Try TT Now

Understanding Order Management

Order Server Data Flow

The Logical Architecture diagram illustrates the following order flow:

  • The Order Server on the TFX Gateway starts up and creates the OS log.
  • The trader logs into X_TRADER® and connects to the TFX Gateway and is assigned a session.
  • The Order Server either locates (if possible) or creates (if none exist) the fills.tbl and orders.tbl files.
  • A trader enters an order in X_TRADER®.
  • Before leaving the trader’s workstation, the order receives a TT Order Key. Then the order is sent to the Order Server.
  • The Order Server sends the ACCEPT/Add message to the trader’s Audit Trail.
  • The Order Server writes the order information to the audit file.
  • The Order Server writes the order to the orders.tbl file.
  • The Order Server sends the order to TFX Gateway and retains the order in memory.
  • The Order Server verifies that the order is a supported order type, and that the price is greater than zero. If the order is supported and has a price greater than zero, the Order Server sends the order to TFX Gateway.
  • TFX Gateway receives the order and sends a confirmation to the Order Server. The confirmation contains the order number.
  • The Order Server writes the order number to the orders.tbl file.
  • The Order Server sends an OK/Add order confirmation to the trader’s Audit Trail, sends the order to the trader’s Order Book window, and updates the OS log.
  • The Order Server updates the TTADT with the Order response information received from the exchange.

Fill Server Data Flow

The Logical Architecture diagram illustrates the following fill flow:

  • TFX Gateway matches the order and sends a fill with the assigned order number to the Order Server on the TFX Gateway that originally sent the order to TFX Gateway.
  • The Order Server validates the fill against the Order Book in memory and:
    • If the fill does not match an order in the Order Book, the Order Server drops (i.e., ignores) the fill. An error message is recorded in the trader’s Order Router log file.
    • If the fill is a partial fill, the Order Server updates the orders.tbl and fills.tbl files.
    • If the order fills completely, the Order Server removes the order from the orders.tbl file and then updates the fills.tbl file.
  • The Order Server receives the Fill and updates the TTADT file with the fill information
  • The Order Server sends the OK/Fill message to the trader’s Audit Trail.
  • The Fill Server writes the fill to the bof.tbl and FS log files and updates the Trade Book in its memory.
  • The Fill Server sends the fill to the trader’s Fill window.