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ECNs, Exchanges
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re: Suspension
Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC
19 May 1998 3:43PM ET> > Each of the ExecInst values is generally a boolean. An order is All or None or it isn't. It is Not Held or it isn't, Similarly, it is Suspended or it isn't. I see no reason to create an Unsuspend ExecInst unless we create an Un-All or None, an Un-Not Held, etc.
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> While I agree with this last statement in principal it seems to me that "Suspend" as an ExecInst is a bit out of place. In general the ExecInst(s) stand on their own and it seems odd that a request to change the State of an order should live there. A more natural solution would be to allow the sending of a new OrdStatus in the Cancel/Replace message.
I agree with you that Suspend is unusual as an ExecInst, and the idea of doing a Cancel/Replace to suspend an order seems somewhat strange. Now if I call it a Modification instead of a Cancel/Replace (since that's what it is more like) then it makes a little more sense. But it still has the disadvantage of requiring a unique ClOrdID to create the order, another for suspending the order, and another to un-suspend the order.
But OrdStatus is a field that only appears in the Execution message. It is a field that the sell-side uses to inform the buy-side of the order's state; the buy-side never directly sets it elsewhere. It would be very confusing to add it to the Cancel/Replace message solely for this purpose, more than leaving things as they are.
I think the most straightforward thing would be to create two new messages - OrderSuspendRequest and ListSuspendRequest. Of course this may not be desirable because it eats up two MsgType letters, which are growing scarce.
re: Suspension Cromwell Coulson / National Quotation Bureau, LLC 19 May 1998 12:35PM ET re: Suspension John Armstrong / Morgan Stanley Dean Witter 19 May 1998 12:45PM ET re: Suspension James Michuda / OptiMark Technologies, Inc. 19 May 1998 1:41PM ET re: Suspension Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC 19 May 1998 2:30PM ET re: Suspension
Ryan Pierce / Townsend Analytics Ltd. / Archipelago LLC 19 May 1998 3:43PM ET re: Suspension John Armstrong / Morgan Stanley Dean Witter 19 May 1998 4:17PM ET re: Suspension James Michuda / OptiMark Technologies, Inc. 19 May 1998 2:55PM ET re: Suspension James Michuda / OptiMark Technologies, Inc. 19 May 1998 3:03PM ET
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