Usually it's used to simplify coding and simplify access to more complex code, functions, or code written in different programming language.
Guru, It seems to me that there could be a "higher level" data interchange "standard" for these type wrappers across broker/dealers. My thinking: Most of the high level parameters of placing an order are the same irrespective of broker used. Symbol, #shares, buy/sell, GTC/Day, etc. It would seem that broker/dealers would benefit by setting a higher level industry standard API that would allow any algo/trade software to work with their implementation to trade with ... also simplifying algo/trading software to easily buckle up to one or more brokers. I've been looking at algo software, but the resources required to connect trade decisions to broker/dealers (like TD) are intensive translating into expensive. Those human and monetary resources sure would be better spent writing/optimizing/trading algos rather than coding comm software (not to be disrespectful of the skill that I frankly am poor at.) What do you think?
Generally I agree on some API standards, but working with IB API (I don't use TDA) showed me how many complexities there are in terms of order execution and various order statuses/messages/errors/updates they provide. Most other brokers don't even have abilities to do everything IB does, so their API is simpler by default (and not saying that IB couldn't do things better). While TDA may have their own particulars required by their own system that may not match IB functionality. Other than that I have no opinion, just posted info about the new wrapper I found online.
The devil is always in the details. The usefulness of a standard is largely dependent upon its ability to simplify/solve a problem for a broad set of users. Further research turned up the FIX protocol. it was very impressive but far into overkill for what my interest is. thanks for your comments. T
That's why FIX exists. There is a reason why brokers don't want this -- most don't want a competitive market, they prefer to lock in their customers, so they cannot leave without extra cost. There's also the fact that you're talking about the basic order parameters but there are many more that are not offered by others. The implementations vary wildly once you go beyond the very basic.