julien.reinauld
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Hi all!
When I read technical specs of market data feeds, I keep encountering the terms "displayable order" and "non-displayable order".
Can anyone explain me the difference please?
Actually, this is how I understand things:
I think when an order is received but has no counterpart, is stays in the order book, and it appears in the market data feed (under the form of a "add order" message) so that participant can include it in their own order book. It is a displayable order.
When a corresponding counterpart order is received, both orders are immediately executed. So the second order won't appear in the market data feed as it is already executed. It is a non-displayable order.
That's why when an execution occurs, the following messages appear in the market data feed:
- an "order executed" message, corresponding to the execution of the first order (that was displayable)
- as the second order was non-displayable, there was no "add order" message, so there can not be any "order executed" message. Instead there is a "trade" message, without order id, to denote the execution of the second order (that was non-displayable)
Am I right or wrong?
Thx
When I read technical specs of market data feeds, I keep encountering the terms "displayable order" and "non-displayable order".
Can anyone explain me the difference please?
Actually, this is how I understand things:
I think when an order is received but has no counterpart, is stays in the order book, and it appears in the market data feed (under the form of a "add order" message) so that participant can include it in their own order book. It is a displayable order.
When a corresponding counterpart order is received, both orders are immediately executed. So the second order won't appear in the market data feed as it is already executed. It is a non-displayable order.
That's why when an execution occurs, the following messages appear in the market data feed:
- an "order executed" message, corresponding to the execution of the first order (that was displayable)
- as the second order was non-displayable, there was no "add order" message, so there can not be any "order executed" message. Instead there is a "trade" message, without order id, to denote the execution of the second order (that was non-displayable)
Am I right or wrong?
Thx
