Lesson 01 · order
Where an order begins
Before there is a trade, there is an instruction. This traces the order from the decision to trade to the point it reaches the market, and the identifiers it acquires on the way.
Start here
Begin with the order stage
New to the lifecycle? Start where the trade does — with the order — and follow the record forward as the later stages are added. It assumes nothing and skips nothing.
Begin with "Where an order begins" →The lessons
Order
Where the trade takes shape — the intent, the instruction, and the first records a trade carries.
Lesson 02 · order
The order record and its identifiers
The Legal Entity Identifier (LEI), the ISIN, the Unique Product Identifier (UPI): this explains what each is for, and how they stitch an order to the parties and instruments behind it.
Lesson 03 · order
How an order stays traceable
An order surfaces not as one record but as a trail of messages. This shows how four identifiers, one fixed and the rest minted per message, keep that trail readable as a single order's life.
Trade
The moment of execution — what the record captures, and how the obligation to evidence it is met.
Lesson 01 · trade
What the execution record captures
At the moment of execution, the record thickens. This examines what a venue is obliged to capture, and what a reconstruction later depends on.
Lesson 02 · trade
The trade record and its identifiers
The identifiers that name an executed trade — the counterparties, the instrument, and the codes that let two sides be paired and a reconstruction hang together.
Fulfillment
Clearing, settlement, and the reconstruction the record must support long after the trade is done.
Lessons in preparation.
Across the lifecycle
The desks and duties that sit across every stage rather than inside any one of them.
Lesson 01 · the compliance desk
A day at the compliance desk
The desk sits across every stage of the order–trade–fulfillment lifecycle rather than inside any one of them. This traces what it works from, what it checks through the day, and what it borrows from the quantitative desks next door.