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X_TRADER® Documentation

Order Passing Scenarios

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Buy-Side to Sell-Side (and Back)

A buy-side execution desk may only operate for part of the trading day and may not have coverage of their working orders during other portions of the day while the markets are still open. In this scenario, the buy-side desk passes oversight of their working orders to the sell-side support desk to cover the time that they are not staffed internally. When the buy-side desk returns for the next day, they reclaim ownership and management of the working orders.

Sell-Side Desk to Night Desk (and Back)

A sell-side brokerage desk executes customer orders during their local trading day. The sell-side firm also operates a separate global support desk that is staffed 24 hours a day. Similar to the buy-side example described above, at the end of the local session, the day desk may have unfilled orders or partially filled orders still working in the market. They pass oversight of those orders to the global support desk, and then reclaim ownership of those orders when they return to work the next day.

Follow the Sun

This scenario applies to both buy-side execution desks and to sell-side brokerage desks. To provide around-the-clock 24-hour coverage, the execution desks are physically located around the globe. Each desk is responsible for the order book during their watch. A typical trading day coverage begins in the Asia/Pacific region or time zone, transitions to European hours, and finishes with U.S. hours. The cycle resumes and orders transition back to the Pacific region or time zone and continue working in the market.