quickfix-developers

[Quickfix-developers] ExecType

[Alvin W. <AW...@FF...>]

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: [Quickfix-developers] ExecType

[Brian E. <azz...@ya...>]

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 <AW...@FF...> 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

Re: [Quickfix-developers] ExecType

[Joerg T. <Joe...@ma...>]

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