Each customer order entry will occur in a virtual instrument which is used for gathering orders until the real allocation to gold bars should occur.
In the case below we have two products that we want to offer customers, the first is called Gold Units and is used for customers who wants to invest in fractions of a gold bar. The second product is called Gold Bars where customers are limited to buying whole gold bars of various weight.
To enable placement of orders in the instrument we need to create an Execution Interface with a few settings. Before we do this we should create a custody account since a financial instrument needs to have a custody account so that the system can know where the actual physical instrument is stored. When it comes to this virtual instrument we are only going to use it to collect orders so we are actually never going to use the custody account. Because of this we call it Virtual Gold Custody Account.
To create the Execution Interface we also need a counterparty to the trades and in this case we are going to create one called Virtual Gold Counterparty.
Next up is the Execution Interface which needs to be in place on the instrument for orders to be created.
Now when all the prerequisites are done we can look at the order entry. Orders can be placed from the customer portal or via API.