Appendix D: Order State Change Matrices

D23 – Order rejected because the order has already been verbally submitted

Time Message Received (ClOrdID, OrigClOrdID) Message Sent (ClOrdID, OrigClOrdID) Exec Type OrdStatus Exec Trans Type Order Qty Cum Qty Leaves Qty Last Shares Comment
1 New Order(X) 10000 Order for 10000 sent electronically
2 Order passed verbally as there is communication problem and order does not arrive. The verbally passed order starts getting executed
3 Execution(X) Rejected Rejected New 10000 0 0 0 Order finally arrives and is detected as a duplicate of a verbal order and is therefore rejected. OrdRejReason = duplicate of a verbal order

Note that the sell-side may employ a number of mechanisms to detect that the electronic order is potentially a duplicate of a verbally passed order, e.g. :

  • Checking the possdup flag on the order message header
  • Checking the incoming order details against other orders from the same client (e.g. side, quantity)
  • Looking at the transact time on the order as a guide to "staleness"

Back to Appendix D: Order State Change Matrices