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4.2 Changes
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Re: Clarification on Order Status=Rejected
Xavier Bruyet / Ullink
10 May 2012 4:10AM ET If an order has already been acknowledged, I think the only way to reject it is to send an unsolicited cancel. ExecRestatementReason can be used to communicate the cancel reason.
But I agree with you, Jörg, in the concerned scenario, a pending exec followed by a ack or a reject would be better if possible.
Regards,
Xavier.
> Hi Michael,
>
> just read this posting. This is an interesting scenario (similiar to the delayed reject of an order acked by ER(NEW).
>
> So you send an Amend (Replaced) which is first acked (Status changes to REPLACED) and later rejected by a down-stream system.
>
> Normally, I would use PENDING_REPLACE and either REPLACED or OrderCancelReject in this situation. The FIX specification lacks any scenario were a REJECTED is sent after the REPLACED. I did not find any occurrence in the FIX 5.0SP2 vol 4.
>
> From my experience most customer side systems have problems processing a REJECT after a NEW.
> So my recommendation would be to also avoid this for the replace scenario.
>
> Did you have any new findings meanwhile?
>
> Cheers, Jörg
>
> > I am just after some clarification as there seems to be a bit of a grey area on Rejections.
> >
> > I understand that a 39=8 (OrderStatus=Rejected) can be sent back to the client after an new order single has been acked (39=0 OrderStatus=New). I assume this could occur when a downstream system is not able to take the order and therefore sends back a reject after the order has been acked.
> >
> > I would like to know however if it is possible as per FIX spec to send back 39=8 (Rejected) an a new order single that has been acked and then ammended.
> >
> > IE: The order is in a 39=5 (OrderStatus=Replaced) and then the following message is a 39=8 (OrderStatus=Rejected) is sent on that order.
> >
> > Can someone confirm if
> >
> > a) This should be a possible workflow or should an unsolicited cancel be sent in this situation.
> > b) If 39=8 was sent after an order was amended, How you expect this to be handled by the client IE: should the amendment be rejected or should the order be rejected and closed.
> >
> > Any help would be appreciated.
> >
> > Michael
> >
Re: Clarification on Order Status=Rejected
Xavier Bruyet / Ullink 10 May 2012 4:10AM ET
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