Inventory & Tickets Stack
Broadly, Tickets offer the ability to manage inventory. Tickets represent injections and withdrawals from inventory. Inventory is the sum of Tickets.
When a Ticket is created or updated, inventory valuations update as well:
- for the current as-of date, and
- for the as-of date representing the first day of every future month
The inventory is essentially a sum of the + and - tickets up until the current date, automatically grouped/bucketed by the following columns:
- Commodity (required)
- Asset (optional)
- Product (optional)
Inventory Valuation also adds additional calculations:
- WACOG (based on + Tickets)
- Mark-to-Market: when an Inventory Valuation updates, the system will also look up any Products that particular bucket has been linked to for valuation. It will then take the nearest node on the curve for that Product, for the as-of date that matches the Inventory Valuation's as-of date.
- MTM Change: the day-over-day change in mark to market.
User Interaction & Downstream
Tickets are created by users (on-screen, via upload, or via API) or integrations (i.e., to renewable credit registries).
Once Tickets are created, users may link them to a Trade (to represent the delivery of a contracted physical good). Doing so updates the Sublegs of the linked Trade in one of the following ways:
- if the Ticket represents all of the unsettled volume of the linked Subleg, the subleg will be settled.
- if the Ticket represents part of the unsettled volume, the subleg will be split by the system into settled and unsettled parts.
- if the Ticket represents part of the unsettled volume of the linked Subleg, and the finalize button is checked on the Ticket, the Subleg will be actualized to match the Ticket volume and then settled.
The system does not permit multiple Tickets to be linked to the same Subleg. In most cases, Sublegs linked to a Ticket won't be available for the user to choose for linking.
In one specific case — the case of an "estimated" Ticket generated by a physical trade, the Subleg attached to the "estimated" Ticket is still available for linking. Once linking happens, the system clears the old "estimated" Ticket.
No additional downstream effects happen when a Ticket is linked to an Asset. The Ticket/Asset linkage is only for the purpose of bucketing Inventory.