A Hit Order submits a limit order at the best bid or offer price in order to get filled.
A Hit Order is entered with the New Order Single (Tag 35=D) message. Following are the most relevant tags to build a Hit Order:
| Tag | Field | Description |
|---|---|---|
| 40=H | OrdType | Specifier of Hit Order Type |
| 54 | Side | Set to 1 (BUY) to hit the best offer (buying at the best offer price). Set to 2 (SELL) to hit the best bid (selling at the best bid price). |
| 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 Hit order is submitted by setting OrdType (Tag 40) = H. Note that Price (Tag 44) is not entered.
Hit Order
>> 2/22/2013 11:55:46 AM [FIXNEWORDER] 34=35|49=T4Example|56=T4|50=TraderName|52=20130222-17:55:46.683|1=Account1|11=fn-634971309466837611|48=CME_20130300_ESH3|55=ES|207=CME_Eq|54=1|38=1|40=H|59=0|167=FUT|21=1|60=20130222-17:55:46.683|204=0| [FIXNEWORDER] [MsgSeqNum] 34 = 35 [SenderCompID] 49 = T4Example [TargetCompID] 56 = T4 [SenderSubID] 50 = TraderName [SendingTime] 52 = 20130222-17:55:46.683 [Account] 1 = Account1 [ClOrdID] 11 = fn-634971309466837611 [SecurityID] 48 = CME_20130300_ESH3 [Symbol] 55 = ES [SecurityExchange] 207 = CME_Eq [Side] 54 = 1 (BUY) [OrderQty] 38 = 1 [OrdType] 40 = H (HIT) [TimeInForce] 59 = 0 (DAY) [SecurityType] 167 = FUT (FUTURE) [HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION) [TransactTime] 60 = 20130222-17:55:46.683 [CustomerOrFirm] 204 = 0 (CUSTOMER)
Hit Order Response - Awaiting Trigger
<< 2/22/2013 11:55:46 AM [fixexecutionreport] 34=84|49=T4|56=T4Example|50=T4FIX|52=20130222-17:55:46.714|143=US,IL|1=Account1|11=fn-634971309466837611|17=0.634971309480275000.2.1.BEA493C4|150=A|37=BEA493C4-AB3C-4369-BC14-21CF8D4329FA|39=A|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=H|58=Hit Awaiting Trigger|60=20130222-17:55:48.027|21=1|204=0| [FIXEXECUTIONREPORT] [MsgSeqNum] 34 = 84 [SenderCompID] 49 = T4 [TargetCompID] 56 = T4Example [SenderSubID] 50 = T4FIX [SendingTime] 52 = 20130222-17:55:46.714 [TargetLocationID] 143 = US,IL [Account] 1 = Account1 [ClOrdID] 11 = fn-634971309466837611 [ExecID] 17 = 0.634971309480275000.2.1.BEA493C4 [ExecType] 150 = A (PENDING_NEW) [OrderID] 37 = BEA493C4-AB3C-4369-BC14-21CF8D4329FA [OrdStatus] 39 = A (PENDING_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 = H (HIT) [Text] 58 = Hit Awaiting Trigger [TransactTime] 60 = 20130222-17:55:48.027 [HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION) [CustomerOrFirm] 204 = 0 (CUSTOMER)
Hit Order Response
<< 2/22/2013 11:55:46 AM [fixexecutionreport] 34=85|49=T4|56=T4Example|50=T4FIX|52=20130222-17:55:46.746|143=US,IL|1=Account1|11=fn-634971309466837611|17=48064.6419490058_ESH3.6349713094817500006.1.BEA493C4|150=0|37=BEA493C4-AB3C-4369-BC14-21CF8D4329FA|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=2|44=149850|60=20130222-17:55:48.175|21=1|204=0| [FIXEXECUTIONREPORT] [MsgSeqNum] 34 = 85 [SenderCompID] 49 = T4 [TargetCompID] 56 = T4Example [SenderSubID] 50 = T4FIX [SendingTime] 52 = 20130222-17:55:46.746 [TargetLocationID] 143 = US,IL [Account] 1 = Account1 [ClOrdID] 11 = fn-634971309466837611 [ExecID] 17 = 48064.6419490058_ESH3.6349713094817500006.1.BEA493C4 [ExecType] 150 = 0 (NEW) [OrderID] 37 = BEA493C4-AB3C-4369-BC14-21CF8D4329FA [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 = 2 (LIMIT) [Price] 44 = 149850 [TransactTime] 60 = 20130222-17:55:48.175 [HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION) [CustomerOrFirm] 204 = 0 (CUSTOMER)
Hit Order Fill
<< 2/22/2013 11:55:46 AM [fixexecutionreport] 34=86|49=T4|56=T4Example|50=T4FIX|52=20130222-17:55:46.933|143=US,IL|1=Account1|11=fn-634971309466837611|17=64201:7469291TN0601616.63497130948175000021.2.BEA493C4|150=F|37=BEA493C4-AB3C-4369-BC14-21CF8D4329FA|39=2|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=2|44=149850|31=149850|32=1|14=1|151=0|60=20130222-17:55:48.230|21=1|204=0|337=TRADE|375=CME000A| [FIXEXECUTIONREPORT] [MsgSeqNum] 34 = 86 [SenderCompID] 49 = T4 [TargetCompID] 56 = T4Example [SenderSubID] 50 = T4FIX [SendingTime] 52 = 20130222-17:55:46.933 [TargetLocationID] 143 = US,IL [Account] 1 = Account1 [ClOrdID] 11 = fn-634971309466837611 [ExecID] 17 = 64201:7469291TN0601616.63497130948175000021.2.BEA493C4 [ExecType] 150 = F [OrderID] 37 = BEA493C4-AB3C-4369-BC14-21CF8D4329FA [OrdStatus] 39 = 2 (FILLED) [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 = 2 (LIMIT) [Price] 44 = 149850 [LastPx] 31 = 149850 [LastShares] 32 = 1 [CumQty] 14 = 1 [LeavesQty] 151 = 0 [TransactTime] 60 = 20130222-17:55:48.230 [HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION) [CustomerOrFirm] 204 = 0 (CUSTOMER) [ContraTrader] 337 = TRADE [ContraBroker] 375 = CME000A
Further details on the tags used for this order type are described in the dictionary of the New Order Single message.