The Lab

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On an outbound maker risk-carrying message, the parser acts \ as-if " the following events occur in sequence:1.

  1. Attributes are read in.

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  1. Venue-specic patches are applied.

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  1. Unsupported features: if any

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  1. of the following

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  1. conditions hold, order action will be blocked with Z_UNSUPPORTED

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  1. :

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        1. If any of these

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        1. fields are present: Price2[640], SettlDate2[193], AllocAccount[79]

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        1. If Symbol[55] did not resolve to a valid currency pair

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        1. If NoLegs[555] is present and contains any nonzero value

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      1. Sanity: if any

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      1. of the following

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      1. conditions hold, order action will be blocked with Z_NON_CONFORMING

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      1. :

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            1. If PossDupFlag[43] or PossResend[97] is present and has value Y

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            1. If any of the required

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            1. fields are missing

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            1. If Currency[15] is missing on an order referencing a quote

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            1. If Currency[15] is present and referred neither of the currencies

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            1. of the symbol

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            1. If Side[54] contained a value other than BUY[1] or SELL[2]

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            1. If LastPx[31] is more than a factor of 2 outside of reference rate

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            1. If LastQty[32] did not contain a positive scalar amount

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          1. A speculative execution state is constructed.

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          1. Execution state sent to risk backend for assessment. On failure, exec action will be blocked with whichever reason the risk

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          1. backend provides.

          Maker Blocking

          Inbound

          ExecutionReport[8] & ExecutionAcknowledgement[BN]

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