Your custom afs:TRADE system is designed using a modular,
object-oriented approach. The main benefit of this technique is that we can
combine any features you need from our vast library of experience without
worrying that the necessary parts will work seamlessly with each other.
Over the course of twenty years, we have built systems for a wide variety of
customers on both sides of the market with distinct processing needs. Our
modules capture and harness that complexity, allowing us to assemble just the
features you need.
Functional modules cover the basic units and relationships on a trading desk.
This includes the participants, the securities, and the transactions and
positions they generate.
General Purpose Modules
Transactors - Authorized
users, including access entitlements/security.
Inside accounts managed by the systems owners.
Fund Groups - Parental
groupings of related portfolios.
Desks - Logical sub-groups
within the firm. Portions of portfolios may be maintained by more than one desk, as in an
equity mutual fund where one trading desk manages the stocks, while a different group manages the
Other Parties -
Outside accounts (broker/dealers in buy-side systems; customers and other
Street accounts in sell-side systems).
Products - Security master
table, organized by CUSIP or some other unique identifier. Includes attached schedules for
call features, rate adjustments, MBS paydowns, price history, and special features.
Corporate Actions - For
equity products, a module to maintain splits, dividends, and special payouts.
Issuers - For systems with
issuer-based transactions (primarily money market securities), a template table for
describing the characteristics of entities which issue securities. Also an integral part of the
compliance engine. In some systems, maintains a consolidated list of
Trade Tickets -
Transaction entry. A wide variety of ticket options are available depending on which side
of the market (buy side or sell side) you belong to, what types of securities
you trade, block allocation strategies, and workflow requirements. In general,
AFS tries to design tickets where a single form adapts to the needs of different
instrument types and trading strategies. The
history may be searched to find what has been purchased for an account,
customer, or security.
Trade Blotters - Real time
listing of what has been traded. As with Position
Lists, can be filtered by a wide variety
of criteria, and can provide different formats based on user type.
Position Lists (Holdings)
- Real time listings of what is owned, organized by product, portfolio, and/or desk. Can be filtered
by a wide variety of criteria, and can provide different formats based on user type.
Maturity Schedules Keep track
of position maturity schedules for various issuers.
Position Detail - For a
single position, shows full details, including the trading card and a list of
Financial Calculator - A
place to perform calculations and what-if scenarios. The calculator underlies the
Trade Tickets, but the Financial Calculator allows a more free-form approach.
Yield Curves/Rate Runs -
Maintains a history of daily yield curve movements.
Finders - These windows let you find, filter, and
order all sorts of data from your trading system, including positions, accounts,
tickets, and products. Once you have found the data you need you can drill
down to select a specific item, or, with the click of a button, print a custom
report or generate a file that can be opened in other applications like Microsoft
Buy-Side Specific Modules
Compliance Engine - For customers subject to regulatory restrictions, this module allows you to
and monitor the attributes by which you are restricted. Includes lists of approved
issuers, securities, and /or counterparties. The system uses this information in real time to guard against
trades that would violate the restrictions.
Sell-Side Specific Modules
Customer Positions -
Keep track of what customers own, in addition to what is held in your own
Clearance Activity -
Keep track of settlement activities with clearing banks.
This module includes reports for fails, box position, and purchase/sale
Bid and Situation Lists -
Keep track of what customers are trying to buy and
Calendar Administrative application for managing
calendars for exchanges. These calendars are used to determine default settlement dates for trading.
AFS supports standard comma-delimited formats for importing and exporting data.
Overnight Processing - Every night, this program
maintains system data integrity by posting maturities and coupon payments,
updating variable rate and put features, and posting forward settlements.
Reports - Reports can
range from simple trade blotters and portfolio listings to elaborate monthly customer
statements that include graphs and tables. Reports are limited only by the users
imagination. The database schema in afs:TRADE has been carefully organized not
to require access to the financial calculator for
report generation. Off the shelf reporting tools (for example, Crystal
Reports™ or Microsoft Access™)
may be used to generate custom reports.
Security Administrative function to enable/disable
application features for individual users depending on their role in your
Ticket Printer - As tickets are completed, they may
be automatically printed.