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Understanding Order Management

Order Server Data Flow

The following is a description of order data flow from the Order Server to the Exchange host:

  • The Administrator or TTChron starts the Order Server. The Order Server creates the Order Server logfile and displays as initializing in Guardian.
  • The Order Server loads values located in the hostinfo.cfg file.
    Note

    The Order Server exits if the configuration files are not present, or contain invalid values.

  • The Order Server forwards an Application Logon message to the Exchange.
  • The Exchange forwards responses for the Application Logon.
  • The Order Server and each Order Router displays as ready in Guardian.
    Note

    The Order Server only displays as ready if at least one Order Router fully initializes.

  • The Order Server trims the fills.tbl file as configured in the aconfig.xml file.
  • The Order Server inquires the Exchange for any outstanding orders.
  • The client application forwards a trader login.
  • A trader submits an order. The Order Server assigns a site order key and forwards the order to the Exchange.
    Note

    The site order key remains the same for each subsequent order action until the order fills or cancels.

  • The Exchange assigns the order an Exchange order ID and forwards an acknowledgment message to the Order Server.

    The Order Server exhibits the following behaviors for order modifications:

  • Inquiry: The Exchange does not allow inquiries into working orders. Therefore, the Order Server rejects any attempt to inquire on a working order.
  • Cancel/Replace: The Order Server attempts to delete the original order from the Exchange and the TT Order Book.
    • If successful, the Order Server forwards a new order to the Exchange with the same site order key. The Exchange assigns a new Exchange order ID.
    • If unsuccessful (e.g., the Order Server receives a fill acknowledgement for the original order), the Order Server rejects the new order.
    • If partially filled and the filled amount equals less than the quantity of the new order, the Order Server forwards a partial fill to the client application and updates the new order’s quantity to equal the unfilled portion.
    • If partially filled and the filled amount equals more than the quantity of the new order, the Order Server forwards a partial fill to the client application and cancels the new order.
  • Hold: The Order Server deletes the original order at the Exchange and places the order in Held state in the TT Order Book. When resubmitted, the Order Server forwards a new order add message to the Exchange.
  • Delete: The Order Server attempts to delete the working order at the Exchange.
    • If successful, the Order Server deletes the order from the TT Order Book.
    • If unsuccessful, the Order Server forwards a cancel reject message to the client application.
  • Disconnects: During a disconnect with the Exchange, orders remain in the Order Book.

Fill Server Data Flow

The following is a description of fill data flow from the Fill Server to the Exchange host:

  • The Administrator or TTChron starts the Fill Server. The Fill Server creates the Fill Server logfile and displays as initializing in Guardian.
  • The client application connects with the Fill Server and requests position for all logged in traders.
  • The Fill Server forwards position information from the bof.tbl file to the client application.
  • As traders enter orders, the Fill Server updates the order status in the trader’s Audit Trail. The following list contains the available options to reflect the deal status:
    • Pending: the initial status of a submitted order
    • Confirmed: the order is resting in the market
    • Done: the order has been matched