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re: What if an acked DMA order got rejected by the Exchange
Mikhail Jirnov / UBS Japan
10 Dec 2003 8:02PM ETHi Tony,
Quote from fix-42-with_errata_20010501, page 98: "NOTE: An order can be rejected subsequent to order acknowledgment, i.e. an order can pass from New to Rejected status." Thus it's valid to send a reject after ack as long as order has no partials. In practice you might want to make it configurable (reject or unsolicited cancel) in case your client doesn't like the scenario, or perhaps even avoid first ack and only acknowledge order after you get the real exchange ack. Especially for DMA the first ack looks more like pseudo ack which may lead to a false feeling on client side that the order has been accepted by the exchange.
> 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
Mikhail Jirnov / UBS Japan 10 Dec 2003 8:02PM ET
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