A placement in LUSID represents part of or an entire order block which can be sent to the market, or placed, for execution. Once you have created and blocked an order, and the order passes pre-trade compliance, the order can be placed.
LUSID allows you to create placements in a way that suits you, whether that's sending the placement to an EMS ready for you to select one or more brokers, or having LUSID automatically create a placement directly with a broker for you. Once you have an order block, you can place all of the orders at once, or create multiple smaller placements from the block.
For example, as a Trader, you might have been notified that a Portfolio Manager wants to buy 100 AAPL US equity shares, and another wants to buy 150 AAPL US equity shares. You have created a block for 250 shares which you can now place in the market. There are several ways you can place a blocked order using LUSID:
- Via an Execution Management System (EMS) such as FlexNow, ready for you to select one or more brokers of your choice.
- Directly with a broker.
- Create and place an order externally and receive execution information in LUSID via drop copy.
- Manually, for example if you place your blocked order over the phone with a broker and record it in LUSID for auditing or compliance purposes.
You can also control how long a placement should remain effective for, whether that's until market close, until a certain date, or only for immediate fill.