Execution Reports - Rejected and Expired

Execution Report - Order Reject

If an order is rejected, Paxos returns an Execution Report with ExecType (150) = 8 and OrdRejReason (103) populated with the rejection reason.

Standard FIX Fields

Tag	Field	When Present	Notes
`8`	BeginString	Always	Standard FIX header
`9`	BodyLength	Always	Standard FIX header
`35`	MsgType	Always	`8` (Execution Report)
`49`	SenderCompID	Always	Standard FIX header
`56`	TargetCompID	Always	Standard FIX header
`34`	MsgSeqNum	Always	Standard FIX header
`52`	SendingTime	Always	Standard FIX header

Standard FIX Trailer

Tag	Field	When Present	Notes
`10`	CheckSum	Always

Reject Response Fields

Always Present

Tag	Field	When Present	Notes
`54`	Side	Always	`1` = Buy, `2` = Sell
`150`	ExecType	Always	`8` (Rejected)
`32`	lastShares	Always	`0`
`109`	ClientID	Always
`1`	Account	Always
`31`	LastPx	Always	`0`
`103`	OrdRejReason	Always	See Rejection Reason Codes
`151`	LeavesQty	Always	`0`
`60`	TransactTime	Always
`58`	Text	Always	See Detailed Rejection Messages
`20`	ExecTransType	Always	`0` (New)
`55`	Symbol	Always	Currency pair
`17`	ExecID	Always
`14`	CumQty	Always	`0`
`11`	ClOrdID	Always
`44`	Price	Always
`6`	AvgPx	Always	`0`
`41`	OrigClOrdID	Always
`40`	OrdType	Always	`1` = Market, `2` = Limit, `3` = Stop Market, `4` = Stop Limit
`39`	OrdStatus	Always	`8` (Rejected)
`37`	OrderID	Always
`381`	GrossTradeAmt	Always	`0`
`59`	TimeInForce	Always	`1` = GTC, `3` = IOC, `4` = FOK, `6` = GTT

Conditional

Tag	Field	When Present	Notes
`38`	OrderQty	Limit and market sell orders	Base quantity
`152`	CashOrderQty	Market buy orders	Fiat notional
`18`	ExecInst	Post-only orders	`6` (Post-Only)
`126`	ExpireTime	GTT orders	`YYYYMMDD-HH:MM:SS` format

Brokerage Clients

Tag	Field	When Present	Notes
`5047`	AllocBrokerAccountID	Brokerage clients	IdentityAccountId
`50`	SenderSubID	Brokerage clients	IdentityId
`5074`	FundCommissionOption	Brokerage clients
`5000`	RecipientProfileId	Brokerage clients	ProfileID that receives settled currency

Optional

Tag	Field	When Present	Notes
`2362`	SelfMatchPreventionID	If enabled	Prevents self-matching. Up to 36 characters. Requires additional permissions.

Rejection Reason Codes – OrdRejReason (`103`)

Value	Meaning
`0`	Broker option
`1`	Unknown symbol
`2`	Exchange closed
`3`	Order exceeds limit
`5`	Unknown order
`6`	Duplicate order
`8`	Stale order

Detailed Rejection Messages – Text (`58`)

Validation Errors

Text Value	Description
`ClientId Is required`	Missing ClientID field
`ClientOrderId Is required`	Missing ClOrdID field
`Account Is required`	Missing Account field
`Symbol Is required`	Missing Symbol field
`OriginalClientOrderId Is required`	Missing OrigClOrdID field
`HandlingInstructions Expected Value for this field is 1`	HandlInst must be `1`
`Side {value} is not an acceptable value for this field`	Invalid Side value
`OrderType {value} is not an acceptable value for this field`	Invalid OrdType value
`CashOrderQty Must be greater than zero`	CashOrderQty must be > 0
`OrderQuantity Must be greater than zero`	OrderQty must be > 0
`StopPrice Must be zero`	StopPx must be 0 for non-stop orders
`ExpirationTime must be of format YYYYMMDD-HH:MM:SS or YYYYMMDD-HH:MM:SS.sss`	Invalid ExpireTime format
`InvalidTimeInForce`	Invalid TimeInForce for this order type
`MissingExpirationDate`	ExpireTime required for GTT orders
`TimeInForce Not supported`	Unsupported TimeInForce for this order type
`Account Is not a GUID`	Account must be a valid GUID
`ClientId Is not a GUID`	ClientID must be a valid GUID
`Invalid Message Type`	Unsupported MsgType

Business Rule Violations

Text Value	Description
`InsufficientBalance`	Account lacks sufficient funds
`NotionalValueTooLarge`	Exceeds maximum notional order size
`InvalidPriceForTakerOrder`	Price deviates 15%+ from midpoint. See Limit Order Taker Price Protection.
`MinimumCommissionExceedsNotional`	Order notional value is too small; minimum commission would exceed it
`InactiveInstrument`	Market is unavailable or in cancel-and-post-only mode
`MarketHalted`	Market is halted
`OrderIdentifierIsNotUniqueForUser`	Duplicate client order identifier for this user
`TooManyOpenOrders`	User has exceeded the maximum of 25,000 open orders. Contact your Paxos representative to request a different limit.
`UserNotAuthorizedForTrading`	User is not authorized to trade
`BlacklistedCountryForTrading`	User’s country is blocked from trading
`UserNotExemptFromSelfMatchPrevention`	Self-match prevention triggered and user is not exempt
`MarketDataUnavailable`	Market data is unavailable for validation
`MarketConditionsPreventedExecutionFailReason`	Market conditions prevent execution
`PaxAccountingUnknownError`	Internal processing error

Identity and Account Errors

Text Value	Description
`InvalidRecipientProfileId`	Invalid RecipientProfileId
`InvalidIdentityId`	Invalid IdentityId
`InvalidIdentityAccountId`	Invalid IdentityAccountId
`InvalidFundCommissionOption`	Invalid FundCommissionOption value
`DisabledIdentityId`	IdentityId is disabled
`DisabledIdentityAccountId`	IdentityAccountId is disabled
`PendingIdentityId`	IdentityId is pending approval
`PendingIdentityAccountId`	IdentityAccountId is pending approval

Matching Engine Rejections These rejections occur after the order reaches the matching engine. Unlike the enum-style values above, these use human-readable text strings.

Text Value	Description
`no open limit order on other side`	Market order rejected — no liquidity on the opposite side
`order marketable to existing quote/book`	Post-only order rejected — it would cross the book
`Stale Order`	Order became stale before it could be matched

Execution Report - Expired

Expired Execution Reports are returned for market buy orders that close with a small amount of unexecuted quote currency remaining. ExecType (150) = C, OrdStatus (39) = C (Expired).

Market buy order executions are captured in Partial Fill messages. The Expired message is a summary confirming the order is closed.

Standard FIX Fields

Tag	Field	When Present	Notes
`8`	BeginString	Always	Standard FIX header
`9`	BodyLength	Always	Standard FIX header
`35`	MsgType	Always	`8` (Execution Report)
`49`	SenderCompID	Always	Standard FIX header
`56`	TargetCompID	Always	Standard FIX header
`34`	MsgSeqNum	Always	Standard FIX header
`52`	SendingTime	Always	Standard FIX header

Standard FIX Trailer

Tag	Field	When Present	Notes
`10`	CheckSum	Always

Expired Response Fields

Always Present

Tag	Field	When Present	Notes
`54`	Side	Always	`1` = Buy, `2` = Sell
`150`	ExecType	Always	`C` (Expired)
`32`	lastShares	Always
`109`	ClientID	Always
`1`	Account	Always
`31`	LastPx	Always
`151`	LeavesQty	Always	`0`
`60`	TransactTime	Always
`58`	Text	Always	`Expired Order`
`20`	ExecTransType	Always	`0` (New)
`55`	Symbol	Always	Currency pair
`17`	ExecID	Always
`14`	CumQty	Always	Total filled quantity
`11`	ClOrdID	Always
`44`	Price	Always
`6`	AvgPx	Always	Average fill price
`40`	OrdType	Always
`39`	OrdStatus	Always	`C` (Expired)
`37`	OrderID	Always
`381`	GrossTradeAmt	Always	lastShares (`32`) * LastPx (`31`)
`59`	TimeInForce	Always	`1` = GTC, `3` = IOC, `4` = FOK, `6` = GTT

Conditional

Tag	Field	When Present	Notes
`12`	Commission	When charged	Commission paid
`13`	CommType	When charged	`3` (Absolute Value)
`38`	OrderQty	Limit and market sell orders	Base quantity
`152`	CashOrderQty	Market buy orders	Fiat notional
`18`	ExecInst	Post-only orders	`6` (Post-Only)
`5851`	LiquidityInd	When available	`1` = Add, `2` = Remove
`126`	ExpireTime	GTT orders	`YYYYMMDD-HH:MM:SS` format

Brokerage Clients

Tag	Field	When Present	Notes
`5047`	AllocBrokerAccountID	Brokerage clients	IdentityAccountId
`50`	SenderSubID	Brokerage clients	IdentityId
`5074`	FundCommissionOption	Brokerage clients
`5000`	RecipientProfileId	Brokerage clients	ProfileID that receives settled currency

Optional

Tag	Field	When Present	Notes
`2362`	SelfMatchPreventionID	If enabled	Prevents self-matching. Up to 36 characters. Requires additional permissions.

See also: Execution Reports - Fills for fill details during the order lifecycle.

​Execution Report - Order Reject

​Standard FIX Fields

​Standard FIX Trailer

​Reject Response Fields

​Rejection Reason Codes – OrdRejReason (103)

​Detailed Rejection Messages – Text (58)

​Execution Report - Expired

​Standard FIX Fields

​Standard FIX Trailer

​Expired Response Fields

Execution Report - Order Reject

Standard FIX Fields

Standard FIX Trailer

Reject Response Fields

Rejection Reason Codes – OrdRejReason (`103`)

Detailed Rejection Messages – Text (`58`)

Execution Report - Expired

Standard FIX Fields

Standard FIX Trailer

Expired Response Fields