Differences

This shows you the differences between two versions of the page.

--- developers:fixapi:marketorder [2025/09/12 01:50] – removed - external edit (Unknown date) 127.0.0.1
+++ developers:fixapi:marketorder [2025/09/12 01:50] (current) – ↷ Page moved and renamed from developers:fixapi.marketorder to developers:fixapi:marketorder chad
@@ Line 1: / Line 1: @@
+===== Market Order =====
+A **Market Order** is entered using the **New Order Single** message (`MsgType=D`).
+The following tags are most relevant for building a Market Order:
+^ Tag  ^ Field Name         ^ Description                                                                     ^
+| 40=1 | OrdType            | Specifies Market Order type                                                    |
+| 48   | SecurityID         | Market for which the order is sent                                             |
+| 55   | Symbol             | Contract for which the order is sent                                           |
+| 207  | SecurityExchange   | Exchange for which the order is sent                                           |
+| 167  | SecurityType       | Security type (e.g., Futures) of this specific market                          |
+====== Sample ======
+In this example, the order is submitted for the current market price. Note that a Limit Price (Tag 44) is not specified.
+Please note that the exchanges generally place limits on market orders which effectively makes Market orders a limit order with a 10 or 20 tick price limit on it. Hence, you are not guaranteed a fill with a market order in a market that is moving very fast. Please check with the exchange you are trading to determine what their current limits are.
+Market Order
+<code>
+>> 2/21/2013 5:13:52 PM [FIXNEWORDER] 34=59|49=T4Example|56=T4|50=TraderName|52=20130221-23:13:52.800|1=Account1|11=fn-634970636328000781|48=CME_20130300_ESH3|55=ES|207=CME_Eq|54=1|38=1|40=1|59=0|167=FUT|21=1|60=20130221-23:13:52.800|204=0|
+[FIXNEWORDER]
+[MsgSeqNum] 34 = 59
+[SenderCompID] 49 = T4Example
+[TargetCompID] 56 = T4
+[SenderSubID] 50 = TraderName
+[SendingTime] 52 = 20130221-23:13:52.800
+[Account] 1 = Account1
+[ClOrdID] 11 = fn-634970636328000781
+[SecurityID] 48 = CME_20130300_ESH3
+[Symbol] 55 = ES
+[SecurityExchange] 207 = CME_Eq
+[Side] 54 = 1 (BUY)
+[OrderQty] 38 = 1
+[OrdType] 40 = 1 (MARKET)
+[TimeInForce] 59 = 0 (DAY)
+[SecurityType] 167 = FUT (FUTURE)
+[HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION)
+[TransactTime] 60 = 20130221-23:13:52.800
+[CustomerOrFirm] 204 = 0 (CUSTOMER)
+</code>
+Market Order Response
+<code>
+<< 2/21/2013 5:13:52 PM [fixexecutionreport] 34=102|49=T4|56=T4Example|50=T4FIX|52=20130221-23:13:52.878|143=US,IL|1=Account1|11=fn-634970636328000781|17=48008.6417469422_ESH3.6349706363399900006.1.A3287974|150=0|37=A3287974-CA48-4021-95E1-B865BC78AEC7|39=0|48=CME_20130300_ESH3|55=ES|207=CME_Eq|200=201303|59=0|107=E-mini S&P 500 Mar13|54=1|167=FUT|38=1|40=1|60=20130221-23:13:53.999|21=1|204=0|
+[FIXEXECUTIONREPORT]
+[MsgSeqNum] 34 = 102
+[SenderCompID] 49 = T4
+[TargetCompID] 56 = T4Example
+[SenderSubID] 50 = T4FIX
+[SendingTime] 52 = 20130221-23:13:52.878
+[TargetLocationID] 143 = US,IL
+[Account] 1 = Account1
+[ClOrdID] 11 = fn-634970636328000781
+[ExecID] 17 = 48008.6417469422_ESH3.6349706363399900006.1.A3287974
+[ExecType] 150 = 0 (NEW)
+[OrderID] 37 = A3287974-CA48-4021-95E1-B865BC78AEC7
+[OrdStatus] 39 = 0 (NEW)
+[SecurityID] 48 = CME_20130300_ESH3
+[Symbol] 55 = ES
+[SecurityExchange] 207 = CME_Eq
+[MaturityMonthYear] 200 = 201303
+[TimeInForce] 59 = 0 (DAY)
+[SecurityDesc] 107 = E-mini S&P 500 Mar13
+[Side] 54 = 1 (BUY)
+[SecurityType] 167 = FUT (FUTURE)
+[OrderQty] 38 = 1
+[OrdType] 40 = 1 (MARKET)
+[TransactTime] 60 = 20130221-23:13:53.999
+[HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION)
+[CustomerOrFirm] 204 = 0 (CUSTOMER)
+</code>
+Further details on the tags used for this order type are described in the dictionary of the New Order Single message.
+[[developers:legacy_fix_api|T4 FIX API Home]]