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 |
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
>> 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)
Market Order Response
<< 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)
Further details on the tags used for this order type are described in the dictionary of the New Order Single message.