Self-Imposed Lockouts

TPHs can activate Self-Imposed Lockouts when issuing Mass Cancel or Purge Orders operations on FIX/BOE sessions. The following summarizes Mass Cancel and Purge Orders operations:

Mass Cancel - The FIX message (Order Cancel Request message) and the BOE message (Cancel Order message) are used to request the cancellation of a single order by client or system-provided order ID. These order cancel operations can be extended to a Mass Cancel operation by including the optional MassCancelInst (Mass Cancel Instructions) field. Only orders or quotes on the FIX/BOE session over which the mass cancel request is issued are cancelled.

Purge Orders - The FIX message (Purge Request message) and the BOE message (Purge Orders message) both require the MassCancelInst field to specify a mass cancel operation that applies to orders and quotes across all FIX/BOE sessions.

In both Mass Cancel and Purge Orders operations, the MassCancelInst field provides the ability to specify a Lockout at an EFID level and Product level (EFID + Product combination). In addition, Purge Orders include the ability to cancel and lockout at a Custom Group ID (EFID + Custom Group Id combination). The cancellation and lockout is able to be applied to either options, futures, or both. When a Lockout is specified, subsequent orders/quotes are rejected across all FIX/BOE sessions corresponding to the EFID, Product, Product Type or Custom Group Id level lockout criteria until the Lockout condition is reset (see Protocol Level Risk Reset).