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List Trading
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Re: New Order-List question
John Greenan / http://www.alignment-systems.com
10 Aug 2006 11:56AM ETHi,
For the first question I'd expect a List Status message with a ListOrderStatus = 5 'Alert' to let me know that there's a problem - perhaps an invalid instrument code or suchlike. Out of band this may be handled with a convention, such as for a one way list (all sell or all buy) just continue with the other names, whereas for a two way list (buys and sells) wait for correction or continue where possible ie if it's an unknown buy instrument then continue with the rest of the trades, if it's an unknown sell instrument then even the trade out by excluding one or more of the buys.
In essence, this is up for bilateral discussion - 'rules of engagement'. When I have seen FIX based list trading the bidding process will either throw up a missing name which can be investigated by middle office or this will be sorted out 'out of band' - over the phone and then manual correction. I've never seen a bank reject a whole list due to one/two/three small errors - the business is lucrative so generally you don't turn it away.
If the order is re-sent by the buy-side with the problem name excluded then I would expect to see NoOrders and TotNoOrders amended to reflect the new state of the order.
> Hello,
>
> Some questions about List Trading. Assistance would be appreciated.
>
> Example: I send a New Order-List message containing 10 orders. If a
> single order within the New Order-List fails validation, should I expect
> the whole New Order-List message to be rejected or only that specific
> order and the remaining orders to be sent on to the recipient?
>
> In the situation listed above, if the remaining orders are sent, will
> the recipient expect tags 73 and 68 to be updated for the number of
> remaining orders or the original number of orders?
>
> Thanks,
>
> Paul
Re: New Order-List question
John Greenan / http://www.alignment-systems.com 10 Aug 2006 11:56AM ET
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