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ECNs, Exchanges
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re: Suspension
John Armstrong / Morgan Stanley Dean Witter
19 May 1998 4:17PM ET> 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.
We've discussed the idea of having certain changes
that change ClOrdID and certain ones that don't.
Unfortunately, one can't apply a one-size fits all rule that satisfies the existing rules in all markets.
Although, a Suspend instruction is a bit odd, it frees the requestor from not having to worry
about what this means on the exchange. If a broker
provides this as added value say to SIAC, it will
result in a cancel followed by a new(unsuspend).
Adding an Unsuspend instruction makes sense and
it also allows you to change order attributes at the same time. If you suspend an order for some time, you are likely to want to change the price when you reactivate it since the market will most likely have moved.
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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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