المدربAn order gateway is the component between a firm’s strategies and a venue’s order-entry session: it turns the strategies’ requests into the venue’s messages, the venue’s reports into order states, and refuses what the firm’s limits or the venue’s rules forbid. An order state machine is the set of states an order can be in, as the firm sees it, with the events that move it from one to another; the firm’s view includes the pending states, entered when the firm has sent a request and not yet heard its answer.
