Wednesday, September 22, 2010

trade booking, trade capture, position management, sub ledger

The standard OTC trade booking system (TBS) -- After u finalize i.e. execute a trade with your counterparty, typically over phone, you enter the completed trade in the TBS. Some call it trade capture. I think this used to be the trade blotter. Before TBS, people used spreadsheet. This is one of the earliest and most essential IT systems for traders.

The other absolutely essential trading system is the position management system (PMS), aka sub ledger. TBS records all the trade activities, and independently computes current positions by accumulation, and synchs up with the PMS every day.

How about pricing engine? In OTC, trader can decide the price with a pencil or a sophisticated pricing engine. I think it’s firm’s money but trader’s decision, so it’s up to her.

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New York (Time Square), NY, United States
http://www.linkedin.com/in/tanbin