The OMS sits between the PMS and the EMS. It is responsible for slicing Parent Orders into trade-able Child Orders and managing the lifecycle of Allocations.
Responsibilities
- Receiving Parent Orders from PMS
- Splitting each Parent Order into Child Orders
- e.g. P₁ → {C₁₁, C₁₂, C₁₃, C₁₄}, P₂ → {C₂₁, C₂₂, C₂₃, C₂₄}
- Creating empty Allocation records for each Child Order
- Forwarding Child Orders downstream to EMS
- Receiving Fills back from EMS
- Updating Child Order statuses to reflect received Fills
- Populating Allocation records from the Fills
- Sending completed Allocation to Back Office for settlement
- Propagating Child Order updates upstream to PMS