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General Q/A
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re: DONE FOR DAY
John Greenan / Alignment Systems
11 Oct 2002 4:35AM ETScott,
While this is indeed D8 in 4.2, the case I refer to was using 4.0. In my answer to the original posting to Vivien I should have made this clear.
John
> I agree with Grace's response "DFD is useful to let the buyside konw that there will be no further changes to the Executions for the order."
>
> I disagree with this particular response as it implies that sending a Cancel/Replace on a Filled ticket is improper. It is case "D8" in FIX 4.2's Appendix D Order State Change Matrices. I think you will find that there are other buyside firms who may only give a portion of their total order to the sellside firm to work and then re-load with additional quantity later.
>
> A key business advantage to keeping the original order and these increases together is that it provides for a single average price and it reduces the number of settlement events each of which can add cost to the transaction.
>
> My answer to the original question is that an advantage of sending a Done For The Day on an order which is in Filled OrdStatus would place that order in a "final" state and thus not be eligible for "D8" plus the buyside receiving a DFD could trigger it to initiate the allocation delivery and booking process.
>
>
> > "...Is this a business norm? Or it's violating the Norm?"
> >
> > As with so many things in FIX, I've seen both...
> >
> > At one sell-side I saw a done for day used to allow a fudge around the case where a buy-side wants to increase an order size after it has been filled.
> >
> > The case was that a buy side would send a new order single for, say, VOD.L to buy 10000 at market. The sell side would fill the order but leave it open, as during the day the buy-side may increase the order size.
> >
> > The issue was simply that the buy side OMS could not handle multiple outstanding orders for the same stock/side/sub-account so the only way around was to send a modification message to the sell side.
> >
> > The done-for-day was used by the sell-side to tell the buy-side that the order could not be changed any more, either through stock suspension, market closure (etc.) - so it could be that the order was filled and a done-for-day sent, or it could be the order was partially filled.
> >
> > In summary, the done-for-day is useful when people are breaching the norms of order flow, as well as the typical usage of informing a buy-side that the order is done for day
> >
> >
> > Regards,
> >
> > John
> >
> > > Dear all,
> > >
> > > Either from the FIX point of view or from the business point of view. Is it normal to send a DONE FOR DAY on a "FILLED" order? Is this a business norm? Or it's violating the Norm?
> > >
> > > Since if the order is completed (with LeavesQty=0), there's no more can be done, even during market open. So it's not appropriate to send DONE FOR DAY.
> > > After marekt close, any outstanding order (With Leaves QTY <> 0), it makes more sense to send DONE FOR DAY in this case.
> > >
> > > Can any one give me smoe thought from the Business point of view?
> > >
> > > Thanks in advance,
> > >
> >
>
re: DONE FOR DAY
John Greenan / Alignment Systems 11 Oct 2002 4:35AM ET
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