Include Milliseconds in Execution Timestamp

Include Milliseconds in Execution Timestamp

This enhancement is intended to meet the FINRA regulatory need to include milliseconds on the execution time stamp for U.S. Treasury securities on incoming FIX execution and outgoing allocations messages.

• InvestCloud accepts Milliseconds within the execution time tag passed to InvestCloud within the FIX Execution (8) Message from BETA
• InvestCloud passes Milliseconds in the execution time tag within the FIX Allocation (J) Message from InvestCloud to BETA
• InvestCloud ensures that Manual Executions/Allocations are capable and capture Milliseconds in the execution time within the Invest Cloud applications
• InvestCloud allows Trade Network Managers and Asset Manager Connect to enter, adjust, and view the trade execution time in Milliseconds

Report Enhancements:

• The EXECUTION report shows the trade execution time in Milliseconds
  
• On the Fix Status screen users can view the trade execution time in Milliseconds for executions received via FIX
  

Scenarios

Option 1: Fix Execution

When US Treasury Securities are executed through FIX, then BETA will send Milliseconds as part of the Execution message (8). APL will send the same Milliseconds as part of the J message to BETA. Fix Tag 60 – transactionTime should include Milliseconds.

Option 2: Manual Execution

US Treasury Securities Manual execution through APL trading tools:

• Execute Trades
• Full Execution
• Quasi Account Execution

Execute Trades Tool

When the APL Sponsor manually executes the US Treasury from the Execute Trades option, the screen shows the System-generated time with Milliseconds.

Scenario 1: User updates Price, Credit Broker, Exec Broker and did not modify the Execution timestamp.

Result: System-generated Milliseconds will be sent to BETA as part of the J message.

Scenario 2: User updates Price, Credit Broker, Exec Broker and modifies the Execution timestamp.

Result: Modified Milliseconds will be sent to BETA as part of the J message.

Note: When the user confirms the US Treasury execution, the screen will display the Final confirmation execution timestamp. This final time will be sent to BETA as part of the J message.

When the user selects F10 to save, the screen will display the following popup:

• If the user selects YES, a message will display which will be sent as part of the J message
• If the user selects NO, they will be returned to the Execution screen

Full Execution Tool

The system- generated Execution Time will have Milliseconds.

When US Treasuries are executed, then this Execution timestamp is sent as part of the J message to BETA.

Quasi Execution Tool

The system-generated Execution time has Milliseconds.

When US Treasuries are executed, this Execution timestamp is sent as part of the J message to BETA.

Option 3

Send Trade Network step-out orders from Asset Manager Connect.