Where it usually breaks
And how to keep it from happening.
- The broker resends an execution and the fill is counted twice.
- A late execution would take the order past its quantity.
- An order in an inactive account is submitted.
- Stock Trading Platform
- Process
- Order to fill
Order to fill
From an authorized trading order to filled, one execution at a time.
Step by step
-
Check account and instrument Trader
The trader starts from the trading order; the account must be active with its custodian and the instrument complete.
- Order checked
- Updates Trading orders, Trading accounts, Instruments
-
Submit the order Trader
The order goes through the approved broker connection with its stable client identity. It is marked submitted with the broker's order ID, and no fill is assumed.
- Authorized → Submitted
- Updates Trading orders
-
Ingest executions Operations Analyst
The operations analyst brings in each broker execution once by its provider execution ID.
- Execution recorded once
- Updates Executions
-
Total the fills Operations Analyst
Filled quantity is added up on the order, which moves to part-filled and then filled. An execution that would overfill the order is rejected.
- Submitted → part filled → Filled
- Updates Trading orders, Executions
-
Close or cancel Trader
A filled order is done; an order with quantity remaining can be cancelled.
- Filled or Cancelled
- Updates Trading orders
Who does what
Roles and permissions- Trader
- , Operations Analyst.
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