Overview
Desk-level assets are intended to ensure the accuracy of position data and corresponding disclosure results.
In many customer businesses, the risk of making an incorrect disclosure is exacerbated by business complexity and the timeliness of internal information systems. There is often a need to reconcile the netted "street-level" positions used in rule calculations against underlying "desk-level" positions gathered across trading desks in the customer's business.
Being able to see "desk-level" positions allows users to satisfy themselves that disclosure results are based upon the latest underlying data.
Desk-level assets are specifically relevant to large sell-side businesses that operate tens or even hundreds of trading desks, but they could also be relevant to buy-side clients.
Example Desk-Level User Workflow
The typical workflow for a compliance user is found below.
Loading Desk-Data - I want to load street level data and desk level data so that street level data can be used to highlight disclosures and desk level data can show me which desks have contributed to that disclosure.
Disclosure Alert - I want to receive an alert so that I can I submit a disclosure to the regulator when required.
Review Desk-Level - I want to review desk-level holdings so that I can identify the person I need to speak with to confirm desk holdings in a specific issuer.
Confirm With Trader * - I want to check with the Head of Desks (or other representative) to confirm details of their position & reason for last movement.
Capture Rationale * - I want to capture the reason for movement so I can use it in a filing or for audit.
Manage Disclosure - I want to make a filing or reject the disclosure referencing the data I have gathered so I can uphold my regulatory obligations.
* Process external to FundApps.
Where To Find Desk-Level Assets
Assuming the Desk-Level Assets feature has been enabled (speak with your CSM), the view is available in the Result Details Screen under the Desk-Level Assets tab.
Desk-Level Assets File Format
Desk-level asset data can be loaded by amending the XML positions file.
Desks are defined before the Portfolios section. They define the desk's properties.
DeskAssets are defined in the Asset section. They define the desk-level positions.
All DeskAssets must have a corresponding Desk defined.
Desk Level XML Example can be found here.
FAQ
Q. If we define a "Desk" which is not mentioned in any tags "DeskAsset" is there a problem?
A. It's ok to have defined Desks that are "unused" by DeskAssets, but all DeskAssets need to have an associated Desk.
Q. Do Entities defined in Desks automatically link to the Entities set up in the service, and if not, can they be the same?
A. Currently, we do not derive Entity information at the desk level from elsewhere in the service. They must be defined in Desks, but the EntityId & EntityName can be the same values.