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Client orders are orders created by the users of the OMS for customers. 

A client order represents a single unit of business for which the Customer pays a fee to the broker.  A client order represents the intension of a customer to trade a given security, in a given volume.

Who can manage client orders

Client orders can be managed by using the 

  1. Kodiak OMS Client   
  2. 3rd party solutions through the Kodiak Server API 

How to manage client orders

  • Create - client orders can be created by a Kodiak User or another system using the Kodiak API
  • Cancel - users can cancel a client order
  • Modify - users can modify client orders.
  • Send to the market as a single market order - orders can be sent to a market as a single market order.
  • Create child order(s) - client order can be sent to the market as one or more market orders.
  • Allocation - client orders can be allocated to a back office system when they have been fully executed.
  • Reject - traders can reject invalid client orders.

Workflow status

During its live an client order can have the following workflow status:

Worflow StatusDescription
 
New 
 		A new unassigned created in the system and ready for the trader.  Trader can assign order to him.
AssignedOrder is no longer new.  Order is not on market.  The order is assigned to a specific trader.    The client order has no executions or market orders.
WorkingThe client order is assigned to a trader with a market access.  The trader is working the order.  The order can have one or many market orders and executions.
Allocation Ready
  1. The order is fully executed. 
  2. The order is partly executed and the client order and all the attached market orders have been cancelled or expired. 
Completed
  1. The order has been 100% executed + allocated.  
  2. The order has been partly executed and market orders have been cancelled or expired
  3. The order and its market orders have been cancelled and there are no executions.
  4. The client order has been rejected or all the market orders for the client orders have been rejected and there are no executions

Order status

The Order status on client order represents the status of the client order, and represents what can happen to the order during its life-time.

Order StatusDescription
Pending NewThe client order is created and live in the system
NewThe client order has been sent to the market (DMA) or as a manual order.
Partially Filleda proportion of the client order has been executed.
Filledthe complete quantity of the client order  has been filled
Done For Daythe order has been stored by the market/broker and will commence the next trading day
CancelledThe order(s) have been canceled by the market/broker and  the trader has cancelled the client order
ExpiredThe market order(s) have expired on the market/broker and the trader expires the client order
RejectedThe market/broker has rejected the market order(s) and/or the trader has rejected the client order.
StoppedThe market/broker has stopped the order due to compliance rules and the trader has topped the order.

Modify client order

The modification window should be the same window as the create client order window.  With some user fields disabled and with update text on the buttons.  QTY and Price can be modified.
The following rules apply to the modification. 

FieldsDescription
QTYThe trader can choose to lower the client order QTY.
If the client order has 1 DMA market order.  Then the  DMA market order QTY is also modified.
If the client order has > 1 DMA market odrer then it is not possible to lower QTY.  The trader must modify each market order and then he can modify the client order.
If the client order has 1 or more manual market orders then the market orders have to be modified themselfes.

The trader can choose to raise the client order QTY. 
The modification does not affect the market orders.  The market orders QTY have to be modified them selfes.  After the modification the trader can send another order to the market.
PriceThe trader can modify the price.
If the client order has 1 DMA market order.  Then the market order price is also modified.

If the client order has > 1 market order then it is not possible to modify the price.  The market orders have to be changed themselfes.
If the client order has 1 or more manual orders then the market order has to be modified themselfes.
QTY and PriceThe user can modify order QTY and Price at the same time.   The same rules apply as above.

If workflow status = "Working" and If the new QTY is higher or equal than QTY sent to market.

Cancel client order

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