FIX Tag 62, known as ‘ValidUntilTime’, is a standard field within the Financial Information eXchange (FIX) protocol, which is widely used for electronic communication in financial markets. This tag specifies the precise time and date until which an order, quote, or other message is considered valid.
Mechanism
When utilized, FIX Tag 62 functions as an expiration timestamp for a market instruction. Upon receipt, a trading system checks the current time against the ValidUntilTime. If the current time exceeds the specified value, the instruction is automatically deemed expired and invalid, preventing stale orders or quotes from being acted upon.
Methodology
The methodology of employing FIX Tag 62 contributes to enhanced order management and risk control by ensuring that market participants’ intentions are accurately represented in dynamic trading environments. It prevents unintended executions from outdated pricing or instructions, particularly relevant in fast-moving crypto markets where liquidity and price levels can change rapidly. This explicit time limit is crucial for managing latency and execution certainty.
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