A Market Order is entered with the
New Order Single (Tag 35=D) message. Following are the most relevant tags to build a Market Order.
| Tag 40=1 | OrdType | Specifier of Market Order Type |
|---|
| Tag 48 | SecurityID | Market for which the order is sent |
|---|
| Tag 55 | Symbol | Contract for which the order is sent |
|---|
| Tag 207 | SecurityExchange | Exchange for which the order is sent |
|---|
| Tag 167 | SecurityType | Security Type (e.g. Futures) of this specific market |
|---|
SampleIn this example, the order is submitted for the current market price. Note that a Limit Price (Tag 44) is not specified.
Please note that the exchanges generally place limits on market orders which effectively makes Market orders a limit order with a 10 or 20 tick price limit on it. Hence, you are not guaranteed a fill with a market order in a market that is moving very fast. Please check with the exchange you are trading to determine what their current limits are.
Market Order
>> 2/21/2013 5:13:52 PM [FIXNEWORDER] 34=59|49=T4Example|56=T4|50=TraderName|52=20130221-23:13:52.800|1=Account1|11=fn-634970636328000781|48=CME_20130300_ESH3|55=ES|207=CME_Eq|54=1|38=1|40=1|59=0|167=FUT|21=1|60=20130221-23:13:52.800|204=0|
[FIXNEWORDER]
[MsgSeqNum] 34 = 59
[SenderCompID] 49 = T4Example
[TargetCompID] 56 = T4
[SenderSubID] 50 = TraderName
[SendingTime] 52 = 20130221-23:13:52.800
[Account] 1 = Account1
[ClOrdID] 11 = fn-634970636328000781
[SecurityID] 48 = CME_20130300_ESH3
[Symbol] 55 = ES
[SecurityExchange] 207 = CME_Eq
[Side] 54 = 1 (BUY)
[OrderQty] 38 = 1
[OrdType] 40 = 1 (MARKET)
[TimeInForce] 59 = 0 (DAY)
[SecurityType] 167 = FUT (FUTURE)
[HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION)
[TransactTime] 60 = 20130221-23:13:52.800
[CustomerOrFirm] 204 = 0 (CUSTOMER)
Market Order Response
<< 2/21/2013 5:13:52 PM [fixexecutionreport] 34=102|49=T4|56=T4Example|50=T4FIX|52=20130221-23:13:52.878|143=US,IL|1=Account1|11=fn-634970636328000781|17=48008.6417469422_ESH3.6349706363399900006.1.A3287974|150=0|37=A3287974-CA48-4021-95E1-B865BC78AEC7|39=0|48=CME_20130300_ESH3|55=ES|207=CME_Eq|200=201303|59=0|107=E-mini S&P 500 Mar13|54=1|167=FUT|38=1|40=1|60=20130221-23:13:53.999|21=1|204=0|
[FIXEXECUTIONREPORT]
[MsgSeqNum] 34 = 102
[SenderCompID] 49 = T4
[TargetCompID] 56 = T4Example
[SenderSubID] 50 = T4FIX
[SendingTime] 52 = 20130221-23:13:52.878
[TargetLocationID] 143 = US,IL
[Account] 1 = Account1
[ClOrdID] 11 = fn-634970636328000781
[ExecID] 17 = 48008.6417469422_ESH3.6349706363399900006.1.A3287974
[ExecType] 150 = 0 (NEW)
[OrderID] 37 = A3287974-CA48-4021-95E1-B865BC78AEC7
[OrdStatus] 39 = 0 (NEW)
[SecurityID] 48 = CME_20130300_ESH3
[Symbol] 55 = ES
[SecurityExchange] 207 = CME_Eq
[MaturityMonthYear] 200 = 201303
[TimeInForce] 59 = 0 (DAY)
[SecurityDesc] 107 = E-mini S&P 500 Mar13
[Side] 54 = 1 (BUY)
[SecurityType] 167 = FUT (FUTURE)
[OrderQty] 38 = 1
[OrdType] 40 = 1 (MARKET)
[TransactTime] 60 = 20130221-23:13:53.999
[HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION)
[CustomerOrFirm] 204 = 0 (CUSTOMER)
Further details on the tags used for this order type are described in the dictionary of the
New Order Single message.