Trading Strategy: An independent instance of trading logic that runs on its own account. Strategies are written using the C# API. When deploying, the parameters are configured for this particular instance of the strategy, so the code can be reused across different contracts or parameter sets. Every strategy runs on its own subaccount, for which orders, trades, positions, and performance are tracked independently.
Execution Strategy: Handles signals generated by a trading strategy and aligns the real position on the strategy’s account with the desired position.
Strategy Subaccount (SSA): A trading strategy that places orders directly onto the broker (through a unified API) and handles execution logic (including order rejections and reconciliations).
Executable Subaccount (ESA): A trading strategy trades on a virtual account (a paper trading account inside the platform). One or more ESAs may be subscribed to a single strategy. Any trade executed on the trading strategy’s account is processed by an Execution Strategy that implements some specific execution rules (e.g., simple market order vs. a TWAP). Different ESAs can use different Execution Strategies and different execution parameters.
Broker accounts: Multiple SSAs and ESAs used by different strategies can use the same broker account. A single strategy can be traded on multiple broker accounts if it uses different contracts. A broker account maintains its state in accordance with the trading account state on the execution venue and handles reconciliations. It automatically forwards execution and trades to the strategies’ subaccounts.
Fund accounts: Combine strategies in defined proportions into funds to manage overall risk and exposure. Funds also help automate AUM management: whenever a fund's investment changes, it is propagated to strategies, which can automatically increase or decrease their positions.
Client Subaccounts: A fund may be subdivided into subaccounts, each of which tracks the investment and performance of a particular client. If so configured, clients may access reports available for their subaccounts via the Client Portal.