The trading desk can assign a code (i.e., 123G) against any client account as well as a commission code to use. During the order entry the trader can enter in the value 123G in the account field which is passed through the marketplace on the order and fills which are both stored with PositionWatch. When the fills are received, PositionWatch automatically determines the client account (based on the code 123G), commission code to calculate the commission charge, and assigns the coded trailers based on the fill attributes. This effectively automatically tickets the trades eliminating the need for tickets or keypunch. If desired, the allocation information can still be altered after the fact when necessary.

A variable rate commission schedule can be setup (i.e., stocks $0-to-$5.00/share charge $.0025, $5.00-to-$10.00/share charge $.003, $10.00+/share charge $.0035), and assigned to a client or to a specific client account. Other charges such as a minimum and maximum trade charge can also be assigned. This process can avoid having to ticket to the average price inventory and then to the client/cds account which saves 50% of the ticket costs. If PositionWatch has enabled single market compression then the ticket saving can be increased to the 50-80% level. When the trades are booked to the client account the commission is automatically booked into the client side of the backoffice ticket avoiding manually allocating.

Another method for ticketless is to manually type the client name in the account field in the execution order entry platform which will enable PositionWatch to tie the fills back to the order. Trade support will only have to assign the client accounts and commission with the coded trailers automatically populated. Trading applications from ITS have the ability for the trader to select the client, client account, commission type and commission rate at time of order entry which enables PositionWatch to automatically allocate the orders as the fills are received from the markets.