WRITERS NOTE: this format is based on mixed cost basis but do not have access to exact hierarchy used in matching. add event type? pending trade status/custom status?
When you use the pending trade workflow, Eagle Accounting allows the system to place eligible incoming transactions into the Pending Trade table for review before you release those transactions for processing in the STAR accounting engine. Pending trade rules allow you to establish rules for identifying pending transactions based on transaction criteria that includes processing security type (PST), security type, security type, message type, event type, and asset ID, as well as by using each of these criteria in combination with a specified entity.
Apply the Pending Trade Rule Hierarchy
Pending trade rules work in a manner similar to mixed cost basis rules, where you can define rules at both a broad and/or at a more granular level. When you submit a transaction, the system determines whether the transaction has a pending trade rule assigned, and if so, determines whether the transaction meets the criteria specified in the pending trade rule details. If the system finds a match, it applies the pending trade workflow to the transaction according to the rule criteria. The system tries to match the transaction to the most narrowly defined pending trade rule details for the rule first, and then checks progressively broader pending trade rule details, using the following hierarchy:
- Entity and Asset ID
- Entity ID and Security Type
- Entity ID and Processing Security Type
- Asset ID
- Security Type
- Processing Security Type
To set up pending trade rules, you create a name for a pending trade rule and then define pending trade rule details for that rule. Each set of pending trade rule details for a rule includes rule option values, along with the criteria used to apply those values to a transaction. You assign the pending trade rule to each entity that uses that rule.
For example, you can create criteria that allows the system to rout a trade to the pending trade queue for review if it exceeds tolerance thresholds based on total net amount or percentage of net assets. Or you can create criteria that determine how to treat a pending transaction in the pending trade workflow, such that you cannot release it through the batch release process but can only release it on an individual basis.
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