Tag 39, within the FIX (Financial Information eXchange) protocol, represents the “OrdStatus” field, which communicates the current status of an order to the client. Its purpose is to provide real-time updates on an order’s lifecycle, indicating whether it is new, partially filled, filled, canceled, expired, or rejected. This tag is critical for maintaining accurate order books and for clients to track the execution status of their trades, especially in high-frequency trading environments like institutional crypto options.
Mechanism
The mechanism of Tag 39 involves the sending exchange or matching engine transmitting an Execution Report message (MsgType=8) to the client system whenever an order’s status changes. The value within Tag 39 directly indicates the new state, such as ‘0’ for new, ‘1’ for partially filled, or ‘2’ for filled. Client trading applications parse this tag to update their internal order management systems, triggering subsequent trading logic or informing traders of completion.
Methodology
Utilizing Tag 39 employs a communication protocol approach focused on standardized, machine-readable status updates. Financial systems rely on the consistent and precise definition of this tag’s values to automate trading decisions, risk monitoring, and reconciliation processes. This standardized field facilitates interoperability between diverse trading platforms and client applications, ensuring accurate and timely information exchange critical for efficient and compliant institutional crypto RFQ and options trading operations.
We use cookies to personalize content and marketing, and to analyze our traffic. This helps us maintain the quality of our free resources. manage your preferences below.
Detailed Cookie Preferences
This helps support our free resources through personalized marketing efforts and promotions.
Analytics cookies help us understand how visitors interact with our website, improving user experience and website performance.
Personalization cookies enable us to customize the content and features of our site based on your interactions, offering a more tailored experience.
