Table of Contents

Pre-Trade versus Post-Trade

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Pre-trade systems never have a need to perform this action.

Architecture

Reflector Runtime

Reflector’s runtime is composed of four distinct subsystems:

• Reflector Session Store - Handles handles Ethernet frames and tcp sessions. Captured raw Ethernet frames are categorized, and filtered by various blacklists and whitelists. The set of frames that belong to a single TCP instance are binned together and sorted. Several other stages of processing later, the TCP payload is presented as a range of bytes for output.
• Reflector FIX Message Parser - A monolithic FIX message parser which interprets sequences of bytes and translates them into possible order actions.
• Reflector Risk Instance - Keeps order and position states, maintains the credit pool hierarchy, and performs all risk checks.
• Reflector - REST API User Guide - Runs on a dedicated thread and handles external queries, as well as command/control and position adjustments.

Database

A database provides permanence to executed fills.