Order Book

Staged Orders overview

Staged Orders overview

TT provides the ability to stage orders, which allows you to submit order intentions to another trader or trading desk for customized handling and execution. For example, a portfolio manager might need to buy a quantity of contracts sufficiently large that it would adversely affect the contract price. In such a case, the portfolio manager might want to create the initial order, but give it to an execution trader to work the order.

Staged orders can be submitted from a FIX-enabled system such as a third-party order management system, from another user via a TT screen, or directly from your own TT screen. You can specify the contract, price, quantity and buy/sell direction, or provide a fully qualified order specification including detailed order parameters. You can also include specific text instructions for the execution trader or broker to better understand your intentions for staging the order.

User's who share an account or have been assigned to the same account with order staging permissions enabled can view and manage staged orders in their Order Book:

When describing staged order functionality in this topic, the following terms are used:

  • Originator — The user who stages an order to be executed or managed by another user. For example, an originator might be a portfolio manager at a buy-side firm or a buy-side internal execution trader.
  • Owner — The user who currently claims and owns the order submitted by another user and enters orders to the exchange (i.e., manages a staged order). For example, an owner typically may be a sell-side broker executing trades on behalf of the buy-side firm, or a broker who has received a phone call and uses the TT screen to stage the order to himself.
  • Staged order — An order submitted in a shared account for the purpose of being owned and managed by another user.
  • Parent order — In TT, staged orders are treated as synthetic, "parent" orders that are processed internally by the TT system but never sent to the exchange.
  • Child order — In TT, the "child" order is associated with the parent staged order, and is sent to the exchange as either exchange native orders or TT synthetic orders to fill the staged order.

Staged order status

Refer to the following table for a description of each staged order status that may appear in the Status column.




An unclaimed staged order without a currently assigned execution trader (owner).


A staged order claimed by an execution trader, but with no child orders submitted.


Working staged order and child order(s) without any fills

Partially Filled

Working staged order that is partially filled


Filled staged order

Pending Cancel Approval

The staged order is pending approval of a cancellation request by the originator. No related child orders can be submitted.