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What Is Order Staging?

Overview

Traditionally, all orders executed through the TT system are sent directly to the exchange as quickly as possible. Sometimes, however, a trader might want to stage an order for another trader to execute. For example, a portfolio manager might need to buy a quantity of contracts sufficiently large that it would adversely affect the contract price. In such a case, the portfolio manager might want to create the initial order, but give it to an execution trader to work.

Life cycle of a staged order

A trader who is configured in TT User Setup with the Staged Order Creation Allowed setting enabled can create a staged order using either X_TRADER or a FIX client that routes orders through a TT FIX Adapter. Staged orders are automatically sent to the TT Synthetic SE Gateway instead of the TT Gateway on which the contract is listed.

Any traders with the TT User Setup Staged Order Management Allowed setting enabled and with the credentials to see the staged order can claim it using X_TRADER. After claiming the staged order, the trader can submit one or more child orders subject to the following limitations:

  • The trader cannot change the instrument specified in the parent staged order.
  • The trader cannot change the direction (Buy/Sell) specified in the parent staged order.
  • The sum of the child order quantities cannot exceed the quantity specified in the parent staged order.

The associated TT Gateway sends order and fill acknowledgments to the trader who submitted the order, the execution trader who submitted the child orders, and all other traders that share order books with them. Additionally, as child orders are filled, the Synthetic SE Server sends partial fills for the parent staged order to all parties who have permissions to see the parent staged order.

Staged Order Originator Permissions

A staged order originator can cancel a staged order at any time. This action deletes the staged order as well as any and all child orders.

The only parameter that a staged order originator is allowed to change is the quantity. However, the staged order originator can only change the quantity if the staged order is not claimed and it has no working orders or fills.