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Modify Order method

Posted By BigBerner 10 Years Ago
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Posted Thursday March 22 2007
Any thoughts on having the ability to modify a working order. As things stand at the moment I think you need to cancel the order and then place a new one. There are a couple of drawbacks doing it this way. Firstly if the order has been partially filled then there is some extra work involved in getting the unfilled quantity in order to place the new order. Secondly, if you are trading a deep market you may be sitting in a queue waiting to get done, and by cancelling the order and placing a new one (say if you wanted to alter the quantity of the order) you lose your spot in the queue and go to the back of the line. I don't think it is anything that is urgent, but it would probably warrent doing sometime in the future.
Posted Monday April 02 2007
I think this qustion might have been overlooked.
Posted Tuesday April 03 2007
Yes, this was overlooked.  Sorry about that.  A couple of questions.

Is modifying an existing order supported by the exchange?  The exchanges I've dealt with treat a modification as a cancel and resubmit (probably to get their cancel fees).  I'm not sure if I'm put in the back of the line, thought.  Also, I've looked at a couple of broker APIs this morning and I didn't see any way of changing an existing order.  This isn't to say that it's impossible.  I suppose adding a method to modify the order in the broker plugin isn't too bad and those APIs that don't support modification can do a cancel and re-submit.

What do you think?

BigBerner (3/22/2007)
Any thoughts on having the ability to modify a working order. As things stand at the moment I think you need to cancel the order and then place a new one. There are a couple of drawbacks doing it this way. Firstly if the order has been partially filled then there is some extra work involved in getting the unfilled quantity in order to place the new order. Secondly, if you are trading a deep market you may be sitting in a queue waiting to get done, and by cancelling the order and placing a new one (say if you wanted to alter the quantity of the order) you lose your spot in the queue and go to the back of the line. I don't think it is anything that is urgent, but it would probably warrent doing sometime in the future.
Posted Wednesday April 04 2007
My broker API supports modifications to orders which is why I asked about it, however I have just had a closer look at what actually happens when you make a modification. Basically if you decrease the size of your order you keep your place in the queue, but if you increase the size of the order, or change the price, you are placed at the back of the queue. So it would seem the benefit is pretty limited. There is only the one situation where there is a small advantage over doing a cancel and submit. I would probably say not to worry about implementing it given the gain is small in my case and of no use on other exchanges as you have pointed out. If other people started to ask about it, you could add a method as you suggested.


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