The initiator may cancel an existing RFO by sending an update with zero quantity (38=0) and zero price (44=0). QuoteReqID (131) must be the same as on the initial request.
During the collection window, OpenYield simply does not place the RFO on the market. If the RFO is already on the market, OpenYield cancels the live order. Note that some or all of the RFO may have been executed by the time the cancellation is received.
Cancel During the Collection Window
For example, to cancel a Bid Wanted with ID REQ-MUN-000A before it has been placed on the market:
Your request:
8=FIX.4.4 9=190 35=R 34=439 49=BASTION-RQ 52=20250213-22:06:32.096 56=OPENYIELD-RQ 131=REQ-MUN-000A 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=100 44=98 453=2 448=Bastion 452=3 448=OYLD 452=1 10=165
It is acknowledged as staged (OrdStatus Pending New, 39=A). SD in the IDs identifies OpenYield's staging engine:
8=FIX.4.4 9=327 35=8 34=562 49=OPENYIELD-RQ 52=20250213-22:06:32.162 56=BASTION-RQ 6=0 11=REQ-MUN-000A 14=0 17=RSP20250213-SD-000000000004 22=4 31=0 32=0 37=ORD20250213-SD-000000000005 38=100 39=A 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=107
You cancel before the collection window is over (38=0, 44=0):
8=FIX.4.4 9=187 35=R 34=440 49=BASTION-RQ 52=20250213-22:06:34.091 56=OPENYIELD-RQ 131=REQ-MUN-000A 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=0 44=0 453=2 448=Bastion 452=3 448=OYLD 452=1 10=254
OpenYield confirms the cancellation and does not place the order on the marketplace:
8=FIX.4.4 9=323 35=8 34=563 49=OPENYIELD-RQ 52=20250213-22:06:34.108 56=BASTION-RQ 6=0 11=REQ-MUN-000A 14=0 17=RSP20250213-SD-000000000005 22=4 31=0 32=0 37=ORD20250213-SD-000000000005 38=0 39=4 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=4 151=0 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=160
Cancel After the Collection Window
For example, to cancel a Bid Wanted with ID REQ-MUN-0009 after it has been placed on the market.
The initial request:
8=FIX.4.4 9=190 35=R 34=395 49=BASTION-RQ 52=20250213-21:46:08.912 56=OPENYIELD-RQ 131=REQ-MUN-0009 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=100 44=98 453=2 448=Bastion 452=3 448=OYLD 452=1 10=161
It is acknowledged as staged (OrdStatus Pending New, 39=A):
8=FIX.4.4 9=327 35=8 34=514 49=OPENYIELD-RQ 52=20250213-21:46:08.978 56=BASTION-RQ 6=0 11=REQ-MUN-0009 14=0 17=RSP20250213-SD-000000000001 22=4 31=0 32=0 37=ORD20250213-SD-000000000001 38=100 39=A 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=110
At the end of the collection window (in this example, 5 seconds later) it is placed on the marketplace (OD in the IDs identifies the marketplace), with a new OrderID (37):
8=FIX.4.4 9=327 35=8 34=516 49=OPENYIELD-RQ 52=20250213-21:46:13.001 56=BASTION-RQ 6=0 11=REQ-MUN-0009 14=0 17=RSP20250213-OD-000000000136 22=4 31=0 32=0 37=ORD20250213-OD-000000000044 38=100 39=0 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=076
You then send a cancel (38=0, 44=0):
8=FIX.4.4 9=187 35=R 34=396 49=BASTION-RQ 52=20250213-21:46:13.807 56=OPENYIELD-RQ 131=REQ-MUN-0009 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=0 44=0 453=2 448=Bastion 452=3 448=OYLD 452=1 10=005
You receive two Canceled execution reports: one for the staged OrderID (SD) and one for the live OrderID (OD). The staging engine acknowledges the cancel:
8=FIX.4.4 9=323 35=8 34=519 49=OPENYIELD-RQ 52=20250213-21:46:16.393 56=BASTION-RQ 6=0 11=REQ-MUN-0009 14=0 17=RSP20250213-SD-000000000002 22=4 31=0 32=0 37=ORD20250213-SD-000000000001 38=0 39=4 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=4 151=0 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=155
And the marketplace cancels the live order:
8=FIX.4.4 9=325 35=8 34=520 49=OPENYIELD-RQ 52=20250213-21:46:16.394 56=BASTION-RQ 6=0 11=REQ-MUN-0009 14=0 17=RSP20250213-OD-000000000140 22=4 31=0 32=0 37=ORD20250213-OD-000000000044 38=100 39=4 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=4 151=0 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=249