GTT Orders
Price alert or trigger-based order placement
Product Brief
In order to prevent traders and investors from entering orders at non-genuine prices in securities, Exchanges in India have fixed an operating range of prices. This means that market participants need to monitor prices of the securities while placing orders. Good-till Triggered (GTT) orders at IIFL Securities was a medium to create an opportunity for participants to place orders at their own price and reduce their burden of constantly monitoring prices of the securities.
My Role
As a product to improve the fluidity of order placement, I was leading the introduction, development and growth of the product from 0 to 1. I created high-fidelity wireframes to define the order flow. Post this, I shared my vision of the product with the design and engineering team to help me develop the required UI & UX, backend system setup to manage the product. I managed the product as it passed through the various stages of vision, user interviews, strategy, design and initial MVP.
My responsibilities extended to
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coordinating a diverse set of teams spanning design, frontend and backend development and QA
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analysing the product data post making it live and driving the growth of the product.
Product Details
The vision for the product was initially to place plain-vanilla orders whenever the user-defined price is breached. Later on, after further probing into the trading behaviour of few HNI client samples at IIFL Securities and competitive benchmarking, it was understood that even stop-loss or target orders can be placed together with the initial orders with the help of GTT orders that can help clients realise returns.
This led to creating a system-based order placement whenever a pre-set condition is breached on behalf of client. This pre-set condition can be two-legged or single-legged.
Evolution of Product
When examining the turnover of trades across exchange segments at IIFL Securities, it was clear that majority of the trades were placed from Equity Cash and Equity Derivative segments. Hence, we were able to narrow down the scope of building this product to only these segments. We also decided to limit the scope of monitoring the GTT order prices for a maximum period of 1 year with a limit to have 50 active GTTs at once.
This enabled to deduce the load that can come up when the GTT system will be made live.
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Uh Oh! More Under Construction
Key Takeaways
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Uh Oh! Under Construction
P.S. Here is the mobile app product sample
