Admission & Conflicts

What Admission & Conflicts is for

Admission & Conflicts explains how a Portfolio converted simultaneous member Strategy intents into one coordinated account plan. Use it when an expected trade was absent, resized, delayed, netted, suppressed, or placed behind another intent.

Strategy intent is not automatically an account order. The Portfolio applies its immutable policy before intent reaches the execution boundary.

Read the decision summary

The page reports the applicable counts and rates for:

• admitted intents;
• clipped or resized intents;
• rejected or blocked intents;
• suppressed or netted conflicts;
• priority decisions;
• capital, exposure, or risk-limit decisions; and
• violations or unavailable evidence.

Counts are accompanied by the policy and reason. A rejection can be correct Portfolio behavior.

Inspect one decision

For a selected intent, follow:

1. member Strategy Configuration and original intent;
2. instrument, side, requested quantity, and timestamp;
3. applicable priority and allocation rule;
4. shared capital, exposure, margin, and risk state;
5. conflict or netting decision;
6. admitted, clipped, suppressed, or rejected quantity; and
7. resulting account order, fill, position, or absence.

This sequence distinguishes a Strategy decision from a Portfolio coordination decision.

Understand common conflicts

Conflicts can arise when members:

• target opposite directions in the same instrument;
• compete for the same cash or risk budget;
• exceed an instrument, sleeve, sector, or Portfolio limit;
• create duplicate or incompatible orders;
• violate leverage, margin, participation, or exposure policy; or
• arrive in an order where priority changes the available budget.

The selected Portfolio version defines how each conflict is handled. Results reports the applied rule rather than inferring intent from the final trade list.

Connect admission to risk and attribution

Use Risk & Exposure to see which account limits were in use. Use Strategy Attribution to see how decisions changed member contribution. Use Positions & Trades to follow the admitted intent into exact account execution.

For higher-fidelity replay, admission remains a Portfolio decision made before the execution model simulates the order. Queue behavior and partial fills are separate execution evidence.

When detail is unavailable

Decision detail remains Not applicable or Blocked when the selected run is not a Portfolio run, the candidate does not retain the run, or the admission artifact is missing or malformed. Missing trades alone are not enough to infer rejection.