FA Back 3.28 - Release notes

Why?

Previously, when producing sell orders, rebalancing took into account current positions and any positions that are expected from existing orders. In some cases, this approach created an operational risk, especially when existing amount-based buy orders (common for fund positions) were involved. The market price changes affect the number of units you receive, thus making it risky to take a buy order into account.

Who is this for?

This feature is for portfolio managers and operations teams who rebalance portfolios and want to avoid short positions for regulatory or operational reasons.

Details

A new option for conservative rebalancing applies stricter rules to sells. You can now choose if sell suggestions are based only on current holdings minus sell orders or on current holdings, including all existing buys and sells. In the Rebalance window, the Sell from field lets you select:

Example: The portfolio holds 100 units of Security A at 10€ (value 1,000€). There is an existing sell order for 100 units (from a model change) and an existing trade-amount-based buy order of 100€. With Positions minus sell orders plus buy orders, rebalancing includes the expected buy, and suggests selling 110 units in total. However, when the buy order settles at a new price of 11€, it delivers only 9 units instead of the estimated 10. This leaves the portfolio with 109 units against 110 sold, resulting in a short position of 1 unit. With "Positions minus sell orders", the system only sells current portfolio holdings, and you can repeat rebalancing after the buys settle.

Learn more: Rebalance window.

In Q3 2025, we continue to expand support for fixed income instruments and adapt to different market conventions. This release includes updates for discount-rate instruments, fixing generation for floating-rate notes, separate day count conventions, trade increment validation, and redemption yield periodicity.

Trade increment for bonds

Why?

Some bonds have a trade increment that defines the smallest amount by which a bond can be traded (for example, 500 or 1000 units). Previously, FA system allowed creating trades that don’t meet this requirement, which could lead to trade orders being rejected at a later stage. Now, the system validates the denomination when creating an order or transaction. This way, you don’t have to cross-check the trades with security properties, and can be sure that the orders meet the trade increment requirement.

Who is this for?

This feature is for portfolio managers working with fixed-income securities.

Details

A new Trade increment field was added to the Security window under the Extra info tab. This field defines the minimum amount by which a bond can be traded. When you enter trades, you can see the bond’s trade increment in the Transaction or Trade order window, and the Denomination value is validated to match the trade increment.

Learn more: Security window, Securities and market prices import.

Improved fixing generation for floating rate bonds

Why?

Previously, when generating coupon dates and rates for a floating rate bond in the Security window, the system ignored the bond’s base instrument and spread. This always resulted in fixings with a zero value, even if valid market data existed. While it was possible to generate correct fixings using the bulk Securities view → Update security data → Generate fixings process, users could not view or generate accurate fixings directly in the Security window while working with a bond.

Who is this for?

This improvement is for operations teams who manage floating-rate notes (FRNs).

Details

The Generate fixings button in the Security window → Extra info → Fixings tab now calculates historical coupon rates using the base instrument market data and the spread. In addition, you can now choose to generate rates:

• For all dates – Add one row for every coupon date. If base instrument market data is missing on the fixing date (after applying the offset days), the system falls back to the Coupon value from the Bond configurations tab.

• For dates that have base instrument market data – Adds rows only when base instrument market data is available on the fixing date (after applying the offset days).

Note that generating coupon information for fixed rate bonds in the Fixing tab works as before. Also, mass-generation of fixings via the Update security data → Generate fixings in the Securities view did not change.

Learn more: Security window, Fixed and floating rate bonds

Separate day count conventions for accrued interest and coupon payments

Why?

In some markets, such as Norway, fixed rate bonds follow different day count conventions for different purposes. Accrued interest for transactions and portfolio valuation is calculated using one convention (for example, Act/365), while coupon interest is calculated using another convention (for example, 30E/360). Previously, FA supported only a single day count convention per security, used both for calculating accrued interest and coupon payments.The new feature allows you to define separate day count conventions for accrued interest and coupon payments, ensuring both are calculated correctly.

Who is this for?

This feature is designed for portfolio managers and operations teams handling bonds where accrued interest and coupon payments follow different conventions.

Details

New Payment calendar (day count convention) in Security window, Extra info tab lets you lets you set a separate convention for coupon calculations. The field is optional. If left empty, the convention from Calendar (day count convention) is used for both accrued interest and coupon payments.

Learn more: Security window, Securities and market prices import.

Redemption yield periodicity

Why?

Previously, FA system calculated the redemption yield for bonds using the coupon frequency as the compounding assumption. This default approach always presented the yield as annualized, following the German/True convention, which is the most common practice in European domestic markets. With this enhancement, FA system now also supports other market conventions, such as the UK and US, where semi-annual compounding is standard.

Who is this for?

This feature is for operations teams who work with fixed income securities. It is particularly useful when dealing with amortizing bonds.

Details

You can now specify the Redemption yield periodicity in the Security window, Extra info, Redemption tab. This setting defines how often the yield is compounded for calculation and presentation in Analytics+.

Options include:

• Annually, Semi-annually, Quarterly, Monthly, Weekly, Daily.

• Match coupon (default) – Use the coupon frequency defined in the Bond configurations tab.

Changing the periodicity affects yield-to-maturity calculations but does not change the bond’s actual cashflows.

Learn more:Security window, Securities and market prices import.

Why?

We added new fields that allow you to mark a contact as deceased and add the date of the person’s death. This is useful for maintaining accurate customer information and avoid uncomfortable situations when communicating with clients or their family members.

Who is this for?

This feature is for users who set up and maintain client information, as well as for any users who are in contact with clients.

Details

You can find the new Deceased and Date of death fields in the Contact window, Basic info tab. While these fields don't trigger automated actions, they can be used for filtering, reporting, and keeping records up to date.

Learn more: Contact window, Contacts import.

Why?

When positions are moved between portfolios – such as during pledging or asset transfers – accumulated ex-post costs are transferred with the position. These costs can significantly impact portfolio performance analysis, cost transparency, and reporting. Before, transferred ex-post costs weren’t visible – now, you can view them in the related transactions.

Who is this for?

This improvement is for users who need to see ex-post cost breakdowns for costs transferred when moving positions.

Details

We added a new tab called Ex-post costs to the Transaction and Trade order windows. The new tab shows costs related to the transferred position:

Learn more: Transaction window, Pledge portfolios, positions and purchase lots, Transfer assets between portfolios.

Why?

Open-ended investment companies (OEICs) operating in the UK market reinvest the income they earn, which increases the fund’s unit price. To support this, we introduced the Accumulation dividend and equalization corporate action to record reinvested income for tax purposes and reflect equalization in customers’ portfolios.

Who is this for?

This feature is for operations teams who record and execute corporate actions.

Details

The Accumulation dividends with equalization corporate action applies to all shareholders who own fund units. Instead of being paid out as cash, the dividend is reflected in the fund’s unit price. Unit holdings are divided into two groups, with different transactions generated by the FA system:

Accumulation dividend transactions are recorded in portfolios to help investors and accountants report taxable income, even though no cash is received. These dividends are treated as notional income for tax purposes.

Equalization transactions reduce the purchase price of the units, ensuring new investors do not unfairly benefit from income they did not earn.

Learn more: Accumulation dividend and equalization, Corporate actions import.

Transactions

Taxation

Trade order management

Analytics

APIs

Corporate actions

FX contracts