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Foreign Exchange
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Usage of tags ClOrdId and OrigClOrdId
Jigar Patel
14 Nov 2008 4:49PM ET Hi,
We have a SPOT FX Trading System, and we are using FIX protocol for communicating the trading messages with our clients.
In our system, when clients submit a new order using NewOrderSingle message, they specify a ClOrdID and subsequently use that same ClOrdID to refer to that order. For example, if they want to interrupt that order, they would use that same ClOrdId value in OrigClOrdId field. From our side, when we send any Execution Report associated with that order, we specify the same value in ClOrdId field.
However, In Order Cancel Request message, as per FIX specifications we use ClOrdId tag to specify a unique request Id just for that message, and we use it to tie back the Order Cancel Reject message. And we use OrigClOrdId tag to specify the ClOrdId value which client provided to us while submitting the order.
Now, we want to allow the clients to be able to modify ( not cancel or replace ) an existing order. For that we are planning to use MSG Type-G ( Order Cancel/Replace a.ka. Modification Request ) message. Here also, we plan to use tag ClOrdId as a request Id, and tag OrigClOrdId to specify the ClOrdId value which client provided to us while submitting the order.
Is this in compliance with the FIX standard ? If not, what are the possible alternatives ? Please let me know.
Usage of tags ClOrdId and OrigClOrdId
Jigar Patel 14 Nov 2008 4:49PM ET
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