This article will explain to you how the market order life cycle works in VertexFX system, depending on VertexFX VADS applications which are used within VertexFX system.
When the client place a market order using VertexFX (Client Platform, e-Broker, Web Trader or Mobile Trader) this order will pass through the following cycle:
- If you set the Auto Broker in the VertexFX Backoffice to be ON then the order will be accepted with no need for dealing room confirmation. Otherwise the order will be sent to the Chatting Screen.
- If you set the Auto Broker from the VertexFX Backoffice to be OFF for all your system or for specifice group/ office or client, then the order will be sent to the Chatting Screen, and will be handled through one of the following approaches:
- If the order receives to the VertexFX Backoffice chatting screen:
The dealers of the dealing room will accept, re- quote or reject the order.
- If the order receives to the VertexFX Smart Dealer VBL chatting screen:
The order will be accepted or re- quoted depending on the set rules of the Smart Dealer application.
- If the order receives to the VertexFX Bridge chatting screen:
Here the order will be treated depending on the Bridge Rules. If the Bridge Rules don’t cover this order then the order will be rejected, and if the Bridge Rules cover this order then the order will be waiting for the Liquidity Provider action so the order will be treated as Bridge Rules settings.
- If your LP re- quote your position the bridge will re-quote your client's order depends in your bridge configuration, and if you set your symbols to be not re-quotable, the system will not ask your client for this re-quote "slippage" and your system will give your client that position with the re-quoted price.
- If your LP re-quote your position the bridge will re-quote your client's order depends in your bridge configuration, and if you set your symbols to be Re- quotable the system will ask your client for this re-quoted price to accept it or reject it.