An order is an intention to transact, created by or on behalf of an asset owner. An order contains details regarding the transaction: the security the owner wishes to buy or sell, the amount, the price, and the duration of the order. An example order would be a fund manager wishing to buy 100 units of BP stock at the best price currently available.
LUSID orders, complemented by their post-execution equivalent allocations, provide the means to create and update orders in support of any phase of your daily cycle, from order inception to the generation of the next day’s order backlog (leaves), allowing you to track and attribute strategy and intent to your order history.
The order management tab on the website
An order in LUSID requires association with an instrument and portfolio, and further needs a quantity and a side (e.g. “Buy” or “Buy Limit”). User defined ‘properties’ can be associated with orders to extend the entity’s data (e.g. the broker the order is created to instruct, the strategy related to the order), giving you the flexibility to map your own order model into LUSID.
As well as presenting a view of current orders and associated properties, the web application enables manual recording of orders both from the orders management screen, and from transaction and holdings screens.
Using the web application: Creating an order in the Order Management screen
Using the web application: Creating an order in the Transactions or Holdings screens
Once created in LUSID, orders can be blocked and then placed with executing brokers or intermediaries; the relative contribution of an originating order is recorded as a participation. When executions are returned from the broker, an allocation process can distribute them to the appropriate allocations, which can then be converted into transactions as required. The italicised entities are forthcoming in LUSID, the transaction, order and allocation entities exist now.