System Design Workflow for a GTT Order Management System

Designing a system for handling Good-Till-Triggered (GTT) orders involves a detailed development process that ensures the system is robust, scalable, and reliable. Below is a step-by-step system design workflow for developing a GTT order management system.

1. Requirements Gathering

Functional Requirements:

• Ability to place GTT orders with specific conditions.
• Real-time monitoring of market data.
• Automatic execution of orders when conditions are met.
• Order expiration handling.
• User notifications on order status.

Non-Functional Requirements:

• Scalability to handle a large number of orders.
• High availability and low latency.
• Security and compliance with financial regulations.

2. System Architecture Design

High-Level Architecture:

• Frontend: Web or mobile interface for users to place and manage GTT orders.
• Backend Services: Core logic to handle order processing, market data integration, and execution.
• Database: Persistent storage for orders, user data, and market conditions.
• Real-Time Market Data Feed: Integration with market data providers for real-time price and market updates.
• Notification Service: To send alerts to users via email, SMS, or in-app notifications.

Components:

• Order Management System (OMS): Manages GTT orders, checks triggers, and handles execution.
• Market Data Processor: Receives and processes real-time market data.
• Execution Engine: Executes orders once the conditions are met.
• Event-Driven Architecture: Using message queues or event streams to decouple components and ensure real-time processing.

Technology Stack:

• Frontend: Angular/React for web, Flutter for mobile.
• Backend: Node.js/Express for API, Python/Flask for execution logic.
• Database: PostgreSQL for relational data, Redis for caching.
• Messaging: RabbitMQ/Kafka for event-driven communication.
• Market Data: Integration with financial APIs like Bloomberg, Yahoo Finance.

3. Data Flow Design

User Interaction Flow:

• Users place a GTT order through the frontend.
• The frontend sends the order to the backend API.
• The backend stores the order in the database and registers the trigger condition.

Order Monitoring Flow:

• Market Data Processor continuously receives and processes market data.
• If a GTT order's condition is met, the Market Data Processor sends a trigger event to the Order Management System.
• The OMS then instructs the Execution Engine to carry out the order.

Execution Flow:

• The Execution Engine converts the GTT order into a market or limit order.
• The order is placed on the market through an exchange API.
• The result of the execution is sent back to the OMS, and the order status is updated in the database.

Notification Flow:

• Once the order is executed or expires, the Notification Service sends an alert to the user.
• Users are informed via their chosen communication channel.

4. Database Schema Design

Tables:

• Users: Stores user details, preferences, and account information.
• Orders: Stores all GTT orders with details such as trigger conditions, order type, status, and timestamps.
• Market Data: Stores the latest market data used for trigger evaluations.
• Notifications: Logs all notifications sent to users.

Indexes:

• Create indexes on order conditions and timestamps for quick retrieval and monitoring.

Relationships:

• One-to-Many relationship between Users and Orders.
• One-to-One relationship between Orders and Notifications.

5. API Design

Endpoints:

• POST /orders: Place a new GTT order.
• GET /orders/{id}: Retrieve details of a specific GTT order.
• PUT /orders/{id}: Update an existing GTT order.
• DELETE /orders/{id}: Cancel a GTT order.
• GET /market-data: Fetch current market data (for UI display).

Security:

• Implement OAuth2 or JWT for user authentication and authorization.
• Ensure secure data transmission using HTTPS and encryption.

6. Implementation Phase

Frontend Development:

• Create user interfaces for placing and managing GTT orders.
• Implement real-time updates using WebSockets or Server-Sent Events (SSE).

Backend Development:

• Develop the Order Management System with logic for handling GTT orders.
• Implement real-time market data processing.
• Build the Execution Engine to handle order placement with exchanges.

Database Implementation:

• Set up the database with the designed schema.
• Implement data access layers and ORM for interaction with the database.

Testing:

• Unit testing for individual components.
• Integration testing for overall system workflow.
• Performance testing to ensure the system can handle a large volume of GTT orders.

7. Deployment

Environment Setup:

• Set up environments for development, staging, and production.
• Use Docker/Kubernetes for containerization and orchestration.

CI/CD Pipeline:

• Implement a continuous integration/continuous deployment (CI/CD) pipeline.
• Automate testing, building, and deployment processes.

Monitoring and Logging:

• Set up monitoring tools like Prometheus/Grafana for real-time system health monitoring.
• Implement logging using ELK Stack (Elasticsearch, Logstash, Kibana) for tracking and debugging.

8. Post-Deployment

User Training:

• Provide documentation and training for users on how to use the GTT order system.

Maintenance:

• Regularly update the system with new features and improvements.
• Monitor system performance and handle scaling as needed.

Feedback Loop:

• Collect user feedback to identify areas for improvement.
• Iterate on the design and implementation based on feedback and market changes.

By following this system design workflow, you can create a robust and efficient GTT order management system tailored to the needs of traders and investors.