IT – INET – REMINDER - Introducing a Replace Order Message for OUCH
As previously communicated in the Exchange Notice IT 22/12, Exchange Notice 47/12 and Exchange IT-Notice 59/12 and IT-Notice 71/12 NASDAQ OMX Nordic will introduce the Replace Order Message in OUCH allowing member firms to alter an order in a single measure; current practice requires a firm to delete the existing order and enter a revised order.
The Replace Order Message is an extension of current OUCH functionality and is not a
mandatory change is available by default from October 22nd.
In order to support Replace messages on OUCH DROP, a new version of OUCH DROP is
introduced October 22nd.
NOTE! The current version of OUCH DROP which handles an incoming Replace message as Cancel+New on the drop will become End-of-Life March 31st 2013.
From April 1st 2013, OUCH DROP v2.00 or later is mandatory.
Time schedule
-
INET Test - August 20, 2012
-
INET Prod - October 22, 2012
Description of the functionality for Replace Order Message
The Replace Order Message (Message Type "U") is added to the standard ASCII OUCH protocol. With the Replace Order Message, updating an order is significantly quicker as it is done in one single transaction.
You can change all the order attributesexcept "Buy/Sell Indicator". When sending a Replace Order, you need to provide the Order Tokenof the order you want to replaceand give a new Order Token forthe modified order.
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.Note! To decrease the Quantity it’s better to use Cancel Order message toretain the time priority.
Protocol changes
OUCH Order Entry
OUCH Order Entry 2.00 is available on NASDAQ OMX’s member pages.
The following changes are introduced: 2(2)
-
A new (inbound to NASDAQ OMX) Order Replace message is introduced
-
A new (outbound from NASDAQ OMX) Replaced Order message is introduced
No changes on 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.
Changes to the OUCH Drop
The current version of OUCH DROP will handle an incoming OUCH Replace message as "Cancel+New". Note! This version will be end-of-life March 31st 2013.
The new version of OUCH DROP to be introduced October 22 will drop replace messages accordingly. With this version the "Replaced Token" field length is extended in order to cover the full order token length.
OUCH DROP 2.00 protocol specification is available on NASDAQ OMX’s member pages.
Note! Your existing OUCH DROP ports will continue to use the current version of OUCH DROP until you ask memberservices@nasdaqomx.com, +46 8 405 6660, to re-configure your OUCH DROP port(s) to the new version. From April 1st 2013 the new version will be mandatory.
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
|