Apparatus and method for trade aggregation of trade allocations and settlements
View Patent ↗A post-trade aggregation system for financial instrument trading systems, wherein a trader manages a plurality of trade orders to be executed by one or more executing brokers on behalf of customers via a data interface system. The plurality of trade orders includes at least one wrap block order and at least one institutional block order. The plurality of trade orders are merged into a single merged block order, apportioned into a plurality of smaller electronic trade orders, and transmitted to a plurality of order destinations. One or more computer systems are in electronic communication with the data interface system and with a clearing system, and configured to compress individual executions from the plurality of order destinations corresponding to the plurality of smaller electronic trade orders into a single net marked-up step-out for wrap orders and a single average-priced block for institutional orders.
1. An automated data tracking system, comprising:
a data interface for managing a plurality of electronic orders transmitted to one or more executing brokers, said plurality of electronic orders including at least one wrap block order and at least one institutional block order;
an automated system for receiving data for said plurality of electronic orders and automatically merging the plurality of electronic orders into a single merged block order, apportioning the single merged block order into a plurality of smaller electronic orders, and electronically communicating the plurality of smaller electronic orders to a plurality of order destinations; and
a post-trade aggregation system configured to receive execution data from the plurality of order destinations for individual executions corresponding to the plurality of smaller electronic orders and automatically to compress the individual executions into a single net marked-up step-out for wrap orders and a single average-priced block for institutional orders;
wherein the system for merging is an algorithmic trading and routing server remotely located from data interface;
the plurality of order destinations are electronic destinations that automatically execute matches of electronic orders without human intervention and, for each match, automatically generates and transmits execution data for each individual executions; and
said post-trade aggregation system is further configured to intercept execution data transmitted by the plurality of order destinations to said data interface.
2. The tracking system of claim 1 , wherein said post-trade aggregation system is further configured to allocate each block among a plurality of custodial accounts based on received allocation information.
3. The tracking system of claim 1 , wherein said data interface is selected from an order management system, an execution management system, and settlement system.