TT Order Types

TT Order Types

TT Retry order

A TT Retry order is a synthetic order that repeatedly submits a child order until it is accepted by the exchange or until it is rejected a specified number of times, based on:

  • The time to submit the first child order
  • The maximum number of times to send a child order
  • The time between retry attempts

A TT Retry order is commonly used to obtain a favorable position in the queue prior to the market open.

For example, the following TT Retry order submits an order 1 second before a 7:00 P.M. market open and continues submitting a new order every 200 milliseconds until the order is accepted or until it is rejected 100 times.

If the exchange accepts the first submitted child order, the child order begins working in the market normally, and the TT Retry parent order terminates. If the first child order is rejected, the TT Retry parent order continues resubmitting a child order at the specified intervals, incrementing the retry counter each time. When the TT Retry parent order finishes, TT sends acknowledgments as follows:

  • If a child order is accepted by the exchange before the specified number of retry attempts is reached, a single acknowledgment message containing the number of times the order was rejected and the average latency of each retry is sent by TT (Order Connector), followed by an acknowledgment for the child order. These messages are visible in the TT Audit Trail.
  • If none of the child orders are accepted by the exchange before the specified number or retry attempts is reached, a single reject message is sent by TT (Order Connector) that contains the number of times the order was rejected and the average latency of each retry. This message is visible in the TT Audit Trail.

TT Retry order parameters

Required parameters:

  • Number of retries: Sets the number of times (0-32,000) to resend a rejected order.
  • Retry interval: Sets the number of milliseconds (0-100,000) between retry attempts.
  • Auto-Resubmit Upon GTD Expiry: Valid only when the child order TIF is Day (GTD). If any child orders are not completely filled by the session close, the exchange will expire the child orders; when the market reopens, the parent order will then resubmit the child orders with the same parameters as when they expired.
  • Start: Sets the date and time to start executing the order

    Possible values include:
    • Now to start the order immediately
    • Time to display a date/time picker for you to indicate when to start the order
    • Pre-open to enter the order at the pre-open state defined by an exchange
    • Open to enter the order when the exchange opens its trading session