Change Summary

Mandatory Change

Background

To provide a normalised view of the OrdStatus and ExecTypes for Cancels and Expires in the CLOB and Algo workflow. Currently there is a mixture of ExecutionReport Expires and Cancels being delivered in these scenarios.

Affected Venues

Changes

Orders with TimeInForce IOC,FOK will be cancelled if not filled.

Orders which expire at a given time i.e, TimeInForce in DAY, GTD, GFT, GFA, AMO, AMC will be expired if not filled.

The CancelOnDisconnect, SelfMatchPrevention, Pegged MidMatch Orders after PartialFills, will all remain Cancelled.

The venue initiated unsolicited cancels and replaces ExecType=Restated, ExecRestatementReason populated with appropriate reason.

Timeline

Clients are advised to contact the MarketFactory Delivery Team to enable this feature in UAT to test and subsequently deploy to production.

Whisperer Client Impact

Whisperer clients will now receive ExecutionReport with normalised OrdStatus, ExecType for the affected venues listed above.

Change Details

Below are the changes in individual venues.

Venue	TimeInForce	OrdStatus Change	ExecType Change	Comment
bgc_midfx	Day	Canceled → Expired	Canceled → Expired	N/A
broadridge_orders	Day, GTD, GFT, GFA, AMO, AMC	Canceled → Expired	Canceled → Expired	Additional Change: SelfMatchPrevention canceled Execution Reports will be sent with OrdStatus=Canceled, ExecType=Restated, ExecRestatementReason= CxldSMP
cboefx_fixproxy	Day	Canceled → Expired	Canceled → Expired	Additional Change: MidMatched pegged Orders that are canceled after partial match, will be sent with OrdStatus=Canceled, ExecType=Restated, ExecRestatementReason=BrokerOption
cboefx_fixproxy	IOC, FOK	Expired → Canceled	Expired → Canceled
cme_ilink3_sbe	IOC, FOK	Expired → Canceled	Expired → Canceled	N/A
ebs_market_ilink3_sbe	IOC, FOK	Expired → Canceled	Expired → Canceled	N/A
fastmatch_autoex	Day	Canceled → Expired	Canceled → Expired	N/A
fidessa_orders	GTD, GFT, GFA, AMO, AMC	Canceled → Expired	Canceled → Expired	N/A
fxall_activetrading	Day	Canceled → Expired	Canceled → Expired	N/A
lmax	Day	Canceled → Expired	Canceled → Expired	N/A
lseg_ftg	Day, GFT	Canceled → Expired	Canceled → Expired	Additional Change: Unsolicited Order Cancel following a TradeBust will be sent with OrdStatus=Canceled, ExecType=Restated, ExecRestatementReason=BrokerOption
lucera_lumefx	Day	Canceled → Expired	Canceled → Expired	N/A
parfx_orders	Day	Canceled → Expired	Canceled → Expired	N/A
t360_gtx	Day	Canceled → Expired	Canceled → Expired	N/A
autobahnfx_algo	Day	Canceled → Expired	Canceled → Expired	Additional Change: Unsolicited Algo amends and cancels will be sent with ExecType=Restated, ExecRestatementReason populated appropriately.
bnpparibas_efx_algo	Day, GTD, GFA, GFT	Canceled → Expired	Canceled → Expired	Additional Change: Unsolicited Algo amends and cancels will be sent with ExecType=Restated, ExecRestatementReason populated appropriately.
fxspotstream_algo	Day, GTD, GFA	Canceled → Expired	Canceled → Expired	Additional Change: Unsolicited Algo amends will be sent with ExecType=Restated, ExecRestatementReason populated appropriately.
fxspotstream_algo	IOC, FOK	Expired → Canceled	Expired → Canceled
jpmorgan_fx_algo	-	-	-	Additional Change: Unsolicited Algo amends and cancels will be sent with ExecType=Restated, ExecRestatementReason populated appropriately.
precision_algo	-	-	-	Additional Change: Unsolicited Algo amends and cancels will be sent with ExecType=Restated, ExecRestatementReason populated appropriately.
ubs_algo	-	-	-	Additional Change: Unsolicited Algo amends and cancels will be sent with ExecType=Restated, ExecRestatementReason populated appropriately.

Note: The stamping of ExecType=Restated and ExecRestatementReason is on best effort basis where there is enough information from the venue.

Documentation

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2025-Q4 - OrderStatus Normalisation - CLOB and Algo workflow