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General Q/A
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Re: Population of tag 39 and 150 in ExecReport (after a Reject)
John Prewett / Lava Trading
24 Feb 2010 12:17PM ET > Behaviors such as this are subject to the rules of engagement. In the
> case of reduction in quantity - there are behaviors supported by some
> exchanges that allow the indicated quantity to be interpreted as the
> quantity remaining open to be filled. Again, this behavior and the
> corresponding messaging values are described in the rules of engagement
> for the exchange.
All behavior is subject to documented rules of engagement.
I was indicating what the behavior should be if the execution venue followed the specification.
We have this standard to reduce the effort taken to establish communications with a new entity and also to reduce the number of trading discrepancies.
When protocol deviations are introduced, the effort taken to establish communications with a new entity increases and misunderstandings are more likely to occur. So using non-standard rules of engagement reduces the efficiency of everyone's organizations and can cause trading discrepancies, particularly in edge cases (such as quantity reduction).
Execution venues have a special role in standards adherence. They set the tone for the rest of the industry.
Sorry to I've start preaching here, but I believe that following the standard is very important.
Thanks
JohnP
Re: Population of tag 39 and 150 in ExecReport (after a Reject)
John Prewett / Lava Trading 24 Feb 2010 12:17PM ET
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