It is that time again – share your topics/questions for this months meeting!
Thank you!
2 thoughts on “Calling for topics- Omni User Group meeting 09.21.22”
Jessica Olson
Standard is using OMNI 7.3 and we also use OMNITrade.
There is a new activity code of 032 whenever there are micro shares; due to the value in the fund being over $200 and the amount of the transaction is so small it cannot purchase $0.01.
When it comes to micro shares, we notice not all transactions have the same options for trading. This activity will happen when we have a “sell” transactions (like a distribution). When the “sell” has an activity caused by 032 the BR records and sequential history has an indicator to trade immediately. What we have noticed is this is not an option when it comes to fees (247/032). The T247/fee transaction sells a number of shares to raise cash to cover a fee and the activity requires an additional amount/micro share be sold to raise enough cash. The 026 or 073 activity is set to sell/immediate, but the 032 activity is not set to sell shares, so the micro share added to the sale isn’t included in the amount to trade to raise the fee amount.”
247/032 Activity BR171 is set to Blank while on all other “sell” 032 transactions (404,444,381 etc.) BR171 = I (Immediate). With BR171 set to blank the trade activity still gets sent to OMNITrade but is set to not transact or be included in the trade file resulting in unsettled activity.
It is our thoughts this is an oversight, and we would like to request to have the core code updated. The change would be to have an indicator, like we do for other “sell” transactions. Given this is a source code change we would like to get the backing of the OMNI user group because this will impact anyone moving to 7.2 or beyond.
Standard is using OMNI 7.3 and we also use OMNITrade.
There is a new activity code of 032 whenever there are micro shares; due to the value in the fund being over $200 and the amount of the transaction is so small it cannot purchase $0.01.
When it comes to micro shares, we notice not all transactions have the same options for trading. This activity will happen when we have a “sell” transactions (like a distribution). When the “sell” has an activity caused by 032 the BR records and sequential history has an indicator to trade immediately. What we have noticed is this is not an option when it comes to fees (247/032). The T247/fee transaction sells a number of shares to raise cash to cover a fee and the activity requires an additional amount/micro share be sold to raise enough cash. The 026 or 073 activity is set to sell/immediate, but the 032 activity is not set to sell shares, so the micro share added to the sale isn’t included in the amount to trade to raise the fee amount.”
247/032 Activity BR171 is set to Blank while on all other “sell” 032 transactions (404,444,381 etc.) BR171 = I (Immediate). With BR171 set to blank the trade activity still gets sent to OMNITrade but is set to not transact or be included in the trade file resulting in unsettled activity.
It is our thoughts this is an oversight, and we would like to request to have the core code updated. The change would be to have an indicator, like we do for other “sell” transactions. Given this is a source code change we would like to get the backing of the OMNI user group because this will impact anyone moving to 7.2 or beyond.
Thank you! I will add this to the agenda!