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Foreign Exchange
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Re: Previously Quoted Order Types
Natan Kugel / eSpeed
21 Sep 2007 5:01PM 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
One more crucial piece. The scenario that is refered, previously quoted order type would be result of market data message.
Re: Previously Quoted Order Types
Natan Kugel / eSpeed 21 Sep 2007 5:01PM ET
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