In electronic trading, grasping an order's path from creation to execution is essential for market participants. This journey, often called the "life cycle of an order," encompasses several stages, each playing a vital role in ensuring that trades are executed accurately and efficiently. The process begins with order entry, which can occur through various platforms, including proprietary trading systems, exchange platforms, or specialized solutions. The nuances of the process are pivotal in maintaining market integrity and operational efficiency, making it a necessity for firms to have a durable framework to manage and oversee these stages.
