All orders are vetted before being sent to the Order Management System (OMS). Vetting involves checking that the order request conforms to a set of conditions. These conditions are specified by a set of rules which vary based on the various attributes of the order. Only if an order request meets all the conditions, will it be forwarded to the OMS. If not all conditions are satisfied, the request will be rejected and a rejection message will be returned to the person or system which originated the order.
Whenever an order request is submitted, it will first be processed by the Trading Agent. The agent will inspect the request and determine:
- the vetting rule set appropriate for that order,
- the information required by the rules in the set.
Once this has been determined, the trading agent will collect the required information required by the rule set. It pass the order request, the rule set and information, to the vetting engine. The engine will vet the request based on the rule set and information and return success/failure indication back to the agent. Based upon the returned success/failure, the vetting engine will either forward the request onto the OMS, or discard the request and sent a rejection message back to its origin.