Anatomy of a Trade - Sequence Diagram Analysis

Standard non-algo trading methodology but using a technology trading platform (SuperMontage for example) rather than floor-trading. Use Case scenario and sequence diagram analysis below:

1) Portfolio Manager calls trader to buy large number of shares in company A

2) Individual investor decides to sell small number of shares in company A through online broker

3) Trader enters order through Super Montage across multiple levels of market. He buys part of the order from the broker and the balance from other market participants

4) Trades reported through ACT (Automated Confirmation Transaction Service)

5) NASDAQ MarketWatch analyst monitors traders to maintain market integrity

6) At NASD Regulation analysts monitor long term trading patterns to maintain market integrity

7) Investor immediately receives confirmation of the order's execution

8) Portfolio Manager immediately receives confirmation of the order's execution