Diagrams Library

Architecture and flow diagrams illustrating how orders move through routing models, liquidity aggregation paths, and execution infrastructure. Each diagram maps to one or more Atlas entries.

Routing Models

NDD / A-Book Order Flow

Complete path of a client order through an NDD broker: from platform submission through bridge, LP aggregation, and fill confirmation.

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B-Book Internalization Flow

How a dealing desk broker receives, internalizes, and manages a client order without routing to external liquidity.

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Hybrid Routing Decision Tree

The decision logic that determines whether a specific order is routed A-book or internalized B-book in a hybrid model.

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SOR Venue Selection Logic

How a Smart Order Router evaluates and scores multiple venues to determine optimal execution destination.

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Liquidity & Pricing

Composite Liquidity Aggregation

The process of collecting, normalizing, and merging price streams from multiple LPs into a single composite book.

View diagram Liquidity & Pricing

Last Look Hold Window Sequence

Timeline of a last-look execution: order arrival, hold period, market movement check, and accept/reject decision.

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Execution & Latency

Latency Component Breakdown

The seven stages of execution latency from client click to fill confirmation, with typical timing ranges.

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Venues & Matching

ECN Matching Engine Flow

How an ECN order book receives, prioritizes, and matches buy and sell orders from multiple participants.

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Educational content only. This is not financial advice. Always consult qualified professionals before making trading decisions.