💹 Fintech & Capital Markets · State Machine
Stock Order Lifecycle
The states of a stock market order in a broking app, from placement through exchange matching to partial and full fills.
Drawing diagram…
What this diagram shows
- Risk checks run before the order reaches the exchange
- An order can fill in several parts
- Unfilled day orders expire at market close
Prompt used
State machine for a broker order: Created, RiskChecked (margin and limits), Rejected if checks fail, SentToExchange, Open on the order book, PartiallyFilled, Filled, Cancelled by the user, Expired at the end of the day for day orders.
Mermaid code
stateDiagram-v2 [*] --> Created Created --> RiskChecked: Margin and limits OK Created --> Rejected: Insufficient margin RiskChecked --> SentToExchange SentToExchange --> Open: Accepted by exchange SentToExchange --> Rejected: Exchange rejects Open --> PartiallyFilled: Some quantity traded Open --> Filled: Full quantity traded PartiallyFilled --> Filled: Rest traded Open --> Cancelled: User cancels PartiallyFilled --> Cancelled: User cancels rest Open --> Expired: Market close PartiallyFilled --> Expired: Market close Filled --> [*] Cancelled --> [*] Expired --> [*] Rejected --> [*]
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