Minima
Order Minima
Set minimum-trade constraints on a resting order or quote. OpenYield enforces them against incoming takers, preventing fills that leave an undesirable residual position on the book.
| Parameter | StipulationType | Meaning |
|---|---|---|
| Minimum Quantity | MINQTY | Taker must fill at least this amount |
| Minimum Increment | MININCR | Fill quantity must be a whole multiple of this value |
| Minimum Balance Remaining | MINDNOM | Taker may not leave less than this quantity on the maker order |
All three parameters are optional; if provided, best to provide all three.
Rules
A taker filling less than the full remaining maker quantity must:
- Fill at least
MINQTY. - Fill a whole multiple of
MININCR. - Leave at least
MINDNOMremaining on the maker order.
Taking the entire remaining quantity is always permitted regardless of Minima. The maker order's remaining quantity must itself satisfy Minima to be tradeable — at least MINQTY and a whole multiple of MININCR.
Minima do not apply to AoN (
ExecInst=G) or SFC (ExecInst=Z) orders — those already require a complete fill.
FIX Encoding
Send as a Stipulations repeating group (232/233/234) on NewOrderSingle (35=D) or Quote (35=S). Omit the block entirely if no constraints are required.
232=3 233=MINQTY 234=100 233=MININCR 234=5 233=MINDNOM 234=20
Effective Minima
If Order Minima are not set, OpenYield derives Effective Minima from the bond's denomination rules — Municipal and Agency bonds carry standard lot sizes that constrain valid fill quantities. Subscribers can rest orders without specifying Minima explicitly; OpenYield applies the appropriate constraints automatically.
OpenYield echoes the Effective Minima as a Stipulations block on all ExecutionReport (35=8) and QuoteStatusReport (35=AI) acknowledgments, and includes them in IOI (35=6) order book messages so takers can inspect the constraints before submitting.