Lesson 2.4 - Order, Quote and Execution Path¶
For daily Dealing Room work, the most useful system knowledge is the path from quote to order to execution result.
What Dealers Monitor¶
| Area | What to watch | Why it matters |
|---|---|---|
| Quote | Bid/ask, spread, quote time, quote contribution | Bad or stale quotes can affect execution and complaints |
| Order validation | Margin, session, symbol permission, account condition | A rejected order may be a rule issue, not a system outage |
| Bridge | Queue, routing latency, timeout and reject rate | A connected Bridge can still be unhealthy |
| Quote-source status | Quote quality, response time and available depth | Execution quality depends on platform, Bridge and quote conditions |
| Report/history | Order state, deal record, balance impact | Closure requires records to match what happened |
Investigation Shortcut¶
When execution looks abnormal, ask:
- Was the quote normal at the time?
- Did the order pass platform validation?
- Did the Bridge queue or routing latency increase?
- Which quote source or route handled the order?
- Was the result fill, reject or timeout?
- Does the final platform record match the evidence?
Boundary¶
Dealers may identify the affected layer and collect evidence. Route changes, quote-source suspension, symbol-setting changes or execution-policy changes require formal approval and must be carried out by personnel authorised for the specific action.
Practical Training¶
Scenario
A client disputes an execution price. The order timeline shows both a quote change and increased routing latency at the Bridge layer.
What to check
Bid / Ask, quote timestamps, order validation, routing records at the Bridge layer, quote-source latency, execution record and market-event context.
Common mistake
Immediately deciding that the cause is a quote problem or a client issue without separating the stages of the order path.
Correct handling
Review the quote, order validation, Bridge, quote source and final history record in sequence. Record the evidence found at each stage and leave the cause open until the full timeline supports a conclusion.
Completion Criteria¶
- Can explain the key risk or operational objective of this lesson
- Can identify the required systems, data, or evidence to review
- Can describe the correct escalation or handling process
- Can apply the lesson correctly in a supervised scenario