Instructions

An instruction is the desk’s request to a provider: a record number, a subject, the counterparty, the organization it belongs to, the instrument and the requested amount in US dollars. The trader who owns it prepares it as a draft and sends it for review. Before it moves, the counterparty must be active, eligible and part of the same organization, so a trade cannot be routed to a broker the desk has not cleared.

Every change to an instruction raises its revision. Review decisions, provider submissions and reconciliation all name the revision they acted on, so a decision on yesterday’s version cannot authorize today’s. Once the instruction is authorized, the trader submits it to the approved provider and the provider’s instruction ID is stored as its reference. The instruction then stays open at the provider until verified evidence confirms it, or it is rejected or cancelled.

Supporting files such as term sheets, client mandates or broker confirmations are attached to the instruction with a title, an evidence type and a visibility setting, so the reviewer sees what the trader saw.

Traders prepare and submit; independent reviewers decide; the desk manager controls who may trade with whom.

• One owner per instruction. Each instruction names the trader responsible for it.
• Revision on every change. Decisions and submissions apply to one revision only.
• Eligible counterparties only. Inactive or out-of-organization counterparties are refused.

Agree which counterparties are eligible for which organizations and how eligibility is recorded. Agree the instruction subjects your desk uses, the amount above which a second review is expected, and which file types count as evidence. Decide who may cancel an instruction once it has been submitted, and how a cancellation is confirmed with the provider. Prepare examples of an ordinary instruction, one returned for changes, one rejected and one cancelled after submission.

A trader prepares an instruction to buy a listed equity through an approved broker for an amount of US$2.4 million and attaches the client’s mandate. She sends it for review. The reviewer returns it because the mandate covers a lower limit; the trader attaches the updated mandate, the revision goes up and the instruction goes back for review. The reviewer approves the new revision and the instruction is authorized.

The trader submits it. The submission is receipted under a stable operation key, so when her connection drops and she submits again, the second attempt returns the original result instead of sending a duplicate. The instruction now shows as submitted, with the provider’s reference, until the evidence comes back.

• My instructions — The trader’s own instructions with counterparty, amount and status.
• Instructions open at provider — Submitted and pending instructions with the provider reference, for follow-up.
• Instruction lifecycle board — Every instruction grouped by stage from draft to confirmed.

• Instruction preparation and review: From draft to authorized.
• Provider submission: Sending authorized work to the provider once.

Check the data model before importing open instructions.