## sell-side eq e-trading arch features #MS,Baml..

Mostly inspired by the MS equity order-management “frameworks”

  • message-based, not necessarily MOM.
    • FIX messages are the most common
    • SOAP messages are also possible.
    • BAML system is based on MOM (tibrv)
  • message routing based on rules? Seems to be central to some sell-side /bloated/ “platforms” consisting of a constellation of processes.
  • event-driven
    • client newOrder, cancel requests
    • trading venue (partial) fills
    • Citi muni reoffer is driven by market data events, but here I focus on equity systems
    • Stirt realtime risk is driven by market data events + new trade booking events
    • buy-side would have order-origination events, but here I focus on sell-side systems
  • market data subscription? Actually not so important to some eq trading engines. Buy-side would make trading decisions based on market data, but a sell-side won’t.

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