Trading orders

A trading order names the trading account and instrument, buy or sell, market or limit, the quantity and the limit price in US dollars, with the time it was requested. It starts as a draft, is authorized, and is then submitted through the approved broker connection using the order’s stable client identity. Submitting records the broker’s order ID and marks the order submitted; it never assumes a fill.

Fills arrive as executions from the broker. Each execution is taken once, by its provider execution ID, and the filled quantity is totalled on the order, so the order moves to part-filled and then filled as executions come in. Remaining quantity is what is still open. An execution that would take the order past its quantity is rejected, and an order can be cancelled or rejected at any point before it is filled.

The account and instrument are checked before submission: the account must be active with its custodian and external account ID, and the instrument must have its symbol, venue and quote currency.

Traders create and submit orders; operations analysts bring in executions and watch the working list.

• No fill assumed. Submitted means sent, not done.
• Each execution counted once. Duplicate broker messages do not add quantity.
• No overfill. Fills beyond the order quantity are refused.

Agree which accounts may trade which instruments, and the order types your desk uses. Agree how limit prices are set and amended, who may cancel a working order, and how a broker rejection is handled. Map your broker’s order and execution IDs before go-live. Prepare examples of a market order filled at once, a limit order filled in parts and an order cancelled with quantity remaining.

A trader enters a limit order to buy 50,000 shares at US$41.20 in a client account and submits it. The order shows as submitted with the broker’s order ID. Over the morning three executions arrive for 20,000, 20,000 and 10,000 shares. The order moves to part-filled after the first and filled after the third, with remaining quantity at zero.

The broker then resends the second execution after a connection reset. It carries the same provider execution ID, so it is ignored and the filled quantity stays at 50,000.

• Trading orders working — Authorized, submitted and part-filled orders with filled and remaining quantity.
• Trading order state board — Every order grouped by status.
• Recent executions — Executions with order, quantity, price and fees.

• Order to fill: From authorized order to filled.

Check the data model before importing open orders.