The Investment Management > Trade Generation consists of five sub-sections for monitoring and executing trades.
The Allocation Change Requests tab allows the managed account trading group to see Strategy Changes, also called Allocation Change Requests (ACRs), that have been submitted for accounts.
ACRs are requests by an Advisor to modify the allocation weight of a model sleeve within an account. In the table, data is shown at the level of each model sleeve whose weight is changing. The account, model name, executing broker, time of request, size of the requested change, and status are shown.
From this UI, the ACRs can be approved or rejected. Note that once all ACRs that apply to an account are approved, that account will automatically be added to a trade build.
This user interface is used to notify the managed account trading group of changes happening in the system that will impact trades for customer accounts, irrespective of change type.
Under the drop-down, the user can choose to run a build event on an entire broker, or by a single account. Entire brokers can be run one at a time, or all at once by clicking on the boxes next to each broker and then submitting.
To run a list of accounts, the user can upload a CSV file. Paste a list of brokerage account numbers into a single-column CSV and upload the account list. This list does not have to be broker specific, so accounts across different brokers can be run with an account number list.
The Reallocations section is broken up into three further sub-sections
Events
The Events sub-tab provides visibility into changes in manager models, called Reallocations. The most important use of this view is for managed account traders to quickly find the model changes that have not been fully implemented across all accounts.
The data table provides information about each model change, including the date of the change, the number of affected accounts, how many still need to be traded, and how many individual security symbols are affected. The table can be filtered by the Model and by the status of the Reallocation.
The potential Statuses are:
Positions
The Positions sub-tab goes into more detail regarding Reallocations (changes in manager models). The data table in this sub-tab provides granularity down to the level of individual security symbols.
By using this view, traders can see what symbols still need executed orders in order for model changes to be implemented. For each symbol about to be traded in response to a Reallocation, the table displays beginning and ending model weights, the number of affected accounts, and the executing broker the blocked trades will be sent to.
The table is also filterable so that individual Reallocations or symbols can be isolated. In this view, Reallocation trades can be cancelled, if necessary.
The potential Statuses are:
Trades
The Trades sub-tab is similar to the Positions sub-tab, but goes into even more granularity, showing trades at the level of individual affected accounts.
In this view, Reallocation trades can be canceled on a per-account basis if needed.
The potential Statuses are:
The Create Build Events tab allows a user to create trade builds: rebalance events triggered by the managed account traders. Trade builds are how trades are generated for execution.
Trade Builds can be run on a single account, a list of accounts, or all accounts attached to a Block Account. Each trade build will clear any pending trades not yet submitted for execution for accounts included in the trade build, capture all outstanding requests (APM Trades, Strategy Changes aka Allocation Change Requests, Reallocation Trades) for the accounts in the trade build, and build fresh trades based on the latest available portfolio and market data.
As trades are built, the trade builder logs two types of exceptions: Warnings and Errors; both of which are visible in this tab. Note that Errors stop the build for affected accounts, while Warnings are purely informational.
There is also an option in this view to see the trade builds from the previous day.
The APM Trades tab serves the managed account trading group and shows outstanding requests for individual trades, called APM trades.
APM trades are requests made to buy and sell individual securities in the Advisor as a Portfolio Manager (APM) sleeve of a UMA, which are not driven by a model portfolio. APM Trades are requests; the managed account traders can re-run these requests to regenerate actual trades to execute. These requests persist until fulfilled or canceled.
In this tab, trades are shown at the level of individual trade requests, including quantity to be traded and estimated cash impact. The date range can be adjusted so that historical trade requests can be viewed when necessary. Fill details are also shown for filled orders. The table can be filtered down to only trades flagged by the system as needing attention, or to only those in a Pending state.