Hi all,
In structured products, trades rarely come in one piece. A single transaction may involve several clients, intermediaries, and commission flows — yet must still result in a single, auditable trade record and a clear P&L.
For many desks, this creates persistent operational challenges:
- Tracking trades, commissions to receive or pay, and the resulting P&L across multiple systems.
- Booking complex, multi-leg transactions that involve several buyers, sellers, and intermediaries.
- Reconciling fragmented workflows between trade capture, P&L computation, and invoicing.
The Multi-Trade Module brings all this complexity into one coherent structure. It replaces the former “Simple Trade” module with a flexible, multi-leg framework that calculates margins, commissions, and P&L automatically — turning a fragmented process into a consistent, traceable workflow.
The Multi-Trade Module also forms the foundation of LexiFi’s Campaign Management Tool. By capturing all trade legs, commissions, and P&L within a single structure, it provides the consistent data model that campaign monitoring relies on — enabling precise tracking of subscriptions, hedged amounts, and overall campaign profitability.
One trade, many legs
In earlier versions of LexiFi Apropos, each deal had to be entered as a simple trade: one buyer, one seller, one price.
Every retrocession or spread had to be managed manually, and P&L was rebuilt later in reports.
This approach worked for straightforward cases but reached its limits as brokerage activity expanded to include several intermediaries, multiple salespeople, and trades executed across multiple clients or at different times.
The Multi-Trade Module module introduces a single object that consolidates every leg of a deal — seller and buyer — under one reference.
Each leg can have its own size, price, and commission, while the system automatically recalculates the weighted average fair price, margin, and P&L. This unified structure provides operational clarity and management insight — and replaces the former “Simple Trade”, where each counterparty had to be entered separately.
It supports all configurations typically found in brokerage activity:
- Agency / Retrocession – P&L generated by commissions (front and running), distributed among multiple receivers such as introducers or sales teams.
- Principal – P&L generated by spreads between buy and sell prices when the broker takes a position.
Each new leg automatically updates the aggregated price and margin, removing the need for manual reconciliation or external calculations.
All legs — whether issued, brokered, or sold — remain connected within one auditable record, providing an immediate and accurate view of the deal’s overall economics.
These multi-leg trades also form the foundation for campaign monitoring through LexiFi’s Campaign Management Tool, where desks can aggregate client subscriptions and pre-hedging transactions, P&L dispatching and profitability across the full bookbuilding process.
For clients with simpler workflows, the module can also be configured in a streamlined mode — with a reduced number of fields and a simplified commission structure.
Trade capture and monitoring
Each trade in LexiFi Apropos is a structured object that records every relevant element: legs, notionals, commissions, counterparties, salespeople, traders, custodians, and intermediaries.
Documents such as trade confirmations can be attached directly to the trade and stored in the system for future reference, ensuring that all supporting files remain accessible for audit or review.
In parallel, the system automatically logs timestamps and user actions at every step of the workflow — providing a complete trace of how and when each trade was created, modified, or validated.
The resulting P&L — whether based on commissions or spreads — is computed natively and made available instantly in the reporting layer.
Reporting and analytics
All data captured in the Multi-Trade Module can be monitored directly — no need to rebuild reports externally. Dashboards and exports provide an instant view of the desk’s activity, from trade capture to P&L realization.
They allow users to:
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Track P&L by sales, introducer, desk, or time period.
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Monitor commissions to pay and to receive.
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Visualize notional traded and margin evolution over time.
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Review trade status across the full lifecycle.
The same data can generate PDF statements, summary tables, or custom charts, offering a consistent view for operations, finance, and management. What used to be a back-office check becomes a transparent, data-driven view of the business.
Invoicing
The same trade data can be used to generate invoice documents directly within LexiFi Apropos. From the trade definitions, users can create PDF invoices or statements and send them automatically by email through dedicated reporting grids — for example, invoices issued to counterparties for commissions to receive.
Alternatively, LexiFi can expose the same invoicing data through standard APIs, allowing institutions to feed their external invoicing systems.
Simple trade module vs. Multi-trade module
Operational results
The Multi-Trade Module turns the full workflow — from deal capture to reporting — into one coherent, auditable structure. It handles all cases encountered, whether agency, principal, or mixed, within a single consistent view of trading activity.
Trade monitoring has become structured, transparent, and auditable — no longer a manual or fragmented process, delivering clarity and reliability at every stage:
- One consolidated trade instead of multiple isolated entries.
- Accurate and automatic P&L and commission tracking.
- Unified reporting and invoice generation from the same data.
- End-to-end traceability for operations, management, and compliance.
“We have increased our productivity by rationalizing all our processes. LexiFi Apropos has allowed us to automate many manual tasks, reduce operational risk, and free our teams to focus on value-adding work.” Clement Xuereb, Digital Transformation Manager at Kepler Cheuvreux Solutions
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