This document gives the detailed procedure for accessing trade flow control to authorize and verify transactions.
WHY IS THIS IMPORTANT?
Authorization is required to ensure that all transactions created are what the company wants to do. On the other hand, verification is done to make sure that trade details inputted are correct.
Accounting journals can be posted only when they are authorized.
Confirmation can only be done once the transaction is authorized and verified.
1. All transactions booked in the system requires authorization and verification. These flags can be found in the Transaction screen. The flag “V” refers to verification and “A” for authorization. When Letter V and A is in orange, this means that the transaction is not yet verified and authorized. For transactions that are authorized and verified, the “A” and “V” flag will turn to green .
2. To authorize and verify transactions, click on Back Office > Trade Flow Control from the main menu.
3. The Trade Flow Control module will list all pending authorizations and verifications, if any.
4. To authorize transactions, select the accounting centre or accounting centre group and choose Authorize Trades from the Event Type.
Date From and Date To are defaulted to system’s current date but can be changed. They refer to the input date of the trades.
Click Refresh. The system refreshes the screen with the list of transactions that are pending for authorization for the current date. In this example, 4-May-2023.
If you wish to authorize trades for more than one day, you can widen the date range by changing the Date Fr and Date To.
5. On this screen, you can select multiple Trade IDs to authorize trades simultaneously by clicking the checkbox on the left of the Trade ID. Then, click Action. All trades ticked will be authorized. If you wish to authorize all trades, you can click Select All to select all the Trade IDs.
6. Alternatively, you may click on the Edit button of the trade and authorize the trade individually.
7. On the next page, you can see the details of the transaction, comparative quotes, and audit trail. You can also leave comments in the box provided, if needed.
8. Click Authorize Trades to finish.
9. To verify trades, select Event type as Verify Trades. The system refreshes the page with transactions pending for verification.
10. Click the Edit button of the trade to verify. The Verify Trade screen will be displayed as below.
11. Enter comments in the field provided, if any. Click Verify Trades to finish.
12. To verify transactions for multiple Trade IDs, click the check box to the left of the Trade IDs you wish to process, then click Action. All trades ticked will be verified.
13. To authorize NDF Fixing trades, select Authorize NDF Fixing for Event Type and follow step 4 to 7.
14. To verify NDF Fixing trades, select Verify NDF Fixing for Event Type and follow step 8 to 11.
15. If there is a need to view trades that have been authorized or verified, change the status from pending to cleared in the Trade Control screen and click Refresh.
FREQUENTLY ASKED QUESTIONS
FAQ01. The system does not allow me to access this module. How can I do this?
Access rights need to be assigned to launch this module. The access rights ID for accessing Trade Control is 14001. Please contact your administrator to obtain these rights.
FAQ02. The system prompts access denied when I select Authorize Trades for Event Type.
You do not have the access rights to authorize trades. The access rights ID is 14017. Please contact your administrator to obtain these rights.
FAQ03. The system prompts access denied when I select Verify Trades for Event Type.
You do not have the access rights to verify trades. The access rights ID is 14018. Please contact your administrator to obtain these rights.
FAQ04. The system prompts access denied when I select Authorize NDF Fixing for Event Type.
You do not have the access rights to authorize NDF fixing trades. The access rights ID is 14024. Please contact your administrator to obtain these rights.
FAQ05. The system prompts access denied when I select Verify NDF Fixing for Event Type.
You do not have the access rights to verify NDF fixing trades. The access rights ID is 14025. Please contact your administrator to obtain these rights.
FAQ06. Can the system allow segregating authorization rights by products for different authorizers?
Yes. You will need to add additional authorize rights by the respective product individually on top of the authorize trades (14017) access rights. The additional authorize rights are as listed below.
FAQ07. Can the system allow segregating verification rights by products for different verifiers?
Yes. You will need to add additional verify rights by the respective product individually on top of the verify trades (14018) access rights. The additional verify rights are as listed below.
FAQ08. Is there a sequence for authorizing and verifying a trade in the system?
There is no sequence by default. The sequence does not matter for authorizing and verifying trade as there is no dependency between these two actions.
However, if you wish the trades to be verified before authorize, this can be set under User Preference setting.
Navigate to Set Up > User.
Click on the user ID of the authorizer.
Click Preference button.
Click on the “Disallow Authorisation of Unverified Trades” hyperlink and set to Yes.
With this setting, system will check and prompt the authorizer during trade authorization if a trade is not verified and prevent the authorizer to authorize unverified trades.
FAQ09. Can the system do away with authorization and verification feature?
Yes. System can be configured to set the transaction to be auto authorized and verified once a transaction is booked. This is by assigning the auto authorize and verify access rights to the users who book the transaction. The access rights for auto authorize and verify by category/ module are as below:
FAQ10: I trying to authorize/ verify transactions that are not entered by me but I received the the following error: “Trades are not allowed to be verified/authorized by the dealers involved in trade inputting. One or more Trade(s) have not been actioned.” Why?
The system shows the error when a user who has involved in trade inputting i.e. create/ amend trying to verify or authorize the trade. For example, a trade previously booked by user1 is amended by user2. Both user1 and user2 cannot authorize or verify the trade even though now you see the trade’s dealer id is user2.