Order Lifecycle Purpose Guide the design and implementation of order lifecycle management in trading systems. Covers order states and transitions, FIX protocol message flows, order types and time-in-force instructions, cancel/replace workflows, order validation, and state machine design. Enables building or evaluating order management systems that correctly handle the full lifecycle from order creation through fill, cancellation, or expiration. Layer 11 — Trading Operations (Order Lifecycle & Execution) Direction both When to Use - Designing or implementing an order state machine for an order…