Vetting

All order requests are vetted before being sent to the Order Management. Vetting involves checking that the order request conforms to a rule set. The rule set specifies conditions which the order request’s attributes must meet.

With vetting, operators can:

• ensure that risk exposure is minimised from both the Client and the Broker by adding safeguards
• aid market integrity by stopping price manipulation
• place restrictions on instruments or functions available to Clients

Process

Order requests are passed to vetting from the Trading Agent. It will also provide the required rules and information/data. Vetting will return one of the following 3 outcomes to the Trading Agent:

1. Success - order request to be forwarded to OMS which can send it to market.
2. DTR to review - order request to be forwarded to OMS however it needs to be reviewed by a DTR
3. Fail - order request is discarded and a rejection message to be returned to originator.

Rules

Vetting rules are specified with the Vortex vetting language. It features:

• A powerful scripting engine which supports conditional evaluation,
• Rules can be specified at different levels of the account hierarchy,
• Exchange rules are separated from business rules,
• Easy configuration of business rules by Administrators,
• Changes are immediately applied when saved,
• All changes are tracked with an audit log.