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Default Clearing for Allocation Profiles
You can set up a default clearing profile as part of a manual Allocation Profile. The clearing defaults will be validated when you create an order.
To define a default clearing profile
- From the Advisor configuration group, select Allocation Profiles.
- In the top half of the window, choose the Allocation Profile for which you want to define clearing defaults.
- In the Clearing Defaults section at the bottom of the window click Create.
By default, all security types and all exchanges are included, indicated by the asterisk (*) in each selection field. If you prefer to define a clearing profile for a certain security type/exchange pair, select them from the dropdown lists.
- Select a security type and exchange if desired. Otherwise, the asterisk indicates “all.”
- For each account in the Allocation Profile, choose a Clearing selection, and click OK.
Note that the clearing rules are only received when an order is created. Consequently some clearing defaults will be invalid for some security type/exchange pairs. If the clearing rule is not valid for an order, you will receive an information message with a link that allows you to modify the clearing defaults.
Using the Clearing Profile
If you are selecting an allocation, the clearing profile will not be active. You must either have the Manual Allocation selected in Global Configuration as the specified default, or you must select the Manual Allocation radio button from the Advisor tab of the order ticket on a per order basis. If you choose an Allocation Profile from the Allocation dropdown list of an order line, you must also choose the clearing.
To set Manual Allocation as the default
- From the Edit menu, select Global Configuration.
- In the left pane, select Advisor then select Default Allocation.
- From the Default Allocation window, select Use specified default.
- Select Manual Allocation, and choose the Allocation Profile for which you defined the clearing defaults. Click OK.
To select Manual Allocation on a per-order basis
- From the order line, use the right-click menu to select Modify and then select Order Ticket.
- On the Advisor tab, choose Manual Allocation, and then select the Allocation Profile for which you have defined the clearing defaults you want to use.
The clearing defaults in the Allocation Profile drive the default entry in the Clearing dropdown field. This list only contains clearing choices that are valid for ALL accounts in the profile.
- If all clearing choices in the profile are valid but different, the Clearing entry reads Per Account and each individual clearing entry shows the clearing destination.
- If all clearing entries are the same and valid, the Clearing entry shows the clearing destination, and the each individual clearing entry reads Same, indicating it is the same as the main Clearing entry.
- If there is no common, valid clearing choice for all accounts in the Allocation Profile, the Clearing field becomes inactive, and each individual clearing entry shows either the valid clearing destination from the profile, or the valid default - in the image above it would display the last valid submitted clearing destination, since Use last submitted as default is selected.