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A more detailed description of each step in the workflow follows.
Demand Prices
Create Demand
The first step in a pricing workflow is to identify the securities for which prices are required. During the create demand phase, the data strategy criteria are evaluated to determine which security prices to request. Criteria can consist of security criteria and holding criteria, or just security criteria. For each security evaluated, a shell record is created in the composite SECURITYDBO.PRICE tablefor the security, composite field, and composite source. A record is also created in the price vendor table for each security, price type, exchange, and vendor source defined in the vendor source rule for the data strategy.
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Prices only load to the PRICE_STATUS table if demand had been generated Within EagleML, there is a flag required to route to the RDC process defined as useRdcPricing which must be set to Y on the record or a global value W_USE_RDC_PRICING that may be set as part of the system configuration. Global parameters should be specified in the /eagle_ml-2-0_custom_cm/w_config_custom.inc. |
Validate Prices
Run Validations
In this stage, the prices that were received from various vendors are then checked against pre-determined rules contained in the Price Data Strategies. These rules are set to catch any discrepancies, or large price movements. When a Price Data Strategy is submitted for the validation phase, validation test results post to the RULESDBO.PRICE_VALIDATION_STATUS_DETAIL table.
Based on Data Strategy release logic and the results of the individual test, the PRICE_STATUS.FINAL_VALIDATION value updates. This result determines whether the price record has a proper value to composite, if it is the highest record in the hierarchy. The system value for this column joins to the RULESDBO.PRICE_EDIT table to display the description such as Released to determine whether it should be composited.
See Manage Reference Data Center Pricing Validations
Review Exceptions
Once prices have been loaded, analysts typically review the exceptions, and decide to override data, or release exceptions. Users can review data, approve validation edits, and make any necessary price changes. Pending User Entitlements, when applying overrides, Comments and a Reason for the Override may be required as well as the ability to add attachments.
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