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General Q/A
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Re: Order Cancel Request
John Prewett / Lava Trading
3 Oct 2008 5:17PM ET> Does it follow spec for a client to send an Order Cancel Request for an
> order that has not received an Execution Report with Status "New" yet?
>
> Thank you.
Hi Dean,
The answer is that FIX protocol does allow for this possibility, but it doesn't indicate that the venue MUST support it.
One of the good things about FIX is that you send in amendments to your order referencing your original client order ID (ClOrdID - tag 11). This handily avoids the arcane requirement of having to wait for the venue to give you back an ID (OrderID - tag 37) on an ExecReport(new) before attempting change/cancel the original order.
Now some venues with restrictive systems may not accept this behavior and may request that you wait for the ExecReport(new) before attempting a CancelRequest. It's their right to establish the "rules of engagement" just as it is your right to not enjoy them. These venues aren't very user friendly and are at least veering away from the spirit of the protocol.
Lastly, I believe the majority of (but definitely not all) venues allow for CancelRequests to be sent prior to receiving ExecReport(new).
JohnP
Re: Order Cancel Request
John Prewett / Lava Trading 3 Oct 2008 5:17PM ET
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