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General Q/A
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Re: Order Cancel Request
DEAN LAVDAS
3 Oct 2008 5:51PM 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
Thanks John. This was extremely helpful. I believe that I am seeing exactly what you describe in certain venues versus others.
-Dean
Re: Order Cancel Request
DEAN LAVDAS 3 Oct 2008 5:51PM ET
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