenario like "quantity increase", might state to send a "Cancel" followed by a "Fresh new order". In this case, since the quantuty window is increased, the broker is not allowed to take undue advantage of the time priority of the original order. Cancelling and sending a fresh order invalidates the previous order totally. (Time priority is lost) Regards, Thaya. [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 -~----------~----~----~----~------~----~------~--~---
