Order Management System
DXtrade XT

Trading platform for stocks, options, futures, mutual funds, and bonds

Order Management System

The main purpose of the order management system is the real-time handling of orders and account data. Account data processed and represented include account info, balances, portfolios, and working orders as well as recent trading and non-trading activities.

Asset classes

Equities

Simple and
complex options

Futures

Mutual funds

Fixed income (bonds)

Margin/cash account support

Cash accounts

Cash Account trading using available funds with Reg-T violation prevention.

Pattern Day Trader

Brokers can track the number of Day Trades and systematically mark accounts that meet PDT qualification.

  • Minimum Equity requirements and settings to manage PDT accounts
  • Operational control to mark or unmark an account as PDT based on order history

Margin Accounts

The platform supports margin accounts:

  • Reg-T margining for equities and equity options
  • Pattern Day Trader tracking, designation, and minimum equity requirement enforcement
  • Custom margin profiles
  • Instrument Level margin override – Instrument level margin settings can be manually set or updated via automated daily reconciliation file in the platform. If configured for an instrument and higher than other applicable margin profiles for an order, the margin level for the instrument prevails

Fractional OMS

Fractional OMS provides brokers with the flexibility of managing their own fractional inventory accounts or routing fractional orders as received to a supported executing destination. Inbound order flow is supported in fractional and notional quantities or as pre-allocated block orders. Brokers have full control of fractional increment by asset type and supported instruments.

Order types and order flow

DXtrade XT supports orders in fractional quantities and notional amounts. The available order flow types include the following:

Routed as received

For executing destinations that support fractional and notional quantities, the OMS routes orders as received from the source, then reflects all executions and positions in fractional quantities.

Fractional rounding algorithm

For brokers that want to manage their own fractional trading or cannot route as received in these increments, the Fractional Rounding Algorithm provides the capability to take orders in fractional and notional quantities and route to the street in whole shares. The Algorithm rounds each quantity and, after receiving an execution, fills the client account for their order quantity and allocates the remainder to a broker inventory account which they can manage.

Pre-allocated block orders

DXtrade XT supports pre-allocated block orders with allocations in fractional/whole share quantities and notional amounts. Allocation messages are queued in the OMS while the block order is routed to the market. Upon receipt of the block order execution, the post-trade allocations are initiated in the OMS, distributing securities to the underlying accounts.

Execution simulation

The platform supports a simulated market environment represented as Demo accounts to users. The auto-executor module supports Limit (DAY, IOC) and Market (DAY, IOC) orders and is configurable on the instrument level. The following order actions are supported: Full Fill, Fill in Parts, Reject Order, and Partial Fill + Cancel.

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