What is a trade? Trade is a process of buying and selling any financial instrument. Just like any other product even a trade has its life cycle involving several steps, as those with a career in investment banking know. What are the Steps involved in a Trade Life Cycle? Overview of the Process 1. Sale – This is a process of client acquisition in which HNIs or Institutional clients are introduced to various investment products or vehicles. These vehicles or products are available with an Investment Manager or Bank by whom the client’s investments are managed. The investments are collectively called a Mutual or a Hedge fund . 2. Trade Initiation and Execution – This is the process of placing an order in the market . Trade Initiation and Execution can be done both at Order and Quote driven markets . This depends on the choice of market place and on the external platform . Once order is placed and i