News

Pulse Launches New Order Management Solution

In recent times a recurring theme in discussions with clients has been the need for higher levels of ‘straight through processing’. The benefits of such a solution are clear to all, with manual intervention minimised leading to significantly reduced error rates and therefore costs. Pulse has always recognised the benefits to be gained and is now delighted to announce a new module to meet the requirement in the form of the Pulse Order Processing System (POPS).

From a user perspective, POPS is split into a logical three stage process whereby deals are raised by a fund manager, sent to a dealer, and transacted via a RSP or broker. Each stage has been designed to ensure that the broad range of operational modes employed by our clients has been catered for, so whether you route deals through one or more RSPs, or are a full member of CREST trading direct with the market, POPS has been designed to meet your needs.

"The benefits of such a solution are clear to all"

Deal Origination

POPS can be launched from a variety of sources, any of which could form the basis for a fund managers decision to raise an order. These include:

• any valuation within the core system,
• the fund managers liquidity report,
• any portfolio list,
• bulk dealing,
• CGT Modelling module,
• Portfolio Modelling & Rebalancing

This offers the fund manager a comprehensive range of facilities which enable the generation of an order from any pre-trade analysis point within the Pulse suite.

Instructions to Deal

Pre-trade compliance is built in with a wide range of information for both display and modification being available prior to sending a proposed deal to a dealer. Key features available to the fund manager include:

• unrealised CGT on the asset,
• realised CGT to date on the portfolio,
• risk category of the portfolio,
• percentage of the portfolio invested in the sector in which the stock resides,
• issue instructions to buy or sell,
• quantities of stock, invest or raise cash,
• intuitive colour coding of instructions,
• record reason for trade,
• enter limit prices,
• issue instruction to deal at or after a given time,
• automated stock restrictions,
• company level instructions,
• full multi currency provision,
• ’what if’ scenarios available in

Order Blotter

The dealer(s) have an order blotter open at all times which automatically refreshes at user configurable intervals, so all new deals appear within ’x’ seconds of being sent by the fund manager.

All deals within the order blotter are colour coded to ensure that it is immediately clear to the dealer whether a deal is a buy, sell, raise or invest, thus helping to minimise any potential for error.

In addition, each order has a status which is also colour coded, showing the dealer clearly those trades which have been executed, are being actioned, and those which still require action.

The dealing process is designed to manage the rejection of deals, partial fills, linked trades, agency crosses and the amalgamation of trades in a single stock and nominee. Upon execution and update of the trade by the dealer, the pseudo bargain and contract on Pulse are updated with the price, date and time of the deal. Once the contract note is received, this can be checked by the back office against the pseudo bargain and moved live into unsettled status.