Receive trade orders from fund distributor
In addition to FA being able to send trade orders to a trading platform, FA also supports that fund trade orders are instead initiated outside of FA and processed and executed in FA.
A common use case of the integration would be a fund company who receives new subscriptions and redemptions into their funds, executes the orders and sends back confirmations.
FA supports sending trade order updates and confirmation messages back to the distributor.
Supported format
FA supports sending trade order updates and confirmation messages back to the distributor in ISO2020022V4 format.
Message | Version | Definition |
|---|---|---|
Subscription Order (to FA) | setr.010.001.04 | This message is used to instruct the Executing Party to subscribe to one or more financial instruments, for the same account. |
Redemption Order (to FA) | setr.004.001.04 | This message is used to instruct the Executing Party to redeem one or more financial instruments, for the same account. |
Order Instruction Status Report (from FA) | setr.016.001.04 | This message gives the status of an order message that was previously sent by the instructing party. |
Subscription Order Confirmation (from FA) | setr.012.001.04 | This message is used to confirm the details of the execution of a Subscription Order message. |
Redemption Order Confirmation (from FA) | setr.006.001.04 | This message is used to confirm the details of the execution of a Redemption Order message. |
Status and confirmation reports
When the distributor sends subscription or redemption orders to FA, they expect to receive Status and Confirmation reports back from FA. Orders imported from distributor are tagged with Trading-Pending report.
Status and Confirmation reports are generated to the distributor by navigating to Trade orders → Incoming orders... and selecting the relevant report to send. Status and Confirmations reports are generated based on the order status in FA, so its recommended to filter the Trade order view based on order status and trading tag. The logic is described in the table:
FA order status | Selection | Generates message | Meaning | Tag after sending message |
|---|---|---|---|---|
OPEN | 1. Send order received (RECE) status report | RECE Order instruction status report (setr.016.001.04) | Order has been created and acknowledged in FA. Status report RECE has been sent to distributor. |
|
EXECUTABLE | 2. Send order received (PACK) status report | PACK Order instruction status report (setr.016.001.04) | Order has been approved in FA and ready for trade. Status report PACK has been sent to distributor. |
|
CANCELLED | Send order received (RJCT) status report | RJCT Order instruction status report (setr.016.001.04) | Order has been cancelled in FA. Reject message sent to distributor. |
|
EXECUTED | 3. Send order confirmation report | Order confirmation report (setr.012/006.001.04) | Order has been executed in FA. Confirmation message sent to distributor. |
|
Cancelled orders
Some counterparties require that the rejections are given with a textual description (rather than with codes). You can add the rejection reason in the Description on statement field on the trade order. The format should be: RejectReason=xxx, for example: RejectReason=Invalid account.
Automatically send status and confirmation reports
To schedule status and confirmation reports to be sent automatically , go to Tools → Administer → Scheduled functions. In the Manage processes window, choose a process to configure scheduled updates. To learn more about the scheduling functionality available in FA, see Scheduling in FA Admin guide.