Reflector is a pre-trade risk containment tool acting as a network switch, in lieu of an API. It monitors trading messages sent between counterparty and trading venue, tracking order states and positions. Risk-offending order actions are blocked in a way that does not terminate the trading session. It's primary users are Prime Brokers who currently have to rely on post-trade systems to track their PB Clients (i.e. after the event).
Overview
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