Order Management System for Private Wealth Management

Client: A leading global financial services firm.

Business need
PWM business caters to investment needs of high net worth individuals. STP
Workstation system provides completely automated in-house solution for order
workflow including order entry, pre-trade validation, approval, order execution and
booking. The orders are entered by sales people on behalf of the customer. Business
wanted the following new features:
• Provide an interface to the customers to enter orders electronically, without
interacting with an investment advisor or a sales person
• Add connectivity to Asian exchanges for trading
• Create a flexible, rule based commission calculation mechanism

Solution
The system was integrated with the firm system for electronic order entry –
Passport. The customer is able to place electronic orders using Passport. The order
automatically flows into STP Workstation. The system communicates with the order
execution backend of Passport to execute the order and book it to the firm and
customer accounts.

New Asian exchanges in Taiwan, Shanghai, Korea were added to the system. Order
routing configuration was setup to correctly route the orders through firm execution
framework to the new exchanges. Specific exchange related configuration was setup
to honor the exchange timings and holidays.

A system was created using which sales person could setup commission profiles. A
commission profile can calculate commission based on the side of the order,
quantity and amount. One can create tiers of commission based on these factors and
the commission can be specified as a flat amount or percentage.

Benefit
The system brought in tremendous efficiency to the order booking process. Errors
due to earlier manual process were eliminated.

Technologies involved
Java, Sybase.

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