FIX Trading Community

 

 Remember me

Register  |   Lost password?

General Q/A

Discussions > General Q/A > New Order Single and PossResend

New Order Single and PossResend

Complete message thread from old site

FIX Trading Community
4854 days ago,(2001/01/08)

[ original email was from Bernt Sanden - bernt.sanden@omgroup.com ]
Hi,

I quote the 4.2 spec. regarding New order single and PossResend.

"New Order messages received with the PossResend flag set in the header should be validated by ClOrdID and order parameters (side, symbol, quantity, etc.) to determine if the order had been previously submitted."

Isn't it enough to validate the ClOrdId field to determine if the order has been previously submitted? This field must be unique during the trading day?

Regards, Bernt Sandén

FIX Trading Community
4854 days ago,(2001/01/08)

[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Hi,
>
> I quote the 4.2 spec. regarding New order single and PossResend.
>
> "New Order messages received with the PossResend flag set in the header should be validated by ClOrdID and order parameters (side, symbol, quantity, etc.) to determine if the order had been previously submitted."
>
> Isn't it enough to validate the ClOrdId field to determine if the order has been previously submitted? This field must be unique during the trading day?

You are right in that ClOrdID must be unique. Hence the only check I think necessary in an all-electronic system is ClOrdID. I don't expect an electronic system to do fuzzy matching and try to find a similar (same symbol, side, quantity) order if it has no match on ClOrdID. I.e. I send ClOrdID=1 Buy 200 CSCO, and then send Poss Resend ClOrdID=2 Buy 200 CSCO, I would NOT expect the other party to consider the second order redundant, rather I'd expect the other party to treat ClOrdID=2 as a new order.

I think the language about comparison may have something to do with electronic/manual system hybrids, i.e. a buy-side has a FIX line to a sell-side, and the trader on the buy-side can also telephone the sales trader on the sell-side. One may want to send Poss Dupe an order submitted verbally, and in that case such fuzzy matching would be useful.

Jeanne Breuer
4846 days ago,(2001/01/16)

> Hi,
>
> I quote the 4.2 spec. regarding New order single and PossResend.
>
> "New Order messages received with the PossResend flag set in the header should be validated by ClOrdID and order parameters (side, symbol, quantity, etc.) to determine if the order had been previously submitted."
>
> Isn't it enough to validate the ClOrdId field to determine if the order has been previously submitted? This field must be unique during the trading day?
>
> Regards, Bernt Sandén
>
The PossResend[97] should not be confused with a PossDupFlag[43]. While both tags appear in the message header, PossResend indicates an application level resend with a new ClOrdID, therefore the order detail must be checked.
For more information refer to http://www.nyse.com/pdfs/fix&fcs0920.pdf

Scott Atwell
4845 days ago,(2001/01/17)

"PossResend indicates an application level resend with a new ClOrdID..." is not correct. In a PossResend=Y, the same business data should appear (including the same ClOrdID), however it is being sent with a new MsgSeqNum. PossDupFlag=Y indicates that the exact same FIX message with the same MsgSeqNum is being resent (note OrigSendingTime will be set and different and thus some of the calculated header/trailer fields and encryption may be different).

You can think of PossDupFlag as "here is the message you asked for (by MsgSeqNum via ResendRequest)" and you can think of PossResend as "I think I already sent this message to you, but here it is again just in case you did not get it the first time for some reason".

> > Hi,
> >
> > I quote the 4.2 spec. regarding New order single and PossResend.
> >
> > "New Order messages received with the PossResend flag set in the header should be validated by ClOrdID and order parameters (side, symbol, quantity, etc.) to determine if the order had been previously submitted."
> >
> > Isn't it enough to validate the ClOrdId field to determine if the order has been previously submitted? This field must be unique during the trading day?
> >
> > Regards, Bernt Sandén
> >
> The PossResend[97] should not be confused with a PossDupFlag[43]. While both tags appear in the message header, PossResend indicates an application level resend with a new ClOrdID, therefore the order detail must be checked.
> For more information refer to http://www.nyse.com/pdfs/fix&fcs0920.pdf
>
>

Jeanne Breuer
4843 days ago,(2001/01/18)

> Hi,
>
> I quote the 4.2 spec. regarding New order single and PossResend.
>
> "New Order messages received with the PossResend flag set in the header should be validated by ClOrdID and order parameters (side, symbol, quantity, etc.) to determine if the order had been previously submitted."
>
> Isn't it enough to validate the ClOrdId field to determine if the order has been previously submitted? This field must be unique during the trading day?
>
> Regards, Bernt Sandén
>
After discussing PossResends with Dom Gallo at SIAC, I realize I was mistaken and Scott is indeed correct.