It is based on the client-server model and supports many unique features for handling customer orders, billing, and invoicing functions in small
businesses and midsize companies.
Even though the complexity of the different algorithms may vary and, as a result, their performance, the base algo implementation guarantees fast and lightweight order execution. That eliminates possible bottlenecks from high loads like order throttling, reduced performance, and implementation shortfall.
In general, the decisions that an algorithm produces are always dependent on historical and/or real-time market data. The SOR can process the necessary feeds without delays, thus always acting on the correct input. Depending on the algo requirements and execution logic, the SOR can work with Level 1 and Level 2 market data and last trade data.
Applying a particular logic over an incoming order most of the time requires more than one factor to be taken into account, and the result is dependent on their specific combination.
The SOR is capable of analyzing the necessary data in the context of the order and the algorithm that was assigned to it so it can produce one or more child orders satisfying the execution targets. This process is repeated continuously as the conditions affecting the intended result may vary over time.
Operating in a fully automated environment, the SOR has streamlined algo assignment functionality over each new incoming order. This is performed based on different settings, client profiles and preferences, order type and size, available trading venues, etc.
The SOR is also capable of applying server-side controls over the order flow initiated by trading accounts with special restrictions (blocked order entry, positions canceling mode, restricted short selling).
The SOR addresses the many race conditions during the order life cycle without sacrificing execution performance. As a result, high execution predictability is achieved, thus minimizing subsequent trade reconciliation.
The SOR is fully integrated with the WebSockes Trading API for incoming messages, as well as supports FIX 4.2 for both incoming and outgoing communication.
Depending on the specific needs, custom algorithms could be defined, tested, and assigned to a trading account using the configuration settings.
Each child order database record is ‘enriched’ with additional data describing the prevailing market conditions (bid-ask spread, waiting time, etc.) when executed. The additional information allows a complete audit trail and simplifies algo efficiency to be assessed and, if needed, corrective measures to be undertaken.
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An ultra-customizable, all-in-one professional desktop trading application that simplifies trading experience and provides all the toolsets for comprehensive trading.
Best-in-industry, multi-asset class, multi-currency order management solution with sophisticated pre-trade risk capabilities and near real-time margining functionality.
Trading API that allows bidirectional interactive communication between the clients and the trading server.
Same format market data regardless of its source. Market data feeds cover all major American and European trading venues and can be delivered according to…
