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The output of the message parser consists of order actions. The risk instance determines the legality of those order actions. To accomplish this, Re ector Reflector acts " as-if " the following steps are taken:

1. Identity - New order requests must have new idsIDs. Modify requests must refer to existing and live idsIDs.
2. Sanity - The Any checks that require validating against prior state. NOTE: The message parser actually performs most of the sanity checks because they can be done a priori, but the checks that require validating against old state end up here.
3. Order State - A speculative order state is constructed.
4. Order Diff - A diff between the speculative order state and the previous order state is calculated.
5. Position Diff - The order state diff is transformed into a position diff.
6. Position States - For each associated risk pool, a speculative position is created with the old position and the position diff.
7. Risk Checks - For each associated risk pool, the speculative position is checked against the parameters for that pool.
8. Success - If risk checks pass, speculative order and position states are made permanent, and order allowed through.
9. Failure - If risk checks fail, order and position states are rolled back, and order action is denied.