Order Book

Staged order account permissions and ownership

Staged order account permissions and ownership

The risk administrator at your firm sets the order permissions for submitting and managing staged orders per account or user. The risk administrator also configures risk settings for the execution accounts used for submitting child orders related to the parent staged order.

The account used for staging the order can be assigned to multiple users in the same company or shared with users in a different company. If a user will be staging an order into an account that needs visibility outside of your company, the risk administrator will have to share the account using the Setup application in TT.

The following table shows the order actions allowed for users based on their staged order and execution account ownership.

User Account Actions Comments

Originator

Staged order account

  • Submit/view staged order
  • Cancel staged order with approval from owner

Originator must have order permissions set for submitting staged orders in this account.

The originator’s risk limits are checked when submitting the staged order. Risk checking is applied to the staged order account when the staged order is claimed or when related child orders are executed depending on which option is enabled for the account.

Both the originator and owner have visibility of the orders and fills in the staged order account. Other users assigned to the account can view the staged order and its current status.

Same execution account as owner

  • View related child orders

Originators have visibility of the owner's execution accounts that are in the same account hierarchy as the staged order account. Execution accounts that are not in the same hierarchy as the staged order account but assigned to the originator are also visible. Originators or other users assigned to the execution account cannot modify the child orders submitted by the owner.

Owner

Staged order account

  • Claim/unclaim staged order
  • Cancel staged order
  • Approve the cancel request of originator

Owner must have order permissions set for managing staged orders in this account.

Both the originator and owner have visibility of the orders and fills of the staged order account.

The owner who claims the staged order can use the staged order account to submit child orders. Direct market access (DMA) order permissions must be enabled on this account. It may be necessary to submit multiple child orders in the same account to fill a parent order.

Other users assigned to the account can view the staged order and its current status, but cannot execute child orders on behalf of the staged order while it is controlled by the owner. All non-staged orders are also visible to users assigned to the account.

Execution account

  • Submit related child orders
  • Modify related child orders
  • Cancel related child orders

The owner who claims the staged order can submit child orders in execution accounts, which are separate from the staged order account. Direct market access (DMA) order permissions must be enabled on these accounts. It may be necessary to submit multiple child orders in different accounts to fill a parent order.

Owners often share an account with the originator for staged orders, and use their own DMA accounts for order execution. These accounts can be sub-accounts of the staged order account, or separate accounts independent of the staged order account.

If the owner claiming the staged order uses their own accounts to submit child orders, the originator will not have visibility of the owner's accounts. However, fills from the execution accounts will be visible to the originator in the staged order account. Child orders submitted using the owner's execution accounts are tagged with an identifier that relates the child orders back to the parent staged order.

The risk limits on the owner’s execution accounts, as well as any parent accounts of those execution accounts, are checked when the owner submits child orders in those accounts on behalf of a staged order.

Owners can add a manual fill using the Risk application on TT to fill all or part of a staged order without sending a child order to the exchange.