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General Q/A
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re: TransactTime
Scott Atwell / American Century <>
25 Feb 2003 10:56AM ETre: "This isn't very clean (IMHO) as there is no TransactTime in a NewOrderSingle.", TransactTime was added to the New Order Single message in FIX 4.2.
TransactTime should reflect the time the business message was initiated. A bit of history here, OrigSendingTime was added to FIX 4.0. Previously if one used SendingTime as the timestamp of a message which did not have a TransactTime (i.e. Indication of Interest), then one would have problems if that message was resent (result of ResendRequest). It would be best to think of SendingTime/OrigSendingTime as being more of a session-level concept (part of the standard header) and TransactTime as a business message concept.
> TransactTime in a CancelRequest (or Cancel/Replace Request) message refers to the time the order was requested to be cancelled. Under normal circumstances, this should probably be very close to the SendingTime. If the CancelRequest is resent while the sender is processing a ResendRequest message, SendingTime will refer to the time the message was resent, whereas TransactTime in a CancelRequest will remain unchanged, and always indicates when the request was originally made.
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> An order processing system could decide to issue a BusinessReject for a Cancel/Replace Request message that was received with a TransactTime that is more than 1 minute old as the request has clearly been delayed and may be no longer what the originating trader might want. The same system would choose to process a CancelRequest message even if the TransactTime indicated the message was delayed because there is little risk in order cancellation.
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> I am uncertain as to the overlap of usage between TransactTime(body of some messages) and OrigSendingTime(mandatory in header of all resent messages) to detect delayed messages. I am guessing that OrigSendingTime is a session-layer field to be used by the FIX engine to issue a Reject for delayed messages of any type, whereas TransactTime is an application-layer field to be used by the order processing system for its own business logic. This isn't very clean (IMHO) as there is no TransactTime in a NewOrderSingle.
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> I hope this helps.
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> > I would like to know the purpose of the TransactTime field for Cancel and CancelReplace messages in FIX 4.3.
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> > Do these refer to the original order, or to the request itself? How does it differ from the SendingTime in the message header?
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> > Thanx
> > Herman
> >
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re: TransactTime
Scott Atwell / American Century 25 Feb 2003 10:56AM ET
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