Understanding Market Product Types

Market Product Types define types of products used in settlement processing.

There are two primary types of market product types, each based on a specific business object:
  • Market Product Type: Used for market product types whose award allocation is based on the configuration of the Market Award Allocation settlement calculation rule.
  • Formula-Based Market Type: Used for market product types with more complex award allocation. This business object provides the ability to configure complex conditional calculations that take in both interval and scalar variables.

Market product types are defined by the following:

  • Division: The division associated with the market product type.
  • Number of Decimals: The number of decimal values used for market award quantities based on market products of this type.
  • Product Business Object: The market product business object used for market products of this type.
  • Award Business Object: The market award business object used for market awards based on market products of this type.
  • Calculation Details: Applicable to Formula-Based Product Types only. Details used in performing formula-based calculations for market products of this type. Details include:
    • Calculation Pre-Processing: One or more algorithms to be executed prior to performing calculations for products of this type. These can include validation algorithms used to ensure the data being used by the calculations is valid and algorithms that retrieve, calculate, and store values used later in the calculation.
    • Calculation Inputs: Input variables (including Fixed Variables, Award Adhoc Characteristics, Factor Numbers, and Calculated Quantities) and Input Vectors (Fixed Vector Variables, Calculated Quantities, and Factor Profiles) that will be used in the calculations performed for products of this type.
    • Calculations: One or more calculations (based on the Calculation Inputs) to be performed for products of this type. Calculations can be based on Simple or Conditional formulas.
    • Calculation Post-Processing: Details of how the results of the calculations are saved and used in later processing. Options include:
      • Save Results to Calculated Quantity: Defines how calculation results are saved as service quantities on the Settlement Transaction that initiated the market product calculation and, if applicable, assigned to market contracts.
      • Save Results to Characteristics: Defines how calculation results are saved as characteristic values on the Settlement Transaction that initiated the market product calculation.