Trade Maker Cross Scenarios

These scenarios test crossing (marketable) limit orders and quotes.

Matching Limit Cross

Goal: Place a crossing limit order through a single opposite order and complete fill.

Step	By	Action
1	OpenYield	Place a limit order for PRICE on SECURITY
2	You	Place a limit order/quote through the OpenYield order for the same quantity

Where	Observation
FIX-TR	A TRADE/FILLED execution report is received
UI	OpenYield's order is removed from the order book. Your order is complete, so it is not added.
UI, FIX-OB	The OpenYield order is created, then removed, for that order's IOI ID
FIX-DC	A TRADE/FILLED execution report is received

Fill and Rest Limit Cross

Goal: Place a crossing limit order through the market, leaving the remainder resting on the market at the crossed level.

Step	By	Action
1	OpenYield	Place a limit order for PRICE on SECURITY with a very small QUANTITY
2	You	Place a limit order/quote through the OpenYield order for a much greater quantity

Where	Observation
FIX-TR	A TRADE/PARTIAL execution report is received
UI	OpenYield's order is removed from the order book. Your order is added, showing the remaining amount.
UI, FIX-OB	The OpenYield order is created, then removed, for that order's IOI ID. Your new resting order appears.
FIX-DC	A TRADE/PARTIAL execution report is received

No Trade-Through

Goal: Check that your crossing limit orders do not execute against your own opposite limit order.

Step	By	Action
1	You	Place a limit order for PRICE on SECURITY
2	You	Place an opposite limit order/quote through that order to force a cross

Where	Observation
FIX-TR	A TRADE/CANCEL execution report is received, with a message explaining that the order cannot trade through