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General Q/A
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re: DONE FOR DAY
John Greenan / Alignment Systems
9 Oct 2002 4:07AM ET"...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 9 Oct 2002 4:07AM ET
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