| Time | Message Received (ClOrdID, OrigClOrdID) | Message Sent (ClOrdID, OrigClOrdID) | Exec Type | OrdStatus | Order Qty | Cum Qty | Leaves Qty | Last Qty | 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 | 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"