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General Q/A
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re: Stoploss Order Trigger
Jim Northey / Chicago Board Options Exchange
12 Sep 2001 1:15PM ETPorbably too late to help the implementor, but FIX 4.3 provides the optiona Working field - which is a boolean value that indicates that the stop or MIT order price has been crossed and the order is now tradeable.
The usage of this field is referenced in volume 7 derivatives section. The proposal for the field was put forth by the MERC and CBOT (Ron Newell and Tom McCabe). This field also meets the same requirement for Euronext that we promised them last year.
> I agree that this is not the normally accepted definition of the tags for "Stopped." I was pointing out a way that one exchange did use these values. It does provide precedence.
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> There is no other (standard) way that I know of to indicate that a Stop, Stop Limit, or Market if Touched order has been elected. By elected I mean that the price has hit the trigger price.
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> One could consider using the text field to indicate "Order Elected" with an order status of new, but this method doesn't fully address the issue at hand.
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> It actually opens other questions, like what if the order is a stop with limit and the trigger price is hit, but the limit isn't.
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> Lots to think about.
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> Tayloe
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> > > This does give you a way that someone else solved the problem.
> > >
> > > Tag: 150(ExecType) Value =7 (stopped)
> > > Tag: 39(OrdStatus) Value =7 (stopped)
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> > This isn't the generally accepted meaning of these fields. ExecType / OrdStatus = Stopped has nothing to do with stop or stop limit orders.
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> > ExecType / OrdStatus = Stopped refers to a guarantee made that an order will be traded.
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> > For instance, a NYSE specialist may "stop" an order, thus guaranteeing a fill at a specified price while the specialist searches for a better price.
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re: Stoploss Order Trigger
Jim Northey / Chicago Board Options Exchange 12 Sep 2001 1:15PM ET
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