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
- Kodiak OMS Client
- 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.
- 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:
| Worflow Status | Description |
| New | A new unassigned client order has been created in the system and is ready to be assigned to a trader. |
| Assigned | The order is not on a market, it's assigned to a specific trader and has no executions or market orders. |
| Working | The 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:
|
| Completed | One of the following is true:
|
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 Status | Description |
| Pending New | The client order is created and live in the system |
| New | The client order has been sent to the market (DMA) or as a manual order. |
| Partially Filled | a proportion of the client order has been executed. |
| Filled | the complete quantity of the client order has been filled |
| Done For Day | the order has been stored by the market/broker and will commence the next trading day |
| Cancelled | The order(s) have been canceled by the market/broker and the trader has cancelled the client order |
| Expired | The market order(s) have expired on the market/broker and the trader expires the client order |
| Rejected | The 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. |
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.
| Fields | Description |
| QTY | The 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. |
| Price | The 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 Price | The 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)