The afs:TRADE system began as fixed-income trading software. Fixed-income coverage includes all types of bonds, notes, CDs, repurchase agreements (repos), bills, commercial paper, mortgage-backed securities. The comprehensive feature set includes multiple call features, put features, variable rate securities, step-up features, odd interest calculations, MBS prepayment models, and the special requirements for money market instruments that are based on issuers, rather than preexisting CUSIPs.

In recent years, we have expanded the list of well-supported instruments to include equities, options, futures, commodities, and foreign exchange forwards. For equity securities, a full set of corporate actions can be processed against outstanding trades and positions. Futures and other contracts can be rolled forward to new dates with “one touch” actions. Large trades involving multiple fills can be allocated in two dimensions to provide fair average pricing across multiple portfolios.

Cash management is also provided. The system maintains positions on both trade date and settlement date basis, including running cash balances. Overnight processing routines keep these balances synchronized with incoming interest payments, maturities, and forward trades.