When you click "Process Approved" from the Trading Dashboard, Trading generates an executable file for you to upload into NetX360. Before executing your first set of trades, re-familiarize yourself with block trading by reading our article What is Block Trading?.
Uploading the Block File to NetX360
To place block trades, you'll need to obtain your average price account number from Pershing. You can do this by calling or emailing Pershing's trading support team. Enter your average price account number into Trading when generating your first trade file.
Trading creates two trade files: "Pershing Blocks" and "Pershing Allocations". The Pershing Blocks files contain mutual fund trades, single orders, and block orders. The Pershing Allocations file contains secondary information for the blocks, whenever you are placing trades for the same securities in multiple accounts.
Follow these instructions to upload and send the trades generated by Trading:
1. Login to NetX360 and click Menu > Trading > Service&Operations > Other > Choose Equity or MF upload.
2. Click “Import Trades” found towards the top of the screen to upload your ETF/stock or mutual fund orders to their respective upload destination.
3. Select the "Pershing Blocks" file as the file to import.
4. Review the imported orders.
5. When you’re ready to execute the trades, click “Submit Orders” at the bottom of the screen.
NetX360 will show any warnings related to these orders after you click Submit. You can either ignore these warnings and choose to process your trades, or contact Pershing for further clarity on any impacts these warnings may have on your client accounts.
If you only had mutual fund trades, or if you are only trading in a single account: You're all done!
If you have an Allocations file to send as well, continue with the steps below. You must submit your allocation orders after your block orders are sent, and before the market closes.
Uploading the Allocations File to NetX360
Allocation orders must be sent after the block orders, and before the market closes. Review your submitted stock and ETF orders to get Trade Date, Settlement Date, and Execution Price before proceeding. Pershing requires Advisors to populate Trade Date, Settlement Date, and Execution Price information on the block file prior to upload. Remember, mutual funds do not get blocked, so you may ignore them for the following steps.
Follow these instructions to upload and submit allocations:
1. Click Menu > Service and Operations > Other > Import Center > Allocation Import
2. Select the "Pershing Allocations" file as the file to import.
3. Click "Submit Orders". If any of this information is missing, Pershing will display an error after submission. Correct any errors and submit them again.
Hooray- you're all done!
Settlement & Sync with Riskalyze
Now that your trades have been submitted, simply wait for them to settle. Pershing may display the new positions in NetX360 as soon as the following day. However, it typically takes T+2 for NetX360 to send the new positions to Riskalyze. You do not have to take any action to see updated positions in your Riskalyze account. Riskalyze automatically updates account positions as soon as they are received from NetX360.