Life Of An Order

The order is created at clients’ end and accepted by the API gateway, which proxies to the trade gateway, where the order is verified. The trade gateway delivers the order to the trade engine asynchronously using a proprietary queue.

The trade engine (also called match engine) executes the order and generates execution results to the downstream trade persistently and market data components. Trade engine is the key component of the whole trade flow, and it also acts as the source of truth of all trade data.