Time Message Received (ClOrdID, OrigClOrdID) Message Sent (ClOrdID, OrigClOrdID) Exec Type OrdStatus Order Qty Cum Qty Leaves Qty Last Qty 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 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"