Market Orders

Request and Acknowledgement

8=FIX.4.2
9=152
35=D
34=7332
49=TEST1
52=20160208-14:41:33.643
56=DWFIX01
1=DPQP000013
11=982A298766020822123456797
21=1
38=170
40=1
54=1
55=AMZN
60=20160208-14:41:33.643
10=243

8=FIX.4.2
9=233
35=8
34=10738
49=DWFIX01
52=20160208-14:41:34.126
56=TEST1
1=DPQP000013
6=0
11=982A298766020822123456797
14=0
17=91454714030646
20=0
21=1
31=0
32=0
37=DBCY000007
38=170
39=0
40=1
54=1
55=AMZN
59=0
60=20160208-14:41:34.039
150=0
151=170
10=152

8=FIX.4.2
9=152
35=D
34=7332
49=TEST1
52=20160208-14:41:33.643
56=DWFIX01
1=DPQP000013
11=982A298766020822123456797
21=1
152=2000
40=1
54=1
55=AMZN
60=20160208-14:41:33.643
10=243

8=FIX.4.2
9=233
35=8
34=10738
49=DWFIX01
52=20160208-14:41:34.126
56=TEST1
1=DPQP000013
6=0
11=982A298766020822123456797
14=0
17=91454714030646
20=0
21=1
31=0
32=0
37=DBCY000007
152=2000
39=0
40=1
54=1
55=AMZN
59=0
60=20160208-14:41:34.039
150=0
151=170
10=152

📘

What is a Market Order?

A market order is a buy or sell order to be executed immediately at current market prices.

Market Order FIX Message

Market Order Notes

🚧

ClOrdID's requirement

ClOrdID's (FIX tag 11) are persisted until Friday system reset 17:00-18:00pm EST. The sending system cannot send the same ClOrdID during this week period. DriveWealth recommends the ClOrdID have a concept of uniqueness encompasing date or other non-repeating pattern.

The client simply submits an order for a specific symbol and a specific quantity, and if there is enough liquidity available in the market place for that order quantity, the order will be filled and the client will be notified with an Execution Report message including the price at which the Order was filled.

Extended Hour Trading

Setting Time In Force (tag 59=5) (GTX) enables the order to be entered into the Extended Hours trading sessions, making it eligible for execution between 4am-8pm Eastern Time.

Whole share market orders are not eligible for Extended Hours, only Fractional Market orders can be placed as Market GTX orders. See [Limit Orders](Limit Orders) for more details on Limit Extended Hours support.

Note: Although its recommended to send Fractional Extended Hour orders with a Limit price, DriveWealth will provide a protective limit price collar on your order when delivering it to the market. This collar is subject to change, but is generally in the +/- 2-4% of the National Best Bid/Offer (NBBO) range.

Reach out to your Relationship Manager to be enabled for Extended Hour Trading

Market Order Queuing

Clients will be able to enter Day orders before the market opens. This means a sending system may send in an order 15 minutes after the previous trading system finished (usually 16:15 PM EST Monday-Friday) to be executed the next trading system. These orders may be cancelled by the sending system until 4PM EST the next trading day.

GTX orders would queue between 8pm-4am EST

📘

Market Order Availability

Market orders are DAY orders. They do not persist and are cancelled if not filled at end of exchange trading day.