This document describes Kodiak OMS client order management when dealing with DMA orders.
Kodiak PRO - order entry
When a DMA customer creates a DMA order in Kodiak PRO a new Client Order is created in Kodiak OMS. The client order will also be sent directly to the market.
If the Client Order is successfully sent to the market it will have the workflow status "Working" and order status "New".
Image: New Client Order with workflow status "Working" and order status "New"
Risk checks
- Kodiak OMS checks if a new order from the customer exceeds his daily turnover limit. If the order will exceed the daily turnover limit the order will be rejected.
- The system checks if the order is within a defined order limit.
- The system can be configured to reject orders if the price of order is far away from the price on the market.
Buy order can not be X tick sizes higher than the best sales price.
Sell order can not be X tick sizes lower than the best buy price. - Front end DMA user will receive a warning in Kodiak PRO if his order will be executed right away.
Kodiak PRO - cancel order
When a DMA customer cancels a DMA order in Kodiak PRO the Client Order will get the workflow status "Completed" and the trading status "Cancelled"
Image: Canceled Client Order with workflow status "Completed" and order status "Canceled"
When the exchange cancels a DMA order the Client Order will get the workflow status "Working" and the trading status "Cancelled"
Kodiak PRO - executed order
When a Client Order is executed. The Order will get the workflow status "Allocation Ready" and the trading status "Filled". The Kodiak OMS user must then allocate the order to back office.
Image: Executed workflow status "Allocation Ready" and order status "Filled"
Client Order Workflow & Trading Status
Client Orders that are created using Kodiak PRO can have different workflow status depending on where in the life cycle the Client Order is.
New Working - Client Order that has been sent to the market. Trading status can be "active" or "cancelled".
Allocation - Ready to allocate.
Completed - Client Order that has been Allocated or Cancelled