Trade

• Trade Modeling — start here. Derives the four entities from domain observations, sets out the relationships between them, and establishes the correspondence each must keep with ORE's representation, since ORE is the ground truth for what can be priced. Carries the prior art: the ISDA product taxonomy, FpML, the Common Domain Model, the vendor platforms, and ORE.
• Bond Issuance — the security issue at its clearest. What an issuer creates, why a re-opened tranche keeps the line's identifier, and why an issue exists whether or not anyone has traded it.
• Standard Financial Identifiers and Trade Identifiers — the codes that name each level. ISIN, CUSIP and SEDOL name a security issue; UTI and USI name a trade in a form two counterparties share.

Three classifications, all properties of the product type, all independent of one another.

• Asset Classes — which market a product references. Surveys seven external schemes that disagree, and proposes the taxonomy that satisfies them.
• Product Family — what shape of contract it is, independent of its market, so that every option or every swap can be seen across markets.
• Trade Classification — who the firm faces and whether anything actually happened. Two dimensions rather than one flag, because a trade may be internal, test or hypothetical in combinations a boolean cannot express.
• Regulatory Risk Buckets — the aggregation buckets SIMM and FRTB charge against. Examined during the asset class work and set aside, because a bucket carries a framework's parameters rather than describing the domain.

• Trade Lifecycle — the trade status machine: booked, verified, live, expired, cancelled. Amendment appears as a self-transition, because amending a trade does not move it.
• Confirmations — the second status a trade carries, and its own lifecycle. Verification, affirmation and confirmation are three distinct steps, and only the last is binding.
• Operational Authorisation — the Middle Office control that releases a trade into the book, and why it moves no version.
• Operational Authorisation Queue — the Operations screen every trade passes through, its states, and why a denial cannot become an authorisation.
• Trade Activity — the taxonomy of events. Every activity answers three questions at once: does it move a version, does it require a new confirmation, does it change the state.
• Trade Versioning — what a change produces. Two versions, because the audit trail and the commercial record move at different rates.

The two lifecycles are independent, which is the point. A trade is live and carrying risk from the moment it is released into the book, whether or not its terms have been confirmed.

• Market Data Requirements and Resolution — the hub for what a trade needs in order to be valued, and how a logical need resolves to a concrete item.
• The Greeks — the sensitivities a trade carries, each taken with respect to one of those requirements.
• Positions — what a trade becomes once aggregated. A deal is an event and a position is a state, which is why a position has no identity of its own.
• ORE Products by Asset Class — the catalogue, with one page per product type.