Appendix D: Order State Change Matrices

E.1.f — Order is sent to exchange, held waiting for activation and then activated

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) 10 000 Entry of a stop (OrdType = 3), stop limit (OrdType = 4), At the Close (TimeInForce = 7), etc, order. I.e. an order that is held off the book wainting for activation subject to specified conditions.
2 Execution(X) Rejected Rejected 10 000 0 0 0 If order is rejected by trader / exchange
2 Execution(X) New New 10 000 0 10 000 0

Trader / exchange acknowledge receipt of order but does not enter it into the book at activation conditions are not met (WorkingIndicator = N).

Note that if the conditions are met on entry, this WorkingIndicator is not sent.

3 Execution(X) Triggered by (Trading System) New 10 000 0 10 000 0

Activation conditions are reached. Trader / exchange acknowledge that order is put on book (WorkingIndicator = Y).

Note that this message can be implicit in situations where there is an immediate fill or partial fill (as any state other than New / Pending New means the order has been added to the book and is working).

4 Execution(X) Trade Partially Filled 10 000 2 000 8 000 2 000 Execution of 2000
5 Execution(X) Trade Filled 10 000 10 000 0 8 000 Execution of 8000

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