The requester may change the quantity and price of a request; any other change is rejected (OrdRejReason 103=5) and the request is canceled. An update is indicated by using the same QuoteReqID (131) as the initial request, with OrderQty (38) above zero.
- Summon (
537=0): OpenYield confirms the update with Replaced (150=5, 39=5). Responders receive the request again with the new quantity.
- Summon with a limit (
537=1), within 5 seconds: no acknowledgement is sent; the new quantity and price are used when the limit goes on the book at 5 seconds. Responders are not told.
- Summon with a limit (
537=1), after 5 seconds: if your limit is on the book, OpenYield replaces it and sends Replaced (150=5, 39=5) on the live OrderID (OD). You can use this to move your price closer to, or through, the responses. Responders are not told.
Summon with a Limit: Update Within 5 Seconds
In this case, the update is received before the order is placed on the market.
The initial request has a price of 98.5 (44=98.5):
8=FIX.4.4 9=177 35=R 34=336 49=BASTION-RQ 52=20250214-20:21:06.531 56=OPENYIELD-RQ 131=REQ-MUN-0002 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=100 44=98.5 453=1 448=Bastion 452=3 10=208
OpenYield stages the order:
8=FIX.4.4 9=327 35=8 34=339 49=OPENYIELD-RQ 52=20250214-20:21:06.556 56=BASTION-RQ 6=0 11=REQ-MUN-0002 14=0 17=RSP20250214-SD-000000000002 22=4 31=0 32=0 37=ORD20250214-SD-000000000005 38=100 39=A 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=098
You update the request within 5 seconds, setting the price to 98 (44=98). No acknowledgement is sent:
8=FIX.4.4 9=175 35=R 34=337 49=BASTION-RQ 52=20250214-20:21:09.107 56=OPENYIELD-RQ 131=REQ-MUN-0002 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=100 44=98 453=1 448=Bastion 452=3 10=110
The updated request becomes a live order 5 seconds after the original request:
8=FIX.4.4 9=327 35=8 34=340 49=OPENYIELD-RQ 52=20250214-20:21:11.001 56=BASTION-RQ 6=0 11=REQ-MUN-0002 14=0 17=RSP20250214-OD-000000000018 22=4 31=0 32=0 37=ORD20250214-OD-000000000008 38=100 39=0 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=056
Summon with a Limit: Update After 5 Seconds
In this case, the update is received after the order is placed on the market.
The initial request:
8=FIX.4.4 9=175 35=R 34=9 49=BASTION-RQ 52=20250214-17:40:00.874 56=OPENYIELD-RQ 131=REQ-MUN-0005 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=100 44=98.5 453=1 448=Bastion 452=3 10=121
The staging engine acknowledges it as staged:
8=FIX.4.4 9=326 35=8 34=11 49=OPENYIELD-RQ 52=20250214-17:40:00.904 56=BASTION-RQ 6=0 11=REQ-MUN-0005 14=0 17=RSP20250214-SD-000000000006 22=4 31=0 32=0 37=ORD20250214-SD-000000000024 38=100 39=A 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=042
A few seconds later, the marketplace acknowledges that the order is placed:
8=FIX.4.4 9=326 35=8 34=12 49=OPENYIELD-RQ 52=20250214-17:40:05.001 56=BASTION-RQ 6=0 11=REQ-MUN-0005 14=0 17=RSP20250214-OD-000000000097 22=4 31=0 32=0 37=ORD20250214-OD-000000000023 38=100 39=0 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=020
You then send a price update, for example to move your price closer to, or through, the bids:
8=FIX.4.4 9=174 35=R 34=10 49=BASTION-RQ 52=20250214-17:40:06.195 56=OPENYIELD-RQ 131=REQ-MUN-0005 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=100 44=98 453=1 448=Bastion 452=3 10=063
The marketplace confirms that the order is replaced (ExecType 150=5, OrdStatus 39=5):
8=FIX.4.4 9=326 35=8 34=13 49=OPENYIELD-RQ 52=20250214-17:40:06.212 56=BASTION-RQ 6=0 11=REQ-MUN-0005 14=0 17=RSP20250214-OD-000000000099 22=4 31=0 32=0 37=ORD20250214-OD-000000000023 38=100 39=5 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=5 151=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=038