A Trade Event Model is a structured representation detailing the various stages and states a trading instruction or order undergoes, from its initial submission to its ultimate settlement. This model provides a consistent framework for tracking and reporting the entire trade lifecycle.
Mechanism
The model defines specific events, such as order creation, modification, execution, partial fills, cancellations, and settlement confirmations. Each event is associated with distinct data attributes like timestamps, quantities, prices, and statuses. These events trigger state transitions within the order’s lifecycle, ensuring a chronological and auditable record of all actions.
Methodology
Implementing a trade event model involves designing data schemas and system architectures capable of capturing and processing these events in real-time. This methodology facilitates accurate trade reporting, dynamic risk management, efficient post-trade reconciliation, and comprehensive compliance auditing by providing a granular, immutable log of all activities related to a trade.
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