From decision to fill, inside the same system.
X-ECUTE takes the orders for a fund, checks them against the whole fund before they are sent, routes them by FIX and follows every fill in a live blotter. Each order keeps a log of everything that was sent and everything that came back.
- 5
- order types, from market to market on close
- 8
- order statuses, from pending to expired
- FIX 4.4
- with resend, gap fill and automatic reconnect
- 200
- orders per batch, stored all or nothing
Three questions a trader asks
- Question Where is my order right now?
The blotter moves as the bank answers: accepted, partially filled, filled, cancelled or rejected.
- Question What does it do to the fund?
A pre-trade check simulates the draft orders against rules, exposure, liquidity, NAV and VaR.
- Question What exactly did we send, and what came back?
Every order has a log that is only ever appended to. Incoming and outgoing FIX messages are stored as they were.
Orders in batches, one fund at a time.
An entry grid takes up to two hundred orders per batch. They are validated on the server and stored all or nothing.
- Buy and sell, in units or as a cash amount
- Market, limit, stop, stop limit, market on close
- Day, good till cancelled, good till date, fill or kill, immediate or cancel
- Any instrument from master data
- Drafts kept per fund, entry with keyboard shortcuts
- Pre-trade check on the whole batch before sending
A blotter that moves when the market does.
Every change at the bank reaches the blotter within moments, without a reload. Partial fills accumulate with their quantity and average price.
- Eight statuses, from pending to expired
- Quantity and price per fill, cumulative quantity, average price
- Cancel as request and confirmation; a refusal by the bank is recorded
- Each fill counted once, by the bank’s execution number
- Filter and sort on the server, export as CSV or XLSX
- Order events and raw messages in the detail view
FIX 4.4, with the session layer done properly.
Sequence numbers survive a restart, outgoing messages are written to the database before they are sent, and a lost connection is retried.
- Logon, heartbeat, test request, resend with gap fill, logout
- New order and cancel request out
- Execution report and cancel reject in
- Checks on sending time and counterparty identifiers
- Sessions started and stopped while the system runs
Connections are set up by XILDI when the module is introduced.
Tried out, logged, visible.
An order system has to be testable before it is real, and readable after the fact.
- 01Demo bank
- A built-in counterparty that accepts, fills in parts and confirms cancellations – for training, and for testing your process.
- 02Order log
- Each order keeps a history of everything that happened to it. Entries are added, never changed.
- 03Raw messages
- Incoming and outgoing FIX messages are stored as sent and received, visible to administrators.
- 04Activity feed
- Each order event appears in the feed, with the number of open orders.
- 05Permissions
- Separate rights to read, create and update orders.
What the trader sees.
X-ECUTE works on screen. What it leaves behind is the log.
- On screen
Order blotter
All orders, live.
- Created, fund, instrument, side, type, quantity, limit and stop price
- Status, filled quantity and average price
- Connection and note
- Updated in place; reloaded in full after a reconnect
- On screen
Pre-trade result
The fund before and after the batch.
- Rules before and after
- Bands, exposure and NAV per share class
- Liquidity and VaR
- Position changes
- On screen
Order detail
One order from entry to its last fill.
- The event history of the order
- Fills with quantity and price
- Raw FIX messages, for administrators
- File
Blotter export
For the files and for your own analysis.
- CSV or XLSX
- Filtered and sorted as on screen
- Every row of the result, not only the visible page
From draft to booking.
Five steps, one of them at the custodian.
- 1 Draft
Orders are entered in the grid for one fund.
- 2 Check
The pre-trade check shows the fund before and after.
- 3 Send
Orders go to the bank by FIX, or to the demo bank.
- 4 Follow
Acceptances and fills update the blotter.
- 5 Book
The trade is booked from the custodian’s transaction file.
Methods, by name.
In the product today.
Order entry
- Batches of up to 200 orders
- 5 order types
- 5 validity instructions
- Units or cash amount
- Validation on the server, all or nothing
- Drafts per fund
FIX 4.4
- Session layer with stored sequence numbers
- New order, cancel request
- Execution report, cancel reject
- Resend and gap fill
- Automatic reconnect
Blotter
- 8 statuses
- Partial fills with average price
- Filter and sort on the server
- Live updates
- Manual status for orders without a bank connection
Audit
- Append-only event log
- Raw messages in both directions
- Activity feed
- Rights to read, create, update
Not in the module today Booking of fills into the book (the trade is booked from the custodian file), four-eyes approval, amendment of a sent order, pooling and splitting across funds, algorithmic orders, and encryption of the FIX connection.
