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General Q/A
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re: DONE FOR DAY
Scott Atwell / American Century <>
9 Oct 2002 8:06AM ET I agree with Grace's response "DFD is useful to let the buyside konw that there will be no further changes to the Executions for the order."
I disagree with this particular response as it implies that sending a Cancel/Replace on a Filled ticket is improper. It is case "D8" in FIX 4.2's Appendix D Order State Change Matrices. I think you will find that there are other buyside firms who may only give a portion of their total order to the sellside firm to work and then re-load with additional quantity later.
A key business advantage to keeping the original order and these increases together is that it provides for a single average price and it reduces the number of settlement events each of which can add cost to the transaction.
My answer to the original question is that an advantage of sending a Done For The Day on an order which is in Filled OrdStatus would place that order in a "final" state and thus not be eligible for "D8" plus the buyside receiving a DFD could trigger it to initiate the allocation delivery and booking process.
> "...Is this a business norm? Or it's violating the Norm?"
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> As with so many things in FIX, I've seen both...
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> At one sell-side I saw a done for day used to allow a fudge around the case where a buy-side wants to increase an order size after it has been filled.
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> The case was that a buy side would send a new order single for, say, VOD.L to buy 10000 at market. The sell side would fill the order but leave it open, as during the day the buy-side may increase the order size.
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> The issue was simply that the buy side OMS could not handle multiple outstanding orders for the same stock/side/sub-account so the only way around was to send a modification message to the sell side.
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> The done-for-day was used by the sell-side to tell the buy-side that the order could not be changed any more, either through stock suspension, market closure (etc.) - so it could be that the order was filled and a done-for-day sent, or it could be the order was partially filled.
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> In summary, the done-for-day is useful when people are breaching the norms of order flow, as well as the typical usage of informing a buy-side that the order is done for day
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> Regards,
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> John
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> > Dear all,
> >
> > Either from the FIX point of view or from the business point of view. Is it normal to send a DONE FOR DAY on a "FILLED" order? Is this a business norm? Or it's violating the Norm?
> >
> > Since if the order is completed (with LeavesQty=0), there's no more can be done, even during market open. So it's not appropriate to send DONE FOR DAY.
> > After marekt close, any outstanding order (With Leaves QTY <> 0), it makes more sense to send DONE FOR DAY in this case.
> >
> > Can any one give me smoe thought from the Business point of view?
> >
> > Thanks in advance,
> >
>
re: DONE FOR DAY
Scott Atwell / American Century 9 Oct 2002 8:06AM ET
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