Submitting an order

Client → Server

• Sends either a New Order Single Limit <D> message or a New Order Single Market <D> message

Does Gemini accept the order?

1. Yes: Order is accepted for initial processing

   • Server → Client: Sends an Execution Report <8> for a new order with:
     • ExecType <150> set to 0 = New
     • OrdStatus <39> set to 0 = New

   Is the order marketable?

   • Yes: The server executes one or more initial fills
     • Server → Client: Sends an Execution Report <8> for each fill or partial fill
     • Does the order have remaining quantity?
       • Yes: The server places the remaining quantity on the order book
       • No: The server closes the order
   • No: The server puts the entire quantity of the order on the book

2. No: Order is rejected

   • Server → Client: Sends an Execution Report <8> indicating the order was rejected with:
     • ExecType <150> set to 8 = Rejected
     • OrdStatus <39> set to 8 = Rejected

3. No: Throttle exceeded

   • Server → Client: Sends a Session Reject <3> indicating the message was rejected due to a rate limit breach