Overview
FundApps’ Shareholding Pre-Trade Capability is designed for front-office and compliance teams and works in conjunction with FundApps’ end-of-day service to determine how much trading capacity remains before a disclosure threshold is crossed. It is available via an intuitive user interface (UI) and in a structured format via API.
It is important to note that Pre-Trade Checks do not affect the user’s end-of-day positions; the results generated by the end-of-day positions file upload remain completely unaffected by any order checks performed via the API or the UI.
Accessing via the User Interface
The Pre-Trade UI allows clients to perform order checks right in the FundApps platform, checking against existing positions from the latest positions file upload. For new position checks, clients can either manually input the relevant market data or use a data integration with a third-party provider.
Once a check is submitted, the users will see their results in the UI, highlighting whether a single simulated order will exceed an SD threshold based on the positions provided in the end-of-day positions file (in the context of our Pre-Trade service referred to as “baseline”).
Accessing via API
The Pre-Trade API service works using a JSON/XML payload (a simplified version of the XML positions file) and a request message sent by the user to a RESTful API endpoint. The user then receives a JSON response message containing the check's result. Orders are aggregated with the user’s existing holdings, which are provided to FundApps in the end-of-day positions file, or “baseline”.
Pre-trade checks sent via API will be considered against the last completed baseline alongside any other previous orders already applied to that baseline.
All specifications concerning the FundApps Pre-Trade API can be found on our techdocs page here.
FAQ
Q: What is the rule coverage?
A: All rules that are currently covered by the Pre-Trade UI and API services can be found on the FundApps docs page here.
Q: What are the differences between the SD Pre-Trade UI and API services?
A: The main differences between the two flavours of our SD Pre-Trade service are:
The UI service currently covers Equities and ADRs, while the API service can ingest any asset class relevant to the Shareholding Disclosure service (more information on the supported asset classes can be found here).
The UI service currently allows for “What-if” scenario checks, meaning that order checks are only run against the baseline value, and previous order checks are not retained. The API service, on the other hand, will consider order checks against the last completed baseline alongside any other previous orders already applied to that most recent baseline.
The UI service offers the option to enrich instrument data for new positions via an integration with third-party data providers, while the API service requires all relevant instrument properties to be included in the API request to decrease latency.
Q: What is the latency of the Pre-Trade API?
A: For equity checks, 90% of API responses will have a latency of less than 1 second, while the latency can be higher for multi-level derivatives on indices or structured products with multiple constituents.