23512555 trade life cycle

Life Cycle of a Trade

Training Academy

Introduction Facilitator

Self

Course Outline

Break Timings 15 mins – Forenoon

45 mins – Lunch

15 mins – Afternoon

Expectations

Expectations

Static data

How trade is booked

Settlement and before settlement

Trade booking and settlement

Impact of incorrect settlement

Pre-matching before a settlement

Entire life of a trade

Front office & middle office

How trade is entered and how it is booked

What is your Idea of

Life Cycle of a trade ??

Section One

The Market Participants

The Market Participants - FacilitatorsBrokers

Dealers

Investment Banks

Stock Exchanges

Agents

Securities Trading Organisations

Custodians

Clearing Banks

Regulators

The Market Participants - InvestorsInstitutional Investors

Mutual Funds (Unit Trusts)

Pension Funds

Insurance Companies

Hedge Funds

Charities

Individual Investors

The Marketplace

SecuritiesTradingHouse

Exchanges

INVESTORS

INV

ES

TO

RS

INVESTORS

AGENTS

AGENTS

AG

EN

TS

ISSUERS

ISSUERS

Securities

Securities

Markets & Stock Exchanges

A Market is an environment in which securities are bought and sold. Central to some market places is the Stock Exchange.

Trades executed over an Exchange are executed “On-Exchange” or “Exchange Traded”

Other trades executed over the telephone are “OTC” (Over the Counter) or Non-Exchange Traded

Each securities market has an associated and recognisable place to effect settlementE.g. French Government Bonds traded on the Paris Bourse settle in

Euroclear

Stock ExchangesRegion Country Financial

CentreStock Exchange

Europe UK London London Stock Exchange (LSE)London Metal ExchangeLondon International Financial Futures & Options Exchange (LIFFE)

Germany Frankfurt Deutsche Bourse

Spain Madrid Bolsa de Madrid

Asia Pacific

China Hong Kong Stock Exchange of Hong KongHong Kong Futures Exchange

China ShenzhenShanghai

Shenzhen Stock ExchangeShanghai Stock Exchange

Japan Tokyo Tokyo Stock ExchangeTokyo International Financial Futures Exchange (TIFFE)

Singapore Singapore Stock Exchange of SingaporeSingapore International Monetary Exchange (SIMEX)

Australia Sydney Australian Stock Exchange (ASX)

America USA New YorkChicago

New York Stock Exchange (NYSE)Chicago Stock Exchange

Other Market ParticipantsSalespeople

Data Providers

Registrars

Coupon Paying Agents

Trade Matching Services

Settlement Instruction Communication Mechanisms

Market Participants - IssuersOrganisations occasionally need to raise cash/capital to expand their businesses by:

Selling part ownership issuing shares or equity

Borrowing cash from investors issuing debt in the form of bonds

Type of Issuer Example

Corporations Vodafone (UK)

Sovereign Entities Kingdom of Denmark

Local Governments City of London

Government Agencies Federal National Mortgage Association

Supranational Organisations International Bank for Reconstruction & Development (World Bank – IBRD)

Where does Deutsche Bank fit?

Deutsche covers multiple functions:

Broker

Dealer

Fund/Asset Manager

Investment Bank

Issuer

Global Custodian

Retail Bank

So far Covered

I. Market Participants

Section Two

Static Data

What is Static Data?

Static Data is the common term to describe the store of information used to determine the appropriate actions required for successful processing of each trade.

For Example:

Trading Entities

Trading Books within each entity

Counterparties

Instruments

Currencies

Prices

Sources of Static DataWhere possible, financial institutions try and create a core

of “Golden Source” static data to avoid data conflicts in inter-dependent systems

Companies specialise in gathering and distributing financial data to institutions via:Electronic File Feeds

Internet

Through on site terminals.

Security Data Providers or Data Vendors Reuters

Bloomberg

Telekurs

Rolfe & Nolan

SWIFT

DTCC

Alert Direct/OMGEO

Standard and Poors

Euroclear

Wallstreet

SIAC

NSCC

Counterparty Static DataName, Address & Contact Details

Authorized Credit Limits

Related Companies

Standard Settlement Instructions

Date of account set up

Type of Institution

Documentation signed

Tax Status

Registered Representative

Confirmation DetailsFax, Telex, Electronic Trade Confirmation, SWIFT, Email

Instrument Static DataType of instrument

Equity, Bond, Warrant, Derivative, Commodity

IssueShort Name, Long Name, Size, Denomination, Issuer

Coupon DatesCoupon Rate, Payment Characteristics - 30/360, A/360 etc

Alternative/External References, ISIN, Common Code, RIC, Quick Code, Cusip etc

ExchangeCurrencyMaturity DateFactors

Maintaining Static Data

Incorrect static data causes many processing errors:

Delayed Confirmations

Unmatched Transactions

Settlement Failure

Incorrect Fee calculations

Incorrect Profit & Loss Calculation

Poor Reporting (Regulatory & risk impact)

Increased cost per transaction due to reduced STP

Incorrect static data leads to reduced service and dissatisfied customers.

Static Data SummaryBad Static Data results in reduced service levels to clients

due to processing hold-ups and possible trade failure

Bad Static Data impacts operational risk and increases the cost per trade processed

Bad Static Data contributes to poor internal & external reporting impacting risk & reputation

Static Data will continue to be an important dependency on the efficient processing of trades especially as the trade lifecycle window becomes smaller

STATIC DATA Must be populated correctly within all of the relevant systems.Must be obtained from a credible source as timely as possible.

So far Covered


II. Static Data

Section Three

Trade Execution & Trades Processing

Straight Through Processing

Str

aigh

t Thr

ough

Pro

cess

ing

(STP

)

Trade Execution

Trade Instruction

Trade Confirmation/Affirmation/Matching

Trade Processing

Trade Validation

Trade Capture

Trade Settlement

Instruction/Agent Matching

Fails & Fail Management

Trade Enrichment

Pos

ition

/Inve

ntor

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anag

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t

Cor

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ns

Trad

e/P

ositi

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Sec

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Bor

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Cas

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Rec

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What is a Trade?A legal contract between two ‘counterparties’. A seller and

a buyer.

The SELLER must deliver the commodity he has sold to the buyer.

The BUYER must pay the agreed purchase price on the agreed value date.

The Front OfficeTrading

Sales

Broking

Corporate Finance

Repo Desk

Why Trade?Speculate

Profit from price move or increase in value of the asset.

Accumulate Benefit from dividend on shares and interest on bonds.

Hedging: To speculate and accumulate.

To reduce risk.

Trade Execution

Trade execution tends to operate in one of three ways where sellers and buyers execute trades:

Trading FloorTraditional method of trading – face to face on the trading floor of a

Stock Exchange.

Computerised Exchanges Established in the UK as part of the Big Bang in 1986. This term

applied to the liberalization of the London Stock Exchange (LSE) when Trading was automated.

Telephone

Trade Execution

Furthermore Trades can be:Quote Driven

Market Makers quote prices via computerised screens showing the level at which they are prepared to buy and sell with the intention of attracting business.

NASDAQ (US) SEAQ (UK)

Order DrivenOrders from sellers are matched with buyers’ orders electronically.

Xetra (Germany) SETS (UK) SEATS (Australia)

Electronic Communications Networks (ECN)ECN’s operate on an electronic basis only.

Euro-MTS Brokertec Archipelago

Trade CaptureRegardless of the trade execution/origin, all trades must be recorded formally by the market participant.

To update a trading position for a specific security within a trading book

To update average price of the current trading position to enable the trader to calculate trading profit or loss

To allow trade detail to be sent through to the Back Office for trade processing and settlement

As part of Market & Regulatory Reporting requirements

To facilitate risk management

Traders use complex trading systems to facilitate trading & position management, trade processing is usually done via Back Office processing systems.

Front Office Trade DetailTrading Book

Trade Date

Deal Time

Value Date

Operation (e.g. Buy/Sell, Lend/Borrow, In/Out)

Quantity

Instrument/Security

Price

Counterparty

Trade Validation Trade validation occurs to check if the trade information received in

the Back office systems corresponds with the Front Office record.

Trade validation includes the checking of constituent static data information:

Examples include: Is the security recognised on the system?

Is the Counterparty account recognised?

Is the Trader allowed to trade on the trading book?

Is the trading book valid to trade security x?

Is the value date a valid settlement date in the location of settlement?

Are the securities restricted?

All detected errors must be investigated and corrected.

Trade EnrichmentTrade enrichment exists to add specific trade data to the

basic trade detail to allow downstream processing.

This data is not usually held in Front Office Trading systems.

This data can be added manually however in the STP environment the aim is to derive this automatically.

Examples include:Calculation of cash values.

Regulatory Reporting required.

Trade Confirmation requirements.

Selection of custodian details.

Selection of Settlement Instructions and communication method.

So far Covered


II. Static Data

III. Trade Execution & Trades Processing

Section Four

Trade Confirmation

Trade Confirmation/AgreementTrade Confirmation/Affirmation is an important process

required to reduce the risk of the traders P&L.

Until the counterparty acknowledges the trade detail the effect on the price or quantity of the trade is subject to change, impacting the traders book.

Trade agreement can be achieved through:Sending trade confirmations to the counterparty.

Receiving trade confirmations from the counterparty.

Trade or Contract Matching.

Trade Affirmation.

Trade Matching

Trade Matching generally applies to mandatory electronic matching of trade details.

Both parties are required to input details to a central matching facility.

Matching results (i.e. matched, unmatched) are provided by the trade matching facility to both parties.

Examples include:Omgeo Central Trade Manager (CTM).

TRAX (Internationally traded debt & securities).

Depository Trust & Clearing Corporation (DTCC)

National Securities Clearing Corporation’s Trade Matching Service. (NSCC)

Trade AffirmationTrade Affirmation relates to the electronic matching of trade details typically between securities institutions and Institutional clients.

Trade details are input by the securities house and sent to a trade affirmation facility.

The Trade affirmation central hub sends on the message.

The institutional client agrees (affirms) or disagrees and the response is sent back to the securities house.

Both parties must subscribe to the service.

Examples include: Omgeo’s Oasys Global system.

FIX – (Global)

Oasys Domestic - (US)

DTC ID (Institutional Delivery) – (US)

Summary

Basic Principles

The longer a trade’s detail remains unchecked after trade date, the greater the risk of price movement and P&L impact.

Trade confirmation/matching messages should be issued as soon as possible after trade validation.

Timely and accurate confirmation generation is a major client service consideration.

Prompt actioning of all confirmation discrepancies reduces trade risk.

So far Covered


II. Static Data

III. Trade Execution & Processing

IV. Trade Confirmation

Section Five

Trade Instruction

Settlement Instructions

Settlement Instructions are used to communicate the movement of securities and cash to the custodian.

Trade Agreement confirms the commercial details of the trade.

Settlement Instructions indicate the commercial details of the trade AND the location and account details for the cash and security movements. (Settlement Details).

Instruction Content

Settlement Instructions tell the custodian/Agent to carry out precise commands such as:

The quantity of securities to be received or delivered.

The net settlement value to be paid or received.

From whom securities will be received.

To whom payment must be made.

From whom payment will be received.

To whom securities must be delivered.

On which date to carry out these instructions.

Instruction Communication Methods

S.W.I.F.T.

CREST

DTC

Euroclear

Clearstream

Agent Banks

Custodians

Proprietary Messaging

CREST

DTC

Euclid (for Euroclear)

Cedcom (for Clearstream)

So far Covered


II. Static Data



V. Trade Instruction

Section Six

Instruction/Agent Matching

Why do we match instructions?

To reduce settlement risk by:

Increasing the chances of trade settlement on value date

Resolving differences between trades and counterparties

Enabling accurate funding of cash in nostro accounts

Managing stock inventory in depositories

Matching at The Settlement AgentOnce Instructions have been received at the Custodian, the next lifecycle steps include:

Instruction MatchingCustodian attempt to match the instruction to the counterparty

instruction.

Status UpdateAttachment of the current status of the instruction.

(matched/unmatched/unknown).

Unmatched Resolution Investigation and resolution of non-matching instructions.

Trade SettlementUpdating the current status within the securities trading

organisation’s books and records.

Instructions Matching: Example

SecuritiesTradingHouse

CounterpartySecurities

HouseCounterparty

CSD or ICSDInstruction

Comparison

2

1 1

4 4

3Status Status

SettlementInstruction

SettlementInstruction

StatusMatched orUnmatched

StatusMatched orUnmatched

1 Instructions sent in by Securities House and Counterparty.

2 Instruction matching occurs.

3 Status is recorded.

4 Instruction Status (Matched/Unmatched) is sent back to both parties.

So far Covered


II. Static Data




VI. Instruction / Agent Matching

Section Seven

Trade Settlement

Settlement Terminology

Trade settlement is the act of exchanging securities and cash between buyer and seller.

Value Date / Contractual Settlement Date.

Actual Settlement

Value Date and Settlement Date will be the same in the majority of trade settlement cases.

A percentage of trades fail to settle on value date and will settle on another date referred to as the actual settlement date.

Settlement Considerations

How to ensure trade settlement

Ensure the seller holds the required level of securities at the correct custodian.Some securities can settle at more than one location.

Ensure the purchaser has sufficient cash to make the payment.The purchaser may aggregate balances over a number of accounts,

the total amount must cover the amount required. (Funding).

The purchaser may have a credit agreement with the custodian who will cover the cash shortfall. (Secured credit line/Overdraft).

The purchaser may have a collateral agreement whereby collateral is held in the account to offset any non return of funds. (Margin)

Types of SettlementFull Settlement

Partial Settlement

Securities Only

Cash Only

Cross Currency Settlement

Net Settlement

Summary

Timely settlement of trades is an important part of the Trade Lifecycle with implications across the following areas:

Inventory Management

Cash Management

Settlement Risk

Cost Management

Firm Reputation

So far Covered


II. Static Data





VII. Trade Settlement

Section Eight

Position/Inventory Management

Inventory Management

Management of the stock holding is an integral part of trade settlement:

Inventory Management ensures: The correct amount of securities (nominal) are available

At the correct location (depot).

At the correct time (on value date).

Methods of Inventory ManagementIf securities are unavailable we can consider the following:

Internal Book Transfer.Borrow securities from another firm account same depot.

Realignment.Borrow securities from another firm account different depot.

Stock Borrow Loan Trade.Borrow the securities from the market.

Autoborrow.Borrow the securities from the custodian/central depository.

Execute a Repurchase Agreement (Repo)

Do nothing and let the trade fail.

Inventory & Funding Management

Transmit Settlement Instruction

Match Settlement Instruction at Custodian

Settle at Custodian

Securities

Choices

Cash

Choices

Do NothingLend Repo Do NothingBorrow via

RepoBorrow

UnsecuredAutoBorrow

Automated Lending & Borrowing

Service provided by large Custodians and Central Security Depositories:

BorrowersBorrow required securities automatically.

Borrow certain types of security automatically i.e. Spanish Bonds.

Borrow upon request.

Sometimes used as a last resort due to the cost.

Lenders Lend all securities automatically.

Lend certain types of security automatically.

Lend upon request.

How do Trades & Positions get updated?Automated Updates

Instruction statuses are sent in by the custodian (fully settled, partially settled, failed etc).

The Securities Trading House automatically loads this information into the settlements systems.

The system attempts to locate the relevant trade in its internal books and records.

Once found it records the status update against the transaction. It will also automatically update the relevant security positions and

balances reflecting the delivery or receipts.

Manual Updates In some cases it may be necessary to settle trade manually and a

settlements specialist may manually record the update against the trade record.

So far Covered


II. Static Data






VIII. Position / Inventory Management

Section Nine

Fails & Fail Management

Failing Trades and their ImpactA failed trade is any securities transaction that does not

settle on value date.

The buyer and seller are impacted by settlement failure:Unable to use the cash to fund other security purchases.

Unable to lend on money markets and earn credit interest on cash.

Unable to pay off existing overdraft/debt.

Unable to use securities required for an onward delivery causing a break in the chain.

Risk impact due to movement in the market causing a change in the value of securities. (mark to market)

Why Trades FailInstructions not received by custodian

Instructions remain unmatched on value date

Insufficient cash, collateral, credit line

Insufficient securities

The Importance of Managing Fails Fails will have cash implications

Interest claims on fails to receive.

Interest expense on fails to deliver.

Fails make the reconciliation of corporate actions difficult which can lead to material losses

Regulatory Impact - In some markets fines are imposed for late trade settlementAustralia – Fines are imposed daily from value date to settlement

date for trades executed on the Australian Stock Exchange.

UK - Fines are imposed by CREST from a member’s failure to achieve pre-defined settlement targets.

Interest ClaimsAn interest claim is compensation from the failing party to

for the loss of cash interest or use of securities.Failed trades are monitored to determine the reason for failure and

enable the interest claim to be executed against the counterparty.

Some marketplaces (e.g. ISMA) have minimum claimable interest recommendations and deadlines by which claims must be issued.

Back Office Settlements add immense value by actively monitoring instruction statuses and helping to accurately fund cash shortfalls or short positions.

In some Securities Trading Houses, if the Firm Trader is at fault then the cost of the fail can be directly attributed to their book, impacting their P&L.

So far Covered


II. Static Data







IX. Fails & Fail Management

Section Ten

Reconciliations

What are ReconciliationsReconciliations exist to check the accuracy of the firms

books and records: Internally between systems and departments

Externally where securities and cash are held.

A Reconciliation Break is a discrepancy between one record and another

All breaks should be investigated, accounted for and corrected to ensure continued integrity

Automation of reconciliation reporting facilitates timely investigation and resolution of breaks on a daily basis

Why do we monitor reconciliations?Regulatory

Managing Risk

Corporate Actions

Types of Reconciliations

Position Reconciliations

Trade Reconciliations

System Reconciliations

So far CoveredI. Market Participants

II. Static Data








X. Reconciliations

Section Eleven

Clearing and Custody

Types of Custodian 1

Term Description Example

Custodian An organisation that holds securities and cash on its clients’ behalf and may effect trade settlement on its clients’ behalf.

Deutsche Bank Domestic Custody Services

Global Custodian As per custodian, but has a network of local (or sub-custodians) that hold securities and cash and effect trade settlement on behalf of the global custodian.

State Street

Citigroup

BoNY

Paribas

Local Custodian A custodian that operates within a specific financial centre.

Credit Lyonnais Paris

Banco Espirito Santo Lisboa

Sub-Custodian A custodian within a Global Custodian’s network of custodians.

Citibank Milan

Citibank Madrid

Types of Custodian 2Term Description Examples

Central Securities Depository (CSD).

National Central Securities Depository (NCSD)

An organisation that hold securities, normally in book entry form; usually the place of settlement, effected through book transfer.

A CSD that handles domestic securities of the country in which it is located.

DTC (USA)

CREST (UK & Eire)

JASDEC (JPY)

CCASS (HK)

International Central Securities Depository (ICSD)

A CSD that handles domestic and international securities.

Only two organisations are recognised as ICDS’s.

Euroclear (Brussels)

Clearstream (Luxembourg)

Settlement Agent An organisation that effects the exchange of securities and cash on behalf of its clients; resultant securities and cash balances may or may not be held.

Citibank Milan

Citibank Madrid


II. Static Data








X. Reconciliations

XI. Clearing & Custody

What is a Corporate Action?Any action by an Issuer which may affect the investor:

The distribution of benefits to existing shareholders or bondholdersCoupon PaymentsCash DividendsStock Dividends

A change in the structure of an existing securityStock SplitBonus Shares

A notification that may or may not require a response from the securities ownerAnnual MeetingVoting Rights

Section Twelve

Trade & Position Accounting

Controlling

The accounting group within the bank is responsible for correctly recording and monitoring all of the financial transactions occurring within the Securities Trading House:

Deutsche Bank Controllers include:

Legal Entity Controller (LEC)Responsible for DB Companies.

Business Area Controller (BAC)Responsible for product lines and the Business.

Central Functions – Risk ControllingResponsible for Managing Risk across the all divisions centrally.

Controlling ResponsibilitiesMonitor Stock/Security Positions

Monitor Cash Balances

Track Firm Books and Records

Create Good Processes

Create Controls

Reconcile Trade Data

Reconcile Cash Flow

Reconcile all Journal activity

Example Control ReportsReconciliations

Profit and Loss Statement (P&L)

Balance Sheet Reporting (BS)

Buy and Hold Reporting (B&H)

Management Information Reporting (MIS)

Credit Risk Reporting (CRES)


II. Static Data








X. Reconciliations


XII. Trade & Position Accounting

Section Thirteen

Regulatory & Compliance Responsibilities

Regulators

Regulatory authorities exist within the securities industry to ensure:

All business undertaken within the marketplace is done in the proper manner

To protect investors who are participants within the marketplace

Guard the reputation and integrity of the marketplace

Monitor activity which fails outside of normal business trading practice

Regulator ResponsibilitiesAssessing suitability of securities trading houses to

participate within the market place.

Monitor the business undertaken by securities trading houses, investment advisors & fund managers.

Enforcement of laws and possible prosecution of security law violators.

Financial Regulatory Authorities

Country Regulatory AuthorityAustralia Australian Securities & Investments Commission

Prudential Regulatory Authority

Bahamas Bahamas Central Bank

France Commission des Operations de Bourse

Banque de France

Hong Kong Securities & Futures Commission

Monetary Authority

Japan Financial Supervisory Agency

Financial Reconstruction Commission

Singapore Monetary Authority of Singapore

UK Financial Services Authority (FSA)

USA Securities & Exchange Commission (SEC)

US Commodity Futures Trading Commission

National Futures Association

Reporting Methods

A number of methods exist dependent on how the local Regulator requires reporting to be effected

Automatic forwarding of trade details by a computerised exchange requiring no additional reporting

Automated message transmission by the member for confirmation/matching/instruction purposes part of which is used to satisfy transaction reporting requirements

File feeds produced from Front Office/Back Office/Controlling systems and sent direct to Regulator

Compliance

Compliance is the Bank’s internal regulator. Responsibilities include:

Ensuring compliance to rules of appropriate financial regulatory body

Handling confidential information

Ensure that personnel are adequately and properly licensed to operate in the marketplace

Managing anti-money laundering regulations

Monitoring Employee Personal Trading


II. Static Data








X. Reconciliations


XII. Trade & Position Accounting

XIII. Regulatory & Compliance

Section Fourteen

Conclusions

Conclusions Reduce Settlement Cycles

Increase Straight Through Processing for trades

Increase use of central Counterparties

Increase use of “Golden Source” static data

Active management of collateral

Minimise Risk

Minimise Operational Cost

Offer increased service to clients

Manage increasing volumes

Maximise internal efficiency

Section Fifteen

References

Recommended Reading Michael Simmons

Securities Operations – A Guide to Trade & Position Management

Stephen Valdez An Introduction to Western Financial Markets

David Dasey An Introduction to Equity Markets

Moorad Choudhry An Introduction to Repo Markets

Robert Hudsen Treasury Management

Financial Engineering The Handbook of Equity Derivatives

Oxford paperbacks Dictionary of Finance & Banking

Industry Websites http://www.crestco.co.uk/ CREST

http://www.dtcc.com/ Depository Trust & Clearing Corporation

http://www.euroclear.com/ Euroclear

http://www.jasdaq.co.jp/index_en.jsp Japanese Securities Depository Centre

http://www.isma.org/home.html International Securities Market Associations

http://www.bankofengland.co.uk/Links/setframe.html Bank of England

http://www.fsa.gov.uk/ Financial Services Authority

http://www.sec.gov/ Securities Exchange Commission

http://www.nasdaq.com/ National Association of Securities Dealers Automated Quotations.

http://www.amex.com/ American Stock Exchange

http://www.londonstockexchange.com/London Stock Exchange

http://www.lchclearnet.com/ London Clearing House

http://www.liffe.com/ International Financial Futures & Options Exchange

Industry Websites http://www.iosco.org/iosco.html International Organ Securities Commission

http://www.ipma.org.uk/ International Primary Market Association

http://www.isda.org/index.html International Swaps & Derivatives Association

http://www.isla.co.uk/ International Securities Lending Association

http://www.isma.com/home.html International Securities Market Association

http://www.liba.org.uk/ London Investment Bank Association

http://www.lsta.org/ Loan Syndic Trading Association

http://www.sia.com/ Securities Industry Association

http://www.securities-institute.org.uk Securities Institute

http://dspace.dial.pipex.com/jhalsey/ Compliance Exchange

http://www.world-exchanges.org/ Federation of Exchanges

http://www.trioptima.com/tri/ OTC Derivatives termination service

http://www.finanz-adressen.de/WE-fin-regulatory.html

Financial Regulatory Authorities

Industry Websites http://www.exchange-handbook.co.uk/Exchange Handbook

http://www.investorwords.com/ Glossary

http://www.stpforum.com/ STP Forum

http://www.stpinfo.com/ STP Info

http://www.afponline.org/ Association for Financial Professionals

http://www.calpers.ca.gov/index.jsp?bc=/investments/straightthrough.xml Virtual Matching Utilities (VMUs);

http://www.omgeo.com/ OMGEO

http://www.sungard.com/ Sungard Systems

23512555 trade life cycle

Documents

australian stock exchange

trade instruction vi

trade execution

industry websites http

securities trading houses

trade settlement viii

effect trade settlement

securities trading house