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ExecType

Alvin Wang

Hi I have a pure FIX (44) question. Can anyone explain to me the difference between ExecType 2(Fill) and ExecType F(Trade, fill or partial fill)?

Thanks
Alvin

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Re: ExecType

Brian Erst
QuickFIX Documentation: http://www.quickfixengine.org/quickfix/doc/html/index.html
QuickFIX FAQ: http://www.quickfixengine.org/wikifix/index.php?QuickFixFAQ
QuickFIX Support: http://www.quickfixengine.org/services.html

Alvin -

This probably isn't the correct forum for general FIX questions, but I
can answer this one.

OrdStatus (39) and ExecType (150) have generally used the same code
values, but for somewhat different reasons. OrdStatus gave you the
current status of the order, while ExecType told you how this
particular ExecutionReport affected the order.

Starting with FIX 4.4, they made Trade Correct (G) and Trade Cancel (H)
new ExecType codes (they were previously indicated by ExecTransType
codes). It never really made much sense to have Partial Fill (1) and
Filled (2) codes for ExecType - these are really order statuses - so
they created a new ExecType Trade (F) to have a nice, orthogonal set of
ExecTypes. Trade, Trade Correct and Trade Cancel are now all single
codes that are defined in order.

I believe Partial Fill and Filled are now used only as OrdStatus values
as of FIX 4.4.

- Brian Erst
Thynk Software, Inc.

--- Alvin Wang <[hidden email]> wrote:

> Hi I have a pure FIX (44) question. Can anyone explain to me the
> difference between ExecType 2(Fill) and ExecType F(Trade, fill or
> partial
> fill)?
>
> Thanks
> Alvin



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Re: ExecType

Alvin Wang
In reply to this post by Alvin Wang

Brian, thanks so much for your explanations. that makes a lot of sense.

Unfortunately, many counterparties upgraded their FIX engines from FIX 42 and therefore continue using Partial Fill and Filled as ExecType.

Thanks
Alvin




Brian Erst <[hidden email]>

06/23/2005 10:45 AM
Please respond to azzipsderf-quickfix

       
        To:        Alvin Wang <[hidden email]>, [hidden email], [hidden email]
        cc:        
        bcc:        
        Subject:        Re: [Quickfix-developers] ExecType



Alvin -

This probably isn't the correct forum for general FIX questions, but I
can answer this one.

OrdStatus (39) and ExecType (150) have generally used the same code
values, but for somewhat different reasons. OrdStatus gave you the
current status of the order, while ExecType told you how this
particular ExecutionReport affected the order.

Starting with FIX 4.4, they made Trade Correct (G) and Trade Cancel (H)
new ExecType codes (they were previously indicated by ExecTransType
codes). It never really made much sense to have Partial Fill (1) and
Filled (2) codes for ExecType - these are really order statuses - so
they created a new ExecType Trade (F) to have a nice, orthogonal set of
ExecTypes. Trade, Trade Correct and Trade Cancel are now all single
codes that are defined in order.

I believe Partial Fill and Filled are now used only as OrdStatus values
as of FIX 4.4.

- Brian Erst
Thynk Software, Inc.

--- Alvin Wang <[hidden email]> wrote:

> Hi I have a pure FIX (44) question. Can anyone explain to me the
> difference between ExecType 2(Fill) and ExecType F(Trade, fill or
> partial
> fill)?
>
> Thanks
> Alvin



********************************************************************** This e-mail message is intended solely for the use of the addressee. The message may contain information that is privileged and confidential. Disclosure to anyone other than the intended recipient is prohibited. If you are not the intended recipient, please do not disseminate, distribute or copy this communication, by e-mail or otherwise. Instead, please notify us immediately by return e-mail (including the original message with your reply) and then delete and discard all copies of the message. We have taken precautions to minimize the risk of transmitting software viruses but nevertheless advise you to carry out your own virus checks on any attachment to this message. We accept no liability for any loss or damage caused by software viruses. **********************************************************************
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Re: ExecType

Bugzilla from Joerg.Thoennes@macd.com
In reply to this post by Brian Erst
QuickFIX Documentation: http://www.quickfixengine.org/quickfix/doc/html/index.html
QuickFIX FAQ: http://www.quickfixengine.org/wikifix/index.php?QuickFixFAQ
QuickFIX Support: http://www.quickfixengine.org/services.html

Brian Erst wrote:
> OrdStatus (39) and ExecType (150) have generally used the same code
> values, but for somewhat different reasons. OrdStatus gave you the
> current status of the order, while ExecType told you how this
> particular ExecutionReport affected the order.
>
> Starting with FIX 4.4, they made Trade Correct (G) and Trade Cancel (H)
> new ExecType codes (they were previously indicated by ExecTransType
> codes):

IMHO, the FIX 4.4 has simplified things a lot:

        ExecType=(Partially)Filled, ExecTransType=NEW     --> ExecType=Trade
        ExecType=(Partially)Filled, ExecTransType=CORRECT --> ExecType=TradeCorrect
        ExecType=(Partially)Filled, ExecTransType=NEW     --> ExecType=TradeCancel

The separation of order status and execution type is clear now.

> It never really made much sense to have Partial Fill (1) and
> Filled (2) codes for ExecType - these are really order statuses - so
> they created a new ExecType Trade (F) to have a nice, orthogonal set of
> ExecTypes. Trade, Trade Correct and Trade Cancel are now all single
> codes that are defined in order.
>
> I believe Partial Fill and Filled are now used only as OrdStatus values
> as of FIX 4.4.

Yes, in the ExecType both are marked as "Replaced." Actually, FIX 4.4 compliant parties
should not use them any longer.

Cheers, Jörg

--
Joerg Thoennes
                                http://macd.com
Tel.: +49 (0)241 44597-24      Macdonald Associates GmbH
Fax : +49 (0)241 44597-10      Lothringer Str. 52, D-52070 Aachen


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