[This message was posted by Mike Chan of NIL <[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/c08a2507 - PLEASE DO NOT REPLY BY MAIL.]
Thanks John! Client demands that the should be able to amend a number of times of the order. So, the only way is to auto-accept the order and further amendment. Once the market opens, we will not do auto-accept. Any new order or amendment will flow directly to the exchange and NEW/AMEND execution report will only be replied upon the exhange acknowledged. For cancel request, we will also auto-accepted because we won't send the order after market opens. > This model is somewhat dangerous when it comes to covering all the state > transitions, but I don't see why it couldn't be made to work with some > leniency from the entities that send you orders. > > Having already issued ExecReport(ExecType=Replaced), it would not be > appropriate to subsequently issue an ExecReport(ExecType=Rejected) as > you stated. I believe that an unsolicited cancel of the order would be > the only option under these circumstances. > > Please beware that some buy-side software gets upset when it receives an > unsolicited cancel as this is generally an abnormal situation. > > What I'm wondering about is why you acknowledge the orders. Have you > considered using ExecReport(ExecType=Pending New) as a response for the > original order and ExecReport(ExecType=Pending Replace) as a response > for the replacement order? If you did this, you could then forward the > orders and replace requests when the execution venue subsequently > becomes available and relay the responses back to your buy side > customers. In this respect, you would be acting as a FIX store-and- > forward device. > > Lastly, you haven't mentioned how you handle what happens when: > 1. The orders are still flowing and the market now becomes available. Do > you still pre-acknowledge orders? 2. The buy-side sends two (or twenty- > two) replace requests prior to market open. > 2. Handling of cancel requests. > > I hope this helps. > > JohnP [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.
