How to operate on Tradelink as an Exchange

Exchange Settlement Request Creation

Settlement instructions will be provided by an Exchange at the end of the trading period (EoD, intraday, ad hoc) as agreed among the Exchange, Custodian, and Asset Manager.

The settlement instructions will be provided by the Exchange/Settlement platform as an API request to be reviewed and approved by the Custodian.

An optional pre-approval has been introduced to allow an Asset Manager to show its intention to proceed with the settlement request and to signal to the Custodian that it has reviewed the requests and it is comfortable to proceed.

As an API operator (Exchange) authorized to create settlement requests on a Tradelink account, the operator will need to:

1. Authenticate as an Exchange using the steps described here .
2. Retrieve a list of pledges that are available to be settled.
3. The API operator Exchange will then be ready to raise a request for settlement creation which includes an inbound and/or outbound transaction intent:
   • Inbound for the amount that the Asset Manager is expected to receive from the Exchange.
   • Outbound for the amount that the Exchange is expected to receive from the Asset Manager.
   • The request can have one or both fields depending on the Exchange and Asset Manager requirements.

Exchange Settlement Request Approval

Once an Exchange has created a settlement request, other operators from this Exchange will need to approve that request if there is an outbound transaction associated with it (approval is not required if there is no outbound transaction intent specified). Approval can be given using the standard approval method described here. This request then be submitted for final approvals to the API operators Asset Manager, and Custodian.

Exchange Settlement Request Approval

As described previously, the Exchange API operator is responsible for approving every Pledge request raised by an Asset Manager. This is so there is no ambiguity on whether the pledge request has been received and acknowledged.

For the API operator Exchange to approve the request, the standard approval request method described here. An exchange will also be able to reject a Pledge request if they deem it not to their liking based on their own requirements.