Question: What use cases and Intents related to Orders, Trades and Positions are there?

[dominicgifford]

Question Area

[ ] App Directory [ ] API [x] Context Data [x] Intents [ ] Use Cases [ ] Other

Question

As discussed in https://github.com/finos/FDC3/issues/903, we're looking to collect a list of Intents that would be required for Orders, Trades and Positions.

It would help if people could contribute by suggesting each Intent required and the accompanying use case.

For example:

Intent: ViewPizza

Use Case: At the end of the trading day, it's common for portfolio managers to use uninvested cash to buy pizza. We need a ViewPizza Intent to allow PMs to request that other apps show them what kind of pizza they can get with a given cash Position context

Please add in the comments.

Suggestions added below will be discussed in the next Context Data & Intents Discussion group.

thanks

[dominicgifford]

OK I'll be first to reply to my own question then....

Intent: ViewParent

Use Case: A trade has been queried in an Execution Management System. In order to see more details about the parent order, the user selects ViewParent(Trade) and selects the Order Management system to view the parent order

[dominicgifford]

Another for consideration:

Intent: ViewChildren

Use Case 1: A user wants to check if a transaction is part of their position. They select ViewChildren(Position) and select the Position Transactions application to view the underlying trades

Use Case 2: A user is considering selling part of a position and wishes to view the tax lots within that position. The user selects ViewChildren(Position) and selects the Tax Lot application to view their breakdown

[dominicgifford]

I think this is quite buy-sidey but still...

Intent: ModelTrade

Use Case: A portfolio manager wishes to sell out of a position in a security whose rating has dropped and buy into a different one. They select ModelTrade(Position) and select their Switch Calculator application to start modelling the trade.

[timjenkel]

Intent: ViewAnalysis, ViewChart, ViewQuote

Use Case: A trader selects an order in their order management system, and wants to see analytics in an application from a broker or other external vendor to help them decide the best way to trade the order. This could be liquidity information, relevant charts, current pricing data, or other information depending on the application. There are cases where additional fields are required besides the Instrument, like side, quantity, and settle date.

Note that any actual order execution instructions would still be done via FIX, so we don't need to include every order detail in the FDC3 context.

[nemery-flextrade]

@dominicgifford I think ViewOrder(s)[Order/Trade/Position/Instrument/Portfolio] / ViewTrade(s)[Order/Trade/Position/Instrument/Portfolio] might be more straightforward? The use cases (particularly Use Case 1) look sound to me though. Potentially StartTradeModel for naming?

@timjenkel ViewAnalysis is one we're keen for - specifically for Trade/Order (pre-trade / in-flight analytics). You could potentially include Position here as well as you may want to view risk associated with a particular position?

Intent: StartOrder

Use Case: A portfolio manager has modelled a trade they want made in their Switch Calculator application, they select StartOrder and their Order Management System application which presents a partially pre-filled Order ticket.

Intent: StartTrade

Use Case: A trader has shared details of an order they are working with a Pre-trade Analytics application (through ViewAnalaysis) and the application has provided recommendations on how to trade the Order which the trader wants to action. They select StartTrade and their Execution Management System application which presents a partially pre-filled Trade ticket (I'm thinking things like strategy / schedule here).

[dominicgifford]

@nemery-flextrade - agree, those Intents make more sense and are less generic.