...

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.

...

A database provides permanence to executed fills.

Additional Material

Further detail is provided in the following page(s):