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Lesson 5.3 - Quote Source Degradation Response

Scenario

A quote source becomes unstable during a fast market

During CPI, XAUUSD spread widens. Bridge shows one quote source becoming unstable and quote contribution drops for a short period. Client Terminal charts move quickly. Clients can still trade, but some orders show higher slippage and longer completion time than usual.

The Dealer should not jump to root cause or write "the quote source is broken." The task is to verify the quote-source condition, define the scope, check whether orders or client experience are affected and escalate with evidence.

Learning Objectives

After this lesson, you should be able to:

  • Distinguish quote-source disconnection, quote-source degradation and normal event-driven market behavior.
  • Review quote-source session, quote contribution, Bridge queue, charts and order impact.
  • Record facts in neutral language.
  • Decide whether the case needs an Incident, Shift Leader escalation or continued observation.

Response Flow

Quote source / chart / spread anomaly → Verify session and quote freshness
Verify → Confirm scope
Scope → Check Bridge queue and order results
Bridge → Review Client Terminal chart
Chart → Assess client and exposure impact
Impact → Escalate by scope
Escalate → Monitor recovery
Monitor → Review and record

What Dealers Should Verify

Area What to Confirm
Quote-source status Disconnected, reconnecting, reduced contribution or stale quotes
Quote quality Bid / Ask, spread, timestamps and quote freshness
Bridge status Bridge queue, platform-rule reject / timeout and order result behavior
Chart status Client Terminal spike, off-market price or abnormal spread widening
Scope Single symbol, client group, order type or event window
Client impact Complaint, dispute, wider slippage or longer completion time
Recovery Quote, chart, Bridge and order behavior remain stable after reconnect

Severity Considerations

Condition Potential Severity
One quote source is briefly abnormal with limited chart or order impact P3 or observation status
Multiple quote sources are abnormal, or spread/chart/order behavior is materially affected P2
Broad quote outage, trading unavailability or expanding client impact P1

Actual classification must follow the approved company severity matrix.

Recovery Is Not Just a Green Icon

Before closure, confirm:

  1. Quotes remain fresh.
  2. Spread returns to an explainable range.
  3. Client Terminal charts are normal.
  4. Bridge queue and platform-rule reject / timeout return to baseline.
  5. Affected orders and client scope are known.
  6. Any needed client-dispute review or Incident review has a Shift Leader / follow-up.

Practical Scenario: News Quote, Slippage and Order Dispute

Scenario

During CPI, XAUUSD quote contribution drops from one quote source, Client Terminal spread widens and Bridge queue rises briefly.

What to Check

Quote-source session, quote contribution, Bid / Ask, spread, Client Terminal chart, Bridge queue, order IDs, completion time, slippage and client impact.

Common Mistake

Closing the issue as soon as the quote source reconnects, or writing "quote source failure caused client loss" before verification.

Correct Handling

Confirm quote source, chart, Bridge and order behavior are stable; record scope and client impact; escalate or close according to Incident standards.

Escalation Trigger

Escalate when more than one quote source is affected, Client Terminal charts show abnormal spikes, order completion time or slippage increases materially, client complaints begin, or the condition does not remain stable after recovery.

Key Takeaway

News-time slippage is not automatically a system fault. Dealers must compare quote source, Bridge, market context and order timestamps before making any conclusion.

Summary

Quote-source response is not about quickly assigning blame. It is about confirming whether quotes are stable, Bridge is normal, client orders are affected and recovery is sustained. Dealers own evidence and escalation; conclusions require an approved approver.

Completion Criteria

  • Can explain the key risk or operational objective of this lesson
  • Can identify the required systems, data, or evidence to review
  • Can describe the correct escalation or handling process
  • Has completed Shift Leader / follow-up review or practical confirmation