Omnibus Trading

To establish an Omnibus setup with DriveWealth, partners are responsible for managing the technical integration and the entire customer-facing brokerage experience.

Required Functionalities & Partner Responsibilities

Building an Omnibus application requires the partner to handle five core areas:

Generate an Authentication Token: Securely authorize your client app to make requests on behalf of users.
Build Instrument and Charting Data: Develop the user interface for Security Master.
Fund the Omni Account: Funding can be done by pre-funding or using Cashless reconciliation to settle trades on T+1.
Make a Trade: Execute buy and sell orders via the Drivewealth Orders API.
Operational Management: This category includes several critical partner-led tasks, managed on their side:
- Customer Onboarding and KYC.
- Maintaining and tracking individual customer buying power.
- Managing customer deposits, withdrawals, and reconciliations.
- Sourcing third-party live quotes, as DriveWealth does not provide them for Omnibus setups.
- Providing customer performance data, transaction history, and tax documents.
- Handling customer-level Corporate Actions.

Core API Workflows

Authentication

To generate a token, invoke the Create Session Tokens API

Building Security Master

Partner can fetch instrument details and charting data directly from DriveWealth's Instrument Details and Charting Data endpoints.

Funding

Funding in an Omnibus setup can follow either of the 2 methods:

Prefunding: Partners are provided with wire details to fund the master Omnibus account. Events: A deposits.updated event is triggered when funds arrive in the account.

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NOTE: Under the Pre-funding model, Partners must track and replenish Omni buying power; if the balance is insufficient, underlying customer trades will be REJECTED.

Cashless Reconciliation: Instead of pre-funding the Omnibus account, Partners can choose to settle trades on a T+1 basis. For more information refer: Cashless Settlements

Trading

Use Create Orders API to place orders.

POST /orders
{
  "orderType": "MARKET",
  "side": "BUY",
  "accountNo": "CSSW000001",
  "symbol": "MS",
  "clientID": "1abc234xyz789"
}

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Trader ID requirement
For Omnibus account orders, it is required to pass in the clientID field for every order. This will be UUID of the client in the Partner's system