[This message was posted by Kingshuk Bandyopadhyay of <[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/5b325815 - PLEASE DO NOT REPLY BY MAIL.]
Done for day (35=8, 150=3) is used to communicate to client that there will be no more fills for the given order today. Its usually sent out for open GTD (59=6) and GTC (59=1) orders at the end of the trading day. So sending out Done for day after an order has expired does not look right. However I have seen counterparties who use DFD as a trigger in their OMS to kick off other processing. For example I have seen requests for a 'Done for Day' for day orders that were filled or for open day orders at the end of trading day. I guess it boils down to how they use the DFD message in their system and whether you can provide it. > We're having ongoing discussions about the correct use of DFD messages. > According to our knowledge DFD messages should only be sent on orders > which have not yet reached a final state (fully filled, expired or > canceled). > > Currently our OMS will receive expiration messages from the stock > exchange about 2-3 minutes after the market closes. Based on these > expiration messages it will expire the client orders in our system as > well and send out the expiration messages to the clients. About 15 > minutes later our system will generate DFD messages for all open orders > (not expired, not fully filled, not canceled). > > During the past weeks we have received requests from our clients who > would also like to receive expiration messages for orders which have > already expired, been fully filled or canceled during that day. > > This could result in message sequences like the following: -> Order <- > Ack <- Fill messages <- Expiration message <- DFD message > > Would this be valid and correct? What scenarios are correct for DFD > messages?? [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.
