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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

See What are 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

  1. Updated code for REASON_MERGED_ORDER_FOR_SYNC

07/22/2016

  1. Updated Order SubTypes table
  2. Updated Instrument Types table

04/29/2016

  1. Added Change Log

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