Bankster API / 6 articles

Trading & execution

From an order leaving the desk to the trade that actually gets done.

An order can be accepted without being filled, and a fill can exist before settlement is complete. Trading systems coordinate those separate events while enforcing limits and measuring time.

Explore the handoffs first, then examine what happens when concurrent orders, unfinished work or shutdowns expose gaps in the system’s view.

Execution benchmarks can reward unfinished orders

A benchmark based on filled orders can hide the cost of unfinished work. See how residual orders can reverse an execution ranking.

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From order to settlement: the systems that change a trade’s state

An accepted order, a fill and a settled trade are different events. Follow the systems and handoffs that change a trade’s state.

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Concurrent orders and shared risk limits

Two valid order checks can exceed one shared limit. Work through reservations, concurrent decisions and the state needed to enforce a cap.

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Low-latency trading: separating delay from clock error

A timestamp difference can mix processing delay with clock error. See how synchronization changes what a trading latency measurement means.

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Trading shutdowns have a completeness problem

Stopping one gateway does not prove all trading activity has stopped. Trace in-flight orders, acknowledgments and shutdown completeness.

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FIX, ISO 20022 and FDC3: what each standard connects

FIX, ISO 20022 and FDC3 connect different parts of finance. Compare message exchange, business meaning and desktop context.

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