Release Notes: Trading
- Import Team Assignments on Security Sets
- Team ID Column Added to Model Import
Previously Eclipse always traded directly to target, as long as a security was outside of its tolerance band. Now you will have the ability to trade to the model tolerance, or a range within your tolerance band. You also will be able to remove tolerance bands. Each of these settings can be defaulted in the preferences, or you can adjust them ad-hoc in the rebalancer tools themselves.
We have added the ability to determine if the spend cash tool should only spend excess cash or should allow your cash to dip below its target. This can be done with a preference at the firm, team, portfolio levels.
Previously Eclipse would exclusively update a portfolio’s team the first time it was imported. Now, Eclipse will dynamically update its team assignment if the representative assigns changes for the underlying accounts.
Users can now sync over the cash amounts from a billing instance using the cash funding sync to Eclipse. This will set aside cash in Eclipse in order to raise cash for fees. If you want to set aside more or less than the amount calculated on the account, you are able to use the billing cash multiplier to manipulate the values syncing.
We have created the new overview dashboard for Eclipse. This allows you to display account, portfolio, trade, and other dashboard items all in the first screen on Eclipse. Firms and Teams can set their default action items, and users have the ability to set their own custom action items as well. Contact the service team if you would like to begin using the new dashboard experience.
The November release is a BETA release for the tool. We plan to enable the new experience for all firms in December or January.
We have added the ability to export the following grids to Microsoft Excel:
- Security Sets
- Sleeve Strategies
- Sleeve Strategy Aggregates
We have added the ability to generate a tax harvesting trade directly from the tactical tool.
Tax Loss Harvesting Alternates can now automatically be equivalent for 30 days after a purchase into them. Users will no longer need to make a security equivalent for it to not show “unassigned” if it is a Harvesting Alternate. After 30 days, the security will show “unassigned” unless a user makes it a permanent equivalent.
We have added the ability to right click a sleeved account and rebalance it inside of the Tactical Tool.
The following items are new connections through our FIX Product:
- Interactive Brokers Equities (Market Orders Only)
We have added the ability to import the Primary Product Type and Asset Classifications for models in Eclipse via the Model Import.
We are actively working on a new process to automatically sync each account’s advisory fee into Eclipse with the click of a button. When generating bills, you will be able to automatically sync each account’s fee into Eclipse at the click of a button. Once it reaches Eclipse, you are able to set aside that specific dollar amount, or multiply the dollar amount to hold more or less than the fee. This way, if you run fees monthly, but only rebalance quarterly, you could set aside 3 months of fees to avoid additional trades.
With this release, we will only be adding the Multiplier in Eclipse. This way you can set up your preferences in anticipation for the full release of this tool in an upcoming build.
Users will now be able to utilize the raise cash tool in the tactical tool. Users can do this by right clicking an account, or using the three dot menu (for the Sleeve Portfolio level).
Users can now use the global trades tool to use cash as the “from asset.” This will take a percentage of cash and create only buys in order to invest excess money.
Users can now add the Sleeve Suffix and Primary Product Type to models through the Model Import in Eclipse.
We have added the ability to generate rebalances and cash needs trades directly in the tactical tool. These can stack on top of trades already created, or can initiate the first trade for that portfolio that day. They also can be modified after the trades are suggested prior to saving them to the orders grid.
Eclipse will now allow you to set negative set aside cash. This can be used in Eclipse to spend more cash than is truly available in the account. Scenarios would be a contribution transaction that is at the custodian but not yet in Eclipse, or if a margin balance is targeted in Eclipse.
Users can now run a focused rebalance in Eclipse based on a sleeved model, allowing you to rebalance one sleeve, or a group of sleeves, without rebalancing the rest of the sleeves in the portfolio.
Eclipse will no longer reverse sync the .e for models. If there is already a model in Orion Connect with the same name, then the .e will be added to the end in order to avoid two models with the same name. If users want to see which models were created in Eclipse, they can use the Eclipse Model ID column on the model aggregate grid.
You can now edit the status of a rejected mutual fund manually to filled. This is to help users who contact the custodian and manually place a rejected order, but want the pending trade to show back up in Eclipse.
Users are now able to import ESG Restrictions into the Eclipse trading tool in order to block specific themes on a portfolio-by-portfolio basis. By restricting a theme, securities under that theme will be updated to “always sell all” in Eclipse, meaning existing securities will be marked unassigned and liquidated in the next trade. In addition, these securities will be marked do not buy so accounts will not buy them going forward. Users will need to obtain an export from an ESG Provider, or create their own, and then can import those restrictions into Eclipse.
Systematics in Orion Connect will now sync into Eclipse and automatically set aside cash. For distributions, the amount set aside can also be multiplied with a new preference that will allow you to set aside more than just the exact amount being distributed. This way, users can set aside 3 months worth of cash, without changing the systematic amount. Dollar cost averaging systematics will exclude the remaining amount on the account in Eclipse, and will reduce the amount protected each time a traunch hits its due date. For sleeved portfolios, custodial sleeves with systematics will set aside the cash at the portfolio level. Please see the sleeve portfolio level set aside cash for more information.
Eclipse will now be able to keep equities that are not settled from being sold. If a user wants to sell unsettled lots, it will provide a warning to the user on the orders grid.
The FIX Mutual Fund Batch tool is now available in Eclipse. This will group mutual funds by custodian and action and execute them in a group, rather than sending each order individually. Once in the batch, users can add, remove, or process individual orders without updating the entire batch. The batch tool also has the ability to easily execute all sell trades prior to executing buy trades for an easier execution experience.
Users will now be able to allocate a partially filled block in Eclipse and automatically open a new block with the remaining quantity. This way users can have blocks stay open day over day while continuing to allocate the trade orders via FIX.
Users can now remove trade orders from blocks when the trades are in accounts removed from Eclipse, or marked as do not trade. This way users can validate that the orders in the block are not attached to accounts they no longer can trade. Eclipse does not receive real-time updates from the custodian for trade block information, so users will need to manually update accounts if the trade is blocked.
The Manual Tax Harvester in Eclipse has created a new revamp giving more targeted gain and loss harvesting capabilities. Users can determine the term, securities available to trade, and minimum/maximum gains or losses to be harvested. This will provide a more focused harvesting experience that can be used for one-off client needs.
Account level information will now display on the portfolio line item in the portfolios grid. This will display the account number, account ID, tax qualification, registration type, and custodian on the portfolios grid, rather than needing to expand the portfolio out first.
Sleeve strategies in Orion Connect can now be customized in sleeve setup. This allows a registration to be a part of a sleeve strategy aggregate, while still having a customized allocation tailored to the clients needs.
Models in Orion Connect and Eclipse can now establish an asset category, asset class, or risk category. This classification can also be used to restrict the models available in sleeve strategies. For example, a domestic equity sleeve strategy could restrict available models only to those with the asset class of domestic equity.
Portfolio level set aside cash is now available on sleeved portfolios in Eclipse. This set aside cash can be targeted into the contribution or distribution sleeve. Set aside cash in the contribution sleeve will be protected from a spend cash trade. Set aside cash on the distribution sleeve will be raised in rebalance, cash needs, and raise cash trades. Users also have the ability to target the set aside cash pro-rated across all of the sleeves in the portfolio. This will allow users to obtain a client cash protection without needing to disrupt the models themselves.
The sleeve suffix has now been added to Eclipse. This will now reverse sync back into Orion Connect to allow all model maintenance features to be maintained in Eclipse. For existing Eclipse clients, we have updated Eclipse models with the sleeve suffix from Orion Connect to avoid any business disruption.
We have added the ability to target product types (i.e. Fixed Income, Stock/ETF) into specific sleeves, even if the products are not targeted in the model. This is beneficial for users who want to place all fixed income into one specific sleeve. This process will run when initially sleeving out a registration, or when using the journal only rebalance in Eclipse.
The journal only rebalance will now journal positions back and forth between models. This will bring the portfolio as close to target as possible without creating any trades.
Users can now run a focused rebalance in Eclipse based on a sleeve strategy. This way you can rebalance one sleeve, or a group of sleeves, without rebalancing the rest of the sleeves in the portfolio.
There is now one tool for tax harvesting in Eclipse. The first screen will give you the ability to switch between the automated workflow (previously the TLH tool) and the manual workflow (previously the Tax Harvester). This will provide one process regardless of what method is needed for tax harvesting.
We updated the left hand sidebar for model related information to be called “Strategies”. Security sets have been moved under the strategies tabs instead of the securities tab. We have also added Sleeve Strategies and Sleeve Strategy Aggregates into Eclipse. Lastly, you can see your Strategies and Aggregates assigned to your portfolios in the portfolios grid.
Eclipse will now be able to split blocks for a cleaner execution. Right click on any block that has not been sent, and you can split it into multiple blocks. This will shut off auto-allocate, so you can allocate any of the blocks that do execute for one average price across all blocks.
We have added maximum set aside into Eclipse. This will allow you to exclude cash over what you target set aside cash amount is, if there is excess cash in the account. This way you can protect more cash if it is already available, rather than forcing that cash to be invested on the next rebalance.
Set aside and reserve cash will now be removed from your “managed” value and count towards your “excluded” value in Eclipse. With this change, “managed” will now be anything not excluded (either by cash or positions) in the portfolio, and excluded value will contain any excluded value (from cash or positions).
Users now have the ability to mark an account as separately managed for Eclipse or Orion Connect, without being required to have them both the same. This provides more flexibility around how you report and trade these types of accounts.
We have added the Security Target Percentage to the orders grid. If a security is an equivalent, or an alternate, it will show the targeted security’s target. If a security is targeted multiple times in the same portfolio, it will show the combined targeted percent for that security.
We have added the ability to export the models and model aggregates grids into Microsoft Excel.
We have added the ability to review the model information in Eclipse based on the sleeved account you select in the tactical tool.
We have added the ability to create custom views in the Tax Harvesting and TLH tools. This way, when you go to tax harvest, you can see the exact columns necessary to execute quickly.
We have added the database prefix to custodians in Eclipse for our clients who have multiple Orion Connect databases. This will allow you to easily distinguish between the different custodians created with the daily import. Please reach out to our service team if you would like this enabled.
We have added the ability to use Household ID as the distinguisher for Wash Sale Groups instead of social security number. This will allow clients who have different social security numbers, but the same household, to take each other’s transactions into account for wash sales.
We have added the ability to import representative permissions for model aggregates, enabling users to assign representatives to model aggregates in Orion Connect en masse.
A warning message has been added in the tactical tool (in addition to the “under max gain amount” status) to alert the user when they have gone over their max gain amount with the trades they have created.
Users now have the ability to easily allocate partially filled blocks in Eclipse. Previously users needed to import a new excel document to update allocations, but now this requires just the click of a button. This can be done by using a pro-rated or random allocation method to automatically update all orders in the block.
Users now have the ability to automatically create multiple set aside cash buckets based on a dollar cost average schedule. Enter two of the three between a total DCA amount, individual tranche amount, or number of tranches to have the system calculate how much needs to be set aside each tranche.
The representative name has been added to the accounts grid in Eclipse.
We have added the ability to show either all portfolios with an auto rebalance or just portfolios with an auto rebalance today on the dashboard. Simply click the settings popup to establish your database defaults.
We have added a column for the portfolio’s year to date gain loss on the orders grid, as well as the post trade year to date gain loss. We have also added the max gain amount on the orders grid, giving users the ability to review the gain loss situation on a portfolio en masse when creating several orders.
Users will now have the ability to add a minimum transaction amount and minimum initial buy amount by taxable alternate security. Previously, there was no option for doing this on a security set basis.
Sleeve strategies will now be grouped into dropdowns when a sleeve strategy aggregate is assigned to a registration, allowing users to see which strategy a specific model is tied into.
A new search bar has been added to the preferences section so you can easily search through and find what needs to be edited.
An “Account Trading Instructions” column has been added to the accounts grid, enabling so users to more easily find key details tied to account trading activity.