Tuesday, November 16, 2010

bond trade capture system use-cases

Trading system architect must know such essential use cases:

A hypothetical bond trade booking sys – named Blo (for Blotter)

Blo use case 1: phone execution, then trader enter trade into Blo.

Blo use case 2: traders advertise offers and bids on an internal network. Our salesperson lifts an offer. Trade is confirmed on the spot. System automatically books trade into Blo. This flow converts the Order into a Trade automatically. It’s possible for 2 salespersons to lift the same offer. System will reject A and book B.

Blo use case 3: advertise offers to external venue, lifted automatically. External venue sends us confirmation and trade booked.

Blo use case 4: trader responds to external bid-wanted (RFQ) and her bid is selected, becoming a trade. External venue sends confirmation to us, trade booked.

In Eq, there’s often a big OMS to manage the order state from an initial request to a completed trade.

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