As a trader I should be able to cancel an order immediately without incurring a network cost for doing so (assuming they are operating within the cancellation rules for the exchange).
So that I can have good exchange using experience.
sub story of: #53
Note
Many market making strategies rely on adapting quotes in fast moving markets. This means that it should be possible to post a quote and then either cancel or update that quote quickly, and at no network cost.
Note: This requirement does not necessarily imply that the network must provide free funds transfer (cancellation is just a transfer back) but it does mean that F1 would need to be supported. For example - it could be possible for an exchange to track order movement without necessarily “settling” every individual move on the network.
Instead the exchange could settle only the net movement. This would mean that the user would need to have placed sufficient funds at the exchange address and be willing to rely on the restricted custody that is offered by the network to minimise their risk against a bad exchange actor.
Description
As a trader I should be able to cancel an order immediately without incurring a network cost for doing so (assuming they are operating within the cancellation rules for the exchange). So that I can have good exchange using experience.
sub story of: #53
Note
Many market making strategies rely on adapting quotes in fast moving markets. This means that it should be possible to post a quote and then either cancel or update that quote quickly, and at no network cost.
Note: This requirement does not necessarily imply that the network must provide free funds transfer (cancellation is just a transfer back) but it does mean that F1 would need to be supported. For example - it could be possible for an exchange to track order movement without necessarily “settling” every individual move on the network. Instead the exchange could settle only the net movement. This would mean that the user would need to have placed sufficient funds at the exchange address and be willing to rely on the restricted custody that is offered by the network to minimise their risk against a bad exchange actor.
From requirement doc
Successful Criteria