Saturday, February 5, 2011

ledger vs trade booking (aka product processor)

In any trading desk, there's a product processor specifically for a subset of asset classes. For example, OTC eq options probably uses a different product processor than listed eq options. Arguably the Most essential function of Product processor is trade booking. I-ticket is an example.

Ledger is the authoritative books-and-records for a subset of trading accounts. It's not current -- There's end-of-day recon between trade booking and ledger. Before the recon, ledger could be out of date, so the trade booking has the most updated positions.

There's a ledger for treasuries, for eq (TMS), for muni (TMS) etc. They all roll up to GL.

In GS private wealth, the heart of the system is the ledger not for trading accounts but for client accounts - client sub-ledger. To ensure it gets updated correctly, there's nightly recon with product processors (ie trade booking). There's a dedicated operations team to resolve all breaks within about 7 hours.

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http://www.linkedin.com/in/tanbin