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Trade Terms and Codes
Units of Orders
| Unit | Code | Description |
|---|---|---|
| Dollar-Based Order | D | A dollar-based order is an order in which a buy or sell is made for a specific dollar amount. Execution prices determines the share quantities bought/sold unless the order is a sell all, in which the amount sold is always the current share quantity. |
| Share-Based Order | S | A share-based order is an order in which a buy or sell is made for a specific number of shares. If prices change between the time the order was placed and its actual execution, the amount of money you owe or receive may change except for limit-based orders. |
Folio Weights
| Folio Weights Type | Description |
|---|---|
| Target Weight | See What are target weights and how are they determined? |
| Current Weight | Current weight is the current distribution of positions in the portfolio. This is (current position value) ÷ (total folio value). This weights differ from target weights naturally due to price movement of the positions, or by placing a trade that is not based on target weights such as direct, custom modify, and tax football orders. |
Order Types
| Order Type | Code | Description |
|---|---|---|
| Window Order | W | See What is a window trade? |
| Direct Trade | D | A direct trade is an order that is immediately sent to market. This order type can only be share-based. |
| Dividend Reinvestment Trade | R | A dividend reinvestment trade is a trade made as a reinvestment of a dividend into the security that paid it, in the section of the account the security is held in, instead of holding the dividend in cash. This order type can only be dollar-based. |
| Review, Release Order | V | A review and release order is an order that will be placed only after an investment advisor reviews and approves the order. This order type can only be dollar-based and can only occur with sync subtypes. |
| Paper Trade | P | A paper trade is a simulated trade using fake money/positions within watch or model folios for the purpose of analyzing or tracking changes to a theoretical folio. This order type can only be dollar-based. |
Order Subtypes
| Order Subtype | Code | Description |
|---|---|---|
| Auto Investment | A | An auto investment order is an order that is automatically placed on a certain date of a month based on the settings in the account. This subtype can only be dollar-based. |
| Create New Folio | C | An order to create a new folio. |
| Dividend Reinvestment | D | A dividend reinvestment trade is a trade made as a reinvestment of a dividend into the security that paid it, in the section of the account the security is held in, instead of holding the dividend in cash. This subtype can only be dollar-based. |
| Custom Modify | M | A custom modify order allows a client to directly indicate the amount to buy or sell of each security, and to add securities not currently held. This subtype can be either dollar- or share-based. |
| Cash Substitute Sweep | Q | Paper Cash Trade in FDIC product |
| Rebalance | R | In a rebalance order, our platform buys and sells securities so that the resulting current weights are equal to the folio’s target weights or a model’s current weights. |
| Sync | S | Similar to a rebalance, but only for models. Model target weights are used to determine which securities to buy & sell and in what amounts. This subtype can only be done as dollar-based. |
| Easy Buy/Sell | T | In an easy buy/sell order, the requested buy or sell amount will be spread across this folio?s securities at the current weights as of the time the order was placed. This subtype can be dollar- or share-based. |
| Dollar-Cost Average | V | A dollar-cost average order adds money to each security in the folio at the folio?s target weights or a model?s target weights. This subtype can only be dollar-based. |
| Exchange | X | An exchange order buys and sells as needed to exchange the holdings of the folio for another those of a Ready-To-Go folio. This subtype can only be dollar-based. |
| Cash | Y | Cash Trade in FDIC product |
| Market Order | 1 | Please refer to Market/Limit Order FAQ. |
| Limit Order | 2 | Please refer to Market/Limit Order FAQ. |
| Stop Order | 3 | Please refer to Market/Limit Order FAQ. |
| Stop-Limit Order | 4 | Please refer to Market/Limit Order FAQ. |
Order States
| Order States | Code | Description |
|---|---|---|
| Initial | I | This state indicates the order was created. |
| Executed | E | This state indicates the order has been executed. |
| Cancelled | C | This state indicates the order has been cancelled. See Reasons for Cancellations for more information. |
| Ready for PAS | G | Order is ready for posting to the account. |
| Order Posted | F | Successful completion of the order. |
| Ready for Omnibus | O | Order is validated and ready to be aggregated. |
| Insufficient Funds Error | 2 | This state indicates the order has not been executed because there were insufficient funds available to fulfill the order. |
| Inventory Error | 3 | This state indicates there is not enough quantity of shares to fulfill the order. |
| Limit Exceeded Error | 4 | This state indicates that price movement for a security has surpassed the cancel order limit set for the account. Please refer to What is a cancel order limit? for details. |
Current State Reasons
Normal processing
| Reasons | Code | Description |
|---|---|---|
| Normal Processing | 0 |
Reasons for Cancellations
| Reasons | Code | Description |
|---|---|---|
| REASON_CUSTOMER_CANCEL | 201 | |
| REASON_CUSTOMER_CANCEL_PENDING | 202 | |
| REASON_CUSTOMER_CANCEL_DENIED | 203 | |
| REASON_CUSTOMER_PARTIAL_CANCEL | 204 | |
| REASON_CUSTOMER_PARTIAL_CANCEL_REQUEST | 205 | |
| REASON_OPERATIONS_CANCEL | 206 | |
| REASON_OPERATIONS_CANCEL_PENDING | 207 | |
| REASON_OPERATIONS_CANCEL_DENIED | 208 | |
| REASON_OPERATIONS_PARTIAL_CANCEL | 209 | |
| REASON_OPERATIONS_PARTIAL_CANCEL_REQUEST | 210 | |
| REASON_INCOMPLETE_EXECUTION_ORDER_CANCEL | 211 | |
| REASON_INCOMPLETE_EXECUTION_PARTIAL_FILL | 212 | |
| REASON_MARKET_MAKER_CANCEL | 213 | |
| REASON_MARKET_MAKER_PARTIAL_CANCEL | 255 | |
| REASON_STOCK_NOT_TRADING | 214 | |
| REASON_FILL_FROM_HOUSE | 215 | |
| REASON_HALT_CORP_ACTION | 216 | |
| REASON_USER_RESUBMIT_CANCEL | 217 | |
| REASON_NO_SECURITYORDERS_FOR_OMNIBUSORDER | 218 | |
| REASON_REPLACED_BY_NEW_SYNC | 219 | |
| REASON_CANCEL_REBOOK_PENDING | 220 | |
| REASON_NONSYNC_ORDER_EXISTS | 221 | |
| REASON_REVIEW_RELEASE_CANCEL | 222 | |
| REASON_REVIEW_RELEASE_CANCEL_DENIED | 223 | |
| REASON_CORPACTION_CANCEL | 224 | |
| REASON_MERGED_ORDER_FOR_SYNC | 240 |
Reasons for Reject
| Reasons | Code | Description |
|---|---|---|
| REASON_INVALID_ORDER_REJECT | 225 | |
| REASON_UNKNOWN_REJECT | 226 | |
| REASON_UNKNOWN_SYMBOL_REJECT | 227 | |
| REASON_EXCHANGE_CLOSED_REJECT | 228 | |
| REASON_TOO_LATE_REJECT | 229 | |
| REASON_LIMIT_EXCEEDED_REJECT | 230 | |
| REASON_NO_MARKET_REJECT | 231 | The trade is for a security in which the broker doesn’t make a market. The symbol is known and is not halted, there is just no market. |
| REASON_INVALID_STOP_REJECT | 232 | The buy stop price is below current price or sell stop price is above current price. |
| REASON_CUTOFF_REJECT | 233 | Trading cut-off not met. |
State Reasons for Expire Stop-Limit Order
| Reasons | Code | Description |
|---|---|---|
| REASON_OPERATIONS_EXPIRE | 251 | The order was expired. This only applies for stop, limit, and stop-limit orders that has a “Day” term. |
| REASON_OPERATIONS_EXPIRE_PENDING | 252 | |
| REASON_OPERATIONS_EXPIRE_DENIED | 253 | |
| REASON_OPERATIONS_PARTIAL_EXPIRE | 254 | |
| REASON_OPERATIONS_EXPIRE | 255 |
Please refer to Trade Threshold to learn more about dollar trade threshold. Please refer to Trade Threshold to learn more about percentage trade threshold.
| Reasons | Code | Description |
|---|---|---|
| REASON_MFUND_INIT_MINIMUM_NOT_MET | 301 | Mutual fund minimum order amount requirement for the initial purchase was not met. |
| REASON_MFUND_SUBSEQUENT_MINIMUM_NOT_MET | 302 | Mutual fund minimum order amount requirement for subsequent purchases was not met. |
| REASON_NUISANCE_PERCENT_NOT_MET | 312 | The order amount is less than the percentage trade threshold. |
| REASON_EMPTY_ORDER | 321 | The amount of the order is zero. |
| REASON_SECURITY_NOT_TRADEABLE | 322 | The security is not tradable. |
| REASON_INVALID_SECURITY_FOR_ORDER | 323 | |
| REASON_INVALID_QUOTE_FOR_ORDER | 324 | The quote from market data for a security is invalid. |
Reasons for Trade
| Name | Code | Description |
|---|---|---|
| ADJUSTMENT_TO_GUIDELINES | AG | Adjustment to guidelines. |
| CLIENT_REQUEST | CR | The order was placed by the request of the client. |
| NOT_SPECIFIED | NS | The reason for the order was not specified. |
| RAISE_CASH | RC | The reason for the order is to generate a cash position. |
| STRATEGY_CHANGE | SC | The reason for the order is a change of investment strategy. |
| TAX_LOSS_SELLING | TL | The reason for the order is to realize losses on securities. |
| MODEL_SYNC | MS | The order was placed to synchronize the folio’s current weights to the model’s target weights. |
| ACCOUNT_SYNC | AS | The order was placed within the account to synchronize the folios of the account to the subscribed allocation. |
| ACCOUNT_TEMPLATE_SYNC | AT | The order was placed by the allocation manager to synchronize the account to the target weights of the allocation. |
| AUTO_INVESTMENT | AI | The order was placed by a pre-scheduled auto investment order. |
| AUTO_DIVIDEND_REINVESTMENT | DR | The order was placed to reinvest a cash distribution, such as a dividend. |
| OPERATIONS | OP | |
| OTHER | OT | The order was placed for a reason that was not specified in our categories. |
Instrument Types
| Instrument Type | Code | Description |
|---|---|---|
| American Depositary Receipt | ADR | A certificate issued by a U.S. bank that represents shares of a foreign stock that is traded on a U.S. exchange. |
| Preferred American Depositary Receipt | ADRPFDST | The same as an ADR, but is preferred stock (which gives its shareholders preferential status when compared to common stock). |
| Cash | CASH | Unsettled cash that is present in the account that has not yet been bought into the FDIC.SWEEP vehicle. |
| Collateral | COLLATER | Collateral, as for a loan. Not currently in use. |
| Common Stock | COMSTOCK | The most widely traded type of stock. It is subordinate to preferred stock. |
| Commercial Paper | CP | Commercial Paper. Not currently in use. |
| Convertible Preferred Stock | CVPFDSTK | Preferred stock that includes an option for the convert the preferred shares to common shares—at some fixed rate per preferred share?at some future date. (e.g. 1 share preferred can be converted to 3 shares common after 12/31/2014) |
| Money Fund | MNYFUND | A cash equivalent that is held as an investment. In our system, that would be FDIC.PLUS (held in Non-Folio Holdings) and FDIC.CASH (held in a folio). |
| Exchange-Traded Fund (ETF) | MUTFDETF | An exchange-traded fund (ETF). These are funds that have shares that trade like stocks, and the fund generally holdings investments that allow it to track a certain sector, industry, index, etc. |
| Exchange-Traded Managed Fund | MUTFDETMF | A NextShares exchange-traded managed fund (ETMF). These funds have shares that trade throughout the day at a premium or discount to the next NAV. |
| Closed-End Fund | MUTFUND | A closed-end fund. These are funds that raised money through an IPO. After the IPO, the shares are traded like stocks. They are managed similarly to mutual funds. |
| Mutual Fund | MUTFUNDO | An open-end fund. Unlike a closed-end fund, these mutual funds are still raising money. There are often investment minimums, redemption fees, minimum holding periods, and such. When people talk about mutual funds, they are almost always referring to open-end funds. |
| NACI Held Away | NACIAWAY | Not currently in use. |
| Preferred Stock | PFDSTK | Preferred stock. Owners of these shares get preference in terms of treatment or claim to the assets of the actual company. (A company can have both common stock and preferred stock, and the owners of those different stocks would be treated differently in how they receive dividends/vote proxies/etc.) |
| Protected Note | PROTNOTE | Not currently in use. |
| Real Estate Investment Trust | REIT | A real estate investment trust. It is a fund, essentially, made up of holdings in actual real estate. Public REITs have shares that are traded like stocks. |
| Preferred Real Estate Investment Trust | REITPFD | A preferred shares of a REIT. |
| Rights | RIGHTS | Rights are essentially the indication that this person/shareholder has the “right” to subscribe or purchase additional shares of the stock at a set price that may be different from the current public price. This is usually related to a corporate action for the company. If rights are not exercised, they can expire (in weeks) as worthless. |
| Sweep | SWEEP | The cash or cash equivalent held in the Cash section of the account. We use FDIC.SWEEP as the symbol for this settled cash position. |
| Warrants | WARRANTS | Similar to rights, in that they give the holder the right to purchase a security from the issuer at a specific price, and they also expire, but they are treated as derivatives of the actual stock. Rights are limited to additional shares of stock, though warrants could be applied to debt purchases. Warrants may remain good for a number of years. |
Commissions and Fees
Additional documentation coming soon.
Change Log
07/28/2017
- Updated code for REASON_MERGED_ORDER_FOR_SYNC
07/22/2016
- Updated Order SubTypes table
- Updated Instrument Types table
04/29/2016
- Added Change Log