01
OCO
One-cancels-other: two linked orders, often a target and a stop. When one fills, the other is canceled in the same transition.
Execution
Execution is a competitive advantage.
Manual, algorithmic and autonomous strategies use the same deterministic order primitives, the same pre-trade controls and the same execution evidence. Fill quality is designed into the kernel rather than negotiated at the edge.
- Fair sequencing
- Pre-trade risk on every order
- Price-time priority
- Signed execution evidence
One order language for traders, algorithms and agents.
No participant receives a private order type or a faster path through risk. A one-click limit order, a VWAP schedule and an order proposed by a Cortex agent resolve to the same primitives and leave the same signed record.
Inside ApexMatch
From signed intent to final fill.
Every order passes six stages within one atomic state transition. The ApexMatch technology page is the canonical deep dive into each component, its failure controls and its specifications.
- 01IngressSigned order
- 02SequenceFair ordering
- 03RiskAegis gate
- 04MatchPrice-time
- 05ClearNet deltas
- 06FinalizeQSE proof
- Deterministic
- Same inputs, same fills, same state.
- Atomic
- Trade and collateral update together.
- Observable
- Every stage emits signed evidence.
- Composable
- Apps can invoke native market primitives.
A signed order moves through six stages: ingress at a regional gateway, fair sequencing into a canonical position, the Aegis pre-risk gate, price-time matching on the order book, clearing (which nets each fill into position, balance, fee and funding updates) and finality under a QSE quorum certificate. A trace of signed evidence runs beneath the path, and four properties are noted alongside it: deterministic, atomic, observable and composable.
The order language
Four families of orders, one set of primitives.
Core types are enforced natively by the kernel. Advanced, algorithmic and institutional types compose those primitives, so every order inherits the same risk checks and evidence. Availability varies by market.
Core
- Market
- Limit
- Stop
- Stop-limit
- Post-only
- Reduce-only
Advanced
- OCO
- Bracket
- Trailing
- Iceberg
- Hidden
- Pegged
Algorithmic
- TWAP
- VWAP
- POV
- Arrival price
- Implementation shortfall
- Liquidity seeker
Institutional
- RFQ
- Block
- Basket
- Cross-account
- Conditional spread
- Smart routing
Advanced orders
Conditional logic, held by the engine.
Advanced orders rest in the protocol rather than in a client application, so they keep working when your connection does not.
02
Bracket
An entry order with a take-profit and a protective stop attached, both activated the moment the entry fills.
03
Trailing
A stop that follows a favorable move at a set distance and holds its level when the market turns.
04
Iceberg
A large order displayed in smaller slices. Each slice refills from the undisplayed balance and joins the back of the queue.
05
Hidden
A resting order that adds no visible depth, matched under published priority rules for undisplayed liquidity.
06
Pegged
An order whose limit price is tied to a reference — best bid, best offer or midpoint — and reprices as the reference moves.
Algorithmic orders
Execution algorithms with visible parameters.
Each algorithm runs as a schedule of native child orders under the parent order’s limits. Algorithms can reduce market impact but cannot remove it, and results vary with liquidity and market conditions.
- 01TWAP
- Time-weighted average price. Splits the parent order into slices spread evenly across a chosen period.
- 02VWAP
- Volume-weighted average price. Schedules slices to follow the market’s expected volume profile through the session.
- 03POV
- Percentage of volume. Participates at a set share of traded volume, accelerating or slowing with market activity.
- 04Arrival price
- Manages slippage against the price at the moment the order was submitted, trading sooner when impact allows.
- 05Implementation shortfall
- Balances the cost of market impact against the risk of waiting, measured from the decision price.
- 06Liquidity seeker
- Waits for size to appear — in the book, in quote responses or on verified external routes — then executes within the order’s limits.
Institutional workflows
Size, packages and multi-account flow.
- RFQ
- Request firm quotes from liquidity providers for size or complex structures; the accepted quote settles atomically.
- Block
- Privately negotiated size, reported and cleared like any screen trade, with the same signed evidence.
- Basket
- Many instruments submitted as one instruction, with shared limits and a single execution report.
- Cross-account
- One instruction executed or allocated across permitted subaccounts, with per-account limits and records.
- Conditional spread
- Legs across instruments or expiries that execute together only when the spread condition is met — or not at all.
- Smart routing
- Evaluates internal depth, dealer quotes and verified external routes for each order, then records why the selected route was chosen.
Institutional workflows are available through FIX and native APIs, with drop copy and transaction-cost analysis. See institutions.
End-to-end performance
A path is only as fast as its slowest stage.
Matching speed means little if risk checks, execution or settlement lag behind it. The 1,000,000 TPS full-capacity architecture and the sub-second finality class are properties of all six stages together.
- 01IngressRegional gateways
- 02OrderApexMatch
- 03RiskAegis checks
- 04ExecuteVectorLanes
- 05FinalizeQSE quorum
- 06IndexStreaming state
Six connected stages: Ingress through regional gateways, Order in ApexMatch, Risk in Aegis checks, Execute on VectorLanes, Finalize under a QSE quorum and Index as streaming state. An order is shown passing through each stage in turn, illustrating that end-to-end performance depends on every stage rather than on matching alone.
Put the full order language to work.
The markets and order types available to you depend on jurisdiction and eligibility. Institutions connect through FIX and native APIs.