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Thursday, October 31, 2024

Equity Technical Update #2024 - 9
Enhanced Order Reject Codes for Equities Risk Checks

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

The Nasdaq Stock Market (Nasdaq), Nasdaq BX, and Nasdaq PSX will be adding new order reject codes pertaining to Equities Risk Checks.

The exchange will introduce unique reject codes for each individual order type check to provide additional detail on the control that was breached. Support for these new reject codes will be available on the OUCH 5.0 and INET FIX protocols only.

For users of OUCH 5.0, the new reject codes will be available in the existing Reason field of the Order Rejected message and will replace the generic “0x0024 = Order Type Restricted” code.

To support this change on INET FIX, the new Tag 22204 = Extended Reason Code will be used to provide a more detailed reason for the reject in the Execution Report message. Note that there will be no changes to the existing reason provided in Tag 58 of Execution Report message.

This change will be made on an exchange-by-exchange basis on the following dates:

PSX: November 20th

BX: November 21st

Nasdaq: November 22nd

Please refer to the Specifications Page for more information and the list of available codes.

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