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1. Route Pet rars User Account Cancel F Cancel P Cancel zr Open Positions Closed Positions Orders Order Details Buying Power Frotit Loss Account Statistics Order Summary Position Hinder Position Tracker Ordea Symbol Action Type Price Shares Pending Executed AwgPrice Last Time Status Canceled Stplnfo Route 3 E 0214 7664 CSCO Overnight 20 00 100 13 00 E3 amp 08 Filled 0213 1002 GOOG Overnight 100 00 200 100 00 Ezz22 Filled 0213 1001 GOOG Overnight 188 00 100 188 00 12 11 53 Filled 0210 2207 SMH Overnight MET 1000 32 8683 12 45 00 Filed 0207 2633 GOOG Overnight MET 1000 ESA 192301 Filed mman mnn Muarin kak T innnn dE OE NQ Filled Column Name Order No Symbol Action Type Price Shares Pending Executed AvgPrice Description Explanation This is the date and the order id number Example 0731 5151 of the closed position The stock symbol of the closed position The initial position whether it was a Long or a Short The type of position and whether it was a day trade or overnight position The price of the execution Amount of shares for the entire position that was entered The amount of shares that have not been executed within a given order that is stil pending to be executed The number of shares that have been executed for this particular order The average price of the execution 45 Last Time Status Cancelled Stp Info Route Commis
2. x30 x40 i550 3 2 About Candlestick Charts Each chart is created using standard candlestick Candlesticks have been around for hundreds of years They are often referred to as Japanese Candles because the Japanese would use them to analyze the price of rice contracts Similar to a bar chart candlestick charts also display the open close daily highs and lows The difference in colour displays if the stock was up or down compared to the previous bar High E pper shad ow Close VV ite Real Open Body ow er Shadow z Low The real body is the 2 dimensional rectangle made by the difference between the open and close of the trading period either 1 minute 5 minute or 1 day depending on the chart you are viewing The body will be green when the close for the period is higher than then the previous bars close and red that it closes lower than the previous bars close The thin vertical line above and or below the real body is called the upper lower shadow representing the high low price extremes for the period 3 3 Resizing Chart To resize a chart window Q Place your mouse on any corner of the quote window Q You will see the pointer turn into an angular pointer Q Hold your left mouse button down and drag your mouse to expand the window Chart MSF I 1 Min Microsoft Corporation Salles h 22 1200 MEHI 25 1200 25 1100 25 1000 25 09
3. 38 5278 oF 41 B 81 333 31 Ez 001 90 av p n 1H m n Description Explanation This is the date and the order id number Example 0731 5151 of the closed position The stock symbol of the closed position The initial position whether it was a Long or a Short The type of position and whether it was a day trade or an overnight position Amount of shares for the entire position that was entered The opening price of that position This may be a blended opening position if there was more than one entry price The amount of shares that were closed out of an initial opening position of that stock The closing price of that position This may be a blended closing position if there was more than one entry price 44 Profit Mark 2 Mkt Account The Profit of that position that has been closed out whether it has been partially closed or fully closed If the position has been carried overnight then this value is the profit of the closed position relative to the closing price as of yesterday s close This feature is unique to Maximus Access Sum of Mark 2 Mkt column will match Mark to the Market closed positions under the Profit Loss tab This is the account that is being shown in the Portfolio Window 7 4 Portfolio Page Columns Explained for Orders To view Orders information click on the Orders button in the Portfolio Window as shown below iol N Ordeno Symbol Acton Tope Price Shares Pending Ereoued Status
4. E Maximus Access Level 1 5 USER MANUAL Version 4 0 TABLE OF CONTENTS TLOINSTALEA TION C 4 TO TNS PAL TATION TEE 4 1 1 Program Installation from the Web csssssssssccccssssssssscsscccccssccsssssssccsooees 4 L2 Lopine OM m 4 20 QUOTE WINDOW icai auis e ere tn Pee c talks ce ieivriatast E S 5 2 1 Quote Window Details osito VEI a PUE Que E Ga ER EVE aped DO IURE QUA EINEN INE PAPE V D EROR 5 2 2 Quote C olor Detals cio ipee tior Pelo sau te pa vePo etie eet eub iv eb aisi o pa E cua U ME Seb MEER INE 7 2 3 Add or CHANGE Symbols eie E eI EFE RU NIE E PELEE RAS RE Pa RE EREEI TRES EUN IE ee LEE Eu Se UE r Eai 8 244 AUG or REMOVE ROW sisiisswscaciredusadttosecaceonsuradtncassacaweduvadutesteacvensvtaticcasaaceced a Uter ees 9 PR uii 9 2 6 Quote d Wi LT I TT 11 2 7 RESIZING Quote WIndOW aidevoiteo Eri ira e DPI pa a Eee Iris Ei ova e PE EeEEEER 12 30 CHART WINDOW dic diese ert e Rea Debt eRe S Dd Eie E 13 REDIMI LU eer 14 3 2 About Candlest ck Charts 55r ire eo EHE e Er ehe aieia 14 3 9 Resine Char osiris bh viv Pit d te viv eei it neni 15 40 LEVELILOUOTE WINDOW iisscisasisstexesetseas tete Renee ee expe eoa Reo e PEERS Fee ERO eue ax E 18 4 1 NASDAQ Level II Fields Explainedhc csssssscsccccccrssssssscssccccssscssssssees 18 42 Imeand 5316s sive i erret EE EIS Ene ota bras erue E Eu Ee susvshavavensarccsaueuense 19 SOENTERINGA TR
5. Good to Cancel order remains open until cancelled on the date you specify on the pop up calendar when the order is placed NYSE Arca Short Sales Nasdaq Short Sales e Short sales are not subject to the bid test when order is matched on NYSE Arca Book e Trades routed to other markets will abide by other market s short sale rules e Limit Orders will be matched down to the limit price which can potentially be outside the National Best Bid if routing to an away market would not satisfy that market s short sale rule e n a down bid market when the NBB is from an away market with a bid test Market Orders will be posted to the NYSE Arca Book at the NBB until they are eligible to trade at the NBB or better Listed Short Sales e Forlisted stocks on a down tick from the last sale a short sell is offered at 0 01 above the last sale e Onan uptick normal trading occurs 34 NASDAQ Single Book 6 2 ISLD Listed OTC OTCBB NASDAQ Market Center Formally INET ECN Island Instinet BRUT ECN and NASDAQ Supermontage History In 2002 the Instinet ECN and Island ECN merged to create the INET ECN In 2003 the NASDAQ launch their Supermontage system to replace the SOES SuperSoes and SelectNet order systems The NASDAQ purchased the BRUT ECN in 2005 and the INET ECN in 2006 In March 2007 the NASDAQ merged the INET ECN BRUT ECN and Supermontage into a single platform for all securities called the NASDAQ Market Center The rout
6. ZB my ue 3 09 27 a EI uar TE ur 1245 3 0 CHART WINDOW Maximus Access provides three real time candlestick charts with the following time period QO 1 Minute Chart 90 total bars O 5 Minute Chart 90 total bars a Daily Chart 260 Days Each chart displays volume and three colour coded simple averages with the following period and colours Q Blue Line 20 period simple moving average QO Red Line 50 period simple moving average a Magenta Line 200 period simple moving average Chart GOOG 1 Min Google Inc MMM EE 100 a UL 202 0000 201 O00 200 0000 279 0000 2ra 0000 zr DL 200000 E SUN NN EEEE E EEEE 3 1 Chart Details To obtain the open high and low price and moving average details of any bar move your pointer over the bar with your mouse A window will appear in the top left corner of the chart window that displays price details The trade volume for the bar will be displayed in the bottom left hand corner of the chart window Chart MSF I 1 Min Microsoft Corporation NNM 2005706 7 25 1200 15 3400 Open 25 0700 25 1100 High 75 1000 TI 25 1000 Low 25 0 700 e Last 275 1000 I 25 0900 MASO 25 0562 ib s oh 25 0800 hA 25 0555 45 34 hA 200 25 0381 Il I 35 25 0700 25 0600 25 0500 T L JHE 25 0400 Tee 25 0300 25 0200 25 0100 25 0000 350000 Yoi 445709 HS Tere EOS DES bL uaalaal Whine UAE aa e30 440 450 soo s10 5 20
7. below E Window 100118 Account Statistics Order Summary Position Minder Position Tracker Open Positions Closed Positions Orders Order Details Buying Power Frofit Loss Profit Loss Intraday Operi Prev Open 51289480 00 Total Open 5128948000 Total Intraday Closed Prev Closed Total Closed h12893480 00 Mark to the Market Starting Equity 2500000 00 Closed Positions Total P L 1000126 00 Est Total Curent Equity 350601 25 06 pen Positions 1000126 00 Est Comm 1000126 00 Profit Loss The Profit Loss section will calculate the gains and losses for intraday and overnight positions based on entry and exit prices Intraday Open Profit Loss for all Open Positions established Intraday Intraday Closed Profit Loss for all Positions that were established and Closed intraday Prev Open Profit Loss for all Open Positions that were held overnight Prev Closed Profit Loss for all Positions that were held overnight and Closed intraday Total Open Profit Loss for all Open Positions overnight and intraday The Sum of Intraday Open and Previous Open Total Closed Profit Loss for all Positions overnight and intraday that have been closed intraday The Sum of Intraday Closed and Previous Closed Total Profit Loss the sum of Total Open and Total Closed 48 Mark to the Market Mark to the Market is a daily calculation of debit or credit margins resulting from price fluctuations of the underlying asset It compares
8. Market Open orders placed before the opening bell 9 30am EST will be executed based on the opening price at or around 10 00am assuming there is sufficient Market Volume for the order 7 Market On Close MOC All Market Close orders will be executed at or around 45 minutes after the closing bell 4 00pm EST assuming there is sufficient Market Volume for the order 8 Limit Invisible Lmt Inv Invisible orders are not displayed on the Island book they are not disseminated on the Island data feeds and they are not included in the Island quote 9 Limit Book The order only shows on the ISLD book to other subscribers If the order is priced at the inside the order will not show on the NBBO 10 Reserve Orders User defines the displayed quantity while the balance of the reserve remains hidden Displayed quantity is automatically replenished from the reserve Market Participants are preferenced for the quoted size when hitting the bid or taking the offer Orders preferenced to ARCA at sizes greater than the displayed size will be matched against the entire reserve quantity 11 NYSE Direct Orders Automatic execution of limit orders up to 1 099 shares against the published bid or offer with no opportunity for price improvement If the order is not immediately executable the order will revert to a regular DOT order Traders may not send Direct orders in the same stock and on the same side of the market more frequently than e
9. Open Positions information click on the Open Positions button in the Portfolio Window as shown below 23 Portfolio Window 1001 nS a A NG NT Cr MV Dc Cance amp 10620 1645 INTC SHORT Cay Limit 2b E FOU AUD I Confirmed DEMOS ADFN Ica ce 0620 1644 CSCO BU Day Lirnit 8 38 But Bur Confirmed DEMO BRUT LEVEL15 Cancel P DE20 1642 MSFT BL Day Lirit 25 D Jz 100 100 Confirmed DEMO TRAC LEVEL15 Cancel b Order Summary Position Minder Position Tracker Open Positions Closed Positions Orders Order Details Buying Power Frotit Loss Account Statistics m Technology Inc NAM 12 500 00 PD a Dell Inc HMM 20 135 00 165 00 Microsoft Corporation NNM 25 070 00 30 00 Yahooa Inc NNM i 36 050 00 Microsoft Corporation HMM 2 507 00 1 00 1 00 42 Column Name Symbol Acc Type Full Name Shares Entry Price Current Price Value Gain Day Change Day Change 9o of Portfolio Previous Close Theo Close Theo Day Description Explanation The Symbol for the stock you purchased The Account Type section declares 5 separate account type situations Cash Margin Short OV Overnight Position and DY Day Position The Full Name of the underlying stock held in the account The number of shares purchased a positive number if long or negative number if you are selling short The price that which you entered the position This price will automatically be retri
10. Orders entered for the core session will be canceled Extended Hours 4 00 pm to 8 00 p m ET 8 00 p m ET Limit Orders entered after 4 00 p m ET are canceled ARCA Routing Table E TE gm Stop Book Dsc LMT Peg MKT Peg a S E Nw x k x x Gr x k bh 29 Order Type LMT Limit Order Availability All sessions core and after hours e Marketable limit orders are matched with the NYSE Arca Book or are routed to other trading venues when such venues have superior prices than those available on NYSE Arca e Order is price improved if available e Non marketable limit orders are posted to the NYSE Arca Book based on price time priority e The best bid and offer in the Book will be displayed on Nasdaq Level II MMID ARCA Limit Order Examples Book Bids Book Offers Away Market Bids Away Market Offers 50 05 1000 50 10 300 50 04 500 50 09 700 50 04 500 50 12 2000 50 03 100 50 10 500 50 03 1500 50 15 1000 50 00 1000 50 15 3000 Limit Order Buy 1000 shares at 50 09 Result NYSE Arca routes 700 shares to the away market at 50 09 The balance of 300 shares is posted to the NYSE Arca Book at 50 09 Limit Order Sell 3500 shares at 50 03 Result NYSE Arca matches 1000 shares at 50 05 and 500 shares at 50 04 against the Book Routes 500 shares at 50 04 to the away market then matches the balance of 1500 shares at 50 03 with the NYSE Arca Book Order Type MKT Market Availability O
11. Page Columns Explained for Orders 45 7 5 Portfolio Page Columns Explained for Order Details 46 TM DuVIDP POWOE 5e i e ie ase a a E ee ONU NE PENES 47 TZ Fron LOSS itas o i Ee Evi ree i AEEA 47 ye Order SUMINA oreert 50 7 9 Position Minder ooien EE cts Pueblo E EDIDI V s I DR S1 T EU POSIION PACK EF 1i ob Ete EE a Eoi eben Pu Lb euis diia EE 52 SVCONNECTIVIT Y CT 53 1 0 INSTALLATION 1 1 Program Installation from the Web To install the program from the Internet take the following steps Enter the download address in your internet browser and hit enter A File Download window appears Select Save Q The Save As window will appear specify a location for the file to be saved in most cases you should save to your root drive which is drive C Installation Q Follow the installation prompt using all the Default selections QO Reboot your computer once you have finished the installation Once the download is complete a Maximus Access icon will now be located on your desktop 1 2 Logging On This can be done in one of two ways 1 Double click on the Maximus Access icon on your desktop 2 Click on the Start button Q Choose Programs O Choose Maximus Access When the login screen appears you will be prompted for a User Name Password Domain and an Account Number User Name lnpank Password lc
12. Peg Best Pegged Best Orders Availability Only during the core sessions Listed Securities Only Pegged Orders are Limit Orders that move up or down depending on the change in the current NBBO Bid or Offer These are called Tracking Orders Peg best orders positions your order to the same side of the primary market NBBO buy orders set at bid price sell orders set at offer price 32 Pegged Best Example National Best Bid is on NYSE Arca at 50 05 Best Offer is 50 09 Book Bids Book Offers Away Market Bids Away Market Offers Tracking 1000 50 05 1000 50 10 300 50 04 500 50 09 700 50 04 500 50 12 2000 50 03 100 50 10 500 50 03 1500 50 15 1000 50 00 1000 50 15 3000 Pegged Best order to Buy 500 shares Result Order is posted at 50 05 If the Bid price of the NBBO moves up to 50 06 then your order will be automatically adjust up to 50 06 Note that Tracking Orders are not displayed in the NYSE Arca Book and are listed here for explanatory reasons only Order Type Reserve Orders User defines the displayed quantity while the balance of the reserve remains hidden Displayed quantity is automatically replenished from the reserve Market Participants are preferenced for the quoted size when hitting the bid or taking the offer quantity Orders preferenced to ARCA at sizes greater than the displayed size will be matched against the entire reserve e A Reserve Order has a limit price a displayed q
13. below m Window 100118 ew La E Cancel Cancel Cancel 5 Open Positions Closed Positions Orders Order Details Buying Power Frofit Loss Account Statistics Order Summary Position Minder Full Name Position Tracker i on Cen 7 agg 25000 31300 100 501000 rogoo Sn Bn 500 500 Sn 7 3592 59 2663 201 0776 15 0000 34 3740 38 2958 25 3800 g4 4300 24 2000 56 8800 Semiconductor HOL DEM0118 Adobe Systeme Inco DEMUTT18 Google Inc HNM DEM0118 Cisco Systems Inc DEMUTTS Semiconductor HOL DEMCUTTS8 Nasdag 100 Trust 5 DEMOT18 Microsoft Corporatior DEMO118 International Busines DEMCUTTS8 Merck amp Co Inc WH DEMUT18 Exxon Mobil Corpora DEMCUTTS 100118 100118 100118 100118 100118 100118 100118 100118 100118 100115 12 45 00 10 05 13 E 2222 16 36 08 10 57 15 10 55 46 15 18 37 15 18 54 15 13 03 15 13 30 15 13 53 63 8151 Amgen Inc NNM DEMO118 100118 3n 25 2400 Phizerinc NYSE DEMUTIS 100118 15 13 47 B B B B B B B B B Column Name Description Explanation Symbol Stock symbol traded Action Whether the stock was a buy sell or sell short Shares The amount of volume traded overnight and intraday positions combined Avg Price The average price of stock traded overnight and intraday positions combined Full Name The full name of the symbol traded User The name of the user that made the trade Account This is the account numbe
14. feed for and cannot price The purpose of entering a theoretical close is to provide a better estimate of your P amp L This is the theoretical change in the position s value for the day It is used in conjunction with the theoretical close 43 7 3 Portfolio Page Columns Explained for Closed Positions To view Closed Positions information click on the Closed Positions button in the Portfolio Window as shown below Portfolio Window 100118 oo SS TOT CENSENT RC Order Summary Closed Positions Open Positions FID a 0121 3416 SMH 0112 1845 Q 0112 1657 0111 2044 0111 1555 0111 1578 SHORT SHORT SHORT SHORT SHORT SHORT SHORT SHORT SHORT SHORT SHORT SHORT WLUW SMH SMH SWH d aM H 0110 2858 QOOQOE mo BIFIRIN 1102208 OOOO Column Name Order No Symbol Action Account Shares Open Price Shares Out Close Price al Shree Shrt 0 Shrt O S hr DV Shrt DV S hrE DV S hrt E v ShrE DV S hr DV Ghrt DVv Shrt Dy Position Tracker Profit Loss Position Minder E Orders Order Details Buying Power Account Statistics hate rel peer E Mark 2 Mkt C pium ud 2h83 11 2 955 82 405 056 86 Ta n M 100118 100118 100118 100118 100118 100118 100118 100118 Vuil 100118 1001 T m 13 E 20 729 59 39 629 80 474435 38434 JS 358 290 66 47 758 E 45 BB8 93 3 44 694 78 43 529 43 i 3113 8147 30 918
15. on the column criteria in the Preference Window and then click on the middle arrow to move the column criteria Once you have all Visible Columns chosen click on the Apply button and then the OK button The column features available are as follows Symbol Any US stock or index symbol can be entered into the symbol field Last The last price of the stock or index printed on the exchange Bid Ask The current best bid and ask price quote based on all exchange data Use the Level II window for details on market participates various bid and ask prices and the depth of market BidSize AskSize Displays the combined volume from all market participates on the bid BidSize and ask AskSize The volume is displayed in 100 s of shares A BidSize quote of 525 would mean that total volume bid at the best bid price from all market participates was 52 500 shares Use the Level Il Bid Map Tick Prev Open Net Change High Low Range Range Map window for details on the amount of share each market participates is bidding at each price level The Bid Map is a colored coded system that allows you to visually follow the direction of the best bid price If the best bid price increases compared to the previous best bid price a single green bar is added to the Bid Map An additional green bar is added to the Bid Map for each additional increase in the best bid price Conversely a single red bar is added to the Bid Map if the b
16. through every available market route There are currently 9 different equity routes and 3 option routes available through the platform The routing choices are as follows Nasdaq Market Center ote listed otchi NYSE ARCA ote listed otcbb ps Bloomberg ECN ote listed NYSE FIOOr listed only g AMES FIO Of listed only NYSE AMEX Floor listed only Autotradedesk otc listed otcbb Pawe Direct Edge ECN atc listed otcbb Optian Houte all option exchanges Option smart Houte all option exchanges BOFA Algorithmic Houte atc listed M Microsoft Corporation Bid BOFA Price Route MSFT Upen 28 52 26 25 U 25 22 Volume 500 Default Day Expiration Sell 28 25 6 1 ARCA Listed OTC OTCBB p NYSE ARCA formally known as ArcaEx Q archipelagd History In January 1997 the U S Securities and Exchange Commission SEC implemented new Order Handling Rules that revolutionized trading in NASDAQ securities The new rules created the opportunity for Electronic Communications Networks ECNSs to interact directly with the NASDAQ National Market System The Archipelago ECN was formed in December 1996 in response to these rules In 2007 ArcaEx was purchased by the New York Stock Exchange About NYSE Arca features a trading system that searches for the best execution for each order NYSE Arca has an internal order book If orders are not matched on the internal o
17. 0 275 20 100 4 1 NASDAQ Level Il Fields Explained The title bar will display open positions the name of the symbol selected and the exchange where the symbol is traded In the figure below the open position is Long 1 100 shares the symbol is Microsoft Corporation and the exchange where Microsoft is traded NNM NASDAQ The exchanges will change with the symbol selected Some exchanges are NNM AMEX NYSE etc Il Long 1100 Microsoft Corporation NNM Level Il Column Headers MMID Bid Ask Size hd MID BID hd ID ASK SIZE This field indicates the Market Participant ECN Market Maker Firm or Exchange posting a Bid Ask This field indicates the price the participant is willing to pay for the security This field indicates the price the participant is willing to sell the security for This field indicates the size or number of lots 1 lot 100 shares Note NASDAQ Market Maker Bid Ask is usually posted in hundreds 4 2 Time and Sales The time and sales screen is located on the right hand side of the Level Il trade window This window allows you to view real time sales on a trade by trade basis as they occur during the trading day The first number is the price of the trade and the second number is the number of shares All price prints are colour coded as follows 275 01 100 274 37 100 275 00 100 2fo 01 100 275 06 100 2fo 13 7100 275 15 7500 274 99 7100 275 01 100 274 97
18. 0 ms 20 ms pcine ge3 6 3 wp shawcable net 64 59 178 661 ms 38 ms 26 me reenr posiS f wp shawceable net 66 163 73 130 TH ms 4H ms j ms wreciso posl3 H cq shaweable net bb 163 7 6 85 A ms 5H bA ms relwh posi2 8 uc shawceable net 66 163 76 16 ms 9H ms me POSS 6 GWI UANT ALTER WET 265 156 222 125 ms TH mz H szo 1 H H xsL1 UHNI BLIEHM MEI 152 63 13 13B pus 98 ms ms B s0 7 B TL1 URH1 HnLTER MET 152 63 138 74 ns 118 A mes 8 s0 H 8 1L1 DFW9 ALTER MEI 152 63 10 13 mg 100 m ms 8 so 7 8 8 4L1 DFW9 ALTER WET 152 63 00 194 JH ms 1B1 ms ms 8 s0 4 6 0 4R1 DFW9 ALTER WEI 152 639 1861 254 146 ms 1H1 5 mz 185 at 5 1 B VUHl1 DPU9 BLIEH MEBI 152 63 96 897 J 130 ms i i r ns pozb5 BH uri dfuB ueb wcom net 157 130 142 102 130 ms 11H nz 63 99 192 39 178 ms 118 ms 63 99 225 208 race complete Like ping s results deciphering Traceroute s dialog is easy Each hop in the route the packet has traveled will be displayed in order with the hostname and or IP address Next the results in milliseconds of the three probes that are sent to each hop The rules for ping results also apply here Numbers near 200 300ms and asterisks represent network problems Please note that the first hop to show numbers above 200 300ms is the place on the internet that the problem is occurring If you continue to have problems in the same place each day you can contact your ISP and provide them your Ping Test In many cases an ISP can route aroun
19. 00 25 0800 25 0700 25 0600 25 0000 25 0500 ET 25 0400 25 0300 25 0200 25 0100 25 0000 23 1000 25 0800 25 0600 275 0400 ni TT TT T he a a an 25 0200 53986 tet dalla NS sso Tisao paso presos Tre19 T0 eso fea preso 9e To hide any window click on the dash bar in the top right hand corner of the window Chart MSFT 1 Min Microsoft Corporation SES LIM 4 25 0800 i H 25 0600 E iA ra LITE TTTTTIE LITT 2 S 0400 LCU I Ik 25 0200 25 0000 All hidden windows will be displayed along the bottom of the trade window To expand any hidden window click on the expand button Chart 4 0 LEVEL II QUOTE WINDOW The Level Il Window shown below allows you to view Market Makers ECNs Electronic Communication Network the Specialist Bid Ask price changes and trade information on a second by second basis as it occurs during the trading day Additionally Level II allows the user to view Bid and Ask volume at every price level ll Google Inc NNM I 5 25 275 05 Hi 277 04 Low 271 73 w sx EEN c ETNIS 33 oe f5 13 7100 E 275 05 100 g 275 07 100 BRUT SIZE BHEUU 2fo 04 F504 29 04 2 5 04 279 16 279 16 2fo l 2 517 2fo 11 100 27 5 10 100 2fo 13 100 Brutbk 2fo l 2 5 17 2 517 FERE 100 2 5 2 100 275 2 100 2 52 100 2 5 22 100 275 20 100 2 5 20 100 275 20 100 2 5 20 100 275 20 10
20. 100 Green font on a black background Trade occurred at the offer price Red font on a black background Trade occurred at the bid price White font on a black background Trade occurred between the bid and ask prices Black font on a green background Trade occurred above the lowest offer price White font on a red background Trade occurred below the highest bid price 5 0 ENTERING A TRADE 5 1 Order Entry on the Level Il Screen Maximus Access has been designed to enhance the execution process by providing the user with an easy to understand and efficient order entry interface that allows the trader to focus on trading not on the trading software The Order Entry Window allows you to control every aspect of an order With a click of your mouse you can select the routing of your order to any ECN Market Maker or Specialist ll Google Inc NNM fef 5 25 275 05 Hi 277 04 Low 271 73 ARCA Ea BM Dae Margin LMT Pref P ISLD s SP oe Eels az 275 13 100 275 09 100 g 275 07 100 2 5 04 25 04 29 04 279 04 279 16 279 16 2fo l 2 517 2 517 25 17 2fo 11 100 27 5 10 100 2fo 13 100 275 14 100 2 517 2 52 100 275 2 100 2 5 2 100 2 5 22 100 275 20 100 27 5 20 100 275 20 100 2fo 20 100 275 20 100 275 20 100 To place an order enter your desired stock symbol into the symbol input field at the top left corner of the Level II screen We have chosen GOOG for o
21. ADE DP 20 5 1 Order Entry on the Level II Screen eee e eee e e ere eene uuo rre ee aeuo e ee eeeHe 20 5 2 Electronic Communication Networks ECNs amp Order Types 22 5 0 Order Types Explain 5 eiecti EE Ee a oE ee ives ORE Rope EER E SENE NE NR eNER Ea 22 5 4 Extended Hours LE SGIHIP eiie etie aee eode o eaa Pen a aee UTE ET 26 OO Trade RoUt ig ose ani E EIE 26 6L ARCA Listed OTC OTCBB iones iv ndi rv ad e addere 28 6 2 ISED Listed OF C OV CBB iioi bt the REEHEE ERAS aaea aana 35 6 3 Route NYSE AMEX Listed Only eee eee ee ee eee eee eee eee e eee ee ee tease 37 6 4 MIX Listed Only 2 ecce eepes Oeo DNE E aH ava s EV dances even eee es Ceu evo a o auus EVeeevis even ee nEs rU er des 39 6 9 EDGE s EISIed OLC ceiien aA pass RR EDI CEM ETE L eoe EE ERDE 40 06 0 BTRD OTC Only aae eiatiedi o ER PPM GER DPI EO a ERAS Rie iE Pieve I 41 06 7 ATD OTC LISTED OICBDB oie En rrr ERRERRE e EEYES RUE CR S Lbs va SR eR E ERR EC EHE 41 7 0 PORTE OEIO WINDOW icsisksetb ied o RR EI pe INS ER IM PARI REIS EI pee E NS px PM PANI a UE 42 7 1 Portfolio Analysis WIBOOW eoo eee eonun oen epe eaae een E de eu opo S Een e Yn ga TER pepe eaae ena deoa EP S ER eA uus 42 7 2 Portfolio Page Columns Explained for Open Positions 42 7 3 Portfolio Page Columns Explained for Closed Positions 44 7 4 Portfolio
22. KT Market Availability Only during core session e Market orders are matched with the NASDAQ Market Center Book if there is an order s at the inside e f Market Center Book is not at the inside the order is routed using Market Center Book s SmartBook sweep logic e Any residual volume will not be routed to the next price level until all quotes at the current best bid offer are exhausted Order Type Stop LMT Stop Limit Availability Only during core session A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price See LMT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type LMT INV Limit Invisible Availability All sessions core and after hours Invisible orders are not displayed on the NASDAQ Market Center book they are not disseminated on the NASDAQ Market Center data feeds and they are not included in the Level Il quote Order Type PEG MKT Peg Market Availability All sessions core and after hours Peg market orders positions your order to the opposite side of the primary market NBBO buy order will set at the current offer price sell order set at bid price The orders will then move up and down as the bid offer moves The order will only move up or down to the limit price you set Ord
23. NN Domain IDEMO1 Account No 10001 Direct Connect EE Lonnect Fl Abort Select Connect and the application will log you on to the network 2 0 QUOTE WINDOW The Quote Windows provides and unlimited number of real time price quotes for all US stocks and major US indexes TI Condensed Quote Window Quotes PRISE Symbol Open Last Bid Ask BidMap Range Man Tick Symbol Open Last Bid Mar 2 63 128 58 20 64 42 23 21 72 AD 24 25 07 50 24 32 88 01 50 42 23 8 57 75 39 ST 2 1 Quote Window Details There are 17 different quote columns that can be displayed for each symbol You can change the columns displayed on the quote window through the Quote Preference Window To bring up the preference window place your mouse on any of the column headers e g Symbol and click your Right Mouse button Cu cdensed Quote Window Quotes PEE i a a M B PM in 13 cn Preferences Condensed Quote Table Columns Format Table Sort Available Columns Visible Columns ASk Hid Map Opern Daily Chart Last Exchange gt Hid High Hid amp ize Low Ask amp Size Minute Chart Met Change 4 Range Map Prev Yolume Chart Range Tick OK Cancel Column headers that appear in the Visual Columns section of the Preference Window will be displayed on the Quote Window To move an individual column in or out of the Visual Columns section click
24. arkets and Book orders at a discretionary price if their size satisfies or exceeds the size requirement on a quote per quote basis e Discretionary Limit orders can be used in conjunction with Reserve Orders Discretionary Order Example National Best Bid is on NYSE Arca at 50 05 Best Offer is 50 09 Book Bids Price Discretionary Show Size Reserve 50 05 50 10 100 5000 Limit Order to Sell 1000 shares at 50 07 Result Order is matched with the NYSE Arca Book at 50 07 Order Type Peg Mkt Pegged Market Orders Availability only during the core sessions Listed Securities Only 3l Pegged Orders are Limit Orders that move up or down depending on the change in the current NBBO Bid or Offer These are called Tracking Orders Peg market orders positions your order to the opposite side of the primary market NBBO buy order will set at the current offer price sell order set at bid price Pegged Market Example National Best Bid is on NYSE Arca at 50 05 Best Offer is 50 09 Book Bids Book Offers Away Market Bids Away Market Offers Tracking 1000 50 05 1000 50 10 300 50 04 500 50 09 700 50 04 500 50 12 2000 50 03 100 50 10 500 50 03 1500 50 15 1000 50 00 1000 50 15 3000 Market order to Buy 500 shares Result Order is matched with the NYSE Arca Tracking Order at 50 09 Note that Tracking Orders are not displayed in the NYSE Arca Book and are listed here for explanatory reasons only Order Type
25. at each price increment Example Enter a buy offer for 3000 XYZ filled at an average price of 72 order filled at 71 72 73 6 7 ATD OTC LISTED OTCBB About ATD was founded in 1988 and currently accounts for over 396 of NASDAQ and Listed volumes ATD uses fully automated price prediction systems to smart route orders to various ECNs market markets and specialists based on order criteria price and destination Share Size Limits unlimited shares Minimum Price Increment 0 01 or OTC and Listed Availability Only during core session ATD Routing Table Hmi Market StopiMT StopMKT raikStop DAY DAY eto 41 7 0 PORTFOLIO WINDOW 7 1 Portfolio Analysis Window The Portfolio Analysis Window helps you manage your accounts giving you a total overview of your trading All account information and positions are updated in real time There are ten different windows within the Portfolio Window each allowing you to view critical trade and portfolio information The following sections are available Open Positions Closed Positions Orders Order Details Buying Power Profit Loss Account Statistics Order Summary Position Minder and Position Tracker Additionally there are many features available within the Portfolio Window such as canceling an order by double clicking on a pending order in the Open Positions or Orders sections 7 2 Portfolio Page Columns Explained for Open Positions To view
26. available on the first quote of the day when the bid and or offer is greater than 100 shares It is not available during a trading halt or a non firm quote Note Specialist can turn off the Ndirect system in fast moving market and the order will become a regular LMT order 39 6 5 EDGE Listed OTC Direct Edge ECN About Knight Capital Group owns and operates the Direct Edge ECN EDGE is currently one of the largest ECNs for OTC securities Size EDGE currently handles approximately 5 10 of Nasdag OTC orders EDGE is still not as liquid for listed securities and is responsible for only a few percent of daily orders on the NYSE Order Representation EDGE s top orders are represented in the NASDAQ National Best Bid Offer display as EDGX on the Level II screen Minimum Price Increment 0 01 Session Hours EDGE currently accept and executes orders from 8 00 AM to 5 00 PM ET Core Trading Session 9 30 a m to 4 00 p m ET EDGE Routing Table Order Type LMT Limit Availability All sessions core and after hours OTC and Listed Order is posted to the EDGE book at the specified price Order Type MKT Market Availability Only core session OTC and Listed For immediate aggressive executions EDGE Market orders are not displayed in the EDGE book The order only executes atthe inside price whether in the market or in the E DGE book working its way through the inside Orders are sent out at eac
27. cuted within a given order that are still pending to be executed Executed The number of shares that have been executed for this particular order ExePrice The price of the execution Last Time Displays the date and time of the order or execution When sorting within the Order Detail Window the orders will sort by date then time Status The status of the order or execution Cancelled Filled Rejected Cancelled The amount of shares that were cancelled 7 6 Buying Power To view Buying Power information click on the Buying Power button in the Portfolio Window as shown below aix L oeno erbo con Type Pace Shas Pondro euet Siets ure P rS Jia fecuri Cancer P Cauca P Cauca P Cauca P Garces P Open Positions Closed Positions Orders Order Details Buying Power Profit Loss Account Statistics Order Summary Position Minder Position Tracker Buying Power Buy Stacks 54661 61 Buy Options 53661 61 8 JotalExposur 816563 00 Aeg T vs Equity Short Stacks Sell Naked Opt g Day Trading Buy Stocks Day Trading Short Stocks O Buying Power Buy Stocks Buying power for purchasing stocks Short Stocks Buying power for shorting stocks Buy Options Buying power for purchasing options Sell Naked Options Buying power for selling naked options Reg T vs Equity Reg t vs your amount of equity 7 7 Profit Loss 47 To view Profit Loss information click on the Profit Loss button in the Portfolio Window as shown
28. d a troubled server on the Internet 4 Troubleshooting Many times logging off your Internet service provider and then back on will resolve the problem If you continually have a problem you may want to have your line tested for noise or dropped packets by your ISP or you may want to get a different Internet service provider 57
29. d on NYSE Arca Order Type Stop Mkt Stop Market Availability Only during the core sessions A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transaction in the security occurs at or below the stop price The transaction must occur between at or between the bid and offer for the order to be triggered Stop Order Example 1 Current NBBO 19 85 20 05 2 Stop Order to Buy 1000 shares with a stop price of 20 07 3 Stock prints at 20 08 4 Stop order is elected Market order for 1000 shares is activated on NYSE Arca Order Type Trailing Stop Trailing Stop Availability Only during the core sessions Will set your stop order the specified amount above or below the last print The stop will adjust based on prints that occur between the NBBO Order becomes a market order when stop is triggered see MKT order Order Type Disc Lmt Discretionary Limit Availability All sessions core and after hours e Order is displayed at your specified price not your discretionary price e When a bid or offer appears at or above your share quantity minimum your order will be matched in ARCA or routed to Nasdaq Market Participant at their quoted price using SmartBook logic e User defines Limit Price Discretionary Price and a Discretionary Limit quantity e The Discretionary Limit Order is a means to only go to away m
30. der Type LMT Limit Order is sent to the floor specialist Order may not show on book Order Type MKT Limit Order is sent to the specialist Order does not show on book Order Type Stop Lmt Stop Limit A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price see LMT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Stop Mkt Stop Market Limit A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transaction in the security occurs at or below the stop price see MKT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Trailing Stop Trailing Stop Will set your stop order the specified amount above or below the last print The stop will adjust based on prints that occur between the bid and ask Order Type MOO Market on Open Will only execute at market open see MKT order Order Type MOC Market on Close Will execute at market close see MKT order Order Type Ndirect Provides automatic and immediate executions of limit orders up to 1 099 shares at the published NYSE quote NYSE Direct will be
31. e ISLD on the platform routes orders to the NASDAQ Market Center book Orders sent to the NASDAQ Market Center book will execute against any matching order from another NASDAQ Market Center book participant Market orders MKT not immediately matched on the NASDAQ Market Center book are routed to other pools of liquidity ECNs Market Makers etc for immediate execution The Level 2 quote for NASDAQ Market Center is displayed as both NSDQ and Island for NASDAQ and OTCBB stocks and Island for Listed Stocks About Size NASDAQ Market Center handles over half of all Nasdaq OTC orders NASDAQ Market Center is still not as liquid for listed securities and is responsible for only a small percentage of daily orders on the NYSE Minimum Price Increment 0 01 for all securities with a closing price of 1 00 and above 0 001 for securities with a closing price below 1 00 Session Hours NASDAQ Market Center currently accepts and executes orders from 7 00 AM to 8 00 PM ET Core Trading Session 9 30 a m to 4 00 p m ET 35 Market Center Book Routing Table BESTE LMT Book LMT INV Peg MKT Peg Best Dy X x x x x x x i Order Type LMT Limit Availability All sessions core and after hours Order is posted to the NASDAQ Market Center book at the specified price NASDAQ Market Center s top orders are represented in the NBBO as NSDQ and Island for NASDAQ and OTCBB stocks and Island for Listed stocks Order Type M
32. e i Case insensitive Iv Automatically run sort once every 5 000 seconds Apply to all panes Ignore labels when sorting OK Cancel 2 6 Quote Format To change the display format of any column open the Quote Preference Window see 2 1 and choose the Format tab Select the column you would like to modify in the Select Column s window Preferences Condensed Quote Table Columns Format Table Sort Select Columns wj Decimal Places D AskSize Bid Multiply Factar HidSize i Show Commas Last Met Change i Show Zero Values Open Prev Range Alignment Symbol fe Left Tick Center C Right M Adjust idth to Apply To All Displayed Columns Uppercase Wo Show Visible Columns Only Qs Cancel To change the display format of any quote table open the Quote Preference Window see 2 1 and choose the Table tab Preferences Condensed Quote Table Columns Format Table Son Grid Lines Col Labels if Horizontal Long W Vertical None Tools Show Quick Filters Show Status Line Show Summary Line iM Show Focus Rectangle W Highlight Row W Enable Multiple Selections OK Cancel 2 Resizing Quote Window To resize the quote window a Place your mouse on any corner of the quote window Q You will see the pointer turn into an angular pointer Q Hold your left mouse button down and drag your mouse to expand the window lz 212 im 74
33. er is displayed on NASDAQ level II as NSDQ and Island for Level II listed Order Type PEG BEST Peg Best Availability All sessions core and after hours Peg best orders positions your order to the same side of the primary market NBBO buy orders set at bid price sell orders set at offer price The orders will then move up and down as the bid offer moves The order will only move up or down to the limit price you set Order is displayed on NASDAQ level Il as NSDQ and as Island for Level II listed Order Type Heserve Orders 36 Availability All sessions core and after hours With Reserve order the user defines the displayed quantity while the balance of the reserve remains hidden Displayed quantity is automatically replenished from the reserve NASDAQ Market Center Expiration Order DAY order is canceled at market close of the regular market session Order DAY order is canceled at the end of the after markets session Order IOC Immediate or Cancel will fill all or part of your order Order will cancel immediately even with a partial fill Order GTC Good to Cancel order remains open until cancelled on the date you specify on the pop up calendar when the order is placed Order FOK Fill or Kill will fill all or none of your order no partials If not filled will cancel immediately 6 3 Route NYSE AMEX Listed Only About NYSE orders are sent directly to the NYSE Specialist on the New York Tradi
34. est bid price decreases compared to the previous best bid price If the last executed transaction price is a downtick a D will be displayed If the last executed is an uptick a U will be displayed The previous market day s closing price of the stock or index Closing price is based on the regular US market close at 4 00 AM EST The opening price of the stock or index on the exchange Opening price is based on the regular US market open at 9 30 AM EST Change between the last printed price and the previous day s close The highest price of the stock or index printed on the exchange during the current market day The lowest price of the stock or index printed on the exchange during the current market day The Range is the Net Change divided by the total price range since the stock previous day s closing price For example if the stock closed the previous day at 25 00 opened at 26 00 had a high of 27 00 and a current price of 26 50 the current Range would be 1 50 2 50 60 The Range Map is a colored code system that allows you to visually determine where the price of the stock is compared to the highest and lowest prices of the day including the stock previous day s closing price The range map is a visual representation of the Range If the bar is completely green than the stock is trading at the highs for the day and if the bar is completely red it is trading at the lows for the day Volume Daily and Minute Chart T
35. eved when you make a trade and will fluctuate with the price of the stock If you are long a position the current price will reflect the current Bid If you are in a short position the current price will reflect the inside Ask If pre market it is based off yesterday s close If post market the last price in the regular session is used For options the current price is the average of the bid offer during market hours After market hours the current price is the last regular hours trade The value of the stock i e Shares x Current Price The Value assumes that prices are quoted in if they are quoted in cents you must divide your number of shares by a 100 or look at the price multiplier feature which follows The price gain or loss since you purchased the stock i e Shares x Entry Price Shares x Current Price The gain or loss for the day This is the change in a percentage since the starting position for the day This also takes into consideration the value of the security at this point in time This is the percentage of your portfolio this position represents This is the previous day s closing price for the position This is a theoretical closing price for a security Your broker dealer and or clearing firm may load a theoretical closing price for a security This is sometimes done for securities that did not trade the previous day and therefore have no previous closing price or securities which we do not receive a
36. h price increment Example Enter a buy offer for 3000 XYZ filled at an average price of 72 order filled at 71 72 73 EDGE Expiration Order DAY order is canceled at market close of the regular market session Order DAY order is canceled at the end of the after markets session Order GTC Good to Cancel order remains open until cancelled on the date you specify on the pop up calendar when the order is placed 40 6 6 BTRD OTC Only Bloomberg ECN About BTRD is one of the smaller ECNs and has less liquidity than ARCA NASDAQ Book and EDGE As a result orders may not be filled in a quick or efficient fashion depending on the security Order Type LMT Limit Availability All sessions core and after hours Order is posted to the ATTN book at the specified price Order Type Stop LMT Stop Limit Availability Only during core session a stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price Order displayed on NASDAQ level Il as BTRD The transaction must occur between at or between the bid and offer for the order to be triggered Order Type MKT Market Availability Only core session BTRD Market orders are not displayed in the BTRD book The order only executes at the inside price working its way through the inside Orders are sent out
37. he particular order To view Position Tracker information click on the Position Tracker button in the Portfolio Window as shown below Portfolio Window 302 panera Cute miel fcn Tree Pie tee Perna Fneosed Sous Rowe Pet Teale Us sant Cancel P Cauca P Cancel P Cauca P ancol P Open Positions Closed Positions Orders Order Detail Buying Power Frafit Lass Account Statistics Order Summary Position Minder Position Tracker OrderNa In Symbol_ Position Shares Price In Order Out Price Out Prft Account Column Name Description Explanation OrderNo In The order number for the trade entering a position Symbol Symbol of the security traded Position Type of position whether short or long Shares Number of shares traded Price In The price at which the position was entered Order Out The order number for the trade closing a position Price Out The price at which the position was closed Profit The profit loss when closing the position 52 8 0 CONNECTIVITY When using our Peak trading products it is important that you have a fast and reliable Internet connection The large majority of the problems our clients encounter relate to the speed and or reliability of their Internet connections Most 56k dial up connections will work In fact we have client on connections as low as 28K with reliable and fast quotes and executions If you decide to use a 56k to 28 8k dial up connection it is impo
38. hese three columns are new features that will be released in an upcoming version At the present time these figures are represented in the three chart displays 2 2 Quote Color Details The font and background colours in the quote window identify the price movement of the stock or indexes as follows 121 14 Green font on black background The last print price is higher than the previous day s closing price Red font on black background The last print price is lower than the previous day s closing price White font on blue background The last print price is higher or the same as the previous trade White font on red background The last print price is lower or the same as the previous trade Black font on green background The last print price is a new high for the day Black font on red background The last print price is a new low for the day Black font on grey background The last print price is a new 52 week high or low Updating Level Il or Chart windows by changing symbols in the quote window Q Click on the symbol and hold down your left mouse m Drag you mouse over any part of the Level Il or Chart window Q Release your mouse button and the window will automatically update 2 3 Add or Change Symbols You can view an unlimited number of symbols in the quote window To add a stock or index to the quote window or change an existing symbol Q Click on the symbol or empty box Type in the new symbol O Pre
39. ion and would like to limit your losses you would place a buy trailing stop The order will be placed and executed when the market triggers the Stop Trailing Limit Stop Orders Warning When placing a Stop Order incorrectly a message window will pop up and require a new price share number for the order Stop Price ARCA Stop Price Shares Fr 4 son OF Cancel After the order has been placed a message window will appear to ask for confirmation of the changed stop order BEEN x Buy 100 ERTS Stop Lmt 63 76 CAUTION Trigger Price Below Market Proceed with Order 4 Peg Orders Peg Mkt This pegs the order to the opposite side of the primary market and the order price moves as the market moves The order is priced to buy on the offer and sell on the bid Example You want to buy 1000 shares of MSFT If you want to peg your order to the best offer you will enter a Peg Market order to track the Offer Island ECN will keep track of the order during the execution phase and report back the trade details Conversely if you want to sell 1000 shares of MSFT Island will peg your order to the current bid Peg Best Peg Best Orders will be sent to Island at the current Bid or Offer depending on which side of the Market you are on The order will peg itself to the current price based upon whether you are buying or selling Example You want to buy 1000 shares of MSFT If you want to peg your order
40. mine when to match or route an order NYSE Arca looks for the best price for an order internally or externally When routing externally NYSE Arca will route to the Market Participant that has the best order execution ratio based on fill history time and size shown For example Market Participant 1 MMID1 is bidding 50 625 for 1000 shares Market Participant 2 MMID2 is bidding 50 625 for 1000 shares NYSE Arca is bidding 50 for 500 shares An order to sell 500 shares at 50 is entered into NYSE Arca This order will automatically be routed to MMID1 or MMID2 depending on which Market Participant has a better fill history NYSE Arca facilitates best execution for investors and rewards price competition both on and off our system Order Representation NYSE Arca s top orders are also represented in the NASDAQ National Best Bid Offer display and NYSE AMEX display These orders display as ARCA on the Level II screen All other order from the ARCA book are shown as Archip on the Level Il screen 28 Session Hours Opening Session 8 00 a m to 9 30 a m ET 8 00 a m ET Opening Auction 9 28 a m to 9 30 a m ET Market Order Freeze Period Limit Orders are not eligible for the opening session Market orders may not be canceled 9 30 a m ET Market Order Auction Core Trading Session 9 30 a m to 4 00 p m ET e 3 58 p m to 4 00 p m ET Closing Auction Freeze e 4 00 p m ET Auction Run and Closing Price Disseminated All
41. ng floor through DOT AMEX orders are sent directly to the AMEX Specialist on the American Stock Exchange Trading floor through DOT Minimum Price Increment 0 01 NYSE Routing Table Stop Stop Trail EB eee Market a CHEN m ke ee DENN DOEN DENG DEN AMEX Routing Table Stop Stop Limit Limit Market Trail Stop MOC LOO LOC Ndirect Dy k k k k x o erce x k k yx J Ll T 37 Order Type LMT Limit Order is sent to the floor specialist Order may not show on book Order Type MKT Limit Order is sent to the specialist Order does not show on book Order Type Stop Lmt Stop Limit A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price see LMT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Stop Mkt Stop Market Limit A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transaction in the security occurs at or below the stop price see MKT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Trailing Stop Trailing Stop Will set your stop order the specified amount ab
42. nly during the core sessions e Market orders are matched with the NYSE Arca Book if there is an order s at the inside e f NYSE Arca is not at the inside the order is routed using NYSE Arca s SmartBook sweep logic e Any residual volume will not be routed to the next price level until all quotes at the current best bid offer are exhausted Market Order Examples Book Bids Book Offers Away Market Bids Away Market Offers 50 05 1000 50 10 300 50 04 500 50 09 700 50 04 500 50 12 2000 50 03 100 50 10 500 50 03 1500 50 15 1000 50 00 1000 50 15 3000 Market Order Buy 500 shares Result NYSE Arca routes order to the away market with the best of 50 09 Market Order Sell 2000 shares Result NYSE Arca matches 1000 shares at 50 05 and 500 shares at 50 04 with the NYSE Arca Book and routes 500 shares to the away market with the next best price of 50 04 Order Type Stop Lmt Stop Limit Availability only during the core sessions 30 A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price Stop Limit Order Example 1 Current NBBO 19 85 20 05 2 Stop Limit Order to Buy 1000 shares with a stop price of 20 07 and a limit price of 20 07 3 Stock prints at 20 07 4 Stop limit order is elected Limit order for 1000 shares at 20 07 is activate
43. nly information you really need to take note of is the time on each line in ms which tells you how many milliseconds it took for the packet to reach the host and return There isn t any concern unless these numbers are over 200 300 ms or an asterisk appears or request timed out appears If the results do exceed 200 300ms it may mean that there are some problems with your connection to the Internet the server s connection or a connection between you and our server If an asterisk is displayed there was no response and that also signifies a problem with the connection between you and the server If there is a concern you will want to run a Traceroute test to see where the problem is occurring see below 3 Traceroute Test If you have Ping test results above 200 300ms you can use Traceroute to see where the problem is occurring Traceroute works much like ping in that it sends data packets to a host you specify However rather than simply giving you the time it takes for the packets to return traceroute sends back results for each hop the packet makes Because of this Traceroute is the perfect tool to see where network problems are occurring To perform the Tracert test to the trade server type Tracert 63 99 225 200 It will look like 56 hu LT TH a 63 999 225 20 You should get the following replies D N tracert 63 99 225 200 racing route to 63 99 2245 200 over a maximum of 3H hops ns 26 ms Ji ms 24 794 88 1 ms 2
44. o the MS DOS window ping 63 99 225 200 SPping 53 99 225 2HH Press ENTER After you press enter you should get a series of replies that look like this z5 ping 63 99 225 26H inging 63 99 225 200 with 32 bytes of data eplu from 63 99 225 200 bytes 32 time 13Hms TTL 115 eplu from 63 99 225 2HBH bytes 32 time 12Hms TTL 115 eplu From 63 99 225 2HBH hutez 32 time 12Hms TTL 115 eplu From 63 99 225 208 bytes 32 time 121ms TTL 115 statistics for 53 99 225 2HHB Packets Sent 4 Received 4 Lost A CH loss pproximate round trip times in milli seconds Minimum i2BHms Maximum 13Hms Average Reading the results from a ping is simple The only information you really need to take note of is the time at the bottom in this case an average of 122 ms which tells you how many milliseconds it took for the packet to reach the host and return There isn t any concern unless these numbers are over 200 300 ms or an asterisk appears or request timed out appears If the results do exceed 200 300ms it may mean that there are some problems with your connection to the Internet the server s connection or a connection between you and our server If an asterisk is displayed there was no response and that also signifies a problem with the connection between you and the server If there is a concern you will want to run a Traceroute test to see where the problem is occurring see below 2 Continual PING Test A more e
45. on at price levels that are predetermined by the trader They are routed and automatically executed based on the trader s set parameters Q A stop order to buy must always be executed when the buy price is at or above the stop price Q Astop order to sell must always be executed when the sell price is at or below the stop price There are three types of stop orders and these are as follow A Stop Market Order is an order to buy or sell at the market price once the security has traded at a specified price called the stop price A stop order becomes a market order when the stop price is reached You may use a otop Market Order to exit a position or enter a position 2 Stop Limit Order A Stop Limit Order is an order to buy or sell at a specified price or better called a stop limit price but only after a given stop price has been reached or passed It is a combination of a stop order and a limit order 3 Trailing Stop Orders A Trailing Stop Order is a Stop Market Order that will adjust its Stop price level due to favorable conditions You will be responsible for entering the trailing amount The best way to explain this is using an example You are Long 500 DELL at 20 50 You would like to place a Sell Stop Order to limit your losses You would like to place the Sell Stop Order at 50 below the current market price Conversely if you would like to take advantage of a decrease in the price of DELL and have established a short posit
46. ove or below the last print The stop will adjust based on prints that occur between the bid and ask Order Type MOO Market on Open Will only execute at market open see MKT order Order Type MOC Market on Close Will execute at market close see MKT order Order Type LOO Limit on Open A limit order will be placed at open If not filled at open the order will be cancelled Order Type LOC Limit on Close A limit order will be placed at close Order Type Ndirect Provides automatic and immediate executions of limit orders up to 1 099 shares at the published NYSE quote NYSE Direct will be available on the first quote of the day when the bid and or offer is greater than 100 shares It is not available during a trading halt or a non firm quote Note Specialist can turn off the Ndirect system in fast moving market and the order will become a regular LMT order 38 6 4 MLX Listed Only About MLX orders are sent directly to the NYSE AMEX Specialist on the trading floor through DOT NYSE AMEX and MLX are essentially identical in that they both are routed to the floor specialist However ISI MLX uses different server technology for processing orders compared to NYSE AMEX Generally the NYSE AMEX routing technology is superior to MLX although in most cases differences are fairly negligible Minimum Price Increment 0 01 MLX Routing Table Stop gees er a Limit Trail a a a a O C OS OE Or
47. r being displayed in the Portfolio Window 50 7 9 Position Minder The Position Minder reconciles your trades and allows you to view your positions as they were entered and closed It will show your open positions as well as intraday closed positions To view Position Minder information click on the Position Minder button in the Portfolio Window as shown below iol x SIE Odeo umbo Acton Type Pie Shares Pending Evecuted Staus Rove Piet rS Use Account Cancel P Cauca P canol P Cauca P Cauca P Open Positions Closed Positions Orders Order Details Buying Power Frotit Loss Account Statistics Order Summary Position Minder Position Tracker Ordero Symbol Action _ Account Shares Ir Priceln_ Shares C Price Out Proft Account oo J E Column Name Description Explanation OrderNo The order number for a particular trade Symbol The symbol of the security being traded Action Shows whether the action was a buy sell or sell short Account The type of account in which the trade was executed Shares In The amount of shares when entering the position Price In The price when entering the position Shares Out The amount of shares when closing the position Price Out The price when closing the position Profit The profit loss when closing the position 51 7 10 Position Tracker The Position Tracker tracks individual positions and allows you to view the entry and exit details of t
48. rder Once the price volume route and order type information above is entered press on the SELL button to execute a sell order Once the price volume route and order type information above is entered press on the SHORT button to execute a short order The R tab resets the Level ll screen to the saved Trade Defaults The P tab populates the open position for the symbol selected within the Level Il The open position is then reflected in the volume field in the Order Entry Box This allows for quick and easy entry of an open position 5 2 Electronic Communication Networks ECNs amp Order Types The Electronic Communication Networks are separate pools of liquidity that traders buy and sell stock through Island is an example of an ECN Its symbol on a Level ll screen is CINN Island Traders post limit orders through Island and other traders execute their limit orders through Island Trades are electronically matched up without the decision making process that a true Market Maker such as Goldman Sachs goes through There are a number of ECNs that are available Island CINN and Archipelago ARCA are the only ECNs which allow you to post limit orders They both have execution buttons embedded in the order entry system for you to access easily You may choose the ECN you prefer by clicking on the Route drop down menu 5 3 Order Types Explained 1 Stop Market Order In general Stop Orders are placed to enter or exit a positi
49. rder book they are routed to other pools of liquidity ECNs Market Makers etc for execution ARCA is known for its liquidity and smart routing ability In 2003 ArcaEx purchased the GNET ECN for routing Over the counter bulletin board securities OTCBB GNET s technology was integrated into the ARCA route in late 2003 Size As of 1 March 2007 NYSE Arca is the second largest Electronic Communication Network in terms of shares traded Approximately one out of every six shares traded on the American financial markets is traded on the system For New York Stock Exchange listed securities or Tape A it accounts for just over 10 of the shares traded For NASDAQ listed securities NYSE Arca accounts for approximately 2096 of the trading volume For exchange traded funds NYSE Arca accounts for 30 40 of the traded volume Minimum Price Increment 0 01 not including OTCBB orders The minimum price variation for quoting and entry of orders on NYSE Arca is 01 OTC and Listed sell orders sent to NYSE Arca with a price of more than two 2 decimals will automatically be rounded up to the nearest penny OTC and Listed buy orders sent to NYSE Arca will be truncated to two 2 decimal places if they are entered with a price of three or more decimals Sell Order Example A sell order is entered at 5 503 NYSE Arca will round up to 5 51 Buy Order Example A buy order is entered at 5 506 NYSE Arca will truncate the price to 5 50 How does NYSE Arca deter
50. real time Internet connection in order to keep up with the flow of data Below is a diagram which shows the connection between your computer and our trade servers 53 Your Computer Your ISP Switches Your ISP s Router The Internet Platform Router Platform Switches Platform Trade cC ervers As you can see all the data transferred between your computer and the server must travel over a number of networks Problems or delays can occur from any point in this path We have the ability to monitor our own network connections and speed but do not have control over your local ISP or the Internet connections in general If you question the speed or reliability of your Internet connection please run the following Internet connectivity tests These two tests are a great way to see how you are connecting to the servers and where a potential problem might exist To run any of the following tests you will first need to bring up the Command Prompt or also known as the MS DOS prompt window To bring up the Command Prompt please click on START click RUN type in the word command then click on OK illus below 54 E Type the name nf a program folder document or ja Internet resource and Windows will open it For you command Cancel Browse You should get a MS DOS prompt window on your screen 1 PING Test To perform a Ping test to our trade server please type the following int
51. rtant to understand that there are two broad categories of dial up connections backbone providers such as UUNet and generic ISP s such as AOL Generally the backbone providers are more stable and faster than generic ISP s Below are the connections we recommend to the Peak platforms from fastest to slowest speeds 1 T1 DSL a dedicated internet connection is the best connection 2 Cable connections are the next best solution One of the problems with cable is that it uses shared bandwidth In addition cable connections tend to be less reliable than DSL 3 Satellite connections can be very fast but they also are less reliable than DSL Satellite connections tend to download information quickly but also tend to slow down sending information Out 4 Dial up Connection to a backbone provider 5 Dial up Connection to a generic ISP Want to test if your Internet connection is slow today The site below will help you discover your true connection to the Internet by sending you a file and seeing how long it takes to receive that data If you have a high speed connection but Internet traffic is bad you may find you re connection is no better than a modem http bandwidthplace com speedtest Please keep in mind that when you use the Maximus Access platforms your computer is receiving real time data feed from our servers We receive our market information directly from the exchanges Since the Peak products are real time software you must have a
52. sion The time of the order or execution The status of the order or execution Cancelled Filled Rejected The amount of shares that were cancelled The price of the Stop Limit This is the route you sent the order to There is a demonstration default commission of 0 05 per share This is not the actually commission charged for the trade 7 5 Portfolio Page Columns Explained for Order Details To view Order Details information click on the Order Details button in the Portfolio Window as shown below Portfolio Window 302 ae icone bel fcis Tree Pie hee Pondro Fneoaed oun Rowe Pet Teale Us o Cancel P Cauca P Cancel P Cauca P cancel P Open Positions Closed Positions Orders Urder Detalls Buying Power Frafit Laoss Account Statistics Order Summary Fozition Minder Position Tracker OrderNc Symbo Action FType Price Shares Pendim Executed ExePrice LastTimdStatus Cancelec Route Batch Column Name Order No Symbol Action Type Price Description Explanation This is the date and the order id number Example 0731 5151 of the closed position The stock symbol of the closed position The initial position whether it was a Long or a Short The type of position and whether it was a day trade or overnight position The price that is entered for execution 46 Shares Amount of shares of the entire position that entered Pending The amount of shares that have not been exe
53. ss enter or click anywhere else on the screen 2 4 Add or Remove Row You can have an unlimited number of rows in the Quote Window To add an addition row click on the last symbol showing on the Condensed Quote Window and press the down arrow on your keyboard Each time you press the down arrow an additional row will be added To remove a row click on the row and press the delete button on your keyboard TI Condensed Quote Window Quotes il n EJ Symbol Open Last Bid BidMan Range Map Bidsize 2 69 20 64 2 3 12 ee m DESEE 42323 42819 42814 1 000 2 5 Sorting Any column in the Quote Window can be sorted statically once only or be continuously sorted To sort any column once double click on a column header and it will sort the data in the table by that column It will first sort ascending then by double clicking again it will then sort descending To establish a running sort open the Quote Preference Window see 2 1 and choose the oort tab You can sort by any column feature by choosing the column from the pull down menu Preferences Condensed Quote Table Columns Format Table Sart First Key Third Key Ask ps t Nones anrt order anrt order anrt order Ascending Ascending Ascending C Descending C Descending C Descending comparison comparison comparison Case sensitive Case sensitive Case sensitive f Case insensitive i Case insensitiv
54. the equity and overnight positions closed for the day to the previous day s close Starting Equity Current Equity Closed Positions Open Positions Total P L Est Comm Est Total Shows your starting equity Marked to the Market Shows your current equity Marked to the Market Profit Loss for all closed positions based on the Previous Days Close as the entry price Used to see if a traders positions were up or down for the day Profit Loss for all open positions based on the Previous Days Close as the entry price Used to see if trader s positions were up or down for the day Total Profit Loss for Open and closed positions with the entry Price using the Previous Days Close An estimate of your commissions for the day You can establish an estimated commission per share in Setup Port Win Options An estimate of your total daily Profit Loss This is equal to your Total P L minus your Estimated Commission 49 7 8 Order Summary Provides the total number of executed shares of buys or sells per symbol also provides the company name of the symbol and the trader s user name that traded the shares If trading a symbol all day and you have buy sell and short executions then you ll have three lines of data for that symbol a total number of executed buy shares total executed sell share and a total executed shorted shares To view Aggregate information click on the Order Summary button in the Portfolio Window as shown in
55. to the best bid you will enter a Peg Best order to track the bid Island ECN will keep track of the order during the execution phase and report back the trade details Conversely if you want to sell 1000 shares of MSFT Island will peg your order to the current Offer Peg Mid This pegs the order to the midpoint between the bid and offer with a limit at the primary offer It rounds buy orders down to the nearest penny and sell orders up to the nearest penny The client can set an explicit limit by supplying a limit price with the order If the offer moves higher than the limit then the order stays priced at the limit Peg Primary This pegs the order to the same side of the primary quote for OTC stocks and the best exchange bid ask values for Listed stocks with a limit of the opposite side of the market Peg Last This pegging is only available for Listed securities and pegs the order to the last sale of the stock with the limit being the primary offer The client set an explicit limit by supplying a limit price with the order If the offer moves higher than the limit then the order stays priced at the limit 5 Discretionary Orders Disc LMT The order is displayed at specified price not a discretionary price When a bid or an offer appears at or above the share quantity minimum the order will be matched in ARCA or routed to a NASDAQ Market Participant at their quoted price using SmartBook logic 6 Market On Open MOO All
56. uantity and a reserve size that is not displayed on the NYSE Arca Book but is electronically accessible Reserve Order Example National Best Bid is on NYSE Arca at 50 05 NYSE Arca Book Bids Price Show Amt Reserve 50 05 100 5000 50 04 500 10000 50 03 1500 0 Limit Order to Sell 5000 shares at 50 05 Result Entire order is matched with the NYSE Arca Book at 50 05 NYSE Arca Expiration Order DAY order is canceled at market close of the regular market session Order Order DAY order is canceled at the end of the after markets session NOW Now orders will be matched with the NYSE Arca Book or routed for execution to a select group of Market Participants at their quoted price Any residual volume will automatically be canceled if not executed at the quoted price or better Now Participants include only those participants that have a direct connection to Archipelago for receiving orders automatically execute those orders and can accept IOC orders NOW orders may trade THROUGH better prices since they are routed only to electronic contra parties Now Order Example 33 Market Bid Size NYSE Arca 50 00 1000 NSDQ 50 00 1000 AMEX 50 00 1000 NOW Order to Sell 3000 shares is entered Result Order is instantly matched with the NYSE Arca Book at 50 and 1000 shares are routed to NSDQ at 50 The balance of the order is canceled since the AMEX is not a NOW Participant offering immediate execution Order GTC
57. ur example shown above Entering your quote request automatically accesses all Level information such as last trade price and size hi low bid ask volume as well as the Level II screen located in the two parallel colour coded boxes of streaming quotes xppus Default ISLD E SI a em Sell HED Type in the desired price You can also click on any price in the Level Il trading window and the price window will automatically update Use the arrows to move the desired price up or down in 0 01 cent increments Type in the quantity volume of shares desired Use the arrows to move the desired share amounts up or down in 100 share increments Choose the routing to be used from the pull down menu The default route is ARCA for all exchanges For more information on each route see the information on trading routing below Choose the order type from the pull down menu Not all routes offer the same order types The order list will automatically change to match the route you choose For more information on each order type see the information on trade type below Choose the order expiration from the pull down menu Not all routes offer the same expiration types The list will automatically change to match the route you choose For more information on each expiration type see the information below Once the price volume route and order type information above is entered press on the BUY button to execute a buy o
58. very 30 seconds 12 Limit On Open LOO orders are entered for execution at the opening price provided the opening price is at or within the limit specified LOO orders permit the investor to scale interest to purchase or sell at various price increments in anticipation of possible imbalances 13 Limit On Close LOC orders are entered for execution at the closing price provided the closing price is at or within the limit specified LOC orders permit the investor to scale interest to purchase or sell at various price increments in anticipation of possible imbalances 5 4 Extended Hours Trading Maximus Access is available for trading until 8 p m EST When traditional markets are closed Maximus Access is open for business Maximus Access offers one of the longest continuous trading sessions available to retail brokers and currently matches orders that come in during before hours trading from 8 00AM to 9 30am EST and after hours trading from 4 00pm to 8 00pm EST Furthermore we were among the first trading systems to recognize that the bankers hours followed by the exchanges were not meeting the demands of today s investors allowing for greater flexibility and convenience in managing their assets 6 0 Trade Routing The following is a list the available Routes for execution and the Order Types that each route offers through Maximus Access Overview The trading platform provides direct access to all US equity and option exchanges
59. xtensive PING TEST is the continual Ping Test 55 To perform the continual ping test to our trade server type the following into the MS DOS window ping t 63 99 225 200 2ping t 63 99 225 268 Press ENTER After you press enter you should get a series of replies that look like this sweping t 63 99 225 268 inging 63 99 225 2686 with 32 bytes of data From 63 99 225 208 bytes 32 time 13ims TTL 115 from 63 99 225 2HB8 bytes 32 time 136ms TTL 115 From 63 99 225 268 bytes 32 time 136ms TTL 115 From 63 99 225 2608 bytes 32 time 136ms TTL 115 From 63 99 225 2608 bytes 32 time 126ms TTL 115 From 63 99 225 2608 bytes 32 time 136ms TTL 115 From 63 99 225 268 bhytes 32 time 12Hms TTL 115 From 63 99 225 268 bytes 32 time 13ims TTL 115 from 653 99 225 2BHBH bytes 32 time 12Hms TTL 115 from 653 99 225 2BHBH bytes 32 time i1BBHms TTL 115 From 63 99 225 2868 bytes 32 time 168ms TTL 115 From 63 99 225 2HBH bytes 32 time 1HHms TTL 115 From 63 99 225 2HBH bytes 32 time 1HHms TTL 115 From 63 99 225 2HBH bytes 32 time 12Hms TTL 115 From 63 99 225 2HBH bytes 32 time 12Hms TTL 115 From 63 99 225 200 bytes 32 time 18Hims TTL 115 The continual ping test allows you to check your Internet connection over an extended period of time After you have 20 to 30 lines of continual ping click on the icon in the upper left hand corner of the ping window and then click close Reading the results from a continual ping is simple The o

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