API Flows

OB Created

Taker’s & Maker’s Perspective:

1. Subscribed to rfq WS Channel.
2. Receives WS message with kind == ADDED, status == ACTIVE.

OB Expires

Taker’s & Maker’s Perspective:

1. Subscribed to rfq WS Channel.
2. Receives WS message with kind == REMOVED, status == EXPIRED.

OB: Quote Created

Taker’s & Maker’s Perspective:

1. Subscribed to the quote, quote_status, and quote_book WS Channels.
2. Asynchronously:
   • Receives WS messages on quote_book WS Channel with kind == ADDED and status == OPEN.
   • Maker only, receives WS messages on quote WS Channel with kind == NEW and status == OPEN.
3. Certain order book validations are performed only asynchronously. In the case of a validation error, the error will be returned on the quote_status channel.

OB: Quote Canceled

Taker’s & Maker’s Perspective:

1. Subscribed to the quote and quote_book WS Channels.
2. Asynchronously:
   • Receives WS messages on quote_book WS Channel with kind == REMOVED and status == CLOSED.
   • Maker only, receives WS messages on quote WS Channel with kind == CANCELED and status == CLOSED.
3. Certain order book validations are performed only asynchronously. In the case of a validation error, the error will be returned on the quote_status channel.

OB: Matched Quote and Order

Taker’s Perspective:

1. Subscribed to quote_book, order, trade and trade_tape WS Channels.
2. Asynchronously:
   • Receives a single WS message on order WS Channel with kind == PENDING_FILL and status == OPEN.
   • Receives a WS message on the quote_book WS Channel:
     • If Quote is completely consumed kind == REMOVED.
     • If Quote is partially consumed kind == UPDATED.
3. Asynchronously:
   • If Trade execution is successful at clearing & settlement:
     • Receives WS messages on trade WS channel with kind == CONFIRMATION for each successful trade execution as part of the Order.
     • Receives WS messages on trade_tape WS channel with kind == COMPLETED for each successful trade execution through Paradigm.
   • If Trade execution is rejected at clearing & settlement:
     • Receives WS messages on trade WS channel with kind == REJECTION for each rejected trade execution as part of the Order.
   • In the event of Successful/Rejected executions at clearing & settlement:
     • Receives WS messages on order on WS channel with kind == SUMMARY and status == CLOSED.

Maker’s Perspective:

1. Subscribed to quote_book, quote, trade and trade_tape WS Channels.
2. Asynchronously:
   • Receives a single WS message on quote WS Channel:
     • If Quote is completely consumed kind == PENDING_FILL and status == CLOSED.
       • Also occurs if the Remaining Quantity is below the venue’s enforced “Block Size Minimum”.
     • If Quote is partially consumed kind == PENDING_FILL and status == OPEN.
   • Receives a WS message on the quote_book WS Channel:
     • If Quote is completely consumed kind == REMOVED.
     • If Quote is partially consumed kind == UPDATED.
3. Asynchronously:
   • If Trade execution is successful at clearing & settlement:
     • Receives WS messages on trade WS channel with kind == CONFIRMATION for each successful trade execution as part of the Order.
     • Receives WS messages on trade_tape WS channel with kind == COMPLETED for each successful trade execution through Paradigm.
     • If a Quote is only partially consumed at execution, meaning there is remaining available quantity:
       • Receives a WS message on the quote WS Channel with kind == PARTIALLY_FILLED and status == OPEN.
     • If a Quote is only completely consumed at execution, meaning there is NO remaining available quantity:
       • Receives a WS message on the quote WS Channel with kind == FILLED and status == OPEN.
   • If Trade execution is rejected at clearing & settlement:
     • Receives WS messages on trade WS channel with kind == REJECTION for each rejected trade execution as part of the Order.
     • Receives a WS message on the quote WS Channel with kind == CANCELED and status == CLOSED.