GTC Order

Modified on 2016/05/13 12:28 by ernestoaparcedo — Categorized as: Uncategorized

A Good-Til-Canceled (GTC) Order is entered with the New Order Single (Tag 35=D) message. Following are the most relevant tags to build a GTC Order.

Tag 40=2	OrdType	Specifier of Limit Order Type
Tag 44	Price	Limit Price
Tag 59=1	TimeInForce	Specifier of the Good-Til-Cancelled characteristic
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

Sample

In this example, the order is submitted for a limit price (Tag 44) of 65950 or better. As it is a buy order, a better price indicates a price lower than 65950. By setting Time-In-Force (Tag 59) to 1, the GTC order is defined. It is open across multiple trading sessions until it is canceled, filled by the market or expired.

GTC Limit Order

[FIXNEWORDER] 34=8|49=T4Example|56=T4|50=TraderName|52=20130222-15:51:44.315|1=Account1|11=fn-634971235043159226|48=CME_20130300_ZCH3|55=ZC|207=CME_C|54=1|38=1|40=2|44=65950|59=1|167=FUT|21=1|60=20130222-15:51:44.315|204=0|
[FIXNEWORDER]
[MsgSeqNum] 34 = 8
[SenderCompID] 49 = T4Example
[TargetCompID] 56 = T4
[SenderSubID] 50 = TraderName
[SendingTime] 52 = 20130222-15:51:44.315
[Account] 1 = Account1
[ClOrdID] 11 = fn-634971235043159226
[SecurityID] 48 = CME_20130300_ZCH3
[Symbol] 55 = ZC
[SecurityExchange] 207 = CME_C
[Side] 54 = 1 (BUY)
[OrderQty] 38 = 1
[OrdType] 40 = 2 (LIMIT)
[Price] 44 = 65950
[TimeInForce] 59 = 1 (GOOD_TILL_CANCEL)
[SecurityType] 167 = FUT (FUTURE)
[HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION)
[TransactTime] 60 = 20130222-15:51:44.315
[CustomerOrFirm] 204 = 0 (CUSTOMER)

GTC Order Response

[fixexecutionreport] 34=297|49=T4|56=T4Example|50=T4FIX|52=20130222-15:51:44.752|143=UK|1=Account1|11=fn-634971235043159226|17=48018.7016186076_ZCH3.6349712350605100006.1.BDB2042E|150=0|37=BDB2042E-2811-4470-9FD3-4C36CBC19FA9|39=0|48=CME_20130300_ZCH3|55=ZC|207=CME_C|200=201303|59=1|107=Corn Mar13|54=1|167=FUT|38=1|40=2|44=65950|60=20130222-15:51:46.051|21=1|204=0|
[FIXEXECUTIONREPORT]
[MsgSeqNum] 34 = 297
[SenderCompID] 49 = T4
[TargetCompID] 56 = T4Example
[SenderSubID] 50 = T4FIX
[SendingTime] 52 = 20130222-15:51:44.752
[TargetLocationID] 143 = UK
[Account] 1 = Account1
[ClOrdID] 11 = fn-634971235043159226
[ExecID] 17 = 48018.7016186076_ZCH3.6349712350605100006.1.BDB2042E
[ExecType] 150 = 0 (NEW)
[OrderID] 37 = BDB2042E-2811-4470-9FD3-4C36CBC19FA9
[OrdStatus] 39 = 0 (NEW)
[SecurityID] 48 = CME_20130300_ZCH3
[Symbol] 55 = ZC
[SecurityExchange] 207 = CME_C
[MaturityMonthYear] 200 = 201303
[TimeInForce] 59 = 1 (GOOD_TILL_CANCEL)
[SecurityDesc] 107 = Corn Mar13
[Side] 54 = 1 (BUY)
[SecurityType] 167 = FUT (FUTURE)
[OrderQty] 38 = 1
[OrdType] 40 = 2 (LIMIT)
[Price] 44 = 65950
[TransactTime] 60 = 20130222-15:51:46.051
[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.