| Time |
Message Received (ClOrdID, OrigClOrdID) |
Message Sent (ClOrdID, OrigClOrdID) |
Exec Type |
OrdStatus |
Exec Trans Type |
Order Qty |
Cum Qty |
Leaves Qty |
Last Shares |
Comment |
| 1 |
New Order(X) |
|
|
|
|
10000 |
|
|
|
Order for 10000 sent electronically |
| 2 |
|
|
|
|
|
|
|
|
|
Order passed verbally as there is communication problem and order does not arrive. The verbally passed order starts getting executed |
| 3 |
|
Execution(X) |
Rejected |
Rejected |
New |
10000 |
0 |
0 |
0 |
Order finally arrives and is detected as a duplicate of a verbal order and is therefore rejected. OrdRejReason = duplicate of a verbal order |
|
Note that the sell-side may employ a number of mechanisms to detect that the electronic order is potentially a duplicate of a verbally passed order, e.g. :
- Checking the possdup flag on the order message header
- Checking the incoming order details against other orders from the same client (e.g. side, quantity)
- Looking at the transact time on the order as a guide to "staleness"
Back to Appendix D: Order State Change Matrices |
