FO-04 — Dealing Order

A subscription, redemption, transfer or switch instruction submitted by or on behalf of an investor in an open-ended fund — the event at which the investor register moves.

Specialises: E-05 Transaction. A dealing order is an investment event: it changes an investor’s units held (FO-03) and results in cash flows (E-06). FO-04 adds the fund-operations structure — the dealing-specific attributes (order type, cut-off, struck NAV, units and amount at the class grain) and the ISO 20022 setr family grain. It is the open-ended-fund analogue of PB-03 Order in the public-markets pack — the order at the transfer agent’s dealing window, not on an exchange order book.

Purpose

Every movement on the open-ended fund investor register begins with a dealing order: a subscription creates new units, a redemption cancels them, a switch moves units from one class to another, a transfer moves units between investors. FO-04 is the authoritative record of that event — the instruction, the accepted order type, the dealing cut-off it was submitted against, the NAV per unit at which it was struck, the units issued or cancelled, and the cash settled.

Without FO-04, the audit trail “on what basis were units created, cancelled or transferred, and at what price?” is unanswerable. FO-04 is the immutable event record of the dealing window; FO-03 Investor Unitholding is the register state it leaves behind.

FO-04 is distinct from:

PB-03 Order — the securities-market order on an exchange order book (listed instrument, broker-routed, matching). FO-04 is a direct dealing instruction to the transfer agent at a forward NAV price; there is no exchange intermediary.
PM-07 Capital Call / PM-08 Distribution — the capital drawdown and return events of a closed-end fund. Those are commitment-based events (PM-06 LP Commitment anchors the relationship); FO-04 is a voluntary investor instruction in an open-ended dealing window.
E-05 Transaction at the trade type — a market trade in a listed instrument executed via a broker. FO-04 is at transaction_type = subscription / redemption / transfer / switch, the fund-dealing grain, not the brokered-market grain.

Attribute schema

Identity and relationship

Column	Type	Definition
`order_id`	varchar	Golden key. The OpenIM-assigned canonical identifier for this dealing order.
`share_class_id`	varchar (FK → FO-02)	The share or unit class the order is against — the class the investor is subscribing to, redeeming from, switching into, or switching out of.
`investor_entity_id`	varchar (FK → E-01)	The investor — a Legal Entity in the unitholder role — submitting the order.
`unitholding_id`	varchar (FK → FO-03)	The investor’s unitholding record in the class, updated when the order settles.

Order classification

Column	Type	Definition
`order_type`	varchar	`subscription` (investor buys into the class) / `redemption` (investor sells out of the class) / `transfer` (units move to a different investor in the same class) / `switch` (investor moves between classes — the outgoing leg is a redemption; the incoming leg a subscription, captured as a paired order).

Dealing mechanics

Column	Type	Definition
`deal_date`	date	The date the order was accepted for dealing — the dealing date against which the cut-off applies.
`cut_off`	timestamp	The dealing cut-off time and date for the relevant dealing cycle of the class (from FO-02 via FO-01’s `dealing_cut_off`). Orders received after cut-off are deferred to the next dealing cycle.
`valuation_date`	date	The date the NAV per unit used to price this order is struck (typically one business day after deal date for a T+1 fund, same day for a same-day fund).
`struck_nav_per_unit`	decimal	The official NAV per unit at which the order was executed — the class-grain E-07 Valuation record (`unit_class_id = share_class_id`, `method = manager_mark`) struck by SD-12.9 for the valuation date. This is the price of record; it governs the units / amount relationship.
`units`	decimal	The number of units issued (subscription, switch-in, transfer-in — positive) or cancelled (redemption, switch-out, transfer-out — negative). Signed by direction.
`amount`	decimal	The gross cash amount of the order in `class_currency`. For a subscription: `amount = units × struck_nav_per_unit` adjusted for any dilution levy or swing-pricing adjustment. For a redemption: the cash returned to the investor before any early-redemption fee.
`class_currency`	char(3)	The dealing currency of the order, derived from `FO-02.class_currency`.

Settlement

Column	Type	Definition
`settlement_date`	date	The date cash and units are settled — the dealing cycle’s settlement basis (e.g. T+3 for subscription cash; same day for unit issuance in some structures).
`status`	varchar	`received` / `accepted` / `priced` / `settled` / `cancelled`. The operational status of the order through the dealing lifecycle.

Anti-dilution controls

Column	Type	Definition
`dilution_adjustment`	decimal	The dilution levy or swing-pricing adjustment applied to the order, in `class_currency`. Null where no adjustment applies. Positive for a subscription (the subscribing investor bears the dealing cost); negative for a redemption (the redeeming investor bears it). This is the anti-dilution amount from FO-01’s `swing_pricing` or `anti_dilution_levy` policy, applied at the order level.

Notes

FO-04 is an immutable event. A dealing order that settled is a fact; corrections are new records (a reversal order paired with a correcting order), not edits. This is the E-05 immutability principle applied at the fund-dealing grain.
ISO 20022 setr family. The ISO 20022 Securities Trade (setr) message family — specifically setr.010, setr.012, setr.014, setr.016 (subscription/redemption order and confirmation) — is the standard wire format for fund-dealing messages. FO-04’s attribute schema is the semantic model behind the setr grain; the order_id is the OpenIM golden key, and the setr reference is held in E-13 / E-14 following the identifier-canonicality principle.
Switch orders are paired. A class switch is two legs: an outgoing switch_out redemption from Class A and an incoming switch_in subscription to Class B, priced at the respective class NAVs. Both carry the same investor and a cross-reference linking them as a switch pair. The pairing is an open extension in the attribute schema — the two legs are each a separate FO-04 record at the current model grain.
Struck NAV is a reference to E-07, not a duplicate. The struck_nav_per_unit field carries the NAV at which the order priced, for audit and completeness on the dealing record. The authoritative, provenance-bearing figure of record is the class-grain E-07 Valuation owned by SD-12.9. struck_nav_per_unit is a declared read-cache on the order, derivable from E-07 at the same (unit_class_id, valuation_date).
asset_class is not on FO-04 directly. The asset class of the dealing order follows from FO-02 → FO-01 → asset_class int (FK → E-09). FO-04 does not carry a redundant FK; the class context is the FO-02 reference.

Out of scope

The order book mechanics of an exchange — FO-04 is a transfer-agent dealing window, not a market order book. Matching and execution are not relevant here; the NAV is struck after cut-off for all accepted orders at the same price.
The investor-client relationship context — that is BD-15; FO-04 is the back-office operational event, not the client-facing instruction management.
The capital-call and distribution mechanics of a closed-end fund commitment — those are PM-07 Capital Call and PM-08 Distribution, anchored by PM-06 LP Commitment.
The fund distribution / income payment to unitholders — that is FO-05 Fund Distribution Event owned by SD-12.7; FO-04 is the dealing event (unit creation / cancellation), not the income-payment event.

Owned and consumed by

Owned by: SD-12.15 Transfer Agency & Investor Dealing — the transfer agency accepts, prices and settles dealing orders; SD-12.15 is the system of record for the dealing window and the order lifecycle.
Consumed by: SD-12.1 Investment Book of Record (IBOR) (the cash and position effects of settled orders enter the book of record); SD-12.2 Accounting Book of Record (ABOR) (the accounting-basis position and cash effects); SD-12.9 Fund Accounting & NAV (units in issue update from settled subscriptions and redemptions; the struck NAV per unit on FO-04 cross-references the E-07 record SD-12.9 owns); SD-12.10 Reconciliation (dealing-cash reconciliation between the transfer agent and the fund’s bank account); SD-14.3 Financial Crime Prevention (investor-flow monitoring — subscription and redemption patterns).

FIBO alignment

Partial — structural alignment at the instrument/investor level; dealing-mechanics layer is OpenIM.

FIBO’s collective-investment-vehicle framework — dealing orders (subscriptions and redemptions in a fund) align at the conceptual level to FIBO’s fund-unit transaction concepts. FIBO does not define fund-order classes (FundSubscriptionOrder, FundRedemptionOrder) in its published ontology; the operative standard at the dealing-message grain is ISO 20022 setr, which FIBO’s framework is complementary to.
ISO 20022 setr — the operative standard for the transfer-agency dealing message exchange. FO-04 is the semantic model at the setr grain.

What FIBO does not model, and what FO-04 adds:

The dealing-cycle cut-off mechanics — the cut_off timestamp, the valuation_date derivation, and the forward-pricing discipline (orders placed against a future, not a current, NAV).
The anti-dilution adjustment — the dilution levy and swing-pricing adjustment applied at the individual order level from the fund’s anti-dilution policy (FO-01 swing_pricing).
The switch-leg pairing — the outgoing and incoming legs of a class switch as a linked pair of FO-04 records.

Open extensions

Switch-leg cross-reference — a pair-reference field linking the outgoing and incoming FO-04 legs of a class switch.
In-specie subscription and redemption — the transfer of securities (rather than cash) into or out of a fund at a dealt NAV; used in ETF authorised-participant create/redeem and some institutional in-specie mandates.
The large-deal and dealing-suspension controls sub-model — the governance inputs that gate an order from acceptance when it exceeds a threshold or when the fund’s gates are in effect (FO-01 redemption_gate).