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Foreign Exchange
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Re: Previously Quoted Order Types
Natan Kugel / eSpeed
21 Sep 2007 12:20PM ET> Dear all: Is anybody using previously quoted - D and Forex Previously
> quoted - H order types? FYI, H - Forex Previously quoted has been
> deprecated in favor of D - previously quoted. My concern is that Orders
> of this type would not require a price to be submitted as it can refer
> to previous quote or market data message. Has anybody dealt with this or
> any other issues related to this order type? I thank you in advance for
> kind attention to this matter. Natan
I am very hesitant to implement previously quoted orders (tag 40 (OrdType) is equal to D) in a way to require a price. Then there is a question on usage of tag 117 (QuoteID).
If tag 117 used for informational purposes, it can be ignored. However, if we do it, it is really a limit order, unless there is a business driver s.a. discounted price etc.
My take for a proper implementation of previously quoted orders would be to either refer to the price in the quote or do price verification (check if price specified in the order matches price in the quote referred).
If price in the quote does not match price in the order, course of action needs to be determined by the business.
I am looking for a more information.
I thank you in advance.
Natan
Re: Previously Quoted Order Types
Natan Kugel / eSpeed 21 Sep 2007 12:20PM ET
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