Client Order Management - Sales

Owned by Copy Page Tree
Last updated: 13.11.2018 by Magnús Norðdahl

Definition

A client order represents a single unit of business for which the customer pays a fee to the broker.  A client order represents the instruction from 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

Traders can manage client orders in the Kodiak client.
  • 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.
    • Once the order is on the market and the user wants to change the price or qty.  Then the underlying market order must be changed. 
  • 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

Throughout its lifetime a client order can have the following workflow statuses:

Workflow StatusDescription
 
New 
 		A new unassigned client order has been created in the system and is ready to be assigned to a trader.
AssignedThe order is not on a market, it's assigned to a specific trader and 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

One of the following is true:

  1. The order is fully executed. 
  2. The order is partly executed and the client order and all the attached market orders have been filled, cancelled or expired. 
Completed

One of the following is true:

  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 lifetime.

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.
Stopped

The market/broker has stopped the order due to compliance rules and the trader has topped the order.

ComplexThe order status is complex if there are multiple child market orders or the quantity of the market order does not match the client 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 order 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

  •  The user can cancel the client order.
    • If Trading Status = Pending New
    • OR If Workflow Status = Working
  • Completely filled client orders can not be cancelled
  • When then user cancels the client order he will cancel all attached market orders that are not manual orders (phone orders)