The Challenge:  

1. Incoming client orders would benefit from being automatically routed, classified, and assigned based on real-time properties of both the order and the market.
2. Increased volumes of client orders and rapidly changing market conditions mean that it is important to automate the initial handling of incoming orders based on properties of the order, the client, and the market.
3. Selection of execution styles, brokers, and algorithms should be done using historical data, real-time calculations, and performance metrics.
4. Exceptional trades should be directed to the optimal desk/trader to handle that particular trade or held for review.

The Solution:

Quod Order Management Rules v2 (OMRv2) – a logic engine that allows real-time rules to be created to interact with orders based on properties of the order, market, or client.

Inputs/Routing:

• FIX Fields – Any property within the FIX message/incoming order message can direct the order.
• STATIC FIELDS – Any stored information on the client or instrument, such as group, name, stored miscellaneous data (for example, whether an agreement has been signed or a product has been licensed).
• DYNAMIC FIELDS – Variables calculated based on market data, P&L over time, or any calculated property of real-time information streamed from external interfaces.

Outcomes/Results:

• Route orders to different destinations, brokers.
• Choose an algorithm and/or configure specific parameters within an algorithm (time horizon, participation, aggressivity, waves, scaling, visible quantities, etc.).
• Split an order between multiple destinations.
• Modify the reference price to a benchmark or other properties of the order.
• Hold/Reject the order or direct it to specific desks/individuals.

The Quod OMR engine allows for pre-trade logic to be applied to all incoming orders to automate your flow. Use complex logic to categorize incoming orders and apply these outcomes and more based on your requirements.

The Benefits:

The overall benefits of this solution include:

• Full automation of incoming client orders.
• Traders can focus on exceptions trading and handling the most critical flows.
• Provide a 'rule book' for clients to explain how order flow is handled under different conditions.
• Create exceptions per client based on their own preferences allowing for full customization of the client experience.
• Optimize workflows for different real-time conditions.