Run Tradelink as an Administrator
Last updated
Last updated
Below is a list of requirements you will need to provide to your Technical Account Manager before commencing the Tradelink onboarding process. These will be used to pre-load information onto your workspace about each previously mentioned role. Each participant of the Network will need to define a Group of Operators and Whitelist Addresses. Once this information has been pre-loaded, the Administrator will be able to begin building the Off Exchange Trading Network.
Once this information is provided, you will be able to activate the Tradelink module on your Vault workspace.
Ledger Tradelink dashboard will be available on the left hand menu of the Vault main page.
When selecting the Ledger Tradelink option, a dashboard will be displayed to the users (administrators). The dashboard will allow users to see available and pledged balances of the accounts and to control in one place all the Collateral Account statuses and active Operator Users for those accounts.
In the “Exchanges” block section, Administrator Users can begin connecting pre-loaded Exchanges and Asset Managers to their Tradelink network.
To do this, users will need to commence the connection flow by clicking “Connect” next to the relevant organisation.
Once this process has commenced, the Administrator User will see a pending state next to the relevant organisation.
The Administrator User will then need to get approvals from other administrators from their organisation, as well as an operator from the counterparty (e.g. the Exchange or Asset Manager). The approvals will show up in the “Requests” tab of the Vault UI as shown below.
Once approved, the organisation will show as active in the Tradelink Dashboard.
Now the Custodian Administrator can proceed to create a Tradelink Collateral Account by selecting “Create Account” from the Tradelink account dashboard, or from the accounts page by selecting “Create collateral account”.
At this stage, previously defined groups must be assigned to the roles, with the possibility of being able to restrict the number of Exchanges you select for a specific account.
Once the roles are defined, the Administrator will need to confirm each of the four following rule sets that relate to the request types offered on the Tradelink service:
Pledge Rules
Settlement Rules
Withdrawal Rules
Arbitration Rules
These rules will be pre-populated with the creator’s and approver’s rights based on the groups selected during the initial assignment of group roles.
No additional configuration on governance rules is required except for the in Settlement rule.
The Settlement rule also offers the option of adding a “automatic re-pledge” step for the Asset Manager and Exchange. This will need to be enabled during the collateral account setup process. This is optional and set to be disabled by default. An outline of the benefits of this rule can be found here.
As a custodian admin, you can configure automatic re-pledge requests when creating a collateral account:
Toggle Option: During the collateral account creation flow, you have the option to toggle automatic re-pledge requests on or off.
Exchange Selection: You can select which exchanges you would like this to apply to.
Default Setting: The toggle for automatic re-pledge is turned on by default but can be overridden.
Collateral accounts can also be edited at any time after creation. There are 3 parts of the collateral account which can be edited. It is also important to note that an account cannot be edited if there is an operation occurring related to this account, such as a pledge or settlement.
Third Parties
In the third parties section of the collateral account editing flow, you can change the exchanges that are linked to this collateral account. Adding or removing exchanges will then impact the pledge and settlement rules on this account.
Account Rules
In the account rules section under Settlement, there are the two other parts that we can edit.
The first is the Automatic Re-pledge rule which makes it possible for exchanges to pass a settlement to the account with a repledge intent specified.
The second is the Settlement Pre-Approval rule, which adds the Asset Manager to the approval quorum of the settlement.
Once the Custodian Administrators have carefully reviewed each rule, they can proceed to confirm and approve the Collateral Account creation request on their Ledger device. There will also be a review required from the Asset Manager operator to approve this account.
Once approved by the administrator and operator quorum via their PSDs, the rules defined will be enforced by Ledger Enterprise HSM. It is important to note that until the Account Manager approves the account activation, the account will remain in a pending activation state. Once approved, the account will become active.
