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CTM investment managers can match on execution (fill) or average price for TradeDetails. The below diagram shows an example of execution (fill) price matching.

acwf intro v2

The table below describes the workflow steps in the diagram above, which is an example and not intended to represent all ACWF implementations.

Step  Description
1 Before the CTM service enters the workflow, an investment manager places an order for 100,000 shares of ABC Security.
The broker/dealer responds with two Notices of Execution (NOEs). In thie example, the broker/dealer provides the execution (fill) price for each NOE. The broker/dealer can also provide NOEs for average price.
3

On the trade side's internal systems:

  • The investment manager processes the NOes in a 60:40 breakdown between two funds.
  • The broker/dealer processes the NOEs it sent to the investment manager in Step 2.

Broker/dealers can use both an allocation-confirmation workflow and block-level workflow, but investment managers can only use one of the workflows.

4

The investment manager submits four allocations (TradeDetails) to the CTM service, each representing a single allocation. The TypeOfPrice field is set to EXEC to indicate executing price (not average price).

When combined, the allocations satisfy the broker/dealer's two NOEs.

5

The broker/dealer learns about the investment manager's allocations by the following actions:

  • Sending a query message, such as the InfoRequest or MultiTradeDetailRequest
  • Receiving an event-push notification
  • Viewing the Alleged ACWF Allocations in the CTM Trade Blotter
  • Communicating the information outside of the CTM service.

The broker/dealer reviews the AccountID, MatchingSecurityCode, MatchAgreedStatus, and other trade data. The broker/dealer responds to each allocation with a confirmation (TradeDetail) for each allocation that the investment manager submits.

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