Cancel/Reject Behavior

When a resting order or inbound order is executed and a risk limit is breached or when a self-imposed lockout (via Purge Orders request) is received, resting orders are optionally cancelled and inbound orders are rejected. In the case of an MPID-level risk limit breach or self-imposed lockout the FIX and BOE Text field (58) will carry a value of:

• f: ClearingFirm lockout

When this is observed by a customer, it indicates that any order still in flight, and any new orders issued for the MPID will be rejected. In order to continue trading after a risk limit breach a user from either the trading firm or clearing firm must raise the defined limit. In order to continue trading after a self-imposed lockout a risk reset message should be sent using FIX or BOE as defined in the respective specification.