Custom algorithms
Custom Algorithms of InfoReach TMS

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In the TMS interface, tradable entities are represented as portfolio targets. A target is a collection of fields that define the tradable entity. For example, 100,000 shares of IBM common stock to be traded as limit orders on the NYSE is considered a target. 

Targets are combined into portfolios, and then the portfolios can be traded manually or automatically by associating an instance of an analytic with the portfolio and giving it control over order generation and order life cycle. In the simplest case, targets will have final target quantity and side defined from the beginning and the analytic will stop trading an instrument once the target quantity is reached. 

However, InfoReach TMS also supports targets that have nothing but instrument ID defined for them in the beginning. It is left to the analytic itself to decide on the number and the parameters of the orders generated for each target. 

The TMS provides the mechanism for plugging-in custom analytics for order generation and management. APIs are provided to users to develop algorithms using methods for either subscribing custom application components to the TMS event flow or requesting information from TMS synchronously and directly instructing the TMS to perform an action based on the analytic module's calculations. 

The event flow available to the analytic modules includes market data ticks, changes to order status, or changes to the field values of any live report. In addition, any external event data source may be plugged into the system and subscribed to by the analytic module. The instructions that can be given to the system include instructions to generate new orders, to modify or cancel outstanding orders, to change the set of the portfolio targets managed by the module, to change the module's parameters at runtime and much more.