Execution Reports - Rejected and Expired

Order reject and expired execution report message formats, rejection reason codes, and detailed failure messages.

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
Market conditions have invalidated this order	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

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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.