Equity and Fixed Income Traders need tools that allow them to accept orders across all the wealth managers in the firm, block them together, and route them to one of numerous brokers based on commission arrangements. The APCO System is designed to handle this institutional workflow.

The APCO System tracks all of the partial fills provided by the brokers and maps them back to the underlying block allocations on a weighted basis. Throughout the day the system uploads the executed trades along with all the granular settlement data to each of the account custodians involved. The system also carries any partial fills forward to the next day so the open shares can be sent out as a new order.


  • Equity blocks can be routed electronically via FIX (Financial Information Exchange). If the block order contains multiple custodians, the settlement details are maintained by the system and sent electronically to each external custodian. External account numbers can also be mapped to the trades to facilitate the DTC affirmation process..
  • Small single equity orders can be pre-routed to a broker via FIX to avoid cluttering the trader's workbench.
  • Fixed income block purchases are sent to the trader as "pseudo cusips". The trader works the orders via the phone with broker/dealers -- especially for "when-issued" types of securities, then assigns the cusip after the fact.
  • Fixed income trades can be split across taxable vs. tax-exempt blotters, or combined onto the same blotter.
  • Open-end mutual fund orders can be routed automatically to the firm's mutual fund omnibusing solution.
  • Traders can set up relationships with any number of brokers.  Each broker arrangement can be set up with its own commission rate, or can receive the departmental standard.  During the trading process, the trader identifies the commission pool for which they wish to receive credit.  E.g. research, soft dollar, execution, or imputed.  The broker commission report allows the trader to track how much commission has been awarded to any given broker.
  • Each trader can customize their own blotter layout.
  • Client accounts can be directed to a specific broker
   Trading Reports

  • External custodian reports (external account numbers provided to custodian for DTC confirm/affirm)
  • Broker allocations (settlement)
  • Commission reports
  • Execution reports
  • SEC audit tools
  • Management reports