On Market Mode Activation Orders will be held (i.e. suspended) in the T4 FIX API server until the specific market mode event (as entered with the Activation Value - Tag 10103) occurs. At this activation point, the order is released to the exchange.

An Activation Order is entered with the New Order Single (Tag 35=D) message. Following are the most relevant tags to build an On Market Mode Activation Order:

Activation Value Format (Tag 10103): `Market Mode;Cancel Time`

• Mode – Required. The market mode to activate the order on.
• Cancel Time – Optional. The time to cancel the order if it is still working or not yet activated.
  1. Can be specified as a full date/time in the format `dd MMM yyyy HH:mm:ss`
  2. Or as a number of seconds from now.

Examples of ActivationValue:

• `Open` – Activates when the market opens.
• `PreOpen` – Activates when the market goes pre-open.
• `Open;05 Jul 2012 18:00:00` – Activates the order when the market opens, cancels at the specified date/time if not yet triggered or still working. (Times are U.S. Central Time.)
• `Open;100` – Activates when the market opens, cancels 100 seconds from now if not yet triggered or still working.

Sample

In this example, the activation order is submitted, accepted by the T4 FIX API and awaits activation by the trigger of *Market Open*. When the market opens, the order is submitted to the exchange as a market order.

Activation Order - On Market Mode

>> 2/22/2013 5:08:06 PM   [FIXNEWORDER] 34=16|49=T4Example|56=T4|50=TraderName|52=20130222-23:08:06.007|1=Account1|11=fn-634971496860072990|48=CME_20130300_ESH3|55=ES|207=CME_Eq|54=1|38=1|40=1|59=0|167=FUT|21=1|60=20130222-23:08:06.007|204=0|10102=4|10103=PreOpen|
[FIXNEWORDER]
[MsgSeqNum] 34 = 16
[SenderCompID] 49 = T4Example
[TargetCompID] 56 = T4
[SenderSubID] 50 = TraderName
[SendingTime] 52 = 20130222-23:08:06.007
[Account] 1 = Account1
[ClOrdID] 11 = fn-634971496860072990
[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 = 20130222-23:08:06.007
[CustomerOrFirm] 204 = 0 (CUSTOMER)
[ActivationType] 10102 = 4 (ON_MARKET_MODE)
[ActivationValue] 10103 = Open

Activation Order - Response Awaiting Activation

<< 2/22/2013 5:08:06 PM  [fixexecutionreport] 34=66|49=T4|56=T4Example|50=T4FIX|52=20130222-23:08:06.038|143=US,IL|1=Account1|11=fn-634971496860072990|17=0.634971496874862500.2.4.8E0C143A|150=9|37=8E0C143A-2B30-4E34-A79A-21349C6478B0|39=9|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|58=Activation Pending: SubmissionRiskSuccess. Order Held|60=20130222-23:08:07.470|21=1|204=0|10102=4|10103=PreOpen|
[FIXEXECUTIONREPORT]
[MsgSeqNum] 34 = 66
[SenderCompID] 49 = T4
[TargetCompID] 56 = T4Example
[SenderSubID] 50 = T4FIX
[SendingTime] 52 = 20130222-23:08:06.038
[TargetLocationID] 143 = US,IL
[Account] 1 = Account1
[ClOrdID] 11 = fn-634971496860072990
[ExecID] 17 = 0.634971496874862500.2.4.8E0C143A
[ExecType] 150 = 9 (SUSPENDED)
[OrderID] 37 = 8E0C143A-2B30-4E34-A79A-21349C6478B0
[OrdStatus] 39 = 9 (SUSPENDED)
[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)
[Text] 58 = Activation Pending: SubmissionRiskSuccess. Order Held
[TransactTime] 60 = 20130222-23:08:07.470
[HandlInst] 21 = 1 (AUTOMATED_EXECUTION_ORDER_PRIVATE_NO_BROKER_INTERVENTION)
[CustomerOrFirm] 204 = 0 (CUSTOMER)
[ActivationType] 10102 = 4 (ON_MARKET_MODE)
[ActivationValue] 10103 = Open

Further details on the tags used for this order type are described in the dictionary of the New Order Single message.

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