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AWS Review > Front To Back Equity Cash Morgan Stanley > Flashcards

Front To Back Equity Cash Morgan Stanley Flashcards

1
Q

Who are the clients morgan stanley provides equity services to

A

large sophisticated institutional clients like mutual funds, hedge funds, asset managers, governments, pension funds who wish to trade in equity cash products

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2
Q

How the orders are received

A

by phone, email or electronically

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3
Q

Where the self-trading clients submit orders to

A

MSET - Morgan Stanley Electronic Infrastructure that has access to exchange

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4
Q

MSET

A

Provides direct access to the Exchange

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5
Q

DMA

A

Direct Market Access

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6
Q

What are the important factors in Electronic Trading System

A

Reliability and Speed

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7
Q

Sales

A

Client focussed

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8
Q

Trading

A

Exchange focussed

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9
Q

what are the three types of trading clients

A

Block clients, Program trading clients and Self trading clients

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10
Q

What’s FIX

A

Financial Information eXchange is an industry wide standard protocol to communicate orders electronically

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11
Q

BAR

A

Border Access Router receives the order from the client and sends it to Razer.

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12
Q

What’s BAR

A

It’s a gateway for clients to directly perform exchange and algorithmic trading using MSET

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13
Q

OMW sales

A

Manual Global Order Management system for cash equities

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14
Q

What is SORT and where it receives the order from

A

SORT is Smart Order Routing Technology and it receives the order from Razer

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15
Q

Provides high speed access to markets where the particular stock is traded in order to provide cost effective way of executing an order

A

SORT

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16
Q

A large order is generally

A

sliced into different small orders and each of which is sent to different exchange

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17
Q

Process of determining the most cost effective way of executing an order

A

Best Execution

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18
Q

Individual orders (in the form of messages) sent to exchange

A

Execution Order

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19
Q

Once the buy order is matched with the sell order, the exchange returns an acknowledgement that the order has been completed

A

Execution

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20
Q

Where the orders that completed execution sent down to

A

Booker

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21
Q

System that captures trade information and sends execution for allocation and processing

A

Booker

22
Q

Which System does Booker send the executions for Allocation?

A

Vista

23
Q

Which System does Booker send the executions for Enrichment and further Processing

A

Trades Completion

24
Q

Global multi asset class trades allocation system

A

VISTA

25
Q

Process of taking total filled quantity against all of the client order and allocating it to each of the client’s accounts

A

Trades Allocation

26
Q

Process of adding information about a trade - such as taxes, fees and commissions - required to calculate the final money to be paid on Settlement Date

A

Enrichment

27
Q

Client Notice

A

Generated by VISTA as part of confirmation and allocation process

28
Q

Client Report

A

An EOD client report is generated from ETSDB and sent to the client via email

29
Q

Process where by a confirm notice is sent to the client about the order and that the order is filled

A

Confirmation and Allocation

30
Q

ETSDB

A

Equities Trade System Database

31
Q

NOEs

A

Notice of execution generated by Vista as part of confirmation and allocation process

32
Q

System that enriches the trades with additional details such as Taxes, Fees, commissions

A

TC - Trades Completion

33
Q

Act as a control points by funneling the trades from the front office, validating and enriching them before passing on to the downstream system

A

Trades Completion, Tripod, Big Mac

34
Q

Date on which the trade is settled

A

Settlement date

35
Q

Trade processing error or data error is called

A

Breaks

36
Q

Where does TC publishes the trade to after the enrichment

A

Flexible Confirms (FC3)

37
Q

The process of netting multiple trades in a given stock within each account in order to reduce the workload fo downstream applications

A

Aggregation

38
Q

Where do the trades go to after Aggregation

A

Morgan Stanley Mainframe system called TAPS

39
Q

System that sends the confirmation message with details of a transaction to the client

A

Flexible Confirms

40
Q

Affirmation

A

The client returns an Affirmation to Morgan Stanley acknowledging the transaction

41
Q

Reconciliation

A

Prior to Clearance and Settlement, a variety of internal and external trade reconciliation is performed

42
Q

Process of calculating what market participants owe each other usually on a net basis for the exchange of securities and money on the settlement date

A

Clearance

43
Q

Who is the US cleanring house

A

NSCC

44
Q

NSCC

A

National Securities Clearing Corporation

45
Q

What does the Clearing House do?

A

Takes all the buys and all the sells, nets them out and guarantees their settlement

46
Q

Final exchange of value between counterparties to a trade

A

Settlement

47
Q

What happens on Settlement Date

A

Share of the stock are delivered to the custodian of the client via DTCC

48
Q

What’s the settlement date for cash equities

A

T+3

49
Q

Custodian Job

A

Takes delivery of the Client’s shares of stock and deposits cash in to Morgan Stanley’s bank account

50
Q

DTCC

A

Depository - Sends a notice of settlement to Morgan Stanley SAFE system to verify that the trade has completed

51
Q

SAFE

A

A morgan Stanley’s in-house settlement system, SAFE ensures that the contract agreed between the two trading parties actually gets fulfilled

52
Q

Depository

A

Place where trades are settled

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