Trading Orders

A trading order is a buy or sell of an instrument in a custodian trading account. It records the side, the order type (Market or Limit), the quantity, the limit price, the time requested and the custodian’s external order ID. Each instrument carries its symbol, name, asset class, quantity unit, quote currency and venue, and each trading account its account code, owner reference and custodian.

An order starts as Draft from the advisor. A Trading Operator authorizes it against the client mandate and the latest position snapshot, then submits it. Executions are recorded only when matching custodian evidence arrives, so the order moves from Submitted to part filled to Filled as fills come in. It can also end Cancelled or Rejected.

• Advisor drafts, operator authorizes. The advisor proposes the order; the Trading Operator confirms the mandate and holdings before authorizing it.
• Executions from evidence. Each execution records the provider’s execution ID, quantity, price, fees and time. A fill without matching custodian evidence is not recorded.
• Corrections by reversal. A wrong execution is corrected by a reversing execution that names the original, so the history stays complete.

Load the instruments you trade and the custodian accounts you manage. Agree who may authorize orders and whether limits apply by account or size. Decide how the custodian’s order and execution feed reaches the platform, and how often position snapshots are refreshed before orders are authorized.

An advisor drafts an order to buy 400 shares of a broad-market ETF at a limit of $512.40 in a client’s custodian account. The Trading Operator checks the client mandate and the latest position snapshot, which shows enough cash, and authorizes the order. It is submitted and the custodian returns its order ID.

The custodian fills 250 shares at $512.35 and later 150 shares at $512.40. Each fill arrives as evidence with its own execution ID and fees and is recorded as an execution. The order shows part filled after the first fill and Filled after the second. When the custodian later corrects the fee on the first fill, the operator records a reversing execution and a corrected one.

• Orders Awaiting Authorization — Draft orders waiting for the Trading Operator, with account, instrument, side and quantity.
• Open Trading Orders — Authorized, submitted and part-filled orders with external order ID.
• Recent Executions — Fills with quantity, price, fees and time, including reversals.

• Order to fill: Draft, authorize, submit and fill an order.
• Custodian portfolio reconciliation: Check the resulting positions against the custodian.

Plan the custodian connection before trading.