Kodiak OMS allows the management of market orders. Market 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

New orders with DMA handling are sent electronically to a 3rd party broker or Exchange.
New orders with Manual handling are orders that are 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, as long as the market order is fully filled/executed.

Trading status of market orders

The status represents what can happen to the market order during its life-time.

Trading Status	Description
Pending New	Created and live in the system
New	Market order has been created on a market or with another broker.
Partially Filled	A proportion of the market order total QTY has been filled.
Filled	The complete QTY of the market order has been filled
Done For Day	The order has been stored by the market and will commence the next trading day
Canceled	The order has been canceled on the market
Expired	The market order has expired on the market
Rejected	The market has rejected the market order
Stopped	The market has stopped the order due to compliance rules

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