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Re: What if an acked DMA order got rejected by the Exchange
SriPavan Thayaparan / Millennium Information Technolog <>
25 Jul 2008 3:42AM ETHi Tony,
I think its best to relay back the same message unless you are into Order Routing. If you are into Order Routing, then possibly, the exchange you are talking about is not the "only" exchange to which you are connected.
In the latter, I would suggest to derive your own event flow for "parent" orders submitted by your clients. Since you have clearly mentioned its "DMA" I would say you wait till you get response from the exchange before you reply back to the client. There is no "Order Management" concept in your case.
If you are into managing orders, I would recommend sending the Ack as soon as you receive the message, and then later depending on the response of the exchange, you can reject it. Rejections are allowed after Ack.
The thing to understand here is, an acknowledgment is supposed to convey the message that the inbound order passed fundamental validations and is residing in the "to-be-processed" queue of your system. Hence, if its a fundamental validation failure, your system can straightaway reject it without even routing to the exchange. For other scenarios, you can echo back the "Reason" filed that will bear the reson for rejection.
Rgds,
Thaya.
> Say if we have to send a 'new order ack' to client when a new DMA order
> got accepted by the OMS, but what if the exchange rejects the order?
> Which msg we should send to clients after we have acknowledged the
> order? In this instance would we pass the reject back to the client
> (after the ack) or should it be an order cancel?
>
> The scenario is as follows.
> 1. client sent a new DMA order
> 2. broker acked the new order
> 3. new order got released by broker
> 4. exchange reject the release
>
> Is there anything in the FIX protocol for this scenario?
>
> Regards, Tony
Re: What if an acked DMA order got rejected by the Exchange
SriPavan Thayaparan / Millennium Information Technolog 25 Jul 2008 3:42AM ET
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