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Trade Processes in Advisor OMS
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For accounts enabled for Advisor OMS, ETF and equity trades that move to the Advisor OMS page are executed in two parts: submission and allocation.
Trades applied from the Trade List move to the Advisor OMS page. From there, new orders can be viewed, edited, and deleted. When the trade is ready, it can be submitted to the broker for the associated account. You can submit trade orders at any point during the trading day and multiple times during the day. You will receive real-time feedback as to the status of any trade, including errors.
At the end of the trading day, after all the trade orders were submitted and filled, you will allocate the trades.
You'll send orders to Advisor OMS from the Trade List page. To send an order to the Advisor OMS page, follow these steps:
On the Rebalance & Trade menu, click Trade List.
Select the orders you want to send to Advisor OMS.
Choose Trade Actions on the More Actions list.
Click Send trades to Advisor OMS for execution on the Trade Actions pop-up window.
Click Continue.
For more information on creating trades outside of Advisor OMS, see Trade List and Creating Trades.
If you have Intraday Pricing enabled, you can retrieve latest prices directly on the Advisor OMS page. First, add the Price column to the page using these steps:
On the Rebalance & Trade menu, click Advisor OMS.
Click the 
in the lower-right corner to add additional columns to the page.
Select Price and click 
.
When finished, click Save.
If you have Intraday Pricing enabled, this column shows the most recent price for that security.
To get the most current price on the Advisor OMS page, regardless of the interval setting you've selected on the System Settings page, choose Retrieve Latest Prices in the More Actions list. This will show you the latest available price.
If you don't have Intraday Pricing enabled, the Price column shows the previous close price for a security.
Once trades have been moved from the Trade List to the Advisor OMS page, you can edit and delete those orders. The following provides steps for working with orders in Advisor OMS.
To edit orders in Advisor OMS, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
Change any of the following settings as needed:
| Order Setting | More Information |
|---|---|
| Broker |
To change the broker for an order, follow these steps:
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| Order Actions | The Order Actions column allows you to submit or split an order. See Split Orders, Split Prime Orders, or Submit Orders for more information. |
On the Advisor OMS page, click the Edit Orders link.
Change any of the following settings as needed:
| Order Setting | More Information |
|---|---|
| Place Qty |
Change the quantity of the trade order by entering in a new quantity in the Place Qty box. The original order quantity can be seen in the Order Qty column. Note
|
| Order Type |
Modify the type of order you want to execute, if needed. The default is Market, but you can choose from several available order types:
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| Limit Price | If applicable to your order type, enter your limit price. |
| Stop Price | If applicable to your order type, enter your stop price. |
| Time in Force | Edit how long the trade is in force. By default, the trade order is in force for the Day. |
To undo the changes you've made to an order, click the X next to the Place Qty column.
To undo changes to all your orders, click Cancel Edit Mode.
When finished making changes, click Saved Edited Orders.
Orders can be split in to multiple orders. This is useful for traders who want to work a large order over time. The order can be split into multiple orders that can be submitted at different times using different parameters for limit price, stops, etc.
To split orders, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
In the Order Actions column, click Split.
On the Split Order dialog, type the parameters for the new order you would like to split from the original order under New order. The order quantity must be less than the original order quantity.
The original order for AAPL is for 2,474 shares.
You request that 1,000 shares of that original order is split into a new order. You also change the order type to be a limit order with a limit price of $460.
When finished, click Split or Split & Submit. If you click Split, the order is split into two orders with the specified parameters that can be submitted to broker individually. If you click Split & Submit, Advisor OMS submits the orders to the broker.
To split prime eligible orders, follow these steps:
Add the Prime Qty column to the page. For instructions, see Setting Up Advisor OMS.
Click the blue text in the Prime Qty column.
In the Choose prime broker list, select the applicable prime broker.
Click OK.
Multiple orders can be combined in to one order using the Combine Orders function. Combining orders can help you get more favorable pricing, depending on the broker and security being traded. Combining orders is also useful when multiple trades for the same security arrive on the Advisor OMS throughout the day or if a split order needs to be combined back into one order.
If Advisor OMS recognizes there are orders that can be combined, a notification will appear at the bottom of the page to let you know that eligible orders exist.
To combine orders, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
Select the orders that you want to combine.
Orders can only be combined if they have the same Ticker, Action, and Broker.
Only orders that have not been submitted can be combined.
In the More Actions list, click Combine Orders and then click Continue.
Select the orders that you want to combine, and then click Combine.
Advisor OMS will combine the orders into a single order that can be submitted or split again in to multiple orders.
Any orders that were not previously part of the same allocation group will now be combined in to a new group.
Once allocation groups are combined, they cannot be reverted back to their original groups. For more information on allocation groups, see Allocation Processes in Advisor OMS.
Once orders are ready to be submitted to the broker for execution, you can submit the orders all at once or individually.
To submit a single order to the broker, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
In the Order Actions column, click Submit.
Click OK to submit the order.
To submit multiple orders to the broker, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
Select the orders you would like to submit to the broker.
In the More Actions list, click Submit Orders and then click Continue. This opens the Submit Orders dialog box.
Click Submit.
Once an order has been submitted, any subsequent changes can be sent to the broker using the Replace function.
To replace an order, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
In the Order Actions column, click Replace.
On the Replace Order dialog, enter the new parameters for the trade.
The original order is to buy 3,474 shares of AAPL as a Market order. However, the order was partially filled, as indicated by the Filled Qty column showing 627 shares were filled.
Using Replace, you can change the order to add a limit price to the remaining quantity of the order.
If the Order Qty entered is the same as the remaining quantity, the updated order will be sent to the broker.
If the Order Qty entered is less than the remaining quantity, the update will be sent for the specified quantity, and a New order will be created for the excess remaining quantity.
Click Submit Replacement.
To cancel an order with the status of Replaced, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
Select the order you'd like to replace.
Choose Cancel Orders in the More Actions list and click Continue.
On the Cancel Orders dialog box, click Submit Cancellation.
If an order is rejected by the broker, you can resubmit it to the broker.
To resubmit an order, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
In the Order Actions column, click Resubmit.
On the Resubmit Order dialog, adjust the order parameters.
When finished, click Resubmit.
To delete an order, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
Select the orders you want to delete.
In the More Actions list, click Delete Orders and then click Continue.
On the confirmation dialog, click OK.
You have the option to manually fill and allocate orders in Advisor OMS. This is useful if you fill an order with a broker outside of the Advisor OMS system because you can still process the order in Advisor OMS.
To manually fill an order, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
Select the orders which you’d like to manually fill.
In the More Actions list, click Manually Fill Orders and then click Continue.
On the Manually Fill Orders dialog box, enter the fill information, including the quantity filled and the average price.
When done, click Fill.
This places the order in New (Manual Fill Pending) status, allowing you to manually fill the order outside of Advisor OMS.
To cancel a manual fill and return an order back to New status, follow these steps:
On the Rebalance & Trade menu, click Advisor OMS.
Select the orders which you’d like to return to New status.
In the More Actions list, click Clear Manual Fill Pending and then click Continue.
On the confirmation dialog, click OK.
