Live Trading Sequence

```mermaid %%{init: {"sequence": {"mirrorActors": false, "actorMargin": 56, "messageMargin": 28}}}%% sequenceDiagram participant Broker as Broker Venue participant Adapter as Broker Adapter participant LiveEngine as LiveTradingEngine participant Strategy as Strategy participant Risk as Risk Layer participant Execution as Order Manager participant Portfolio as Portfolio

Broker-->>Adapter: market data / order status activate Adapter Adapter-->>LiveEngine: MarketDataUpdate activate LiveEngine LiveEngine->>Strategy: on_market_data activate Strategy Strategy->>Risk: validate(order) activate Risk Risk-->>Strategy: pass / reject deactivate Risk Strategy->>Execution: submit(order) deactivate Strategy activate Execution Execution->>Adapter: place order / modify / cancel Adapter-->>Broker: broker API request Broker-->>Adapter: execution report Adapter-->>LiveEngine: ExecutionReport LiveEngine->>Portfolio: apply_fill / reconcile deactivate Execution deactivate LiveEngine deactivate Adapter ```