Straight Through Processing With Secondary Loan

The STP trading platform includes computer software modules including at least an account management module, an electronic trading module, and a back office management module The customer-side software client 210 is configured to receive and display the composite price screens and to permit customer traders to create trade inquiries, search dealer offerings, receive dealer axes, execute trades, allocate trades, and perform various other back office functions, as further described below. Is there any composite price screens? Thus, through integration of the electronic trading module 160 and the account management module 120, the customer is provided functionality to selectively allocate the block trade to one or more sub-accounts. Once block trades are allocated, the customer-side electronic trading component 215 of the electronic trading module 160 can generate an allocation ticket for each allocation of the block trade. Once block trades are allocated, the customer-side electronic trading component 215 of the electronic trading module 160 can generate an allocation ticket for each allocation of the block trade. Thus, in essence, each allocation is treated for the purposes of allocation acknowledgement, electronic confirmation and settlement as a separate allocation ticket. Each allocation ticket contains an identifier that permits the electronic trading module 160 to store a data record for each allocation ticket in the trade history database 115. The allocation ticket also may contain an identifier linking it to the original block trade executed between the parties. In some instances the dealer may be able to confirm some of the allocations, but not all of the allocations. In this case, the block trade is assigned the “CONFP” state and a message is transmitted to the customer. Upon receipt of a message including a CONFP state, the customer can either (i) cancel and reissue new allocations or (ii) cancel or correct the block trade. If new allocations are made, then an allocation message with the state “ALLOC” is transmitted to the dealer and the process begins again until the trade is either confirmed or cancelled altogether. For trades affected on the STP trading platform 100, the trade details for block trades would be stored electronically in an associated trade history database 115. As described above, the trade history database 115 stores a record for each trade executed on the STP trading platform 100 using a unique identifier for each such trade. How to enable customers to automatically affirm trade details. The summary information preferably includes the number of trades, the number of trades cancelled or corrected, the number of block trades allocated or unallocated, the number of tickets generated, the number of trades confirmed or unconfirmed, and the number of trades for which there are errors. This summary interface allows back office personnel to quickly and efficiently determine whether any executed trades have outstanding issues that require attention. Similarly, the dealer has access to summary trade information on a customer-by-customer basis. In various reports, the data can be displayed in aggregate, as well as within various maturity or sector categories, as well as trade size ranges, and trade type categories Thus, through integration of the electronic trading module and the account management module , the customer is provided functionality to selectively allocate the block trade to one or more sub-accounts. Once block trades are allocated, the customer-side electronic trading component of the electronic trading module can generate an allocation ticket for each allocation of the block trade. Once block trades are allocated, the customer-side electronic trading component of the electronic trading module can generate an allocation ticket for each allocation of the block trade. Thus, in essence, each allocation is treated for the purposes of allocation acknowledgement, electronic confirmation and settlement as a separate allocation ticket. Each allocation ticket contains an identifier that permits the electronic trading module to store a data record for each allocation ticket in the trade history database . The allocation ticket also may contain an identifier linking it to the original block trade executed between the parties. In some instances the dealer may be able to confirm some of the allocations, but not all of the allocations. In this case, the block trade is assigned the “CONFP” state and a message is transmitted to the customer. Upon receipt of a message including a CONFP state, the customer can either (i) cancel and reissue new allocations or (ii) cancel or correct the block trade. If new allocations are made, then an allocation message with the state “ALLOC” is transmitted to the dealer and the process begins again until the trade is either confirmed or cancelled altogether. One or more dealers transmit trade quotes, in. The customer then, , selects one of the quotes to execute a trade. For trades affected on the STP trading platform , the trade details for block trades would be stored electronically in an associated trade history database. As described above, the trade history database stores a record for each trade executed on the STP trading platform using a unique identifier for each such trade. Why don’t we have multiple trades instead of a bundled (multiple allocations)? This is a front office problem. How to enable customers to automatically affirm trade details? There is nothing called CONFP (partial confirmation and move through with temp funding memo). It is a back office problem, who builds facilities. It can be made possible through STP but MOC should accept non legal document or temporary/Draft funding memo.

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