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General Q/A
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Re: Highest precedence between tag 126 and tag 432 for GTD orders
Hanno Klein / Deutsche Börse Systems <>
18 Mar 2010 12:35PM ET I would argue that ExpireTime takes precedence as it also contains a date whereas ExpireDate only has a date. ExpireTime is thus more exact and should be chosen. However, it seems better to not have to chose in the first place.
A better option is to reject the order if both have different dates as the user is obviously giving you conflicting information as opposed to redundant information. Or even better, reject the order if both values are filled. You would be safer to not try to interpret what the user might want. Just state it clearly in your Rules of Engagement.
> Hi,
>
> We are planning to support both the tags 126 (UTCTimestamp) and 432
> (LocalMktDate) since few buy connection support 126 for GTD orders
> whereas others support 432.
>
> As per FIX 4.2 specification, tag 126 is conditionally required if
> TimeInForce = GTD and ExpireDate (432) is not specified and tag 432 is
> conditionally required if TimeInForce = GTD and ExpireTime (126) is not
> specified.
>
> We seek help to take a call ‘for highest precedence’ about value that is
> reported with tag 126 and 432 in rare case scenario where buy side sends
> both these tags (126 and 432) with valid formatted values for MsgType =
> D/ G/ E etc.
>
> Thanks in advance.
Re: Highest precedence between tag 126 and tag 432 for GTD orders
Hanno Klein / Deutsche Börse Systems 18 Mar 2010 12:35PM ET
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