Market Orders
Also known as "NewOrderSingle".
8=FIX.4.2
9=152
35=D
34=7332
49=TEST1
52=20160208-14:41:33.643
56=DWFIX01
1=DPQP000013
11=982A298766020822123456797
21=1
38=170
40=1
54=1
55=AMZN
60=20160208-14:41:33.643
10=243
8=FIX.4.2
9=233
35=8
34=10738
49=DWFIX01
52=20160208-14:41:34.126
56=TEST1
1=DPQP000013
6=0
11=982A298766020822123456797
14=0
17=91454714030646
20=0
21=1
31=0
32=0
37=DBCY000007
38=170
39=0
40=1
54=1
55=AMZN
59=0
60=20160208-14:41:34.039
150=0
151=170
10=152
8=FIX.4.2
9=152
35=D
34=7332
49=TEST1
52=20160208-14:41:33.643
56=DWFIX01
1=DPQP000013
11=982A298766020822123456797
21=1
152=2000
40=1
54=1
55=AMZN
60=20160208-14:41:33.643
10=243
8=FIX.4.2
9=233
35=8
34=10738
49=DWFIX01
52=20160208-14:41:34.126
56=TEST1
1=DPQP000013
6=0
11=982A298766020822123456797
14=0
17=91454714030646
20=0
21=1
31=0
32=0
37=DBCY000007
152=2000
39=0
40=1
54=1
55=AMZN
59=0
60=20160208-14:41:34.039
150=0
151=170
10=152
What is a Market Order?
A market order is a buy or sell order to be executed immediately at current market prices.
Market Order FIX Message
| Tag | Tag Description | Example Value | Value Description | Required |
|---|---|---|---|---|
8 | BeginString | FIX.4.1 | FIX Version | Yes |
9 | BodyLength | 145 | Length of message | Yes |
35 | MsgType | D | Message type | Yes |
11 | ClOrdID | Unique identifier for the order allocated by the client. | Yes | |
1 | Account | 02e57c7d-d071-4c63-b491-1194a9939ea5.1452548617456 | The identity of settlement account. Used to identify DriveWealth client account. | Yes |
21 | HandlInst | 1 | 1 = Automated execution order, private, no broker intervention | Yes |
38 | OrderQty | 0.1234 | Order quantity. Must be greater than 0.00000001 | Yes - Unless Tags 152 is used |
152 | CashOrderQty | 2000 | Specifies the approximate order quantity desired in total monetary units vs. as a number of shares. | No |
55 | Symbol | AAPL | Ticker symbol | Yes |
54 | Side | 1 | 1 - Buy2 - Sell | Yes |
60 | TransactTime | Time this order request was initiated/released by the trader or trading system. | Yes | |
40 | OrdType | 1 | 1 - Market order | Yes |
59 | TimeInForce | 0 | Market Orders Should be set to 0 | No |
12 | Commission | 10 | Commission override | No |
10 | 'Checksum' | Checksum of message | Yes | |
All fields < 18,000 | all fields <18000 would be echoed back but fields 7000 - 7003 will be persisted in the database for lookup |
Market Order Notes
ClOrdID's requirement
ClOrdID's (FIX tag11) are persisted until Friday system reset 17:00-18:00pm EST. The sending system cannot send the sameClOrdIDduring this week period. DriveWealth recommends theClOrdIDhave a concept of uniqueness encompasing date or other non-repeating pattern.
The client simply submits an order for a specific symbol and a specific quantity, and if there is enough liquidity available in the market place for that order quantity, the order will be filled and the client will be notified with an Execution Report message including the price at which the Order was filled.
Market Orders After Trading Hours
Clients will be able to enter orders before the market opens. This means a sending system may send in an order 15 minutes after the previous trading system finished (usually 16:15 PM EST Monday-Friday) to be executed the next trading system. These orders may be cancelled by the sending system until 4PM EST the next trading day.
Market Order Availability
Market orders are DAY orders. They do not persist and are cancelled if not filled at end of exchange trading day.
Updated less than a minute ago