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ECNs, Exchanges
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Re: Enforcement of unique ClOrdID (tag 11)
Greg Orsini / Cameron Systems <>
22 Jul 2008 4:17PM ET> Exchange best practices recommends not to enforce a unique ClOrdID and
> limit check for duplicate ClOrdID (tag 11) to list of active orders in
> the order book. I would like to follow up of how this has been addressed
> different exchanges. In addition, I would like to check how risks of
> over execution associated with retransmissions have been addressed, when
> limited checks are applied. I thank you in advance. Natan
At an exchange with independent books, it was viewed as wasteful (cpu-wise) to require a check of all books to enforce ClOrdID uniqueness.
For the case of a resent order PossDupe or PossResend should be set, so the order could be ignored if already present in the book.
For the case of an erroneously resent order (without PossDupe or PossResend), you could safely check the same book (since the symbol would be the same) and detect duplicate without the overhead of checking all books.
Greg.
Re: Enforcement of unique ClOrdID (tag 11)
Greg Orsini / Cameron Systems 22 Jul 2008 4:17PM ET
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