Kodiak OMS allows the management of market orders. Market Order Orders are orders that are sent electronically to exchanges or other brokers using the Kodiak client and other trading applications. Manual (phone orders) market orders can also be created.
Who can create market orders
- Kodiak OMS users using the Order Entry Window can create market orders.
- Other trading systems like Nordic workstation. When a market order is created in the Nordic Workstation it is visible in Kodiak OMS.
- Other systems using the Kodiak Server API.
Managing Market Orders
Users can:
- Create Market Orders Orders
- New orders with DMA handling are sent electronically to a 3rd party broker or Exchange.
- New orders with Manual handling are orders that are note not sent to the market but created and filled manually.
- By sending a Client Order to the market.
- View Order details
- Cancel Orders
It is possible to cancel the Remaining Quantity of a market order. - Modify
It is possible to modify the following fields of a Market Order- Quantity: Can be modified to a value that is larger or equal to ExecutedQuantity
- Visible Quantity
- Create manual execution
Allows the user to create a manual trade on a order. - Attach Market Order to existing Client Order
If the trader creates a market order directly on the market and not through a client order he can attach the market order to an existing client order. All market orders that are not attached to a client order can be attached to client orders. The client order must have the same side and symbol. - Attach Market Order to a new Client Order
If the trader has created a market order and it is not part of a client order then he can create a new client order and attach the market order to it on the same time by selecting "attach to a new client order". - Split market order
Filled market orders can be split between many client orders. If a trader creates a large market order then he can split the market order between many client orders if , as long as the market order is fully filled/executed.
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