But then, brokers are behind. Never understimate the amount of work that takes on the backend. I dont know of any broker supporting FIX v5
The best I have seen so far is Rithmic - and they are still on that mostly simplistic order handling. What they allow is "hold" Orders - orders that are running totally through the system but not sent to the exchange unless released, which means on release the order does not need any validation in their system (risk management) anymore.
And they support more complex triggers than you ever see in an exchange - you can have a trigger based on even other instruments, and the trigger is done in the rithmic system.
But order management is still on an "enter and cancel orders" level. As with most brokers.
OCO, contingency orders.... are something I think would be a nice next evolution from a broker interface point of view. I fully agree.
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