Executive Summary (TL;DR) This article explains how to use the Trade Away in Orion to route trades to brokers or third-party tools for execution and allocation workflows. In this article, you’ll discover: - How to route trades to brokers or third-party tools for execution. - How to allocate trades across custodians and client accounts. - How to support multiple workflow setups, including multi-custodian trading. - How to configure Trade Away settings to align with your firm's process.   By reviewing this article, you'll gain clarity on how to set up and execute Trade Away workflows in Orion.

 

What Does This Article Help Solve?

Common Real-Life Questions Users Ask About Trade Away in Orion Trading (Eclipse)

"I have accounts across multiple custodians, how do I execute one trade and still allocate it correctly to each custodian?"

"If I want to trade through a specific broker instead of the custodian, how do I set that up in Trade Away?"

"What's the difference between execution and allocation in Trade Away, and where do I control each part?"

"Can I group multiple blocks together and send them as one trade to a broker?"

 

 

Article Quick Links

Why Use Trade Away?

What Trade Away is and How it Works in Eclipse

Key Terms to Know

Integration Workflows

How to Set Up and Use Trade Away

CTM Considerations

 

 

Why Use Trade Away?

• Trade through preferred brokers while maintaining your current custodians—no account migration, full execution control. Gain broker flexibility without disrupting existing custodian relationships.
  
  
• Execute one trade across multiple custodians while Orion automatically routes allocations to the right accounts. Eliminates the complexity of managing separate trades for multi-custodian portfolios.
  
  
• Separate trade execution from allocation to eliminate manual handoffs and settlement errors. Streamlines workflows and improves accuracy across brokers and custodians.
  
  
• Support flexible trading setups—single custodian, multi-custodian, or third-party execution—all from one interface. Adapts to your firm's unique trading structure without switching systems.
  
  
• Centralize settlement and reporting across brokers and custodians to reduce back-office overhead. Cuts operational friction and creates a single source of truth for trade reconciliation.

 

 

What Trade Away is and How it Works in Eclipse

Trade Away is Orion’s feature that routes trades to brokers or 3rd party OMS/EMS tools for execution and supports allocation workflows across custodians and client accounts.

Trade Away separates the trading process into two parts:

• Execution: A broker or 3rd party OMS/EMS tool executes the block trade.
  
  
• Allocation: The executed trade is distributed to custodians and underlying client accounts.

This structure supports workflows such as:

• Trading through external brokers instead of the custodian.
  
  
• Executing a single block trade across multiple custodians.
  
  
• Routing allocations to custodians, brokers, or third-party tools.

Orion manages account mapping and allocation logic in the background so trades align correctly across brokers and custodians, even when account structures differ.

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Key Terms to Know

Trade Away workflows rely on several core terms and system components. Review the definitions below to understand how execution, allocation, and external integrations interact within Orion. Select a section name or arrow to expand each list.

Core Trade Away Concepts (Click to Expand)

Term	Definition
Execution	The execution of block trade through a broker or 3rd party OMS/EMS tool.
Allocation	The distribution of an executed trade to custodians and/or underlying client accounts.
Custodian	Hold client accounts and receive allocation details for executed trades.
Broker	Executes Trade Away trades and may also receive allocation details for trade affirmation and matching purposes.

 

Systems and Processing Tools (Click to Expand)

Term	Definition
3rd Party OMS/EMS	External order and execution management platforms used to execute trades outside of Orion. Trades are executed in the external platform Brokers are selected within the tool or returned after execution Execution details are sent back to Orion for allocation processing
CTM (Central Trade Matching)	DTCC institutional trade matching workflows are used for confirmation and allocation routing. Receives allocation details from Orion and brokers Supports trade confirmation and matching workflows Requires a separate DTCC agreement outside of Orion Please Note: If CTM is not currently used, it is typically not required for Trade Away workflows
Trade Execution Tools (EMS)	Platforms such as Bloomberg or Tradeweb are used for external execution workflows. Trades are executed outside Orion Execution details are returned to Orion after fill Allocation is completed within Orion after execution
Trust Accounting Tools	External systems used for post-execution allocation and accounting workflows (e.g., Cheetah, InfoVISA Maui) Handle allocation processing outside Orion May support partial execution workflows depending on firm setup Can integrate with custodians or external execution systems

 

System Logic & Routing (Click to Expand)

Term	Definition
DVP Mapping	Maps account numbers between Orion, brokers, and custodians when account structures differ. Common in omnibus and back account workflows Supports consistent allocation routing across different account formats Occurs behind the scenes during allocation processing
Allocation Destinations Without FIX	Used when a destination does not support FIX messaging. Orion generates allocation files (Excel format) Files can be delivered via SFTP if supported Supports mixed FIX and file-based workflows across custodians

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Integration Workflows

Trade Away - Single Custodian

Execution routes to a broker, and allocation routes to the custodian. Allocation can also be sent to the broker for confirmation and trade matching.

Trade Away - Multiple Custodians

Multiple custodians are grouped into one trade. One execution is created, and each custodian receives its own allocation.

Trade Away - Multiple Custodians with CTM

Execution occurs at a broker, and allocation processing occurs within CTM. Orion sends allocation details to CTM for matching and routing.

Trade Away - Utilizing 3rd Party OMS/EMS

Execution occurs in a 3rd party OMS/EMS platform and allocation is completed in Orion after execution details are returned.

Trade Away with a Trust Accounting Tool

All execution methods work with a Trust Accounting integration. After trade execution is completed, allocation details are sent to the Trust Accounting tool.

Trust tools function similarly to custodians and handle allocation processing.

Examples include:

• Cheetah
  
  
• InfoVISA Maui

Review Trust Accounting Systems and Related Download Sources for more information.

 

Note on Trade Files

If a custodian does not support electronic execution or allocation via FIX, allocation files can be downloaded or delivered via SFTP, depending on destination support.

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How to Set Up and Use Trade Away

Step 1: Create a New Custodian or Broker  

Eclipse automatically imports custodians and brokers with assigned accounts from Orion Connect.  Trade Away also supports manually adding custodians or brokers when no accounts exist in Orion Connect. This setup supports executing brokers or allocation destinations that do not hold accounts in Orion Connect.  To create a new Custodian/Broker:   Click Administration in the left sidebar. Select Custodians & Brokers. Review custodians and brokers imported from Orion Connect. To add a new setup: Select Add new Custodian or Broker Enter the required fields Select Save

  

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Required Fields:

• Custodian or Broker Name: Define the name of the custodian or broker.

• Custodian Code: Create a custodian code that reflects the custodian’s name (for example, SCH for Schwab).

• Default Trade Execution Type: Select FIX Direct or Orion; either option is recommended for new custodians or brokers' setups used exclusively for Trade Away Trading. You can still use a trade file as the default execution type and create overrides for equities and mutual funds to use FIX Direct. If you do choose FIX DIRECT as the default execution type, do not use overrides.

• FIX Version: This is always FIX 4.4

• Routing: Provided by our service team, your Broker, or Custodian.
   
• FIX Bank ID: Provided by our service team, your Broker, or Custodian.

 
Optional Fields:

• Master Account Number: If you are using this setup as a Broker, you must provide a Master account (Block Account) number that the equity blocks will execute under, similar to how standard FIX trading works in Eclipse.

• Commissions Per Share: Enter a commission charge that will be transmitted via FIX messages. Commissions are calculated per share. The New Order message transmits the Total Commission Charge (Commission Per Share X Order Quantity). The allocation instruction will transmit commission per account (Commission Per Share X Account’s Order Quantity). If this field is blank, no commission transmission will occur.

• Fees Per Share: Similar to commissions, Fees are calculated per share. This information is only transmitted in the allocation instruction per account and is tagged as an SEC Fee in our FIX messages (Fees Per Share X Account’s Order Quantity).

 

Step 2: Define Eligible Brokers and Trade Processing Tools

Trade Away blocks only route to:

• Equity Brokers
  
  
• Trade Processing Tools

This is controlled through the Execution Destination Type field in Custodian Management.

If needed, enable Send Broker Allocation Message to deliver allocation details to the executing broker for affirmation and matching. 

You are also able to define whether executed custodian trades are held in:

• Omnibus accounts
  
  
• Individual accounts (DVP Structures)

 

Step 3: Enable Trade Away for a Custodian

Custodians must be marked eligible for Trade Away before routing trades to brokers or trade processing tools.

• Edit the custodian
  
  
• Navigate to the Product Types section
  
  
• Enable Allow Trading Away
  
  
• Enter:
  • Default Execution Destination
    
    
  • Default Allocation Destination

Eligible destinations are determined by the Execution Destination Type.

Please Note: If an expected destination does not appear, confirm that it is configured as a Broker or Trade Processing Tool.

 

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Step 4: Create a Trading Block

Generate orders and process them to the Blocks Grid using the standard trading workflow.

Each block represents a group of accounts traded together.

Review:

• Security
  
  
• Action (Buy or Sell)
  
  
• Order Type
  
  
• Accounts included
  
  
• Custodian

 

Step 5: Execute a Trade Away

Edit the block from the Blocks Grid and select the Execution Destination dropdown.

This field displays eligible brokers and trade processing tools configured in Step 2.

Set:

• Execution Destination
  
  
• Executing Broker (if known)
  
  
• Allocation Destination

Please Note: When using a Broker, the Executing Broker is typically the same as the Execution Destination. When using a 3rd party OMS/EMS tool, the executing broker may be identified later.

When executing a multi-block trade:

• Select Underlying Custodian as the Allocation Destination to route allocations to each custodian included in the group
  
  
• Select Send to route the block using the selected parameters.

 

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Step 6: Execute Through a Third-Party Tool (If Applicable)

Once the block is filled and ready for allocation, send the allocation message using:

• FIX
  
  
• File delivery
  
  
• SFTP

The selected delivery method depends on the destination setup.

If Broker Allocation is enabled in Step 2, Orion also sends allocation details to the broker for confirmation and matching.

 

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CTM Considerations

• Route allocations to CTM when used
  
  
• CTM supports trade confirmation and routing
  
  
• CTM requires a separate agreement outside of Orion
  
  
• DTCC provides CTM training

 

In Summary Execute trades through alternative brokers while keeping accounts with the existing custodian. Configure custodians and brokers for Trade Away using FIX-based execution settings. Assign executing brokers and allocation destinations directly from the blocks grid. Group eligible blocks across custodians to streamline execution and allocation. Centralize settlement and reporting to reduce operational overhead.