Trading Infrastructure - Direct Market Access

This video is an animated representation of the levels at which risk controls may be set for trading firms that access the markets directly. This graphic shows a stylized model of one trading system accessing one exchange.
 
Each level of the trade life cycle – from order execution to clearing and settlement – is depicted.  This includes the trading firm that is accessing the markets directly, it’s clearing broker-dealer (B-D) or futures commission merchant (FCM), exchange, and clearing house.  The graphic also depicts a co-location facility.

For a detailed step by step explanation of the animation video - Click to download