Trade Blotter

• Search box: Free-text filter across all visible columns and key deal properties. Supports expressions (T-7, T+5) and field prefixes (cpty:HSBC).
• Valuation date/time: Current valuation context; displayed in red if stale or historical.
• NPV of selection: Live aggregated NPV of the current grid selection.
• Action buttons: New, Clone, Amend, Cancel, Reload, Link with keyboard shortcuts.

A hierarchical tree of books and portfolios (Portfolio → Sub-Portfolio → Book). Selecting any node filters the deal grid to deals in that node and its descendants. Multi-select is supported. The book tree also displays Dynamic Books — user-defined virtual groupings based on filter criteria (see Dynamic Books and Filtering).

The central deal list, showing all trades matching the current book tree selection and applied search/filter:

• Sortable by any column; multi-column sort supported.
• Columns configurable per user: show, hide, reorder.
• Multi-row selection for bulk actions (cancel, aggregate).
• Structures collapse to a single header row with a disclosure triangle; expanding shows component legs inline.
• New deals and amendments appear immediately on booking without a manual refresh.

A context-sensitive panel below the grid:

• Deal view: Full deal fields for a single selected trade.
• Structure view: When a structure header row is selected, shows a mini-blotter with all component legs tabbed by product type.

Shows Greeks and P&L measures for the current selection and separately for the full book tree selection. Refreshes on demand or on a user-configurable interval.

Opens a blank deal entry form for the user's choice of product type. On save, the deal appears in the grid immediately and an STP confirmation (where applicable) is dispatched.

Creates a copy of the selected deal, pre-populating the entry form with all fields from the source. The fastest way to book a series of similar trades.

Opens the selected deal in edit mode. On save, the deal version is incremented and the prior version is archived and auditable. Amendment types include:

• Financial amendment (rate, notional, strike, dates, premium)
• Client information update (counterparty, sales person, broker)
• Spot roll (advance value date; recalculate forward points)
• Forward roll back (move value date earlier)
• Convert spot to forward or forward to spot, or either to swap

Credit checks are triggered automatically for changes to counterparty, deal amount, or value date.

Marks the selected deal(s) as cancelled. A cancellation reason is mandatory. The system generates a P&L attribution entry (Category: CANCELLED — see P&L Attribution) and produces any required settlement reversals. Cancelled trades remain visible in a greyed/struck-through state unless explicitly filtered out.

Discards unsaved local changes and reloads from the database. Used when an external amendment has arrived via STP.

Associates two or more trades into a linked group. Use cases:

• Linking an ECN block trade to its client allocations.
• Linking a hedge forward to the option it hedges.
• Linking legs of a multi-deal structure booked separately.

When starting a link from a block trade, eligible counterpart targets are restricted by type (Spot links to Spot/Outright/Swap; Outright to Outright/Spot; Swap to Swap only).

Splits a block trade into multiple child trades across different clients, notionals, or value dates. The user can enter each child manually, apply a saved allocation template, use auto-split, or submit allocations to an ECN via FIX.

Extends the value date of a trade, adjusting forward points to the new date.

Combines multiple selected trades of the same currency pair and value date into a single net position. Validates eligibility for netting before proceeding.

• Overview: All primary economic fields. Default view on open.
• F/O Details: Front-office metadata — broker, STP origin system, OS deal ID, OS counterparty, OS trader account, message ID, Cit code, deal notes.
• Confos / Settlements: Confirmation and settlement status (sent, received, matched), SWIFT details, netting group assignment.
• Deal: Full audit trail — version history with diffs, lifecycle event log, user and timestamp for every change.

Many fields recalculate each other when any one member changes:

• The explicitly keyed field is shown with a distinct highlight (e.g. blue border).
• Derived fields are shown in a secondary colour (e.g. light grey background).
• If input is inconsistent or overdetermined, conflicting fields are highlighted in red and the user is prompted.

Key field groups for options:

• Typing in Strike: delta recalculates. Typing in Delta: strike recalculates.
• Suffix S or F sets spot or forward delta convention (25F = 25 forward delta).
• Typing just S or F toggles the convention; the strike recalculates.
• Double-clicking the delta field opens a combo selector.
• Special strike shortcuts: A (ATM DNS), F (ATM Forward), S (ATM Spot).
• Press R to display the reciprocal of the current strike.
• Call/Put defaults to the OTM option for the given strike; press C or P to override.

For Interest Rate Swaps, the form expands to a two-column leg comparison layout with fields for currency, pay/receive, fixed/float, fixing source, fix time, start date, maturity, delivery, coupon/rate, notional, pay period, yield basis, and payment convention.

┌────────────────────────────────────────────────────────────────┐
│  Filter Name: [  All HSBC NDF Fixings Tomorrow  ]              │
├────────────────────┬───────────────────┬───────────────────────┤
│  Property          │ Operator          │ Value                 │
├────────────────────┼───────────────────┼───────────────────────┤
│  Counterparty      │ =                 │ HSBC                  │
│  Product Type      │ =                 │ NDF                   │
│  Fixing Date       │ =                 │ T+1                   │
│  Status            │ =                 │ Live                  │
└────────────────────┴───────────────────┴───────────────────────┘

• Properties: any deal column.
• Operators: =, ≠, <, >, ≤, ≥, in, not in, contains.
• Values: literals, date expressions (T, T±n, named tenors), multi-select.

Saved Dynamic Books appear in the book tree and behave like real books. Free-text toolbar search and Dynamic Books are composable (both apply simultaneously).

At each option cut time (NY 10:00, Tokyo 15:00, ECB), a set of options reaches expiry. For each, one of four actions must be taken: Exercise (in the money), Expire (out of the money), Fix (NDF options: the underlying NDF requires fixing), or Leave (defer).

┌───────────────────────────────────────────────────────────────────┐
│  CUT DETAILS                                                      │
│  Expiry Date: [ 2026-03-31  ]   Cut: [ NY 10:00  ]                │
│  Ccy Pair:    [ EUR/USD  ]  (All pairs / specific pair)           │
│                                                                   │
│  STRIKE TOLERANCE  (highlight deals within this distance of spot) │
│  ( ) Percentage    (•) Pips    [ 5 ]                              │
│                                                                   │
│  SPOTS  (load on demand — do not auto-refresh)                    │
│  ┌──────────┬────────────┐                                        │
│  │ EUR/USD  │  1.0823    │  ← red border when stale               │
│  └──────────┴────────────┘                                        │
└───────────────────────────────────────────────────────────────────┘

Spots are loaded at session start or on user demand and are deliberately not auto-refreshed so that deals do not change status while the operator is mid-process. A last-chance staleness check is performed before final submission.

A visual timeline shows which cuts have been processed and which are outstanding:

●──────────────●──────────────○──────────────○
NY 10:00 ✓     Tokyo 15:00 ✓  ECB ✗          NY Close ✗

┌──────────┬──────┬───────────┬─────────┬────────────┬────────┬────────────────┬─────────┐
│ Ccy Pair │ Book │ Cpty      │ Product │ Buy/Sell   │ Strike │ Expiry Status  │ Action  │
├──────────┼──────┼───────────┼─────────┼────────────┼────────┼────────────────┼─────────┤
│ EUR/USD  │ FX1  │ Barclays  │ VanCall │ Buy 5M EUR │ 1.0900 │ Leave          │ [x]     │
│ EUR/USD  │ FX1  │ HSBC      │ VanPut  │ Sell 2M EUR│ 1.0750 │                │ Expire  │
└──────────┴──────┴───────────┴─────────┴────────────┴────────┴────────────────┴─────────┘
     ↑ blue rows are within strike tolerance

The Action column is a per-row dropdown: Exercise / Expire / Fix / Leave. Deals can be multi-selected for bulk action assignment. Interbank counterparties are visually distinguished.

An alternative to the flat view where deals are grouped into four panes: Leave | Exercise | Expire | Fix. The user drags deals between panes or uses the action dropdown. Preferred when many deals are near spot; flat view is better for large deal counts.

Non-Deliverable Options require:

1. Exercise the NDO → system generates an NDF.
2. User reloads the deal list (the new NDF now appears).
3. Fix the NDF.

The NDF fixing date is shown alongside the NDO; it is normally today but can differ due to holiday calendars (see Time Structures and Tenors).

Every action taken in the session is recorded in an in-session action log. Users can view the log and undo any action or all actions (unexpiry, unfixing, exercise reversal).

│ [ List Actions ]   [ Undo Selected ]   [ Undo All ]          │

Six operations are supported (all require the published fixing time to have passed):

1. Authorise a published fixing: Reuters rate has arrived; operator confirms and authorises.
2. Authorise an Ops-keyed fixing: Operator has manually entered a rate and authorises it.
3. Authorise an FO-keyed fixing: FO has keyed a rate; Ops verifies and authorises.
4. Overkey an FO fixing and authorise: Ops disagrees, enters a different value, and authorises that.
5. Overkey a published fixing and authorise: Ops substitutes a manual value for the Reuters rate.
6. Unauthorise and re-authorise: Reverts an authorised fixing for correction.

┌────────────────┬────────────────┬──────────────────┬────────┬─────┬─────────────┐
│ Fixing Source  │ NY Fix Date    │ Local Fix Date   │ Asset  │ Src │ Fix Value   │
├────────────────┼────────────────┼──────────────────┼────────┼─────┼─────────────┤
│ ECB EUR fix    │ 2026-03-31     │ 2026-03-31 13:00 │ EUR    │ Pub │ 1.0823      │
│ USD LIBOR 3M   │ 2026-03-31     │ 2026-03-31 11:00 │ USD    │ Key │ 4.8200      │
└────────────────┴────────────────┴──────────────────┴────────┴─────┴─────────────┘
│ Reuters Rate │ Fix T-1 │ Spot/Proj Rate │ Status    │ Origin    │ Published │
│ 1.0823       │ 1.0801  │ 1.0819         │ Official  │ Published │ ✓         │
│ —            │ 4.7950  │ 4.8150         │ Unofficial│ FO Keyed  │           │
└──────────────┴─────────┴────────────────┴───────────┴───────────┴───────────┘

• Fixings Audit Report: Every fixing entered, authorised, overkeyed, or unauthorised — by whom, what value, and when.
• Missing Fixings Report: Fixings required by the deal book but not yet authorised by a configurable cutoff time; used as a morning checklist.

American-style barriers (knock-ins, knock-outs) trigger the moment spot touches or crosses the barrier level, at any time during market hours. A large book can have hundreds of active barriers; the screen must surface the critical ones — those close to current spot — without burying them in noise.

The screen uses a two-pane master-detail design:

• Top pane (master): One row per distinct barrier level — level, cut, distance from current spot, and count of deals at that level.
• Bottom pane (detail): When a top-pane row is selected, individual deals at that level; each deal can be ticked or unticked for the trigger action.

┌──────────────────┬──────────┬─────────────────────────┬────────┬─────────┐
│ Barrier Level    │ CUT      │ % Away from Spot        │ Deals  │ Select  │
├──────────────────┼──────────┼─────────────────────────┼────────┼─────────┤
│ 1.0750  DnOut    │ NY       │ ████░░░░░░  1.0%        │ 3      │ [x]     │
│ 1.0900  UpOut    │ NY       │ ░░░░████░░  1.5%        │ 1      │ [ ]       │
│ 1.0500  DnIn     │ Tokyo    │ ░░░░░░░░██  2.8%        │ 2      │ [ ]       │
└──────────────────┴──────────┴─────────────────────────┴────────┴─────────┘

When individual deals are deselected in the bottom pane, the top-pane tick box for that level is greyed out, preventing accidental bulk triggers of an incomplete set.

• Multiple operators may run the barrier screen simultaneously; the system must implement locking at the trigger level to prevent double-triggering.
• Interbank trades are flagged because triggering them requires a Reuters confirmation call to the counterparty.
• Late trigger: If a barrier was breached while the screen was unmonitored (e.g. overnight), the operator can trigger it after the fact with a timestamp reflecting the actual breach time.

┌───────────────────────────────────────────────────────────────────────────┐
│  SPOT BUCKETS    Number: [ 10  ]   Size: [ 0.0131 ]                       │
│  DATE BUCKETS    Days: [ 14 ]  Weeks: [ 5 ]  Months: [ 10 ]  Years: [ 4 ] │
│  Ccy Pair:       [ EUR/USD  ]    Display Ccy: [ EUR  ]                    │
│  Include Reserves: [x]                                                    │
│  Display Mode:   ( ) Notional   (x) Theoretical Value                     │
│  Population:     ( ) American   ( ) European   (•) Both                   │
└───────────────────────────────────────────────────────────────────────────┘

American and European spikes are displayed separately: American barriers trigger at any time; European barriers trigger only at expiry.

┌────────┬────────┬─────────────┬──────────────────┬───┬────────────────┬──────────┐
│ Books  │ Date   │ ≤ 1.0550    │ 1.0550 – 1.0600  │ … │  Spot (1.0823) │ ≥ 1.1200 │
├────────┼────────┼─────────────┼──────────────────┼───┼────────────────┼──────────┤
│ [x] A  │ Apr-26 │             │  12.5M           │   │                │          │
│ [x] A  │ May-26 │  8.0M       │                  │   │                │  4.0M    │
└────────┴────────┴─────────────┴──────────────────┴───┴────────────────┴──────────┘
     ↑ yellow/red for warnings (e.g. forward-starting barrier in wrong date bucket)

• The column centred on current spot is highlighted.
• Clicking a cell drills down to the contributing deals.
• Each cell shows spike TV (theoretical value) and TV% (TV as percentage of notional).
• Cells turn yellow (warning) or red (error) for anomalies.