Introduction to Staged Orders
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Order staging is supported on the TT platform allowing users to route selected orders to another trader or trading desk for customized handling and execution.
Staged Orders can be submitted from a FIX enabled system such as a third-party order management system, from another user via an X_TRADER order entry screen, or directly using your own X_TRADER. Users can specify only contract, quantity and buy/sell direction, or up to a fully qualified order specification, including detailed order parameters. In addition, users can include specific instructions for the execution trader or broker to better understand their intentions.
Note: Staged orders only exist on the TT system; they are never sent to the exchange.
The following are required to use staged order functionality in X_TRADER:
- X_TRADER Pro 7.11.4 (or higher)
- Connection to a Synthetic Strategy Engine (Synthetic SE) server 7.2.6 (or higher)
- Staged Order creation and/or management credentials in TT User Setup version 7.4.0 (or higher)
FIX Adapter 7.8.0 (and higher) also supports staged order submission and processing.
Orders and Fills Window
- Staged orders are not available when running X_TRADER in simulation mode.
- Every X_TRADER user who shares an order book and submits or works staged orders must use X_TRADER Pro version 7.11.4 (or higher). Failure to do so can result in unsupported behavior.
- Staged orders are for single exchange-traded instruments only. Therefore, you cannot stage Autospreader orders.
- Routing Rules are not supported with staged orders.
Staged Order Model
The TT staged order model is comprised of the following components:
Staged orders consist of a parent and child relationship.
- The parent order is the staged order submitted by the originating user to the Synthetic SE; staged orders are never sent to the exchange.
- Child orders are either synthetic orders or exchange native orders that the execution trader places to fill the staged order.
- Staged orders specify a single exchange-tradable instrument, its quantity and Buy/Sell direction.
- Staged orders allow the execution trader discretion on how to determine the child order prices and types.
- Staged orders may contain optional free-form text allowing the originating user to provide additional execution instructions to the execution trader.
- An execution trader can take ownership of an available staged order. Only the owner can submit child orders related to a staged order.
- Child orders can be exchange native orders or Synthetic SE managed synthetic orders.
- Child orders cannot exceed the total staged order quantity.
- Child orders can be submitted simultaneously or at different times, allowing the staged order to be ‘worked’ based on market conditions.
- In cases where some or all of the staged order is executed as a synthetic order, the children of the synthetic order are referred to as children of both the synthetic order and the originating staged order.
Here is an overview of the typical state transitions during the lifecycle of a staged order.
Note: This is not representative of every combination.
|Available||Staged order without a currently assigned execution trader|
|Working||Owned||Claimed by an execution trader, but no child orders have been submitted yet|
|Working||Working child order(s) without any fills|
|Working||Partially filled staged order|
|Filled||Filled||Filled staged order|
The remainder of this document examines the staged order life cycle in greater detail, beginning with staged order creation using X_TRADER.