APL |
Trade Network Stepout Trades |
Trade Network Stepout Trades
Some advisors need their Trade Network managers to perform step-outs for fixed income trades to allow the allocation to flow over automatically. This results in improved efficiency and removes manual intervention by the middle office to recommit and select STEPOT to send the allocations.
This enhancement enables FIX Allocation (J) message generation. J allocation messages are auto-generated for fully executed Step-out fixed income trade blocks received via Trade Network. The credit broker value of STEPOT is auto-populated on trades that are eligible for connection. Additional fields have been added to match Manual executions for generating J messages. J messages are auto-routed via the connection.
This enhancement is applicable to
- GEN1, GEN2, GEN3 and GEN 4
- Anything coming in through Trade Network, regardless of the source (APL, AMC, etc.)
- Equities and fixed income (based on configuration)
- Any trade network manager sending Step Out trades to sponsor
Configuration
Set the existing FIX session level configuration Enable FIX Step OUT TN ROUTING to Y to enable the routing of Trade Network Stepout message J allocations. If this is set to N, Trade Network message J allocations are not routed.
All ALC fields will be mapped in the Trade Network ALC to match Manual executions
- When Enable FIX Step OUT Routing = Y, Auto generate and route message J allocations via fix for trades that were successfully executed on the sponsor side
- Trade Network Message J allocations will NOT be generated or routed if the Trade Network Stepout block was NOT successfully auto executed. Criteria where Trade Network Message J allocations will NOT be generated or routed include
- Create Fix allocations = Y
- Enable FIX Step OUT TN ROUTING = N
- Block Load errors
- Block Commit errors (IE compliance errors)
Workflow
Example
Override Trade Network Credit Broker” = “STEPOT: Generate and route Fixed Income Step out trades allocations to FIX for TN or ACM Stepouts successfully executed on sponsor side.
Basic Flow
- Manager selects an Executed Block and presses Enter
- Manager runs the Trade Network Step Out selection: TRADE NETWORK STEP OUT
- A message containing step out trades will be sent to each appropriate sponsor
Alternate Flow
- Asset Connect Manager sent Trade Network Step Out
- A message containing step out trades will be sent to each appropriate sponsor
Sponsor Side Scenarios
Result
- Verify Message J allocations are generated including client- specific ALC fields when “Enable FIX Step in Routing” = “YES” and sent to Client Destination
- Verify each message J allocation field via Trade Network or Asset Manager Connect matches each message J allocation field via Manual Execution. This can be accomplished by manually Executing a similar block and generate and route Step out trades allocations
Note: The allocations are marked with “JSENT” once the FIX J record allocations messages are sent. This is existing process.