Trade Maker Direct Scenarios

These scenarios test limit order and quote flows. For market orders, see Trade Taker Scenarios.

Place a Limit Order/Quote

Goal: Show that a resting order can be added to the order book.

Step	By	Action
1	You	Place a limit order to BUY/SELL QUANTITY of SECURITY at PRICE

Where	Observation
FIX-TR	Order is accepted (Ack)
UI	Order appears in the order book
FIX-MD	Price appears in top of book
UI, FIX-OB	Order appears in depth of book

Place an Opposing Limit Order/Quote

Goal: Show that an opposing order is added to the order book correctly and does not conflict with the first order.

Step	By	Action
1	You	Place a limit order to BUY/SELL QUANTITY of SECURITY at PRICE, on the opposite side to the first scenario

Where	Observation
FIX-TR	Order is accepted (Ack)
UI	Order appears in the order book opposite the first order
FIX-MD	Price appears in top of book
UI, FIX-OB	Order appears in depth of book

Update a Limit Order/Quote Price

Goal: Test order updates and price changes.

Step	By	Action
1	You	Update the order from the first scenario with a new PRICE

Where	Observation
FIX-TR	Order is REPLACED (Ack)
UI	Order appears in the order book with the new price
FIX-MD	New price appears in top of book
UI, FIX-OB	Order is updated in depth of book with the same IOI ID

Update a Limit Order/Quote Quantity

Goal: Test order quantity updates.

Step	By	Action
1	You	Update the order from the first scenario with a new QUANTITY

Where	Observation
FIX-TR	Order is REPLACED (Ack)
UI	Order appears in the order book with the new quantity
FIX-MD	New quantity appears in top of book
UI, FIX-OB	Order is updated in depth of book with the same IOI ID

Cancel a Limit Order/Quote

Goal: Show that the order is removed from the marketplace.

Step	By	Action
1	You	Cancel an order in the market

Where	Observation
FIX-TR	Order is CANCELED (Ack)
UI	Order is removed from the order book
FIX-MD	Best bid or offer is deleted
UI, FIX-OB	A delete message is sent for that IOI ID

Complete Fill a Limit Order/Quote

Goal: Check the execution flow for a matching fill and the removal of the order.

Step	By	Action
1	You	Place a good limit order/quote on the market
2	OpenYield	Hit/lift that order for its full quantity

Where	Observation
FIX-TR	A TRADE/FILLED execution report is received
UI	Order is removed from the order book
UI, FIX-OB	The order is created, then deleted, for that order's IOI ID
FIX-MD	Best bid or offer is updated or deleted (if top of book), and a TRADE message is received
FIX-DC	A TRADE/FILLED execution report is received

Partial Fill a Limit Order/Quote

Goal: Check the execution flow for a partial fill and the update of order quantity.

Step	By	Action
1	You	Place a good limit order/quote on the market
2	OpenYield	Hit/lift that order with a smaller quantity

Where	Observation
FIX-TR	A TRADE/PARTIAL execution report is received
UI	Order is updated in the order book
UI, FIX-OB	The order is created, then updated, for that order's IOI ID
FIX-MD	A TRADE message is received. Best bid and offer are no longer checked from here.
FIX-DC	A TRADE/PARTIAL execution report is received

Cancel after Partial Fill

Goal: Check that the order is removed and a completion message is received.

Step	By	Action
1	You	Place a good limit order/quote on the market
2	OpenYield	Hit/lift that order with a smaller quantity
3	You	Cancel the order

Where	Observation
FIX-TR	The order is accepted, then a TRADE/PARTIAL is received, and finally a TRADE/CANCEL execution report is received
UI	Order is removed from the order book
UI, FIX-OB	The order is created, updated, then removed for that order's IOI ID
FIX-MD	A TRADE message is received. MD is no longer checked from here.
FIX-DC	A TRADE/PARTIAL execution report is received

Update Quantity after Partial Fill with More

Goal: Check that the shown quantity is as expected.

Step	By	Action
1	You	Place a good limit order/quote on the market
2	OpenYield	Hit/lift that order with a smaller quantity
3	You	Update the order quantity

Where	Observation
FIX-TR	Order is accepted, a PARTIAL fill is received, then the update is REPLACED
UI	Order is placed on the order book, updated on fill, then updated again on update. The quantity shown is the new order quantity minus the amount already filled.
UI, FIX-OB	The order is created, updated, then updated again for that order's IOI ID
FIX-DC	A TRADE/PARTIAL execution report is received

Update Quantity after Partial Fill with Less

Goal: Check that setting the order quantity to less than or equal to the filled quantity cancels the order.

Step	By	Action
1	You	Place a good limit order/quote on the market
2	OpenYield	Hit/lift that order with a smaller quantity
3	You	Update the order quantity to the filled quantity or less

Where	Observation
FIX-TR	Order is accepted, a PARTIAL fill is received, the update is accepted, then a CANCEL is received
UI	Order is placed on the order book, updated on fill, then removed
UI, FIX-OB	The order is created, updated, then removed for that order's IOI ID
FIX-DC	A TRADE/PARTIAL execution report is received

Update Price after Partial Fill and Complete

Goal: Check that you can accept multiple fills on the same order at different prices.

Step	By	Action
1	You	Place a good limit order/quote on the market
2	OpenYield	Hit/lift that order with a smaller quantity
3	You	Update the order PRICE
4	OpenYield	Hit/lift that order for the remaining quantity

Where	Observation
FIX-TR	Order is accepted, a PARTIAL fill is received, the update is accepted, then a FILLED is received at the new price
UI	Order is placed on the order book, updated on fill, updated again on update, then removed after the second execution. The price moves as expected.
UI, FIX-OB	The order is created, updated on fill, updated on price, then removed on final fill for that order's IOI ID
FIX-DC	A TRADE/PARTIAL execution report, followed by a TRADE/FILLED execution report