Workflow

Submitting a stop limit order

Client → Server

Sends a New Order Single Stop Limit <D> message with:
- OrdType <40> set to 4 = Stop Limit
- StopPx <99> value that is:
  - less than or equal to Price <44> on Side <54> = 1 (Buy), or
  - greater than or equal to Price <44> on Side <54> = 2 (Sell)

Yes: Order is accepted for initial processing
- Server → Client: Sends an Execution Report <8> for a new order with:
  - ExecType <150> set to 0 = New
  - OrdStatus <39> set to 0 = New
  - StopPx <99> set to the same StopPx value provided on entry
Has a trade occurred that would trigger your stop order?
- Yes: The stop order triggers
  - Server → Client: Sends an Execution Report <8> message with the child limit order details
- No: The stop order remains hidden and resting until triggered by a qualifying trade, or until cancelled
Is the limit order marketable?
- Yes: The server executes one or more initial fills
  - Server → Client: Sends an Execution Report <8> for each fill or partial fill
  - Does the order have remaining quantity?
    - Yes: The server puts the remaining quantity on the order book
    - No: The server closes the order
- No: The server puts the entire quantity of the order on the book
No: Order is rejected
- Server → Client: Sends an Execution Report <8> indicating the order was rejected with:
  - ExecType <150> set to 8 = Rejected
  - OrdStatus <39> set to 8 = Rejected

Last modified on October 8, 2025