FIX Protocol Tag 40: OrdType

Practical notes on OrdType

OrdType is the order type: 1 Market, 2 Limit, 3 Stop, 4 Stop limit are the common ones; P is Pegged.

• Limit and stop limit orders need Price (44). Stop and stop limit orders need StopPx (99).
• Support varies by venue. An unsupported type is usually rejected with OrdRejReason 11 (Unsupported order characteristic).

Common mistakes

• Sending Price on a market order; some venues reject it, others ignore it.

Changes between FIX versions

• The FIX 4.4 dictionary has no Market on close (5), On close (A) or Limit on close (B). Close orders are sent as market or limit orders with TimeInForce (59) = 7, At the Close, available from FIX 4.3.
• FIX 4.3 adds Market if touched (J) and Market with leftover as limit (K).

Tag 40 in each FIX version

Values and message usage as defined in a specific version.

• FIX 4.0
• FIX 4.1
• FIX 4.2
• FIX 4.3
• FIX 4.4
• FIX 5.0
• FIX 5.0 SP1
• FIX 5.0 SP2

Data type

CHAR: A single character.

Valid values

26 enumerated values across all FIX versions.

Example

40=1

Illustrative value. In a message, fields are separated by the SOH character (0x01), often shown as | or ^ in logs.

Message types that use tag 40

• Execution Report 35=8
• New Order Single 35=D
• New Order List 35=E
• Order Cancel/Replace Request 35=G
• Allocation Instruction 35=J
• Quote Request 35=R
• Quote 35=S
• Market Data Snapshot Full Refresh 35=W
• Market Data Incremental Refresh 35=X
• Derivative Security List 35=AA
• New Order Multileg 35=AB
• Multileg Order Cancel/Replace 35=AC
• Trade Capture Report 35=AE
• Quote Request Reject 35=AG
• Quote Status Report 35=AI
• Quote Response 35=AJ
• Confirmation 35=AK
• Trade Capture Report Ack 35=AR
• Allocation Report 35=AS
• Confirmation Request 35=BH
• Trading Session List 35=BJ
• Security List Update Report 35=BK
• Allocation Instruction Alert 35=BM
• Security Definition Update Report 35=BP
• Derivative Security List Update Report 35=BR
• Trading Session List Update Report 35=BS
• Market Definition 35=BU
• Market Definition Update Report 35=BV
• Trade Match Report 35=DC
• Mass Order 35=DJ
• Mass Order Ack 35=DK
• Market Data Statistics Request 35=DO
• Market Data Statistics Report 35=DP
• Mass Quote Ack 35=b
• Security Definition 35=d
• Mass Quote 35=i
• New Order Cross 35=s
• Cross Order Cancel Replace Request 35=t
• Security List 35=y

Covers every version from FIX 4.0 to 5.0 SP2, including fields reached through components and repeating groups. The version pages above show whether the tag is required in each message.