OpenIM The Open Investment Model

SD-06.1 — Order Management

Business Domain: BD-06 Trading & Execution (Front office) · Applies: PUB

Purpose

Receives the trade decision from portfolio management, validates it, and manages it through the desk — the order-management capability. Order Management is the front of the trade chain: it turns an investment decision into a compliant, enriched, routed order, and keeps the order book of record as the order works. It is the order-management-system capability; the execution that follows is SD-06.2.

Service Operations

  • Capture and stage the order — receive the order or order list from BD-05 Portfolio Management and stage it on the desk.
  • Gate the order through pre-trade compliance — submit the candidate order synchronously to the SD-10.1 pre-trade compliance engine and act on the decision: release on pass, block on fail, route to override on requires-override. Pre-trade compliance checks are run by SD-10.1’s engine; SD-06.1 consumes the result synchronously at order entry.
  • Enrich the order — add the settlement instructions, the account and fund codes, and any broker restrictions.
  • Aggregate orders into blocks — combine same-side orders across accounts into a block for execution.
  • Make the routing decision — route the order to the high-touch desk, to an algorithm, to a request-for-quote platform, or to a voice desk, by the mode the order needs.
  • Split blocks into child orders — break a block into the child orders and waves it executes through.
  • Track order status — maintain the order book of record, capture fills, and handle amendments and cancellations.

Inputs and outputs

  • Inputs: the trade list from BD-05; the mandate and compliance rules; account and fund reference data; restricted lists.
  • Outputs: a validated, compliant, routed order and its child orders — consumed by SD-06.2 Trade Execution — and the order book of record, consumed by SD-06.5 and BD-12.

Entities

  • Consumes: Instrument / Asset (E-02), Portfolio / Mandate (E-03), Legal Entity (E-01).
  • Owns: PB-03 Order — the public-markets trade-lifecycle pack’s Order entity. SD-06.1 is its authoritative source

Standards

  • The FIX protocol for order messaging; MiFID II order-handling and record-keeping rules; the firm’s trade policy document. Pre-trade compliance is run by SD-10.1’s engine against the SD-10.2 coded restriction library; SD-06.1 consumes the decision.

Open extensions

  • The routing decision spans all three execution modes — algorithmic, request-for-quote and voice — equally; no mode is the default.
  • The boundary with SD-10.1 — pre-trade compliance checks are run by SD-10.1’s engine; SD-06.1 consumes the result synchronously at order entry.

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