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ECNs, Exchanges
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Re: Enforcement of unique ClOrdID (tag 11)
John Prewett / Lava Trading
22 Jul 2008 4:47PM ETI have seen this rigorously enforced and also "best effort" enforced.
Depending on the architecture of some systems, it can be very expensive to rigorously enforce ClOrdID uniqueness as Greg mentioned.
Whatever liberal or restrictive enforcement you offer, there is a basic minimum that must be done (IMHO):
Any incoming request must supply a ClOrdID that doesn't duplicate a ClOrdID that has been already used by a currently open order.
Failure to do this minimal enforcement opens up a nasty world of confusion. Responding to a duplicated ClOrdID without realizing it is indeed a duplicate can also cause major havoc at the original requester's side when they interpret your response against the wrong order. Now you could callously declare "they deserve it" but I know we're all more professional than that :-)
Re: Enforcement of unique ClOrdID (tag 11)
John Prewett / Lava Trading 22 Jul 2008 4:47PM ET
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