The new order list message type is used by institutions wishing to electronically submit lists of related orders to a broker
The New Order List is intended for use in staging lists to be executed by the broker. If the institution wishes to work a
list using the broker's execution services the orders should be submitted as individual
New Order - Single <D>'s.
After staging, the list can be operated on in the following ways:
- Execute: The broker can be instructed to release the list for execution by sending the List Execute <L> message.
- Cancel: After the list has been staged with the broker, it can be canceled via the submission of the
List Cancel Request <K> message.
If the list has not yet been submitted for execution, the List Cancel Request <K>
message will instruct the broker not to execute it, if the list is being executed, the
List Cancel Request <K> message should trigger the broker's system
to generate cancel requests for the remaining quantities of each order within the list.
Individual orders within the list can be canceled via the
Order Cancel Request <F> message.
- Status: A status of the list can be requested via the submission of the List Status Request <M> message. The broker will respond
with one or more List Status <N> messages which will report executed quantity, canceled quantity and average price for each order
in the list.
- Replace: Individual orders within the list can be replaced via Order Cancel/Replace Request <G> messages.
Executions against orders within the list will not normally be reported as they occur. (If this feature is desired the institution
and broker should arrange for this reporting as a custom feature using the Execution message.) Executions against the list
will be reported within the List-Status message.