FIX Error Reject 103: Invalid price
What this error means
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 such as tick size requirements.
Common causes
Common causes include:
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,
6) Price precision exceeds allowed decimal places.
Example log snippet
8=FIX.4.4|9=150|35=9|49=EXCHANGE|56=CLIENT|11=ORDER123|39=8|103=103|58=Invalid price|10=123|
How to fix it
1) Validate price is within market limits before sending
2) Ensure price format matches broker requirements
3) Check tick size rules and round prices accordingly
4) Verify price is positive and non-zero
5) For limit orders, ensure Price (44) is provided
6) Validate price precision matches exchange requirements
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