Executing trades within your custodian’s order management system can be labor intensive and confusing. With Connected Trading, the manual tasks of importing trade files, checking tens or hundreds of boxes to create block trades, and babysitting orders in preparation for submitting allocations are automated away.
Note: Once connected trading has been enabled in your account, you’ll also need to activate your client's account, chose a target holding, and navigate to the Trading Dashboard before executing a Connected Trade. If you're new to Autopilot or would like a refresher on Autopilot Trading, we recommend that you first complete the Getting Started with Autopilot Riskalyze Academy lessons. These bite-sized lessons will help to bring you up to speed and get you ready to tackle connected trading in no time and will walk through our connected trading configuration steps.
In This Article:
Processing Trades with Connected Trading
After setting up the necessary trades, navigate to the Trading Dashboard:
1. Click “Process Approved Trades”
2. Double-check the total trades and dollar amounts, if all looks good, click “Execute Trades.”
3. And you’re done! Trades will be executed in real-time. When trades are complete you'll see the Trading is complete! status banner below. If you've navigated to other parts of Riskalyze while trades are being executed, you'll see a notification pop into the top right of your page once trades have been completed. Finally, whether you stay on the trading screen, navigate to another page in Riskalyze, or leave for a client meeting, you'll always receive an email notification informing you the trades have been executed.
When trades are finished, you can view the execution details by clicking “Open” on any client account, or block trade. Equity/ETF trades will reveal the actual price Autopilot received on the execution. Mutual funds will show “pending price” as autopilot waits for the end of day prices to post.
Unable to Execute Orders
In the course of trading, you may encounter a situation where Riskalyze is unable to execute an order with your custodian. Should this occur, you’ll see one of two notification icons next to the failed trade. If a trade shows the circle exclamation point icon, this typically means one of the following situations is happening:
- The trade order may have encountered a connectivity hiccup with the custodian. Should you encounter this situation, please contact our Trading Specialists by calling our trading line or emailing [email protected] to troubleshoot the situation and help resubmit these orders if possible.
- Your custodian chose not to fill the order through a block trade, most likely because a client account is not eligible for trading. If this happens, please contact your custodian AND Riskalyze as authorizing trading eligibility requires custodian intervention.
- A mutual fund may have been rejected. If this happens, please contact your custodian AND Riskalyze, as your custodian will know why the order was not filled.
If a trade shows the overlapping square icon it means that a block trade either did not fill due to a technical issue, or because the block trade was partially filled and cannot be allocated. If you encounter this situation, please contact the trading line or email [email protected] and we’ll work on resolving the situation.
If a block trade was partially filled, and cannot be allocated please contact your custodian and Riskalyze. When a block trade finishes with a partial fill, you have 24 hours to allocate the shares without penalty by your custodian. The easiest way to allocate these shares is to ask your custodian to allocate pro-rata or call in a subsequent block order to fill the remaining shares.
Clicking on either of these icons will reveal a modal with more information about what happened and provide two options to resolve the situation:
- Mark as resolved, and proceed with remaining trades. When a trade cannot be filled, any subsequent trades waiting to send will be paused. Clicking this option will restart the process and continue trading the remaining orders for an account. This option should only be used if you’ve been able to push through an errored trade with the help of your custodian or Riskalyze outside of connected trading. Using this option on a failed sell order may result in placing subsequent buy orders without sufficient cash to cover.
- Mark as resolved and cancel remaining trades. When a trade cannot be filled for an account and you don’t have time to resolve the issue, or you’d prefer to try again later, you can simply cancel all outstanding orders for an account.