FIX Reject 103 – Invalid Price Explained
Reject code 103 (OrdRejReason) indicates the price provided in the order is invalid. This can mean the price is outside acceptable range, has incorrect format, or violates business rules.
Root Cause
1) Price exceeds market limits (too high/low), 2) Price format incorrect (non-numeric, wrong decimals), 3) Price violates tick size rules, 4) Negative price value, 5) Price missing for limit orders.
Broker/Exchange Action
Broker sends OrderCancelReject or rejects NewOrderSingle with OrdRejReason=103. Order is not accepted.
Client/Your Action
1) Validate price is within market limits, 2) Ensure price format matches broker requirements, 3) Check tick size rules, 4) Verify price is positive, 5) For limit orders, ensure Price (44) is provided.
Example FIX Message
How FIX Doctor Detects This
FIX Doctor identifies OrderCancelReject or rejects with OrdRejReason=103 and flags them in the error summary.
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