IT – INET– Introducing a Replace Order Message in OUCH - (22/12)
NASDAQ OMX Nordic will introduce the Replace Order Message in OUCH allowing the member firm to alter most of the attributes of an order in one single message. This is more efficient than canceling an existing order and immediately re-enter a new amended order.
Description of the optional functionality
Replace Order Message in standard ASCII OUCH will be added. With the Replace Order Message the firm could update the price in one single transaction, instead of cancel, and then submitting a new order, and hereby gain 50% of time.
Attributes possible to modify are:
Quantity, Price, Time in Force, Display, User, Client Reference, Order Reference, Clearing Firm, Clearing Account, Minimum Quantity and Cross Type
Protocol changes
Related version of OUCH Order Entry 1.14R is available on NASDAQ OMX’s member pages.
Consequences for other protocols
ITCH
ITCH ports are not affected since we are not implementing the ITCH replace message, rather, ITCH is doing the "legacy cancel + new". This means that ITCH consumers are unaffected by this change.
Nordic Native FIX DROP for OUCH Order Entry traffic / OUCH Drop ports
Based on member preference we will be able to switch between a "native replace" or a "legacy cancel + new", so that the individual drop consumer could be unaffected if they chose not to change.
Members with multiple OUCH drop connections, or service bureaus filtering multiple MPIDs on one single drop, are recommended to have one configuration for all their drops. There could conceivably be discrepancies if a member had a couple of different drops and some-but-not-all was configured for doing a "native replace" message.
Updates to these protocols are planned to be released latest June, 2012. 2(2)
Time schedule
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INET OTF - August 20, 2012.
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INET Prod - target date October 22, 2012.
Support
For questions and assistance regarding this Exchange Notice, as well as any technical queries, please contact NASDAQ OMX Tech Support at: +46 8 405 64 10, operator@nasdaqomx.com
Best regards,
NASDAQ OMX Nordic
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