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User Manual - Blue Futures

1. Setting Default Colors Last Traded Price Down Text Color Black Last Traded Price Unchanged Background Color White Last Traded Price Unchange Text Color Black Last Traded Price Up Background Color Bright Green Last Traded Price Up Text Color Black Mouse Hovering Border Color Highlight White Net Change Down Background Color Red Net Change Down Text Color Black Net Change Unchanged Background Color White Net Change Unchanged Text Color Black Net Change Up Background Color Bright Green Net Change Up Text Color Black Net Position Flat Background Color White Net Position Flat Text Color Black Net Position Long Background Color Blue Net Position Long Text Color Black Net Position Short Background Color Red Net Position Short Text Color Black Sell Side Background Color Red Sell Side Blank Color Dark Red Sell Side Text Color White Working Buy Order Background Color Dark Gray Working Buy Order Text Color Dark Blue Working Sell Order Background Color Dark Gray Working Sell Order Text Color Red X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Advanced Control Panel Use the MD Advanced tab to enable and define the User Defined Price UDP column in MD Trader This column appears to the left of the standard price column and can be set to show the Net Change Price As Yield or Yield To Maturity for a given contract Pa
2. Account Optional free form text field Type an account number in this field up to 8 digits Leg Name of the strategy leg Quantity Quantity of the strategy leg to be traded Price Price of the strategy leg to be traded Trader Exchange identifying number for the trader submitting this trade Account Account code for this trade Can be one of the following H House L Local S Segregated or N Non segregated Open Close Indicates whether this trade opens or closes a given position Default is blank which is acceptable CTI Clearing code Posting Code It does not apply to LIFFE For Euronext products only Account Optional free form text field Type an account number in this field up to 8 digits Market Maker Refer to NQLX and Market Maker Cross on page 445 Cross Guaranteed Refer to Euronext and Guaranteed Crossing on page 447 Crossing Leg Name of the strategy leg Quantity Quantity of the strategy leg to be traded Price Price of the strategy leg to be traded 430 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Wholesale Trading Submitting a Block Trade Block trades are high volume trades in any outright or strategy product Block trading is not subject to normal X_TRADER credit risk limitations The trader submitting the order will be notified by the exchange if it is approved Wholesale orders appear i
3. X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Cross Orders Refer to Cross Trades Overview on page 220 Order Crossing Enable Order Crossing and ITX Countdown Intention to Cross time if the exchange requires it You also have the opportunity to control how cross orders are submitted to the exchange with the Cross Order Type section e Sequential Fast Default Both orders buy and sell are immediately submitted one after the other Under normal market conditions the crossing tool sends orders according to your selection However there are occasions when heavy network traffic results in routing the orders through different order routers As a result different data lines to the exchange may be used to transmit the cross orders and cause the wrong leg to arrive at the exchange host first Sequential Guaranteed Waits for an acknowledgement from the exchange after sending the first order Only then is the other side submitted Due to the delay in sending the second order it is possible for a third party to take the offer or bid before both sides are matched Note In both cases if the first side of the order is filled partially or completely the second side of the cross order is still submitted Trading Technologies 107 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Miscellaneou
4. 360 The year has 360 days 30 360 365 The year has 365 days 30E 360 30 If the second date falls on the 30 365 31st of the month it is changed to the 30th only if the first date falls on the 30th or 31st 30E If the second date falls on the 31st of the month it is always changed to the 30 Maturity Date The redemption date of the bond Must be greater than the settlement date and greater than today Settlement Date The date that the trade settles Must be less than the maturity date and greater than today EOM Convention Determines whether coupon payments always occur on the last day of the month if the settlement date falls on the last day of the month Future Conversion Factor Not required The factor by which the futures price will be multiplied if the specified bond is delivered against it Must be greater than 0 1 and less than 5 0 and accurate to 4 digits precision Must be specified if yield is being calculated for a future Optional Settings First Coupon Date The first real coupon date Must be less than the maturity date and be a valid coupon date Must be specified if the bond has an odd first coupon period and the settlement date falls within this odd first coupon period Dated Date The date upon which interest accrual begins Must be less than the first coupon date Must be specified if the bond has an odd first coupon period and the settlement date falls within this
5. Note On the Order Entry pane the LIT order type is only available when you use Order Entry Styles 4 or 5 Trading Technologies 105 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 106 Enable Order Types Market If Touched MIT Market On Open MOO Minimum Volume MV Stop Limit Stop Market If the market touches the price level on the order it does not have to trade through the price the order activates as a Market order Note On the Order Entry pane the MIT order type is only available when you use Order Entry Styles 4 or 5 MOO orders are Market orders that are only valid during the pre opening period on all exchanges and are intended for execution at the opening market price This order type is not available if you use MD Trader Allows you to set the minimum acceptable order quantity If it cannot be met the entire order is cancelled Allows you to set the Stop Price and Trigger Quantity for Limit orders X_TRADER supports Stop Limit orders on all exchanges Allows you to set the Stop Price and Trigger Quantity for Market orders X_TRADER supports Stop Market orders on all exchanges e A Stop Market order to buy becomes a market order when the futures contract trades or is bid at or above the Stop Price A Stop Market order to sell becomes a market order when the futures contract trades or is offered at or below the Stop Price
6. to price level indicated by buy side cursory ShifeN will delete all of the l E gt oming offers x Luvill delete the working orders Catthe price level indicated by sellside cursor Decrease Sell Side Curs or Trading Technologies 333 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Unrestricted Keyboard Functions in MD Trader Certain keyboard functions can be used with or without enabling keyboard trading If you press a key specified below MD Trader performs the related function If Then You press a numeral key MD Trader enters the order quantity in the Order Quantity field Note This does not refer to the For example pressing the numeral 2 then 5 loads a 25 lot in Order number keypad Quantity field You press the P key MD Trader loads your current position in the Order Quantity field You press the Space bar MD Trader centers the grid You press the up arrow MD Trader scrolls the grid up You press the down arrow MD Trader scrolls the grid down You press the Page Up key MD Trader pages up You may no longer see available prices because it paged up too far You press the Page Down key MD Trader pages down You may no longer see available prices because it paged down too far 334 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order T
7. ES AuditTrail2 Inquire B 5 SEPO6 OK Inquire B 5 6B SEPO6 ORD IS ACCEPTED OPEN QTY 5 FILLED QTY 0 TRADE CANCEL QTY O You have successfully inquired about the status of an order Reviewing Timed Orders You can use the Order Book window to review the status of timed orders as well as submit them Use the following methods to review the status of your orders e While the order awaits the specific trigger time the Status column displays Pending Time s When the timed order is triggered the Status column changes to Working s To review the date and time of the timed order trigger show the Submit Date and Submit Time columns using the Order Book context menu The Bottom Pane column descriptions section displays the placement of these two columns Refer to Timed Orders on page 350 368 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Book Removing Stale Orders It is possible for stale filled orders to remain in the Order Book window Stale orders may remain in the Order Book if e A confirmed fill arrives at the same time that you used the Inquire button to request status for an order e You clicked the Change button to modify the order To remove a stale order from the Order Book Perform the Inquire procedure This confirms and updates the status of an order and removes stale orders from the Order Book window You have successfully removed
8. Continue holding the mouse button and drag the cursor to the open window When the cursor leaves the window it changes to a circle with a diagonal line through it When the cursor enters a window it changes to include a plus sign When the cursor enters the desired window release the mouse button You have successfully populated a window using drag and drop from the Market Grid Trading Technologies 41 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Using the TT Minimizer The TT Minimizer appears as a tray icon in the lower TT Minimizer E right corner of your screen when you first log on to X_TRADER similar to the Guardian icon It keeps a running list of every X_TRADER window you open during your session As screens are closed they are removed from the TT Minimizer Use the TT Minimizer to perform these procedures e Minimizing or displaying a window e Minimizing or displaying all windows Restore All BTec 2_YEAR 2 CME 6A DEC05 eCBOT YI DEC05 X_TRADER Market Explorer e Opening or closing the TT Minimizer e Locking your X_TRADER windows Y Tip The size of the TT Minimizer can be changed to suit your taste and repositioned on your screen Be sure to save the size and position of the TT Minimizer with your workspace P To minimize or display a window In the TT Minimizer window click a window name to either mini
9. DECO5 oo 7888 95 Bid Prc Bid Qty AskPrc Ask Qty Bid Pre Bid Qty 7940 EN MARO6 7969 JUHOG Spread Matrix Butterfly A Butterfly is a trading strategy that involves the following trades s Buy or Sell of one contract in near Calendar month e Sell or Buy of 2 contracts in a far month s Buy or Sell of one contract in an even later month The combined price of the two contracts being sold bought is subtracted from the combined price of the two contracts being bought sold A Condor is a trading strategy that involves the following trades e Buy or Sell of one contract month in the first month of the strategy e Sell or Buy of one contract in a far month e Sell or Buy of one contract in a further month s Buy or Sell of one contract in an even later month The pricing of the Condor Matrix Month 1 Month 2 Month 3 Month 4 Note Implied data does not display for Condor Matrices because LIFFE does not match implieds from Condor Matrices Use the Butterfly Condor Matrix to perform these procedures e Generating the Butterfly Condor Matrix e Customizing the Butterfly Condor Matrix e Trading with the Butterfly Condor Matrix e Changing a Working Order in the Butterfly Condor Matrix e Setting Outright or Spread Prices Trading Technologies 263 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Generating a
10. P To recreate a spread strategy 1 Open a workspace with a previously created spread strategy From the Control Panel click the icon The Create New Strategy dialog box opens In the Strategy Name list at the bottom of the screen click the strategy you want to recreate Note To select multiple spread strategies press and hold the CTRL key and continue clicking spread strategies Then release the CTRL key Click the Recreate button If the strategy was created in X_TRADER version 6 14 or greater the strategy 1s recreated If the strategy was created prior to X_TRADERC version 6 14 the Select Spread Type screen prompts you to choose the strategy type for each selected spread strategy Select Spread Type Missing strategy type Butterfly 1x1 JUNOS 2x1 SEPO5 1x1 DECOS Once you select a strategy type you won t be prompted again for this strategy Please save your workspace with new value Butterfly Select the appropriate spread type and click OK The next time you click Recreate for this strategy you will not be prompted You have successfully recreated a spread strategy 276 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Amending Strategies You can change existing strategies and either replace them or create a new one G Create New Strategy G a LIFFE A NOVOS Add gt gt Leg B S Oty Co
11. e This example assumes that theoretical prices are not being used e Click Offset and Click are mutually exclusive When you dime the market the action implies order entry not necessarily order execution This feature allows you to enter orders off the market using the Click Trading feature without having to use the Price and Quantity fields in the Order Entry pane The value you enter in Dime defines at what price based on the current inside market the order is entered at The feature is limited to values up to 99 For example if you enter 1 and middle click the mouse with the cursor on the current market bid an order 1 tick better than the prevailing prices is entered Conversely if you enter a 1 an order 1 tick worse is entered Trading Technologies 227 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Click vs Dime options The Click and Dime buttons appear enabled only when a two button mouse is selected from the Trading tab on the Properties menu Using a two button mouse select between Click or Dime to define what action occurs when you right click does it execute a trade Click or does it enter an order Dime For more information review the Click and Dime descriptions Tf these options are disabled grayed out a three button mouse has been selected as your default Click Trading mouse style These options relate to
12. you must obtain an X_TRADER Pro license 64 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Button Description Autospreader Sets up two sided spreads that trade automatically in a three pane window Note To use Autospreader you must obtain an X_TRADER Pro license indicates a positive balance a total in red indicates a deficit To view the current balance click the Recalculate button MD Trader Displays the market depth for a given product and allows you to buy or sell Available Credit Displays the amount of credit left in your trading account A total in green products quickly using one click of the mouse Assigns alert sounds to contracts so that X_TRADER plays a sound whenever the contract trades above its high price or below its low price for the day Alerts Manager Plug ins Displays the open high low last net change trader position and P L for several markets at once Starts X_TRADER Plug in applications Note To use each individual Plug in you must obtain proper licensing Changing the Size of the Toolbar p To change the size of the icons on the toolbar 1 From the Control Panel click the Settings menu 2 Highlight the Toolbar option Three options appear Small Medium or Large 3 Click the size you wish to make
13. 1 If the X_TRADER window you want to populate with a contract is not open use the Control Panel to open the window From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find In the Products section click the down arrow and choose your search filter Click Find Products display in the Instruments field From the Instrument Type box click to toggle between the displayed types From the Instruments box press and hold the CTRL key and click the products you want to open With the cursor over one of the selected products in the Instruments box click and hold the mouse button Continue holding the mouse button and drag the cursor to the open window When the cursor leaves the window it changes to a circle with a diagonal line through it When the cursor enters a window it changes to include a plus sign 10 When the cursor enters the desired window release the mouse button You have successfully populated a window using drag and drop from Market Explorer b To populate a window using drag and drop from the Market Grid 1 If the X_TRADER window you want to populate with a contract is not open use the Control Panel to open the window 2 From an open Market Grid click the selected product and hold the mouse button 4
14. 13 23 48 73 13 23 55 81 13 24 08 32 13 47 29 95 13471907 13171318 13 59 00 22 14 06 30 89 13 23 47 03 however when multiple fills are received for a spread that they will continue to show in this window as separate legs s The Partial Fill pane when displayed is the middle part of the window It displays partially filled orders Once an order is filled completely or deleted the summary information moves to the Summary pane e The Detail pane is the bottom part of the window It displays the history and detailed information for any item selected in either the Summary or Partial Fill pane This information includes whether an order was ever canceled or replaced Note If the Color Code Buy Sell property is enabled in the Trade Book tab on the Properties menu the rows in the Trade Book window are color coded by buys and sells P To open the Trade Book window From the Control Panel click the Window menu and choose Trade Book OF From the Control Panel use the Trade Book button e You have successfully opened the Trade Book window Trading Technologies Trading Technologies International Inc Proprietary and Confidential Information 405 Chapter 12 Filters Filters are used in the Trade Book window to quickly sort and display data Filters can be set in several ways and you can use any combination of them to customize your workspace Refer to Filtering Options on page 44 Contex
15. 2 Use the combination of the CTRL and A keys to sweep the offers up to the price level indicated by the buy side cursor You have successfully swept the sells in the market up to a specified price point b To sweep the market up to a specified price point on the Sell side 1 Use a combination of the K and M keys to set the position of the sell side cursor 2 Use the combination of the CTRL and keys to sweep the bids up to the price level indicated by the sell side cursor You have successfully swept the sells in the market up to a specified price point Hitting the Bid Using the Keyboard Once keyboard trading has been enabled you can hit the bid using the keyboard b To hit the Bid 1 Enable keyboard trading locally or globally 2 Press the F12 key MD Trader enters a sell order at the current best bid in the market The quantity sold is based on the amount in the order quantity field or on the preset default order quantity You have successfully hit the bid 326 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Taking the Offer Using the Keyboard Once keyboard trading has been enabled you can take the offer using the following actions b To take the offer Press the F1 key MD Trader enters a buy order at the current best offer in the market The quantity sold is based on the amount in the order quantity field or on the preset
16. 441 Floating Order Book 378 USINE geoin rene 379 Floating Order Entry so 195 SILA DORI PS e A A A E 359 Font RN 49 Formatting 15T La A A A o ad Habe Steel cas 49 O COLOLS naene oiee a teases ace EEE E ve EEA EE EE EE REE AER E N NEE EEA E eee 50 Trading Technologies 483 Trading Technologies International Inc Proprietary and Confidential Information Formulas TU ETT 217 Frame command DA A ii 58 G Gamepad control im MD Trader A AS A A db 329 Generating ERI Hees 10 AA a ati 264 o O NOR 254 rtd formula Getting started automatic TS Ts 36 IDE Si WOKING RIENE E RAE 28 creating a customer profile 0 00 esse vedo entering a market order 34 exiting X_TRADER 36 IGS to Exch trial da 29 log in to exchange during SessiON a aded dde dda Taboada dabadebidan bog dha 30 log in with different ID Heol T 28 order messages in the audit trail 35 PUE TN ii A ON 27 DUETO SIMULA MA ii dio 27 Status Colors sese 28 using context sensitive help od X_TRADER Pro license min BD Global Ghent Support AA SIE EAE EE ALEE ETT H HT 24 Global MD Trader properties TS ET T TTT T 155 eT TH TT 202 FOTIA ool oor cal AA Setter hei MeS Sd eee es lakes WIM Le AA he kee ye ee ol 52 H Held orders audita A E tear ate Stas satay Mian TTT 168 Help COMER SENSIU VE Lat A hy ae AR Se Ra MA uvinsasbuvererdunesesnonasedcunascoueylens Hiding rows Or COMMS A EN UST RAN A RE A IRON a
17. The Floating Order Book appears Del Contract 164 JUNOG 7545 GTD asd Limit 20 24 57 000 154 JUNOG 5 7544 GTD tp001001 Limit 19 54 46 000 3 In the Qty and Price fields left click to raise the value by 1 or right click to lower the value by 1 as Or In the Qty and Price fields type new values 4 Click OK for the change to occur You have successfully made a change to an order using the floating order book P To sort orders using the floating order book Note By default the orders are sorted in descending order by the Time Stamp column 1 Double click the column heading you want to sort the orders by The orders sort in ascending order based on the column you clicked c agne Acct Type Limit 14 51 37 000 Limit 14 51 37 000 cust3 Limit 14 51 21 000 3 Limit 14 51 20 000 3 Limit 14 51 13 000 Limit 14 51 13 000 Limit 14 51 10 000 E 64 ARoS G Limit 14 51 09 000 64 MAROS GTD cust3 Limit 16 32 21 000 64 MAROS GTD Limit 16 31 54 000 2 Double click the column heading again to sort in descending order You have successfully sorted using the floating order book Trading Technologies 379 Trading Technologies International Inc Proprietary and Confidential Information Chapter 10 380 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Fill Window Chapter 11 Fill Window The Fill window provide
18. The Inquire Block and Vola Order dialog box appears p Inquire Block and Vola Order Restriction Order Number Exchange Product Type Block vi EUREX A FUTURE v Cancel 3 In the Restriction field click whether the order is a Block order or a Volatility order 4 In the Order Number field type the number assigned to the block or volatility trade by Eurex This number appears on the order book of the buy side trader and is told to the sell side through verbal or other communication 5 In the Exchange field click the Eurex exchange on which the order was submitted 6 In the Product Type field click whether the order is a Future Option Spread Stock or Strategy 7 Click Inquire You have successfully made a block or volatility order inquiry 232 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Implied Prices and Quantities Implied prices and quantities are derived from direct orders in a combination of outright contracts and spreads strategies Implied pricing evolved at exchanges that trade different contract months of a product as well as spreads and strategies involving different combinations of the contract months For example A bid in one contract month and an offer in a second contract month are combined to imply a bid in the spread between the two months By calculating and displaying implied prices and quantities exc
19. Tick Formula ccccccssssssssscscssssssssseccscssssnsnssecescecvsssneseceecscossseueseececesssnesesessossessecess 460 CLICK TRADING sale A ris hoses AEEA ia cote eh Rika Docta io E N 460 PLACING PASSIVE AND AGGRESSIVE ORDERS eee 461 The Auto Aggressive T n AL 461 WORKING UP ORDERS IN THE PRIVATE AND PUBLIC PHASES 0 cccccecsessssssecesececsesenssseeeeeeeens 462 Flashing Quantity and Price during Workup ee sese ee eee 462 SEND QUOTE ORDER PROPERTY sccsssscecesssecssscessceceseseceussecsuecsessecessscessecssseeceeseecesseecsseesesseeeaes 464 TiGave CHECK TTT 464 HOLD IN FIMER cia its iia 465 TRADING HOTSPOT dri a a a si 466 HOTSPOT PRODUGIS TTT 467 EFFECTS OF HOTSPOT ON X_TRADER concoccocccccccononononncncoconononnoncnconononnnnonconononnn nn co ranancnnnnarnananss 468 Market Explorer ti a 468 A A E at alt 469 TRADINGICE A ie 470 Trading Technologies xiii Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual CITARE O A td a dais 470 MARKET EXPLORER atu ll ll ii ala cd a N 471 DAS STT O O A AN 472 IMPLIED PRICING ariaa a A EAA E a alce 472 TRADING TT EIEEE SEEE EEEa 473 Switching between Contracts and FloW esse ee ce eee eee 473 Contracts v s Flow Screen Examples T 474 ORDERS TYPES AND RESTRICTIONS enciso koreera kare inenen KEE e EEE EREE EEA T aaie 474 TRADING STATES A ARS RR el BB se AAR RR 475 FIEL WINDOW AND P Locus id bilidad
20. e Iceberg orders can only be Limit orders Deleting If an Iceberg order is deleted any working disclosed quantity orders are deleted If a working disclosed quantity order is deleted any partially filled order is deleted as well Rounding For products that trade in round lots if the calculated disclosed quantity results in an odd lot it rounds up to the closest round lot Also when using a percentage of the total order an Iceberg order may result in fractional lots If this occurs X_TRADER executes your order according to the following rules e Ifthe order is n lt 1 it is rounded up to 1 e If the order is lt n 5 it is rounded down e Ifthe order is gt n 5 it is rounded up Trading Technologies 339 Trading Technologies International Inc Proprietary and Confidential Information Chapter 8 If Touched Order If the market touches the price level on the order i e it does not have to trade through the price the order is activated with the If Touched order restriction There are two kinds of If Touched order restrictions s Market If Touched MIT s Limit If Touched LIT These order restrictions are only available when you utilize Order Entry Style 4 Overview and Order Entry Style 5 Overview p To place an MIT or LIT order using Order Entry Style 4 1 a SN eR 8 If you have a specific customer account you want to trade for select it now Note You can setup customer profiles or use
21. to exchange during session to exchange when starting baat With different LD 22s R beg aie Cale aks ROA Making a block or volatility order inquiry cecececeseeseseeseeseseceeesecseeseesceseacsecsessceseeacseesecsesaeeseeseeacsessessessseaeeassasaesseesesaeeeseeees 232 Makineastrade 4 3 228 a RE ide ited CULES hil bl Ue sa 193 Managing quote bOArdsproperties a E E REA ad sence R ecg A ROA 358 Startup WO PAC a e E e Lede O Naas eae aE GES UN AOE Soh eet E 70 Mamal Misas aid d iio 397 color coding enable anidan css Market EX o e oui eed ON opening and populating a functional window searching for a product sss sese eee eee eee Market el adding price averages and accumulations O COMLEX a ee da atte ea eel cot ET ate tel da ator toad customize Columns sees sees eee eee establishing a link for theoretical and implied pricing field d s riptions siie ertainei tereno a generating an rtd formula botica minds iii e a e a e a a eee ea a eea a E e oo e ea reee Ee Ira TTT opening wholesale orders POSIT OMIT QUEUES eek Mere es castes hikes gs Seal Pts TTT atadas price trend imdicators siria using excel for theoretical and implied pricing ec eecceseescceceseeeseeseceecesecceesecseceaeeseceaecseceaeeseceeesseceaeeseceaesaeceeeeaeceeeeaeeaeeeaee using the market depth feature iras Market If Touched Market On Opens A sdusestranssaa teins chcenvodebdveaoacdassseoseebtyonsdoigeade
22. A bit CA p To search for a product 1 From the Control Panel click the Window menu and choose Market Explorer 0r From the Control Panel click the icon 2 Ifyou are logged into more than one exchange in the Exchange box click the exchange that hosts the product you want to find 3 In the Products section click to select a filter category from the list Option Filters Characteristic ALL Selects all available products for this exchange IS The product name entered in the text box next to the Find button is identical with exchange name symbol STARTS WITH The product name entered in the text box next to the Find button starts with the first letter of the exchange name symbol CONTAINS The product name entered in the text box next to the Find button is contained in the exchange name symbol ENDS WITH The exchange name symbol ends with the letter s entered in the text box next to the Find button 4 In the adjacent text box type the letter s to which the filter is to be applied 5 Click Find The matching products appear in the Instruments box You have successfully searched for a product Trading Technologies 177 Trading Technologies International Inc Proprietary and Confidential Information Chapter 5 Opening and Populating a Functional Window From Market Explorer you select which functional window to open and populate with the products you wish to trade These functional wind
23. Click the Function box in the upper right corner of the Market Explorer and choose Spread Matrix Click Start You have successfully generated a Spread Matrix from Market Explorer p To generate a Spread Matrix using the Market Grid context menu 1 In the Market Grid click the Contract column of the product for which you want to generate a Spread Matrix Note To select multiple contracts press and hold the CTRL key and continue clicking contracts or To select any successive contracts in a row click and drag the cursor over the contracts to highlight them Right click to access the context menu and click Generate Spread Matrix The Spread Matrix appears The month selected from the Market Grid displays as the first month in the Spread Matrix Access the Butterfly Condor Matrix by clicking on the Butterfly tab Create multiple matrices by repeating Steps 1 and 2 You have successfully generated a Spread Matrix using the Market Grid context menu Trading Technologies 255 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Customizing the Spread and Butterfly Condor Matrices The Spread and Butterfly Condor Matrices are customizable so you can easily identify trade data Customize and format the Spread Matrices using the e Context menu to format a grid s text font background and foreground color and borders e Spread Matrix tab on the Properties menu to c
24. If you set up customer profiles the Account Number immediately populates the BOFAccount field To toggle the order type click the Limit button The Order Type button toggles between Limit and Mkt when clicked Click the IT If Touched tab Click Send if Touched In the Trigger Pre field type the price To select the order type click the Order Restriction menu The order is prepared to go to market Click Buy or Sell You have successfully sent an MIT or LIT order Trading Technologies 341 Trading Technologies International Inc Proprietary and Confidential Information Chapter 8 Market On Open MOO orders are market orders that are only valid during the pre opening period on all exchanges and are intended for execution at the opening market price This order type is not available through MD Trader Because the order is intended to execute at opening market prices s MOO orders must be Market orders and cannot be Limit orders e You can only specify a quantity not a price gt To place a Market On Open order 1 From the Market Grid click the contract you wish to trade 2 In the Order Type field click to select MOO The Price field becomes unavailable 3 Specify the quantity 4 Click Buy or Sell You have successfully placed a Market On Open order Minimum Volume Allows you to set the minimum acceptable order quantity If it cannot be met the entire order is cancelled Example You want to tr
25. When the Fill window is opened the FFNet column synchronizes with NetQty Under normal trading situations the FFNet column updates slightly ahead of the NetQty column because fast fills are received before confirmed fills X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Fill Window FFNet and NetQty Synchronization The Eurex trader can easily identify when NetQty and FFNet are out of synchronization do not match for an extended period The following may result in an out of synch occurrence e Errant or erroneous fast fill s Changing a working order that gets filled immediately e Ifa fast fill has been received clearing all filters results in reinitializing the NetQty and FFNet so that they are the same Receipt of the confirmed fill causes an out of synch occurrence If you think that the fast fill position reflects errant or erroneous fast fills you can resynchronize the fast fill position with the confirm fill position by using the Remove Fast Fills From Position option on the Position pane context menu Fast Fills Pane Context Menu The Fast Fill pane context menu lists these additional options Find Control Panel Find Control Panel Displays the X_TRADER Control Panel v Show Fast Fills e Show Fast Fills Displays fast fills in the Fast Fills pane v Scroll To End s Scroll to End The Fill and Position panes immediately display new fills at
26. s member s ID e g Broker s client TTORD Trd Grp Trader s or Risk Manager s proxy user s member s ID e g Broker s client SIM Trd ID Trader s or Risk Manager s proxy user s member s ID e g Broker s client 123 Acct Agent Market Maker Principal Give up Unallocated Exch Time Transaction time at the exchange Type Limit Market GU Give up member ID PF Partial fill Rstr Restriction Disc Qty FOK IOC MOO MV STOP Fee Associated fee G Not used at this time Zero fill P A Designates whether your order was filled as a Passive or Aggressive order This allows you to determine fees based on a specific order Order No Order number assigned by exchange TT Order Key Unique number applied to this order Trans ID Unique transaction ID assigned to each fill and partial fill Exch Date Exchange date Ord Time Workstation order time Ord Date Workstation order date C Confirmed by operator Conf Mbr ID Confirmed member ID Conf Group ID 1 Confirmed group ID Conf Trader ID Confirmed trader ID Conf Time Time order was confirmed Conf IP Confirmed IP address Cntr Party Counter party Trading Technologies 407 Trading Technologies International Inc Proprietary and Confidential Information Chapter 12 Partial Fill Pane Column Descriptions The Partial Fill pane when displayed is the middle part of the window It displays partially filled orders Once an order is filled completely or deleted the summa
27. sAsk Use the Order Block window to perform these procedures e Setup and save trading profiles to automatically generate bid and ask parameters e Generate a manual order without using trading profiles e Populate the Order Block window to submit update or delete all or selected orders to the market e Link Excel spreadsheets to Order Block and automatically update and manage your pre configured spread variables e Link theoretical generators to the Order Block window Note When using Order Block to place trades you can define trading parameters that you want Order Block to use when calculating bid and ask offsets and quantities To do this you must have at least one trading profile created You may create multiple profiles and assign different trading parameters to different contracts and expiries Trading Technologies 453 Trading Technologies International Inc Proprietary and Confidential Information Chapter 15 b To open the Order Block window 1 Ifyou have not done so log into an exchange and populate the Market Explorer window with all needed futures exchanges and contracts 2 On the X_TRADER Control Panel click the Window menu and choose Order Block or a On the X_TRADER Control Panel click the Order Block button la You have successfully opened the Order Block window Order Block versus Autotrader For truly automated trading TT offers Autotrader Using an enhanced version of the
28. All Stop orders Note This feature behaves differently for an exchange trader versus a proxy TTORD trader e At this time only LIFFE supports this feature e Itis available via the Market Grid or MD Trader window e Ifan exchange trader uses this feature all working for that contract for all sponsored proxy traders are deleted s Ifa TTORD trader attempts to use this feature it converts one message into to multiple individual delete requests by the client application to prevent a trader from deleting the exchange trader s working orders for that contract Trading Technologies 281 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Column 1 Delete 0 Deletes working sells indicating the number of working sells Delete 7 Deletes working buys indicating the number of working buys Price Consolidation Slider Consolidates price depth in the Price column Slide the slider to the right to consolidate price levels and slide it to the left to flatten your price depth Trade Out Use this feature to flatten your position Refer to Trading Out a Position on page 311 When you use the TradeOut button MD Trader deletes all working orders on both sides of the market and sends an order that allows you to exit from your position regardless of your credit limit Therefore it does not matter if your position is long or short MD Trader deletes all working orders on bot
29. Click to uncheck the Quoting box to disable quoting You have successfully disabled quoting as a feature in X_TRADER Status of Quotes at X TRADER Shutdown The status of working orders in X_TRADER depends on how X_TRADER is shutdown s Normal Shutdown If you exit X_TRADER normally X_TRADER does not pull working orders from the exchange e Abnormal Shutdown When X_TRADER experiences an abnormal shutdown live quotes cannot be pulled from the market Since quoting data is tracked by X_TRADER on the local workstation there is no record of active quotes Since the quotes remain active in the market they may unknowingly be filled B If this occurs restart X_TRADER as soon as possible and click Delete from the quoting Market window This pulls all live quotes from the market Trading Technologies 251 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Trading Eurodollar Options To support CME Eurodollar options the following changes were made to X_TRADER Market Grid Changes Four new columns were added in the Market Grid They are hidden by default s IndBidQty Best indicative Bid Quantity s IndAskQty Best indicative Ask Quantity s IndBidPre Best indicative Bid Price e IndAskPre Best indicative Ask Price Note The prices in these columns are not directly tradable They show an approximation of the tradable prices To get a tradable price you must se
30. Current traded volume for the day 12191 0 s AP Most recent ask price 191 La s AQ Most recent ask quantity Q 150 s BP Most recent bid price e BQ Most recent bid quantity e Your net position for the contract s P Your P L for that contract based on the last traded price hidden by default Quote Board uses the following indicators Top of the bar Indicates the highest price of the day Triangle Indicates the opening price for the day relative to low and high prices Middle of the bar Indicates the last traded price Bottom of the bar Indicates the lowest price of the day B Indicates the current best bid is above the last traded price Checkmark Indicates a new settlement price has been received which belongs to this session The settlement value is shown in the cell The checkmark will be replaced by another icon with the next trade 7 Arrow Indicates change between last two traded prices 8 A Indicates the current best ask is below the last traded price Trading Technologies 357 Trading Technologies International Inc Proprietary and Confidential Information Chapter 9 Managing the Quote Board Properties Properties for the Quote Board are managed on the Quote Board tab in the Properties menu From the Quote Board tab on the Properties menu you can e Hide or show fields for all default Quote Board windows e Enable the display of the exchange name with the con
31. E E Order Destination Route to Best _ Short Sell Exempt ro 10 IM Noe oren a Mco xa Clear v LE y Hold Clear eei b To execute an order in the Order Entry pane 1 Choose a customer account This assumes that you have set up one or more customer default profiles Note One Customer Defaults profile titled Default is provided so that you can immediately trade The Default profile specifies GTD limit orders for an agent account No other information is assumed You can place other order types and restrictions for example GTD or Market by manually changing the order parameters To create customized customer profiles so that manual changes are not necessary create Customer Defaults Refer to Customer Defaults Setup on page 85 2 Click any cell in the appropriate expiration strike row on the bid or ask side of the screen The default options Market window displays the Calls on the left and the Puts on the right 3 Click the quantity to display the current quantity and price information limit orders only Clicking the price displays the current price with a zero quantity limit order The contract information immediately appears in the Order Summary field 4 Add or change any necessary information for example quantity price order type restriction 5 To execute click Buy or Sell You have successfully executed an order in the Order Entry
32. In the Product Type field click Spread The Product Name field displays the list of existing spreads In the Product Name field click the spread you want to add Note To add multiple spreads press and hold the CTRL key and continue to click spreads Click the gt button to transfer the spread to the Selected Products field or Click the gt gt button to transfer all of the spreads to the Selected Products field Click Start to open the Market Grid You have successfully added a newly created spread or strategy to the Market window Renaming an Existing Strategy p To rename an existing strategy 1 In the Market Grid Product column double click the spread name or Right click a cell in the spread row to access the context menu and click Name Product Enter the new spread name and click OK You can revert to the original name spread type ratio legs expirations by selecting Restore You have successfully renamed an existing strategy Trading Technologies 275 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Recreating a Spread Strategy You can recreate spread strategies saved in a workspace with one click The first time you recreate a spread strategy which was created prior to X_TRADER version 6 14 you are prompted to select the strategy type The next time you recreate that strategy you simply select it from the list and click the Recreate button
33. Press the Q key to focus keyboard entry on the Order Quantity field 4 5 Type in the desired quantity of the sell order on the keypad Press the key to send the sell order You have successfully entered a sell order 322 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Enter the Order Quantity using the Keyboard Once keyboard trading has been enabled you can enter the order quantity using the keyboard b To enter an order quantity into the Order Quantity field of MD Trader 1 Enable keyboard trading locally or globally 2 Press a numeric key on the keyboard The Order Quantity field is immediately enabled and a cursor appears in the Order Quantity field 3 Type the desired quantity 4 Press Enter You have successfully entered the order quantity using the keyboard Deleting All Orders Working Bids or Working Offers using the Keyboard Once keyboard trading has been enabled you can delete order There are three procedures for deleting orders e Deleting all Orders e Deleting all Working Bids e Deleting all Working Offers p To delete all orders 1 Enable keyboard trading locally or globally 2 Press the Shift Esc Escape key You have successfully deleted all orders using the keyboard in MD Trader p To delete all working bids 1 Enable keyboard trading locally or globally 2 Press the Shift V key You have suc
34. The background color in Market Grid lightens wherever your Highlight Own Orders orders are in the market The background color in Market Grid is highlighted when your Use Top of Book Coloring order s is the best bid or offer Neither the background nor the text will be highlighted when Use Minimum Highlighting only the quantity is changed Mode Either the Bid or Ask will be highlighted depending on whether the Last Traded Price LTP was on the Bid or Ask If the LTP Use Minimum Highlighting was not on either the Bid or Ask neither will be highlighted Mode These properties apply to both the Spread Matrix and the Market Grid so the applicable Spread Matrix properties have been removed from the Spread Matrix tab on the Properties menu Best Price Highlighting One of the features available in the Market Grid pane is Best Price Highlighting When enabled the highlighting surrounds the best Bid Ask Quantity and best Bid Ask Price columns As the market changes and the bid or ask prices change the highlighting moves to the row with the new best price It is possible that more than one exchange displays the best price at any one time and in this case more than one best price is highlighted No assumptions should be made that any one market is showing as both the best bid and ask assuming more than one exchange is being traded on Note The highlighting colors used with this feature can be changed or set from the Color t
35. Trading Technologies International Inc Proprietary and Confidential Information Fill Window Managing Manual Fills Since trades may be executed through a means other than the X_TRADER application manual fills can be added to the Fill window r Add Manual Fill Exchange Product Product Type CME A m 64 K FUTURE bad Expiration Currency eA MAROS X USD Action Quantity Price Account Buy 10 120225 Lock R OK Use the Add Manual Fills dialog box to perform the following procedures e Adding a Manual Fill e Deleting a Manual Fill e Saving a Manual Fill p To access the Add Manual Fill dialog box In the Fills pane right click an open area and choose Add Manual Fill You have successfully accessed the Add Manual Fill dialog box Trading Technologies 397 Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 Manual Fills Dialog Box Field Descriptions Field Entry Exchange Select the exchange where the trade took place Note You must be logged onto the exchange before you can select an exchange here Product Lists products on the selected exchange Product Select from the list Depends on products supported by the exchange Type Expiration Lists instruments of the selected product type and product supported by the exchange Currency Displays the currency of the selected instrument Action Lists the possible trade Buy B or Sel
36. You have successfully created and used a custom color for an X_TRADER window or text Trading Technologies 129 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Spread Matrix Tab Properties Time And Sales Trading Customer Defaults Order Entry Fill MD Trading Orders MD Display Audit Trail MD Color Sounds MD Advanced Quote Board Position Spread Matris Trade Book Color O CI Show Qty when hovering over Price IZ Use Net Change Color Scheme With Actual Prices IZ Show Last Traded Price Net Change Qty Price Layout Oty next to Price O Oty below Price Spread Matrix Display Outright Prices O Across the top O Along the diagonal Show Net Position O Across the top O Along the diagonal Both O Both O Don t show Butterfly Condor Matrix V Show Net Position b To access the Spread Matrix tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Spread Matrix tab You have successfully accessed the Spread Matrix tab 130 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Spread Matrix Tab Properties Setting Description Spread Matrix Auto Automatically creates a spread This feature allows you to work with Creation the LIFFE exchange to create spreads that may not exist Show Qty Quantity when hovering
37. and if short obviously the ask is key Assigning a specific number of ticks to skew assures that your order once entered not necessarily executed is only a pre determined distance from the inside market at the time you submitted the order Therefore upon selecting the TradeOut button the current inside market is reviewed and MD Trader enters an order based on the price at that time If the market is moving rapidly and the offsetting price is no longer available the system leaves this order as a working limit order at the price determined at the time the TradeOut button is clicked Using MARKET Order Indicates that the Trade Out method is a Market order When selected the of ticks to skew field grays out A market order seeks out the available offsetting order and executes against it Section Order Parameters Maximum Order Enter your maximum order quantity permitted during trading Quantity Notes To use MD Trader you must type a number greater than zero 0 in this box for each MD Trader window Trading Technologies 141 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 142 Stop Market Orders Stop Limit Orders Set Stop Trigger qty Iceberg IOC Immediate or Cancel FOK Fill or Kill MIT Market if Touched MV Minimum Volume GTC Good til Cancel Section Enable Order Types Enables stop market order button on the MD Trader
38. currency and the margin account currency including Credit Limits Profit Loss and Contract Margin The X_TRADER Administrator uses Guardian to select both currencies The primary currency is selected from the Currency Table Setup and the margin account currency is selected via the Guardian Trader Setup window Available Credit Primary USD Credit Cur USD 10000000 Credit Limit 10000000 P amp L D Contract Margin Recalculate Totals in green indicate a positive available balance totals in red indicate a deficit When the risk controls are enabled a zero or negative credit limit disallows trading p To access the Available Credit dialog box 1 From the Control Panel click the Window menu and choose Available Credit 2 Click Recalculate You must click Recalculate in order to display the current total This allows X_TRADER to reserve processing power for high priority actions such as order processing You have successfully accessed the Available Credit dialog box 200 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Synthetic Disclosed Quantity Orders Iceberg orders are disclosed quantity orders allowing the execution of a large order by splitting the order into smaller disclosed quantities When one disclosed quantity order is filled the next disclosed quantity order is sent until the entire order quantity is filled Characteristics
39. digits for Price Display Section Format Sets the number of digits displayed for the working executed display Left side digits are truncated Maximum number is 11 Sets the number of digits displayed in the price column Left side digits are truncated Maximum number is 11 Prices per line Offset Show Slider Control Increment Ticks Section Price Consolidation Enter the number of rows to use when consolidating price information Refer to Consolidating Prices on page 300 Note Consolidate prices in MD Trader using the Price Consolidation slider See the Show Slider Control property below Enter the Offset to use when consolidating rows Shows a slider control in MD Trader Use this slider to consolidate prices by the number of ticks you set in the Increment Ticks option Type the number of ticks the Price column consolidates prices for each movement of the slider control X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Section Automatic Grid Centering Notes e This feature works independently of the Recentering section on this tab e When MD Trader recenters it recenters the window within the current view Automatic Grid Enables MD Trader to automatically recenter itself based upon the parameters Centering you set Every X seconds MD Trader recenters automatically
40. e Additional Order Entry Style 4 and Order Entry Style 5 that include order restrictions and more efficient formats for Cross Orders and Timed Orders e Include Implieds for spreads in Market Columns and in Depth Displays Implied price and quantity data in the same columns as direct price and quantity data Option to display implied outright implied spread and implieds from implieds quantities and prices in the direct market columns and or Implied Data columns Refer to Implied Prices and Quantities on page 233 e Send orders using just one click of the mouse Refer to Click Trading on page 227 e Create personalized lists that maintain customer data and account preferences Refer to Customer Defaults on page 85 e Highlight orders in the Market Grid Trading Technologies 181 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Order Entry Pane 182 The Order Entry pane is the top half of the Market window It consists of many pre set fields properties and buttons to help you trade contracts quickly and efficiently The contracts are pulled from the Market Grid on the bottom half of Market window HI eCBOT A ZB 5 ag 868 a ek 1 5 I 10 E E Order Destination Cm sm 10 144070 None Wopen Ja mas E me Poseo Ben gt gt _ e L Short Sell Exempt Clear w K Hold Clear dh Use the Order Entry pane to perform
41. e Inside Market Within _ rows from the top bottom 5 If you want MD Trader to flash prior to recentering click to select the Enable Grid Recenter Warning 6 Click OK You have successfully set Auto Grid Centering globally Note This feature works independently of the Global Recenter property on the MD Display tab 298 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Average Price Highlighting When enabled the average price highlighting feature available in MD Trader automatically displays the average open price short and long The default is enabled There are two ways to set the Average Price Highlighting e Setting Average Price Highlighting locally e Setting Average Price Highlighting globally gt To set average price highlighting locally 1 Open MD Trader 2 Right click anywhere in MD Trader and click Properties 3 Click the MD Display tab 4 Click to select the Display Average Price of Position option 5 Click OK You have successfully set Average Price Highlighting locally gt To set average price highlighting globally 1 From the Control Panel click Settings and choose Properties 2 Click the MD Display tab 3 Click to select the Display Average Price of Position option 4 Click OK You have successfully set Average Price Highlighting globally The average open price short is highlighted in bold blue while avera
42. p To log into another exchange during a session 1 Locate the system tray in the bottom right hand corner of your desktop and double click the TT icon 2 From the Guardian menu bar click the File menu and choose Trader Login The Exchange Login dialog box opens a TT Exchange Login Trader SIMULATION S CMEA eCBOT eCBOTA EL 4 gt CME A Member Id D12345 eCBOT eCBOTA Group Id TEST Eurex Eurex Trader Id 000 Eurex C EurexUS Password EurexUS C ICE_IPE A CLA Member ICE_IPE B LIFFE Default Account X LIFFE A TTSIM Pref Server 123 4 123 45 lt 3 Atthe TT Exchange Login window double click the Exchange name from the Exchange List or select the appropriate exchange tab For example LIFFE 4 Enter the login data provided by your X_TRADER Administrator and click Login Your password is authenticated and a checkmark appears next to the exchange 5 Repeat Steps 3 and 4 for any additional exchanges on which you want to trade 6 Click Close to exit the dialog box 7 From the Guardian menu bar click the File menu and choose Exit to exit Guardian You have successfully logged into another exchange during a session 30 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Getting Started b To log into X_TRADER with a different Trader ID Al Warning If you attempt to log in via the Guardian Trader Login option with
43. provides a coloring scheme that follows NASDAQ Level II coloring conventions All orders with the same price level are grouped with the same background color L TE 0 7461 i This feature contains the following characteristics e Columns that display color when market depth is enabled include the Bid Mbr Ask Mbr Bid Ask Quantity and Bid Ask Price columns e Colors can be displayed for the aggregate market depth views e Display colors for the background and foreground text can be set using the Color tab on the Properties menu X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window b To enable the Market Depth color scheme 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Trading tab 3 Click to select the UseMarket Depth Coloring box to enable market depth color coding You have successfully enabled the Market Depth color scheme Using Excel for Theoretical and Implied Pricing You can create one or more links between the Market Grid and Microsoft Excel You can link the X_TRADER quoting tool to an Excel worksheet to calculate quotes using proprietary pricing models You can also use Excel to calculate implied prices and quantities Timing of Updates from Excel The response time from Excel is affected by several variables Including s Workstation memory e CPU speed e Other applications running on the wo
44. 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Time and Sales Time and Sales Filters Overview Time Sales YM DECO5 asa gt Oty Price 14 52 03 eCBOT amp YMDECOS 14 52 03 eCBOT amp YMDECOS 14 52 02 eCBOT 4 YMDECOS 14 52 02 eCBOT amp YMDECOS 14 52 02 eCBOT amp YMDECOS 14 52 02 ecBOT 4 YMDECOS 14 52 02 eCBOT amp YMDECOS 14 52 02 eCBOT A YMDECOS 14 52 02 eCBOT amp YMDECOS 14 52 02 eCBOT 4 YMDECOS Added YM DECOS Bid fB A From Upto MW ol of Last U Sy O Pal Status O DTC E Exclude v Hlelc gt ol elclole 5 File Status 0 00 used Y All the columns in the Time and Sales window can be filtered using a selection of criteria from a drop down list The presence of an applied filter is indicated by a red color code in the cell immediately below the column heading Use these filtering procedures in the Time and Sales window e Setting a Column Filter Refer to procedure on page 45 e Clearing a Column Filter Refer to procedure on page 46 Entry information for each row is subject to whatever filters are applied to the Time and Sales window If filters are applied only product information that fits the filter criteria appears Information that does not meet the filtering constraints is not shown The information is however still stored in a file and can be retrieved l
45. 471 Trading Technologies International Inc Proprietary and Confidential Information Chapter 16 Listing Market Explorer lists ICE and ICE Futures products in the following ways Exchange Instrument Time strip contract types Type ICE Fit re Monthly Sep06 Nov06 Futures Quarterly Strips Q2 07 Q1 08 Seasonal Strips Winter06 Summer07 Yearly Strips Cal07 Cal08 ICE Energy Monthly Sep06 Nov06 etc Monthly Strips Sep06 Oct06 Jan07 Feb07 etc Quarterly Strips Q2 07 Q1 08 etc Seasonal Strips Nov06 Mar07 Apri07 Oct07 Winter07 Summer09 etc Yearly Strips Cal07 Cal08 etc ICE Spread Time Mar07 Apr07 Cal07 Cal08 etc spreads Location WTI Brent Zone A PJM etc Basis Cash versus Futures Crack Crude Oil versus Processed Products Implied Pricing 472 TT supports limited implied pricing for executing trades on ICE e The ICE exchange generates and publishes 1st level implied in out prices for all outrights and spread products However the ICE exchange generates and publishes 2nd level implieds from implieds for only a subset of spreads e Similar to the TT implied pricing engine in the CME exchange the implied engine in X_TRADER does not calculate any implied prices for the ICE exchange e Implied prices for the ICE exchange are merged into the best bid and best ask in X_TRADER X_TRADER 7 4 User Manual Trading Te
46. A O E TTT 399 price averages and accumulations to the Market Gnd sese 214 A TTT 76 spread or strategy to the market WindOW 00 eee sssesseecsecsecseeseesceaseecscssecseeseeseesenacseesecsesseeaceessassasseesesaeesseaseasaeeseesesaseasneses 275 spread tables iii 83 84 workspaces 2 67 Adminalert A A A A ista 103 Agamstactials trade cn ia 436 field descriptions licita 436 A eA alee eet dst A A AAA A A SN EATE 438 AS OTESSIVE L ota AA A TTT 461 TS MAN ABET T 161 Altering orders in the Order Book sched 295 Ssoes boda rata A SUL aa gaan tesa ties A uae 369 Amending SIAL BIOS ii dd 277 Asset allocations Associating ayproductto a product TT TTT 80 A O NAO 167 col in descriptos ii AA ea 169 O ANN customize columns Exchange ANNOUNCEMENtS eiii toos PANTS a as held orders message types Order MESSIDE Sori NN PIOPETE Seinien quote audit trail eee wholesale trading messages Audit Trail tab sees eee IN OTESSIVE NO OS PIOR A NLA TaY vrs id adds Auto filters Automatic shutdown Autotrader Penerating an Md LM A canst avn coves A A A A ta 217 tick formula Tor TT TTT Eds SES TIO Toa 460 Average price War goby cob tht ci AA A Is 299 Trading Technologies 477 Trading Technologies International Inc Proprietary and Confidential Information Index Basis trade TTT 432 Held AESCHIPHONS ick rxsteen TTT NN NOTO 432 submitting a Se TTT 28 Best price hi
47. ABCDE Prod2 Theo Spread 2 GTC 0 100 1 Maximum 1 0 On 3 ZAR Restriction perete time Bid Oty Ask Qty auto Quote gt Use the Product Group Information dialog box to perform these procedures e Adding a Product Group e Changing a Product Group e Deleting a Product Group e Associating a Product to a Product Group e Disassociating a Product from a Product Group p To access the Product Group Information dialog box 1 Ensure Quoting is enabled in the Trading tab on the Properties menu 2 From the Control Panel click the Settings menu and choose Product Group Information You have successfully accessed the Product Group Information dialog box 72 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Product Group Information Field Column Descriptions Product group information is entered in the top pane of the Product Group Information dialog box Once this information has been entered use the Add Group button to populate the contents of the lower pane grid 7 Product Group Information Enter a Product Group Name Prod3 Quote Spread Restriction Delete Time Bid Ask Spread Minimum 4 Auto Auto Quote Clearing Account Type Table Secs Oty Oty Type Spread Quote Delay Secs Member Join v Spread 2 v Delete v 3 50 E O On Off JORSTU u1 v Cross Check V Inside Check V i Price Check Spread
48. As Note Alternatively this can be done from the Open Workspace dialog box 2 In the Save Workspace As dialog box click the workspace you want to start every time you log into X_TRADER MyWorkspace MyWorkspace2 Myworkspace 3 Click Set as Startup The workspace is marked as startup You have successfully set your startup workspace b To clear your startup workspace 1 From the Control Panel click File and choose Save As Note Alternatively this can be done from the Open Workspace dialog box 2 In the Save Workspace As dialog box click the workspace designated as your startup z Save Workspace As MuWorkspace lt startup gt MyWorkspace2 My Workspace 3 Click Clear Startup You have successfully cleared your startup workspace 70 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Fixing a Workspace There are two instances where a workspace might appear broken because contracts do not appear correctly in a functional window See Fig 1 These instances are After you upgrade from X_TRADER 6 X to X_TRADER 7 X e Atthe beginning of the month after a saved contract expires Fig 1 Broken MD Trader b To fix a workspace 1 2 da 4 Open the Market Explorer window Find the products you want to drag into the functional window s that appears broken Drag
49. Bs Bo Sa E Trade Cut VD Pal 6746304 Z 62 302 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Invalid calculations in the new price column Because the Display Yield To Maturity setting is based on an algorithm N A values can appear in the User Defined Price column This occurs when inaccurate values are set within the property s parameters for a given contract MD Properties ATT EE E l MD Trading MD Display MD Color MD Advanced Z Enable User Defined Price Column O NetChange O Display Price As Yield oupon Frequency Monthly v Coupon 0 1 Day Count Type Actual Actual v Maturity Date 6 30 2006 Settlement Date 6 29 2006 EDM Convention v Futures Conversion Factor 1 C Optional Settings Price Formatting Decimal Location Limit J B Digits to Display C Do Not Display Handle Retain User Defined Price Settings When Contract Is Changed Trade Cut US Pal 6765 3045 6772132 Fig 2 New User Defined Price column Price shown as Yield To Maturity as defined in Fig 1 Fig 1 MD Advanced tab Trading Technologies 303 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Displaying a Small MD Trader There are two ways you can display a smaller MD Trader window e Globally displaying small MD Tra
50. Dime fields the values for all products including When Issued increment When you click down in the same fields the values for all products including When Issued decrement 460 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trading Specialty Exchanges Placing Passive and Aggressive Orders There are two ways to send orders to the BrokerTec market Passive and Aggressive Passive orders rest in the market waiting for an Aggressive order to Hit or Take them Aggressive orders Hit or Take Passive orders that are resting in the market In To send a Passive Order To send an Aggressive Order The Market Window Bid or Offer buttons Hit or Take buttons MD Trader Click the Passive order type All orders are sent Aggressive by from the MD Trading tab on default the Properties menu Then click the P button Autotrader Not Applicable All orders are sent Aggressive Autospreader Not Applicable All orders are sent Aggressive Since two Passive orders on opposite sides of the market can not fill each other those two orders lock the market until an order is placed to either hit the bid or take the offer The BrokerTec market therefore will display crossed markets when Passive bids and offers are resting at the same price When trading BrokerTec the P A column in the Fill Window Trade Book and Audit Trail indicates wheth
51. EENE EREE EEs changing trigger price in order book confirming status sese eee ee eee eee deleting from order book holdingin the orde DOK il doladaetedsoenlenes des cdabats PASSIVE AL A tee ead e E T R evan vavagee E A ENEA ENE A NER E AN EEEE EE cna loan AEREE E E quoting removing stale from Order book TTT SEUS MG UITIOS irriaren E TEL A E U O E E E O O AN ERT A oE PANE E E E E TT Passive orders PIQ TT AAE EEEE E NOR Placing passive and aggressive ordets or irtete eierens eei eree eies eae es e erar iee oan eeen esipaari enee naer e aa io ezeras 461 Trading Technologies 489 Trading Technologies International Inc Proprietary and Confidential Information Index PYG uu ee Nee sae es acdeeseecshbeges duveceeecendvich e dedebettusauyestctt aed A a lepedet A E A 163 Populating a functional wind Weseri anrea AAA A ad ei Ra Ada 178 MA A exes RRENEAN EEA EAEEREN NRE ENN E quote board A EAA E E A E T 418 windows With Contacts ee isr a EE A A E O EEN 40 Position in queue VIEWS e NN 219 313 Position pane Calculating profitand Ossie i AE A T A ETE TATA 395 context MENU soseda a E EEEE a Ea E RA E EEE E E TA ENEE LT AEE A A a 394 feld descriptions AA T 392 L LT 391 A A ANO 112 A a NN 197 Pric tr nd indicators in the Markt as 212 Printing mx TRADER O Assia 59 Product group BOOS R A E dH achat cabs octal cdo br Loe baka bs des whe tees abel Les hal ee delos o oblea 76 ASS
52. Exch Time Type GU Rstr Restriction P A Order No TT Order Key Trans ID Exch Date Ord Time Ord Date C Conf MbrlID Conf GroupID Conf TraderID Fill Window Trader s or Risk Manager s Proxy User s member s ID e g Broker s client Description 123 Agent Market Maker Principal Give up Unallocated Transaction Time at the exchange Type of order Limit Market Give up Member ID The member for whom a separate party completes a transaction Partial Fill A partial fill results when for example only 5 contracts from a 10 lot order are filled For Xetra no partial final fill indicator is provided Therefore this value is left blank in the X_TRADER Fill window Order restrictions An order type whereby you assign a condition to your orders Restrictions include but are not limited to lt None gt FOK IOC MOO MV Stop Associated Fee Designates whether your order was filled as a Passive or Aggressive order This allows you to determine fees based on a specific order Unique number assigned by exchange Unique order number assigned to this order Unique transaction ID assigned to each fill and partial fill Exchange Date Time order was placed at workstation Date order was placed at workstation Confirmed by operator Denotes that a fill has been confirmed Confirmed Member ID Confirmed Group ID Confirmed Trader ID Trading Technologies 38
53. Highlighting Mode Used for the Market Grid and Spread Matrix panes Highlights according to the following market characteristics e When both the quantity and price change e When the Last Traded Price LTP is on the bid or ask If the Last Traded Price was not on the bid or ask the matrix does not highlight Default is ON Improves identification of affected cells Highlight Cell On Hover Displays a 3 D effect as the cursor moves over a cell Both the column and row headings are also selected to help you track your cursor position Highlight Border On Change Improves identification of affected cells Highlight Border Width Set a border width using the arrows Miscellaneous Properties 1st Column Quoting Enables the Quoting option on the Market Grid context menu To enable Quoting follow these steps 1 Click the Quoting checkbox on the Trading tab The Show quoting option on the Market Grid context menu is enabled 2 Right click in the Market Grid to access the context menu Note Do not click the Bid or Ask columns if click trading is enabled 3 Highlight Quoting and click Show The Quoting columns immediately display in the Market Grid For more information refer to the Quoting section Use Exchange Contract Names when applicable Provides the exchange name when you view contracts Price Reasonability Mandatory for some exchanges Defines a maximum numb
54. In general the conversion between contracts lots and flow can be expressed as follows s Contracts Represents entire delivery amount e Lots Represents number of delivery periods in a contract e Flow Represents the amount to be delivered in each delivery period Further Examples All monthly Brent futures contracts specify 1 delivery period consisting of 1000 barrels of crude oil So e l contract 1 lot 1000 barrels per month e Scontracts 5 lots 5000 barrels per month For example The ICE US Henry Hub Natural Gas Jan05 contract specifies 31 delivery periods of 2500MMbtu per day So e l contract 31 lots 2500MMbtu per day 77 500 MMBtu Contract e 3 contracts 93 lots 7500MMbtu per day 232 500 MMBtu Contract For example The ICE US PJM Power Jan05 contract specifies 21 delivery periods weekdays only of 8010MWh per day SOMW hours for 16 hours So e l contract 21 lots 800 MWh per day 16 800 MWh Contract s 2 contracts 42 lots 100MW for 16 hours per day 1600 MWh per day 33 600 MWh 476 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Index A Accepting a Eurex block or volatility Order TT 231 Access context sensitive Wel p 3c A As 37 Activating a strike Or expiration avtedie eve ala ada tated Meee de e ayes 249 A RR NN 249 Adding COMAS IIA T a E A aT DE IAE Oo ri 40 SS NN 120 high andlow sound alerts Aa 161 A
55. It is the product group that determines how a quote is generated Therefore each product must be associated with one and only one product group in order to generate quotes Note Each product can be associated with only one product group at a time If you require quotes for the same product to be constructed using different parameters for example max vs percentage or a different clearing member you must first disassociate the product Then re associate it with another product group b To associate a product to a product group 1 4 5 6 80 From the Control Panel click the Settings menu and choose Product Group Setup The Product Group Information dialog box appears Click the Product Group in any cell on the bottom half of the screen All the product group settings display in the top half of the window Note If no product group display you must create a custom product group before products can be associated Click the Associate Products button Note If this button is grayed out a product group has not been selected The following screen appears L D Associate Products to a Product Group Product Group Prod Exchange Product CME v v Add to List Exchange Product 6A From the Exchange field click the appropriate exchange From the Product field click the appropriate product Click the Add to List button X_TRADER 7 4 User Manual Trading Technologi
56. JUNOG JUNOG Spread Matrix Butterfly Use the Spread Matrix to perform these procedures Generating a Spread Matrix Customizing the Spread Matrix Trading with the Spread Matrix Changing a Working Order in the Spread Matrix Setting Outright or Spread Prices Generating a Spread Matrix 254 There are two procedures for generating a Spread Matrix e Generating a Spread Matrix from Market Explorer e Generating a Spread Matrix using the Market Grid context menu X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window b To generate a Spread Matrix from Market Explorer 1 From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find 2 In the Products section click the down arrow and choose your search filter 8 Click Find Products display in the Instruments field From the Instrument Type box click to toggle between Future Spread Option Strategy and Stock Press and hold the CTRL key and click the products you want to open or To open all products in the Instruments field click the gt gt button and skip to step 7 Click the gt button to transfer the products from the Instruments box to the Selected Instruments box
57. Logo TT X_TRADER X_RISK MD Trader Autospreader Autotrader Super Guardian TT Trainer TTNET X_STUDY TT_TRADER All other referenced companies individuals and trademarks retain their rights The unauthorized use of any trademark displayed in this document is strictly prohibited MS Windows MS Excel and Visual C are registered trademarks of Microsoft Corporation Eurex is a registered trademark of Deutsche B rse AG Copyright 1998 2007 Trading Technologies International All rights reserved Trading Technologies International Inc Proprietary and Confidential Information Table of Contents TABLE OF CONTENTS WHAT S NEW IN X_TRADER 7 4 csccssssscoscsssossoscssssssessenssssesseascasceseaneseeseee 15 POSITION IN OUBUB E ER ee Eo BE STAN NINA A BARON LAS CMO Et 16 TRAILING STOPS a A di ete eee 16 OCO ORDER TYPE Saaana a a a E ES 16 X STUDY M INTEGRATION io rail aeo a A A ie NERS 17 ORDER BOOK GO TO MARKET BUTTON 18 ONE CEICKIRE OS umir an cad E 18 TEMINIMIZER LOCK T 19 Context M TT 19 POSITION TAB ON THE PROPERTIES MENU 19 ABOUT THIS MANUAL ll INTRODUCTION TO X_TRADER 7 4 USER MANUAL csccssccssccessesscessecersececessscarsesucersvcesaesncaees 21 CONVENTIONS Sai da id DAA Sd A E A Ed EEES DA lo Eas Biss 21 KEYBOARD FORMATS 75sec Soo sik A e ES RE 22 RELATED DOCUMENTATION id cies Ses bse Sees bog ts aad ho ea hs at 23 X_TRADER TRADING SYSTEM s ccssesss
58. MD Trader properties ES atO COMO A E A E A A RA IN 298 average price MSM ai TTT 299 consolidating prices E displaying a small Md trader a a dido did h 304 displaying the inside market mid point iii iia 305 keeping md trader on top a one click Tdi A A A aid Stop Order feature tia ais ad dada trading out of a position 7 MID Trading tab TTT TTT Mid o as Minimizer MI O AN 335 342 IMTS ea sich a e a es do 335 340 Moditying a Eutex block ordre ra dle ete een eee idem te ae aia 230 MOO viii ica 335 342 Moving TE Re e TTT 315 Moving tows Or COLUMNS TE a atone cent A R RH ATTAR AAI 53 Mutual ostra A data 194 MN A A A 335 342 N NOLX and market Maker Cross vcd ii iia 445 O OOO NO One click trading in md trader Opening a funCtioniall Wind RNA 62 a functional window from market explorer we 178 fast fills pahe vc isis esirin ia esaat 401 I Te 281 keyboard entry window 236 md R l NO 279 Order DOCK TTT TET 454 order book ES order change dials DOK tii adan 240 quote audita TTT 248 quote board c Ea TTT trade HOOK ion wholesale orders Wholesale trade WindOW TT TTT 427 WOLKSPACES ws vees 1 52505 NN 69 Order Block Es VETSUS auto trader A fads sane de cute O E ET N 454 dd Br as 361 A RN 369 488 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Canceling 2 H Ee TE Ea T changing trigger price orders CONTE RC M
59. Manager Show Last Chart Page Setup Print All Charts Properties Stop XStudy Market Grid and MD Trader context Find Control Panel Create Strategy menus Generate Spread Matrix Clone MD Trader Size to Fit Rename Window Autotrader 5 Order Block diel Quote Board Standard Mode Hide Titlebar Buttons Chart Manager S Show Chart Chart Manager Market Grid MD Trader Market Explorer r p org Default Chart Market Grid The Default Chart option in the function GO box opens a new chart based on the last Spread Matrix Time And Sales chart you opened Default Chart Refer to the X_STUDY Version 1 3 User Manual for more information Trading Technologies 17 Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual Order Book Go To Market button A new button called Go To Market appears in the Order Book 83 Order Book3 EXEL of DER Working Working Working Working Working Working Working Working Working Working U D00000000000 Highlight an order in the Order Book and click Go To Market This action immediately submits a Market order for instant fills One click RFQs 18 A new column called RFQ exists in the Market Grid When shown an RFQ button displays after the Del Srs column for every contract A 12697 0 12767 0 Click the RFQ button to send a request for quote on any contract By
60. Manual About This Manual Introduction to X TRADER 7 4 User Manual This X_TRADER documentation contains both general and specific information about the application It also includes procedures designed to aid you in learning how to use and interact with the application This is not intended as a tutorial to every function and option available in X_TRADER nor does it substitute for the training you receive from your Trading Technologies representatives Note TT recommends that you practice trading with TT products in a simulated environment before actually performing live trades Conventions This guide uses a set of terms symbols and typographic conventions to categorize specific information Familiarity with these conventions helps you use this guide more effectively This guide uses the following icon gt A procedure that you should follow to complete a task Trading Technologies 21 Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual This guide uses the following text conventions Convention Use ALL CAPITALS Indicates operating system commands and acronyms Courier Indicates examples and anything that you must type exactly as it appears For example if you are asked to type show version you would type all the characters shown in Courier exactly as they are printed Bold Indicates menu items command buttons folder di
61. OCOs e Link ID gives the OCO a unique identifier So you can tell which two orders are linked together be To connect orders with an OCO relationship in the Order Book 1 Click to select the first order 2 Hold the CTRL key and click to select the second order 3 Right click and click Link As OCO The orders are given an OCO Link Type and a Link ID You have successfully connected order with an OCO relationship in the Order Book Trading Technologies 345 Trading Technologies International Inc Proprietary and Confidential Information Chapter 8 Stop Order The Stop restriction lets you set the Stop Price and or Trigger Quantity for both Market and Limit orders Therefore the stop order does not trigger unless the trade volume at the stop price is greater than the trigger quantity X_TRADER supports both Stop Limit and Stop Market orders on all exchanges P To place a Stop order using Order Entry Style 4 1 If you have a specific customer account you want to trade for select it now Note You can setup customer profiles or use the Default profile to trade with From the Market Grid click in the appropriate expiration strike row on the bid or ask side of the screen If you click the BidQty or AskQty cells the Quantity and Price fields display the current quantity and price information The contract information appears in the Order Summary field 0r If you click the BidPre or AskPrc or LastPre cel
62. Price Display o oonccnonncnnnnicnnnnnononononnononanononnonccnncn nono nono nnnnnnonccnnonos 133 TRADE BOOK TAB cuota dr de ro 134 Trade Book Tab Properties voir o Aoi cardiac 135 TIMEAND SALES DABA A AA EA AAA 136 CUSTOMER DEFAULTS TAB EH A A A ee ia 137 MD TRADING DAB EA iii le paid 139 MD Trading Tab Properties tuerto brit irse 140 MD DISPLAY TAB olas A e AAA AA 144 MB Display Tab Properties iesise io e SRR a Ra AA Site 145 MD COLOR TAB ci a es css 151 Trading Technologies V Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual MD Color Eab Properties consti ib E ii 153 MD ADVANCED nd ias 155 MD Advanced Tab Properties ii ada 156 QUOTE BOARD TAB Le BS RS CS 158 Quote Board Tab N S TTT 158 CONTROL PANEL ICON AND MENU DESCRIPTIONS ssesessscecesececeesessececececeeeesessaeeeeeceesenenens 159 PRIDE MENU TTT 159 SETTINGS MENU sistat a e HT 160 FIBER MENU Suit aiii ini 161 ADDING HIGH AND LOW SOUND ALERTS esse esse essen 161 STARTING s9 OLEE INSEE S AE E AE E A E A E AET 163 CHAPTER 4 AUDIT TRATO caia aiii 107 HEELD ORDERS iaa 168 FIETERS Sid A A A en 168 AUDIT ERATE HISTORY asia es aes AN TRI 168 AUDIT TRAIL COLUMN DESCRIPTIONG ccsceessssececececessessnsececeseeeeeesesseaeeeseeeesesensaeeeeeceeeeeenens 169 AUDIT TRAIL CONTEXT MENU S ATRE drad ER TT RENS dT e 171 CONTEXT MENU OPTIONS TTT 171 AUDIT FRAIL MESSAGE TYPES TTT 172 AUDIT TRAIL
63. Price of Option Type Limit Market Order Trading Technologies Trading Technologies International Inc Proprietary and Confidential Information Chapter 4 170 TIF The Time in Force of for example GTD GTC Rstr Restriction lt None gt FOK IOC MOO MV Stop RstrQty The Restricted Quantity of order Exec Qty The Executed Quantity of order Work Qty The Working Quantity of order Cxl Qty The Cancelled Quantity when using the Cancel Replace function Account The Back Office Account Number or Account Name Member ID The Exchange Member ID Assigned by the Exchange or TTORD ID information Group ID The Group ID Assigned by the Exchange Member Exchange or TTORD ID information Trd ID The Trader ID Assigned by the Exchange Member Exchange or TTORD ID information Acct Agent Market Maker Principal Give up Exch Time The time the message is Received Sent by the Exchange Trading Host Exch Date The Date the Trading Host Received Sent the message Time Sent The time the action was sent from the workstation Time Processed The time the action was processed by the TT Gateway P A Designates whether the order was filled passively or aggressively This notation allows for a correct P L calculation Order No The Order Number assigned by the Exchange TT Order Key A TT generated unique order number used to track orders in the Order Book during the order submissi
64. Protects against inadvertent changes to working orders When you click the Change or Cancel Replace buttons a prompt will appear verifying you want to change or cancel replace Delete Deletes selected orders Confirmation messages appear in the Audit Trail Delete All Deletes all visible orders bids or asks Delete All Bids If enabled the buttons Delete All visible orders Delete All Bids or Delete All Delete All Asks Asks appear in the Order Book window These buttons are enabled by default in the context menu Right click in the Order Book grid Click Allow Delete All Bids Asks to enable or disable the feature Orders hidden due to filters will not be deleted Hold Deletes order from the market and stores the order information on the TT Gateway Held orders are stored in short term memory If the Gateway Order Server process goes down the held order information is lost You can change cancel replace delete or resubmit held orders Until you click the Submit button the order remains held and out of the market The Audit Trail window displays a Hold message when an order is held but in actuality the order is deleted from the market and held only by the Gateway The Hold button is disabled if you select a single row for an order that is already held If you select multiple orders and then click Hold only orders that are not already held are put on hold In the event that an order is held that is already in the hold state t
65. Q Quote Type Table Type Spread Memb Ae E Z Spread Minimum Restriction Delete Time Bid Oty Ask Qty Delay Auto Quote Clearin Auto Quote 1 Dime Spread 1 GTC 0 10 1 N A 1 On 3 ABCDE Prod2 Theo Spread 2 GTC 0 100 1 Maximum 1 On 3 ZA gt The fields in the Product Group Information dialog box are defined as follows Product Group Name Enter a name for the product group Quote Type e Dime A tick better on both bid and ask e Join Current price of both bid and ask e Mkt Ave The average between bid and ask is the mid point for calculating the spread The Maximum or Percent spread type is divided by 2 This figure is added and subtracted from the Market Average to define the upper and lower limits e Theo Similar to the Mkt Ave except the theoretical price is used as the mid point for calculating the spread e Theo Bid Ask Current theoretical bid and ask Spread Table Associate the product group with a pre defined spread table for time price and spread limits Choose any spread table from the list Restriction Delete delete the quote after a specified number of seconds or GTC Trading Technologies 73 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 74 Option Delete Time Secs Description If you choose Delete in the Restriction field the Delete Time is the number of seconds the quote remains in the market The qu
66. Records messages to display 100 2000 AuditLog DB Operator Actions Ten 10 calendar days of Audit Trail information is automatically stored in a database located in lt root drive gt tt logfiles AuditLog To include Operator Actions select the checkbox Notes e If you are using automated tools like Autotrader or Autospreader change the days kept to three 3 e You cannot set the number of days below 3 AT Messages Color Code Buy Sell Enabled by default When enabled the default Buy and Sell text is blue and red respectively When you disable this feature your orders are not color coded in the Audit Trail window Show Fill Records Enabled by default When enabled the default buy and sell text is blue and red respectively Show Fill Download Disabled by default Downloads and displays all fills in the Audit Trail Records upon X_TRADER startup Show INFO Messages Disabled by default When enabled the default colors for messages are white text on a black background Show ERROR Messages Enabled by default When enabled the default colors for messages are white text on black background Show ALERT Messages Enabled by default When enabled the default colors are black text on a yellow background Customize text and background colors using the Properties Color tab ALERT WARN text and background Default Visible Columns Select the default visib
67. Shi SN eri tddi 211 ACCES A 231 field descriptions ITU 232 modifying a submitting 431 s bmitting DUY sidere a a e ENR EE E RRE NAE EEEE AEREA A E E A anaes 230 Bold UN EA EEA NR AS Border style changing Broken workspace Br A ici EL RNA ANS autospreader changes a e AAA A O O NR NO NO CLICK NON NOR excel links daOl C6 BE nE Si 001 4 A E A AA EEE A AA AA R EASA OTO a010 tata A di a dba market grid changes e md trader AO A ia OLA PE att dana placing passive and aggressive orders d Picino formate TTT TTT Private vs public T screen changes s Send quote order property T TTT E O ENT tick formula TOrautotrader 3 55 deale iio tradable products sss see working up the market Butterfly Condor Matrix calculations click trading context menu customizing LU e A AA A taza generating ES E O NN ONO NN Buy sid keys in MID Traders ise ariadna dilatada C Calculating profit and loss in Fill WOW a 395 average price ds STTS RN Canceling replacing an order in Order BOOK sese eee 371 Centering the market TTT TTT 290 Changing blocktrad coi A AA AR A A E A e a 230 Gre SIG tu EAEE lla o o ATE A E E bat rondan 57 butterfly condor matrix s column Widths TTT TT 56 478 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information customer defaults Profile T
68. TRADE OVERVIEW ese 436 AGAINST ACTUALS TRADE WINDOW 436 SUBMITTING AN AGAINST ACTUALS TRADE eee 438 FLEX OPTIONS OVER VIEW 0 idas dic decile clio ltda si 440 FLEX OPTIONS WINDOW reini tenra Nea A IESENE AA EENES EA PLANEE ELA YIA TARASA INA 440 SUBMITTING A FLEX OPTIONS TRADE sese 441 WHOLESALE TRADING AUDIT TRAIL MESSAGES sees 442 STRATEGY WHOLESALE RADA 443 NQLX AND MARKET MAKER CROSS cascada dl ii ua 445 EURONEXT AND GUARANTEED CROSSING cccessessececeseceesesenseaeceseceesesessseceeescesesessnssseeeeeeeens 447 ASSET ALLOCATION METHODG sc sccccsccscsesessseceseccceesesssececesececsessseaeceseeseseeensaaeeeeeeeeseneneas 449 ENTERING ASSET ALLOCATION ORDERS 450 Half Trades S UT 450 One Trader Example osc ssssestsedietuscsscsexsonstesbebeschapisctesssassassoadsssssepsbansptescasscapabessvows casssonssavseevgesnasteasvens 451 CHAPTER 15 ORDER BLOCK sss sssssssssssss asas ss ananas sss asas ss asas FDI ORDER BLOCK VERSUS A UTOTRADER TM 454 CHAPTER 16 TRADING SPECIALTY EXCHANGER 455 TRADING BROKER k TTT 456 TRADABLE PRODUCTS cuidada talle a o acaghesioaseatenace 457 ORDER TYPES A A A EIR REAL SE 457 PRICING FORMAT anata 22 E SEA EHe SLA EAA Dy besarla cares 458 TN OIS E H E EE a een rE rr e E 458 MARKET GRID TTT 458 MOTRADER id res 459 EXCEL LINK Soniy t e A A a A eaves 459 AUTOTRADER AND AUTOSPREADER cccscessccsssssssesscecsesessesececeseecassesucassecesarsusnesesecareesucneeeess 460 Autotrader
69. The Market Grid context menu lists additional features that you can use to customize the Market Grid pane Find Control Panel Send RFQ Quoting Best Price Highlight Click Trade On Order Entry Floating Order Entry Layouts Formatting Hide Columns Show Hide Cols Hide Rowks Show Hide Rows Copy Links Create Strategy Generate Spread Matrix MD Trader Autotrader Order Block Quote Board Rename Window Resize Wholesale Orders Price Format Trading Technologies The available menu options include Find the Control Panel Brings the X_TRADER Control Panel to the foreground of your workspace Send RFQ Generates a dialog box that is used to send a Request for Quote for a specific contract with a specific quantity Quoting A submenu that indicates whether Quoting is enabled for this Market Grid Quoting must first be enabled in theTrading tab on the Properties menu Refer to Quoting Overview on page 241 Show Displays and disables the quoting bar on the Market Grid Select Highlights the Quote column in the Market Grid based on All All orders Calls Just calls for Option Markets Puts Just puts for Option Markets 2 sided Mkts Just two sided markets Last Pre Orders with an LTP Activate Marks the Quote column for the selected contract to indicate it will be quoted Deactivate Unmarks the Quote column for the selected contract to indica
70. Trading Technologies 125 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 126 Setting Position Pane Positive Background Position Pane Positive Text Position Pane Short Background Position Pane Short Text Price Decrease Border Color Property Quote Board Background Color Quote Board Barometer Bottom Color Quote Board Barometer LTP Color Quote Board Barometer Top Color Quote Board Net Change Text Color When Higher Quote Board Net Change Text Color When Lower Quote Board Net Change Text Color When Same Quote Board Net Position Text Color When Long Quote Board Net Position Text Color When Neutral Quote Board Net Position Text Color When Short Quote Board P L Text Color When Even Quote Board P L Text Color When Negative Quote Board P L Text Color When Positive Default Colors White Default Colors X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Setting Spread Ask Prices Equal Background Spread Ask Prices Equal Text Spread Bid Prices Equal Background Spread Bid Prices Equal Text Spread Direct Ask Prices Qty Background Spread Direct Ask Prices Qty Text Spread Direct Bid Prices Qty Background Spread Direct Bid Prices Qty Text Spread Implied Ask Prices Qty Background Spread Implied Ask Prices Qty Text Spread Implied Bid Prices Qty Background
71. Y Use the Time and Sales window to perform these procedures Trading Technologies Populating the Time and Sales Window Using the drag and drop method display market activity for futures options spreads and strategies Saving Time and Sales Information to a File Time and Sales automatically saves data to a file which may be opened and customized using Microsoft Excel 415 Trading Technologies International Inc Proprietary and Confidential Information Chapter 12 Notes e The Time and Sales window uses the price feed to show and record product sales information This means that it does not query the market for Time and Sales information It is possible that some information shown in the Time and Sales window will be incomplete since some markets do not include every trade in their real time price feeds but instead provide a separate interface to query this information from the market e The Time and Sales window now supports spreads You can drag and drop a spread product into the Time and Sales window to display and time stamp market activity for futures options spreads and options strategies Time and Sales only supports the generic spread names based on products and expirations Customized spread names do not appear in the title bar b To open Time and Sales From the Control Bar click the Window menu and choose Time and Sales Or From the Control Panel click the icon You have successfully logged
72. a fill arrives from an exchange Contract Oty 19 09 37 GE MAR10 GE MAR10 FILLS ALERT I I ee Ed GE MAR10 19 09 56 GE MAR10 P To enable the Fills Alert dialog box 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Fill tab 3 Click to select the Fills Alert checkbox 4 If you want to only be alerted on your own fills click to select the Only Alert on Own Fills box Note Using this feature you do not have to enter a Trader ID to display your fills 5 Click OK You have successfully enabled the Fills Alert dialog box Trading Technologies 383 Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 Fills Pane Overview 384 The Fills pane reflects the exchange confirmed data about a trade The Fills pane includes the Fill Type and Type columns to allow you to filter on your spread positions and view your spread legs separately from outright trades TT_Fill 3 Time Oty Product MMMYY 14 22 40 68 eCBOT 14 23 01 85 CME 14 23 01 89 CME 14 23 18 11 CME 14 23 18 16 CME 14 23 24 73 CME 14 23 24 77 CME 14 24 24 40 CME 14 24 24 83 CME 10633 YM 19 22 39 000 9515 5 GE 19 23 01 000 9515 5 GE 19 23 01 000 9515 5 GE 19 23 17 000 9515 5 GE 19 23 17 000 9516 0 GE 19 23 24 000 9516 0 GE 19 23 24 000 9516 0 GE 19 24 23 000 9516 0 GE 19 24 23 000 E W D 0 DD 000 000 0 Y G L LG LGW LW Q gt See the following topi
73. a hovering option selected above New Order Settings Use New Order Color Settings New Order Settings when enabled sets a visible indicator when a new order appears in the Order Book window Update Time for New Orders Secs The Update Time sets the time this indicator bar is visible Original Qty Work Qty e Original Quantity When you highlight a row in the Order Book the Quantity field of the Order Book displays the order s original quantity Work Qty Quantity When you highlight a row in the Order Book the Quantity field displays the current working quantity of the order and takes into consideration any partial fills Note You must first highlight a row to view the desired information Trading Technologies 115 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 116 Quote Alert Enable Quote Alert Warnings Notify me when X_TRADER exceeds Quotes per second for longer than Alert Options Used to warn you when quoting parameters that you set up have been exceeded Note Quote Alert warnings are informational only and your ability to enter orders and or receive updates is not affected in any way A number between 1 100 which designates how many quotes can be accepted in a second Default is 8 quotes per second A number between 20 180 which designates how many seconds the quotes per sec
74. and day i e MMMDD Dec 31 You have successfully viewed Audit Trail History 168 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Audit Trail Column Descriptions Columns can be hidden and shown on the screen while you view the Audit Trail You can also set which columns are automatically visible every time you access the Audit Trail on the Audit Trail tab on the Properties menu ES AuditTrail2 Audit Trail Bes fox Ss Ss Es al il SS LE a a en ee a eCBOT OK Fill B SEPOS ecBOT OK Partial Fill S SEPOS ecBOT 4 ACCEPT Add B DECOS GIS 0 eCBOT A OK Add B DECOS GIS 112 eCBOT OK Partial Fill S SEPO5 212 eCBOT A OK Fill B DECOS GIS 112 39 ERR Order was filled or deleted Exec 0 A Time The time the message is received at the workstation Exch The Exchange sending the message Status The kind of message Includes OK ERR error ACCEPT INFO Alert Warn Warning Msg The message text Action The described event Includes Add Change Delete Fill Partial Fill Hold Submit B S The result of the Action i e Buy or Sell O C Open or Close a Position C P Call Put Qty The amount acted on i e Quantity Product The Exchange Symbol for displayed product MMMYY The Month and Year of Expiration for the option Strike The Exercise Price of Option Limit The Limit Price of Option Stop Pre The Stop Trigger
75. and when a customer account number is changed The results of using the Change button are dependent on the exchange Cancel Replace Deletes an order and sends a new order to market The original order s place in the queue is lost If you are only decreasing the order quantity using the Change button to keep the order s place in queue Depending on the exchange if you want a change other than decreasing the price you may need to use the Cancel Replace button The Order Quantity field appears on the left the Price field appears on the right After selecting an order enter the price and or quantity with the keyboard or use the spinners up and down arrows Clear Removes data from the Quantity Price and Customer fields It cancels any changes not already processed Inq Inquire Sends an inquiry to the exchange for the status of an order A message in the Audit Trail window confirms the order information TIF buttons Displays Time In Force options when appropriate Options include GTD GTC GIS Date Order Information Displays the order data above the Cust field when an order is clicked Cust Customer Selection field Displays the current customer profiles in use The list contains all customer accounts for which the SEL box is selected in the Customer Defaults window Trading Technologies 363 Trading Technologies International Inc Proprietary and Confidential Information Chapter 10 Lock
76. ar E il BOF Account O Now 4 10 509 iin Contract WrkBuys BidOty BidPre AskPre Askaty WrkSells HetPos LastPre Lastoty Total Chng 434 9550 9551 361 9501 1 1 9540 9541 532 9541 1000 52000 gt To display Order Entry Style 5 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Order Entry tab 3 In the Order Entry Style section click the list and choose Order Entry Style 5 4 Click OK The Order Entry window style immediately changes all open windows All new windows open in this style You have successfully displayed Order Entry Style 5 Order Types and Tabs Order Entry Style 5 provides an updated Order Type field as well as tabs to help you efficiently execute your order The following order types available in Order Entry Style 4 are not available in Order Entry Style 1 e If Touched IT Available in tabs e Timed Available in tabs In addition the tab format makes sending Cross and Equity orders more efficient Note If the system loses its connection with the exchange all new order type orders are put on hold You must open the Order Book window and resubmit or delete these orders All order types can be intraday and interday 192 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Executing an Order i eCBOT A ZB 5 ae J DER HE I 10
77. blended rainbow grid The cross hairs pin point your selection and your selection appears in the Color Solid square oO Click and drag the triangle up or down the skinny luminosity grid to select the lightness or darkness of your color The Color Solid square changes as you drag the triangle Click the Add to Custom Colors button Your selection in the Color Solidsquare appears in the Custom colors palette on the left side 10 Click OK On the Color tab the Preview section displays your chosen color 11 Click Apply and then OK to exit You have successfully created and used a custom color for an MD Trader window or text MD Color Tab Properties Setting Default Colors Average Price Long Background Color Blue Average Price Long Text Color Black Average Price Short Background Color Red Average Price Short Text Color Black Best Bid Price Background Color Blue Best Bid Price Foreground Color Black Best Offer Price Background Color Red Best Offer Price Foreground Color Black Buy Side Background Color Blue Buy Side Blank Color Dark Blue Buy Side Text Color White Daily High Bar Color Yellow Daily Low Bar Color Red Disclosed Quantity Highlight Color Black Last Traded Price Down Background Color Red Trading Technologies 153 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 154
78. box that allows you to change font font style and font size e Show Hide Rows Enables or disables the view of selected fields for Y Floating Order Entry E all panes in the Quote Board window P L Display e Clear Clears the contract from the highlighted quote pane Launch MD Trader g Lauch Market Grid e Floating Order Entry Displays an Order Entry dialog box for any contract you click on e P L Display Opens a sub menu to determine how the P L field is Rename Window displayed Options include Currency Native Currency Qty x Prc and Ticks e Launch MD Trader Displays an MD Trader window for the contract you clicked on e Launch Market Grid Displays a Market Grid for the contract you clicked on e Launch Autospreader Displays the Autospreader Configuration dialog box with the contract you clicked on as one leg e Launch Autotrader Displays Autotrader for the contract you clicked on e Rename Window Allows you to rename the Quote Board window e Rename Contract Allows you to rename the contract within the Quote Board pane p To use a Floating Order Entry pane in the Quote Board 1 Populate Quote Board 2 Right click a contract on the Quote Board and choose Floating Order Entry The Floating Order Entry option is enabled and a Floating Order Entry pane appears 3 Click any other contract on the Quote Board to populate the Floating Order Entry pane You have successfully used the Floating Ord
79. button mouse requires the manual selection of click or dime trading The right mouse button is used to trade Order Types Select GTD Good til Day or IOC Immediate or Cancel for both Dime and Click trading Enable on FFNet NetPos Enable on Fast Fill Net Position Show Quantity As Section Contracts or Flow When trading on the ICE_IPE exchange use this option to select how you view trading quantities in X_TRADERC This is a global property setting that affects all X_TRADER windows You can create and save a workspace with quantities displayed in Flow Product Name Section Default Name Labels products by the product name used by the exchange Alias Name Trading Technologies Uses the alias names from the Guardian product tables as the product name 95 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Options Display Displays each strike on a single line of the Order Entry pane with the calls on the left side and the puts on the right Displays each strike on two lines of the Order Entry pane with the calls placed directly over the puts Price Rounding Options Section Allows you to choose your 1 4 32 rounding options This property applies to all orders you enter through X_TRADER except Autospreader and Autotrader This property excludes Stop orders that always round away from the market None Send
80. contract and product basis Fill Trans The ratio of fills to transactions on per contract and product basis Trading Technologies 393 Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 Position Pane Context Menu The Position pane context menu lists these features and options Find Control Panel v Show Fast Fills Formatting Hide Columns Show Hide Cols Add Manual Fill Remove Fast Fills From Position Ignore Manual Position Expand Expand All Contract All Autoexpand PIL based on Open P L based on Display Copy Open P L based on E Bid Ask Display gt Open Close High Low Copy Settlement Open PIL based on K gt Average Price Display gt y Match Price S Native Currency o PY Qty x Pre Ticks 394 Find Control Panel Displays the X_TRADER Control Panel Show Fast Fills Displays partial information about the order and are only offered by some exchanges Fast Fillsare enabled by default Formatting Allows you to customize fonts colors and borders Hide Column s Hides highlighted cells or multiple columns Show Hide Cols Allows you to select which columns to hide or show Add Manual Fill Allows you to manually enter a fill Enter the information in the Manual Fill dialog box Then the trade displays in the Fill window and updates the Position pane Remove Fast Fills From Position Removes fast fills from the
81. cursor left to right Shift Tab pressed simultaneously moves the cursor from right to left In the second field type the price to buy or sell at Click the down arrow and select Open or Close Complete the appropriate order data in the remaining fields After entering the order data press ENTER to review the order Press ENTER a second time to send the order to market Note To cancel the order prior to sending the order to market press ESC You have successfully opened the Keyboard Entry window 236 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Keyboard Validation Mode Keyboard Validation Mode allows you to utilize a keyboard rather than your mouse to enter orders In addition a Diming Offset field appears while you are in Keyboard Validation Mode Note When using Keyboard Validation Mode the values you type in the Default Qty and Diming Offset fields override the values you typed in the Trading tab on the Properties menu E LIFFE AA eCBOT YM 3 YM JUNOS A k Customer lt Default gt x 50 3 Default Qty 50 L ear WLW _ Diming Dias 10 1 5 0 03 10 002 003 4 DEL 6 5 5 _LIFFE AA JANOG a eCBOT YM JUNOS T 200 eCBOT YM SEPOS MENNE 200 11 eCBOT YM DECOS a 1 10419 E 10 200 e CBOT YM MAROS 101 10407 10408 301 301 3228 You can perform two procedures related
82. default clicking on button will send a generic two sided indicative RFQ with no size Refer to Enabling Quoting on page 244 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information TT Minimizer Lock A Lock All button appears at the top of the TT Minimizer Click the Lock All button to disable access to all of your X_TRADER windows Once locked the button is renamed Unlock All and shaded red Click the Unlock All button to enable access to all of your X_TRADER windows Refer to Using the TT Minimizer on page 42 Context Menu Additionally you can lock and unlock your X_TRADER window using the Minimizer context menu Right click the TT Minimizer to show the context menu What s New TT Minimizer Minimize All X_TRADER Market Explorer CME A 6E SEP06 CME A 6E 1 AuditTrail1 New TT Minimizer y List All Windows y Lock All Windows TT Minimizer context menu Position tab on the Properties menu The Position tab on the Properties menu has been removed To set the default columns of the Fill Window s Position pane see the Fill tab on the Properties menu Trading Technologies 19 Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual 20 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information About This
83. default colors for excel links event NON Prid text Te order change dialog box Order Entity Style TTT order entry Style NON NOOO OLdEr entry RTT Oder quantity in md A A tenenddusenleeneateuacueasebsensees order quantity or price using the mouse Orders inthe Order DOO A RN PLODUCESTOUP SELES Se sere RN NN Quantity buttons sese eee ee eee quantity or price using the keyboard GUO Sen T TOW Tes 1 TE iS E eae spread MALIK esiis reee e a E E E E EA E TE E E O O E A EART strategles text color toolbar size trigger price Orders IM Order DOOK mota dla WINGOW 1 isaten nere enna BEE Ee EA RE sna RE EEA E EA REE E E OR NNA EAE E ER working orders in md trader Click trading oie fs cist eee butterfly condor matrix lA EA set default properties JA A TO ANO OO AR O OOOO Closing the Order entry PMA A or COlOT TAD cesses NN changing Colors Of WindOWS Or bno ceistsaseengesctsecehsvedendeawtdedgbtredetcnictsacch sentences deans pends dendeactsedghasndsnaedctatadehectessn snans Colors coding market depth a ts creating CUSIOm sees eee ee creating custom MD Trader quote board s r cosnizing in time and T TTT Command bar ion e EE E che REEE EE EE EEEE E E R RE NARA EE EAE N E ee Common administrative tasks changing border styles changing the heights of rows ee changing the widths of Columns cito 95521223 sec icesesci cides AEEA cacy uence ddowegs OEE A AEE site
84. e EL Le as aaa ra o 47 FORMATTING FONTS o a A e o e 49 CHANGING THE FONT TEXT STYLE sss seene 49 CHANGING GRID TEXT AND BACKGROUND COLORS 50 FORMATTING GRIDS LA a e ANN 52 SETTING THE DEFAULT VISIBLE COLUMNS e no rananccnnnnos 53 MOVING ROWS OR COLUMNS T 53 HIDING ROWS OR COLUMNS cccccccscesscccssssccsssscessscssseecesssccssssesssecseseecssseeessscessseceessecsssesessscseseeesees 54 RESTORING HIDDEN ROWS OR COLUMNS esse e eee 55 CHANGING THE HEIGHTS OF ROWS OR THE WIDTHS OF COLUMNS s e e 56 CHANGING BORDER STYLES ciar TEATER eE STORE NOTA steve eevee aE 57 USING THE FRAME COMMAND BAR 58 FRAME COMMAND BUTTONS cccccssscccesssecssssecssccssscecsssecssscesssecssseecsssseessssesssecesssecssseeessscesseeesnes 58 RESIZING A WINDOW GRID oaae a aae eiae res E Daraa aI aar PaE SETET VEE Erer RT IES ADEA SII TeS ENE a 59 ISINAN EA IN TRADE E A ere 2d ed 59 CHAPTER 3 CONTROL PANEL ssssssssssssss esas sss asas sassa sassa ssssssssssss OL OPENING A FUNCTIONAL WINDOW eee eee 62 THE WINDOW MENU lt cocdsaivesdeaecascadenveacanneastslosrvadeavecatacdepavstustsegoidledusvlassecssacdenazisasaeansiledeentaceesadeates 62 THE TOOLBAR cart ds ARA BLO NEG ALORA LE ii i Rs 64 CHANGING THE SIZE OF THE TOOLBAR ccccsssessceceseeeceesessesecececceseeeneneaeceseeeeeenenssaeeeeeceeseeeneas 65 WORKSPACE T HE HHT 66 MULTIPLE WORKSPACES monori oiro ten i e eio ien e Beebe tata dhallede bas neta lucas tn dha ess 66 CREATING A WORKS
85. fad EA EEE E E EA AE AEA E AES E EEA EN E EEN A EEA field ase game pad control aes AA A O RR RO hot fonctions k yboO dd RTT 332 indicator columns a Jom Te DIG HT TTT JOU the Ad is keyboard trading Pe loadin the et Position sis val tena A sehen ded TAE A NN 324 mapped keys 70 27 22 s esha erst A A NEN AE lds Bl ela a Balls cate as 330 moving columns 006 315 order types and restrictions 339 populating 286 PS AAA athe T E elas le AE NE AE 313 properties global md advanced TTT 155 reading the net change indicator 294 reading the text and grid colors sese 296 recognizing the average price of open position PA es Selecting a c stomer eT TTT sell side keyboard mapping day sending a market Orden EAEE EEE dednlavns andaicbdateiasedsddeSendalebtdadvededstselebtinioudedsideledaredandlctdaletes cbuecedseebe setting the default QUAY ii iS setting the Md as Trading Technologies 487 Trading Technologies International Inc Proprietary and Confidential Information Index Settinig the Maxiiitim trade quantity TTT 295 setting the properties 297 setting the trade quantity ws 295 sweeping the market 326 taking the offer sese we 327 unrestricted keyboard functions 334 user defined price column 155 USING ita cas 290 usins excellinks A a E saa sacha E RE A A hota gat ou A A A AR E 316 Using the laser le niusa A AA A R EES 317
86. first button TIF to toggle among GTD GTC GIS and Date e GTD Good Til Day Indicates the order is valid only for the current trading session default e GTC Good Til Cancel Indicates that the order is valid until you cancel the order or the contract expires e GIS Good In Session Certain products on the Euronext Liffe exchange have different trading sessions in one day Orders remain in the central Order Book during the trading session until 1 they trade 2 the orders are cancelled by you 3 the contract expires withinthe session or 4 the trading session ends e Date Allows you to select an order expiration date Choosing Date opens a calendar with the current date circled in red Select the expiration month and day for the order and click OK Click the second button Limit to toggle between Limit default and Market orders X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window s 6 Customer Selection List Customer Selection List This field lists the customer defaults profile for which the SEL box is selected from the Customer Defaults window JANE DOE X_TRADER is installed with a lt Default gt profile You may immediately JOHN DOE trade with the default account lt Default gt v lt Default gt The lt Default gt profile specifies placing GTD limit orders for an agent account Other order types e g GTD Market can
87. globally 1 2 3 4 From the Control Panel click Settings and choose Properties Click the MD Trading tab In the Order Parameter section type a maximum order quantity Click OK You have successfully set the maximum trade quantity globally Trading Technologies 295 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Reading the Text and Grid Colors 296 Many of the grids text boxes and indicators in MD Trader are color coded to give you a visual indication of market position and other information The grid below gives a summary of the default colors associated with columns in MD Trader Column or Text Box Associated Colors Working Quantity Column Foreground color Gray Working Sell Text Red Font Working Buy Blue Font Executed Sell Blue Font Executed Buy Red Font Net Position Box Background color Red or Green depending on position Short Position Red Font Long Position Green Font Bid Column Foreground color Blue Font Color White Sell Column Foreground color Red Font Color Black Last Traded Quantity Column Foreground color Gray Offer Lifted Red Font Bid Hit Blue Font You also have the option of using a customized set of colors in MD Trader which can be set using the MD Color tab on the Properties menu Using this tab you can individually set the color display for the following MD Trader features e MD Trader LT
88. help is disabled Open Workspace Order Block Order Book Floating Order Book Order Change Plug Ins Product Group Information Quote Audit Trail Quote Board Save Workspace Spread Matrix Spread Tables Time and Sales Trade Book Note The Help menu on the Control Panel still brings up the What s New and Introduction to X_TRADER topics of the online help Trading Technologies 37 Trading Technologies International Inc Proprietary and Confidential Information Chapter 1 38 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Common Administrative Tasks Chapter 2 Common Administrative Tasks Several tasks you perform in X_TRADER can be done from many different screens in the application This chapter discusses the following tasks Populating X_TRADER Windows with Contracts Using the TT Minimizer Filtering Control the amount of data displayed in the various windows used in X_TRADER Formatting Fonts Change the font outline and size of the typeface displayed in your windows Formatting Grids Customize the visible columns or rows Change their size and border style Using the Frame Command Bar Control printing functions and window sizing options Trading Technologies 39 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Populating Windows with Contracts There are three pr
89. iain sa Sate neta Coe 330 DEFAULT KEYBOARD MAPPING cccccsessececececeesensecececececcssescaecesecsesssssssaeeeseceeeeesasaeeesecseeeneas 331 HOT FUNCTION KEY MAPPING ccccccesssecssscesssecesssecesseccsseceesseceseecssseecsseceessecesseecasseessecesseeees 332 Buy SIDE KEYBOARD MAPPING IN MD TRADER cooooccncoconononocncoconononnnnonconononcnnon co nononcnnancncannnss 333 SELL SIDE KEYBOARD MAPPING IN MD TRADER ccssssssssessessesesssesscecscessvsucacaveucarsusneaveveasavene 333 UNRESTRICTED KEYBOARD FUNCTIONS IN MD TRADER O oocococococconiononconcocononnoncononncnconononnianos 334 CHAPTER 8 ORDER TYPES AND RESTRICTIONS sssssseseeeeeeeeee SID ORDER YPES ee eae ee ee Ra EE E re ee tasa 335 IRDER RESTRICTONS 3 ains asias 336 ICEBERG a liada esse 337 CATA dolia 339 Deleting co a OL Aviat ee eas 339 BRUTE A A A A 339 TE TOUCHED ORDER Ae EEE ERE coord id cla idad liada diia 340 MARKETON OPEN noniine ene A A Ca eao a A A EE A ds 342 MINIMUM VOLUME csi a osa 342 ORDER CANCELS ORDER OCO ccccccsccccssssesscscssscecssnsvessscssscscesseecssesesscscessescessssesssesssescesseecsees 343 Strategy LY Pes esse csvecscdosees oe pesees sopu dean de sacges R i att ayes 343 Cursor Changes tii irrita EEE EE dic da ria 343 hvad OCO Prce rl a eii 344 Using OCOS MD Trad E 344 Using OCO s in the Order T 345 x X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Inform
90. ie Highlighting in the Market Grid Holding orders in the Order Book Hot function keys in MD Trader A eE Hotspot effects on X TRADER TTT 468 VTT C trading ICE pinch A cts casi ote AAA AAA hs lsh hina RO RO 470 O as eS aA ase ea Seas nance eee ea ie Tiao A denne een Ah seated 470 CONTACTS VS i LOA EEE E E EEE SEST EOE ES AT EO E A E EE A E A E E E EEEE E E 473 474 GUANO 475 implied pricing A O RN A market explorer Chatea ia R pr ia less 471 Order types and TEC A a EREEREER A EA 474 484 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information NN 473 RS A A A AL 475 understandina o W ici TTT 476 RO characteristics O NN TT O NON NON RN Immediate A 335 Implieds establishingia link for pci ateos E leas aa ATA 215 MN O O NARCO implied oUt eee implieds from implieds in X_TRADER seese prices and Quantities ai ia Adi DECIS USE ii A A a aia Indicator columns im MD Trader iS 316 Introduction ES A cat atten E RN hol ors oe Aad od ae OS 21 MG aasa ions Saas AAA cas AA A AR 335 Italic CONVE iii A Aue AA A A esd nies Ad 22 K Keeping md trader OO iii it 306 Keyboard b y side IMA adri A AAA A A tica 333 centering the market in mid trader THT TT 324 Combo dime 1 thd trader T TTT 328 combo join in md trader controlling quantity Or Price evesecehesck a da 239 GOI GHODE 284 ne AUR eel adh Re AACR ete A
91. iii 475 UNDERSTANDING DELIVERY AND FLOW cccccccssssscecesssececseseecceeseeeceessececsesseeecsssseeeeessseeesenaes 476 XIV X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information What s New What s New in X_TRADER 7 4 Trading Technologies continues its effort to provide traders with the quickest most efficient and versatile trading software with the release of X_TRADER 7 4 Note To better manage the size of this document the Autospreader and Autotrader sections have been removed Separate Autospreader and Autotrader manuals can be found on the Customer Portal at https customernet tradingtechnologies com extranet portal aspx Changes for X_TRADER 7 4 are broken into the following categories New features in include Position in Queue Display how close a working order is to filling Trailing Stops Send trailing orders that move dynamically in an adverse market OCO order types Connect two orders so that filling one cancels the other X_STUDY M Integration o Launch X_STUDY from the Control Panel or a context menu GioMake Send orders for immediate fill in the Order Book One click RFQ s Send RFQs with one click using a new column in the Market Grid E TT Minimizer Lock Lock all X_TRADER windows using new button or context menu Position tab default column properties Access from the Fill tab on the Propertie
92. into Time and Sales 416 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Time and Sales Grid Column Descriptions The Time and Sales Grid has the following column names Column Heading Description Time Time the event took place drawn from the workstation not the exchange Exchange Name of the exchange where the event occurred Contract Name of the product as drawn from the Market Grid Type Type of update B Bid A Ask or L Last Trade Price Buy Sell price of the product Qty Quantity of the product that was bought sold Lower Left Corner of Time and Sales Grid The text in the lower left corner of the Time and Sales window also tells you the Exchange is not available that the application is Unable to drop a product or Added contract information Typically once a product has been dropped a short period elapses before it is actually added to the file This may result in the informative text stating Dropped contract information Trading Technologies 417 Trading Technologies International Inc Proprietary and Confidential Information Chapter 12 Populating the Time and Sales Window After you open a Time and Sales window on the desktop you must populate its grid This grid is used to display information on a time line as it is recorded in X_TRADER There are three procedures for populating Time and Sales windows with co
93. left corner of the Time and Sales window describes the status of the drag and drop Added contract information You have successfully populated the Time and Sales window using drag and drop from the Market Explorer Trading Technologies 419 Trading Technologies International Inc Proprietary and Confidential Information Chapter 12 b To populate the Time and Sales window using drag and drop from the Market Grid 1 Ifthe Time and Sales window is not open use the Control Panel to open it 2 From an open Market Grid click the selected product and hold the mouse button 3 Continue holding the mouse button and drag the cursor to the open Time and Sales window When the cursor leaves the window it changes to a circle with a diagonal line through it When the cursor enters a window it changes to include a plus sign 4 When the cursor enters the Time and Sales window release the mouse button The name of the product appears displaying its associated information Exchange Price Quantity and Time In addition in the lower left corner of the Time and Sales window describes the status of the drag and drop Added contract information You have successfully populated the Time and Sales window using drag and drop from the Market Grid Reading the Time and Sales Window A running record is kept for each product that has been added to the Time and Sales window in the chronological order that the entry is received from X_T
94. odd first coupon period Price Formatting Customizes the price format Retain User Defined Price Column Settings When Contract is Changed Retains new price column settings when a new contract dragged onto this MD Trader Trading Technologies 157 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Quote Board Tab The Quote Board tab lets you show or hide the exchange name with the contract name in the Quote Board window Additionally you can set the viewable rows Properties Trading Order Entry Fill Position Orders Audit Trail Sounds Color Spread Matrix Trade Book Time And Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board Show Exchange Name as part of contract name when logged into multiple exchanges l Default Visible Rows OK Cancel Apply P To access the Quote Board tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Quote Board tab You have successfully accessed the Quote Board tab Quote Board Tab Properties Show Exchange Name as part of contract Click to display the exchange name in the title bar for name when logged into multiple exchanges each contract in the Quote Board Default Visible Rows Select the default visible Quote Board fields 158 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary a
95. of an Iceberg order include 1 each disclosed order quantity is equal 2 you can set the disclosed Note Exception is MD Trader You may only set the disclosed quantity as a number not as a percentage Using the disclosed quantity order type for an exchange that does not support them through X_TRADER may result in a lag between the time each individual synthetic order is submitted to the exchange This is because each order is sent to the exchange for just the disclosed quantity As soon as it is filled another order is submitted The necessary time lag during this period may cause a disclosed quantity trade to be traded through since the exchange does not know of the existence of other orders Trading Technologies 201 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Market Grid Pane Note Some functionality in the Market Grid is protected by U S Patent Number 6 938 011 The Market Grid is the bottom half of the Market window It displays contract information available for trading Trading is completed using the Order Entry pane on the top half of the Market window 553 105733 MAROG 7 111280 114310 Use the Market Grid to perform these procedures e Displaying contract and real time price information for the products you select Refer to Market Explorer on page 175 e Highlighting in the Market Grid e Viewing Price Trend Indicators e Opening Whol
96. or as a percentage of the order Note In MD Trader you may only set the disclosed quantity as a number not as a percentage s If Touched orders Orders may be either Market If Touched MIT or Limit If Touched LIT If the market touches the price level on the order it does not have to trade through the price the order activates as a Market or Limit order respectively Trading Technologies 335 Trading Technologies International Inc Proprietary and Confidential Information Chapter 8 Immediate or Cancel Immediate partial fill of the order before the balance is cancelled Market on Open MOO Market orders that are only valid during the pre opening period on all exchanges and are intended for execution at the opening market price This order type is not available if you use MD Trader Minimum Volume MV Allows you to set the minimum acceptable order quantity If it cannot be met the entire order is cancelled Stop orders Allows you to set the Stop Price and Trigger Quantity for both Market and Limit orders Therefore the stop order does not trigger unless the trade volume at the stop price 15 greater than the trigger quantity X_TRADER supports both Stop Limit and Stop Market orders on all exchanges Trailing Stop TStop Similar to a stop but with the added feature that the price is set a fixed distance from the current market price and moves dynamically Order Restrictions You can add the following
97. or disable displaying the exchange name 93 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Trading Tab The Trading tab lets you set default trading properties that suit your trading style and environment The properties affect order entry in the Market window and MD Trader window Properties Time And Sales Customer Defaults MD Trading Trading Order Enty Fil Position Orders Click Trading Mol Order Types O Ho Dime HGTD Click GTD O 3button OWC Oloc Enable on FFNet NetPos Show Quantity As Contracts O Flow Quoting C Use Exchange Contract Names When Applicable IZ Price Reasonability Mandatory for some Exchanges C Calculate Implieds instead of using Exchange Implieds Implieds From Implied Include Implieds in Market columns and in Depth C Input Priority Mode C Avoid orders that cross with each other 2 Show Admin Alert Messages C Use MD Trader as Floating Order Entry Window C Hide New Contracts Opportunity Check Use Theo O Use Theo Bid Ask Market Depth Increment 5 Warning Timer seconds 5 2 RFQ Volume 0 MD Display MD Color MD Advanced Quote Board Audit Trail Sounds Color Spread Matris Trade Book Product Name Default Name Alias Name Options Display OCP crp Price Rounding Options None O Aggressively O Conservatively Colors and Display Color Code Market Depth by Pri
98. or globally 2 Click in the Order Quantity box 3 Move the mouse wheel to increase or decrease the order quantity You have successfully changed order quantity using the mouse wheel Changing Working Orders You can drag and drop working orders from one location to another in MD Trader b To drag and drop a working order 1 Right click and continue holding down any price and working cell information in the Working Quantity column A Warning Be very careful here since a right click and release will result in deleting the order from the market 2 Drag and drop the price quantity to the empty cell where you want to place the order and release the button You have successfully dragged and dropped a working order 292 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Deleting Orders There are several ways to delete your orders e Deleting all of your orders e Deleting single orders e Deleting all Bids or all offers e Deleting Orders using the Working Quantity Column P To delete all of your orders If you have the Options dialog box set to do so left or right click on any grid cell in the Last Traded Quantity column to delete all of your working bids and offers OT Click the Delete All button You have successfully deleted all of your orders P To delete single orders To delete a single order click its cell in the Worki
99. or more functional windows with one or more products Order Book Manages your open orders Monitor change or delete orders or perform a status inquiry about any open order Fill Window Lists the current day s trades including your P L Trade Book Displays an aggregate fill for a single order number on a separate line Audit Trail Displays data sent to the exchange and the responses received from the exchange Order add delete change inquiry trader and customer detail as well as error messages and all exchange announcements are detailed in this window Time and Sales Provides the ability to track record and save time and information for products traded through X_TRADER Customer List Displays all accounts by customer name based on information obtained from the Customer Defaults Settings window Create Strategy Creates multiple legged spreads strips packs and bundles Quote Audit Trail Monitors addition deletion and related error messages for both manual and autoquoting for Market Makers You can also monitor both inbound and outbound RFQs TM A x Autotrader Order Block Creates and maintains a two sided market for selected sets of contracts e In the standard X_TRADER launches the Order Block window allowing manual trades e In X_TRADER Pro launches the Autotrader window allowing automatic bids and offers Note To use Autotrader
100. over Price Use Net Change Color Scheme with Actual Prices Show Last Traded Price Net Change Displays the quantity when your mouse hovers over the Price Hides the Quantity column When you enable this option Net Change Color Scheme colors are used when prices display in the standard format The color scheme follows e Negative prices display in pink e Positive prices display in light green e Prices with no change display in white Note Customize these net change colors in the Properties Color tab Default is ON A row designated by an L displays at the top of your Spread Matrix A Last Pre column displays in your Butterfly Condor Matrix Note If you display Spread Matrix or Butterfly Condor Matrix prices in the standard format using actual prices this row displays Last Traded Price Or If you display Spread Matrix or Butterfly Condor Matrix prices as Net Change using the context menu options this row displays prices in net change Setting Qty Price Layout Trading Technologies Description Displays quantity and price cells in the matrix in one of two ways to suit your trading style and environment e Qty next to price e UY below price 131 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Spread Matrix Section Display Outright Prices Displays outright prices in one of three listed ways to suit your trading
101. position and recalculates the P L Ignore Manual Position Removes manual fills and recalculates the P L Expand Expands the current branch Contract Contracts only the selected product Expand All Expands the position tree to view all branches Contract All Contracts the position tree Autoexpand Automatically opens the position tree P L based on Calculates your Profit amp Loss Open P L based on Calculates your open Profit amp Loss Display Displays position using the native currency or the quantity multiplied by the price default The primary currency is annotated next to the Currency option for example Currency USD Copy Places selected data on a clipboard You can then paste the data into another program e g Excel X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Fill Window Calculating Profit and Loss Profit and Loss P L for open positions can be based on any of the following s Last price e Bid ask prices e Opening price e Closing price e High price e Low price e Settlement price Open P L Based On Open P L can be based on e Average Price Open Position multiplied by Last Traded Price Average Buy Price or Open Position multiplied by Last Traded Price Average Sell Price depending on whether you are long or short s Match Price Same as above except instead of using Average Buy Price or Average Sell P
102. reset a window grid 1 Click a grid to make it active 2 Click the Reset button to return the window grid to the workspace settings You have successfully reset the window grid Printing in X_TRADER BB Geo Most X_TRADER windows offer Print and Print Preview frame buttons located in the top right hand corner of the window Bip If you regularly print data from X_TRADERS you may want to create a workspace that is pre formatted to display only the information you require You will format the window only once save the workspace under a new name and will not have to change the workspace you use for trading Trading Technologies 59 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Notes e Your System Administrator or network support department must have already installed a printer usually a shared network printer on your workstation for you to print e Using the Print Setup dialog box does not save your printing preferences Each time that you click the Print Frame button you must reset the print setting unless the default selection is satisfactory s Notall X_TRADER windows contain Print or Print Preview buttons When printing in X_TRADER perform these procedures e Print previewing a window grid e Printing a window grid p To print preview a window grid 1 Click a grid to make it active 2 Click the Print Preview button The print
103. ri ocaso rior asia sa hodh uo Soares bs esa Cees 369 ALTERING ORDERS IN THE ORDER BOOK sese 369 CHANGING AN ORDER orriari ieas orane i OEE E EET EA AN OA EAEE a t 370 CANCELING REPLACING AN ORDER sese 371 CHANGING TRIGGER DPRICRORDRRS vese tersesat niiina er EE eran EE aE r E i a es 372 USING THE HOED FEATURE 0 a tea a ee ees 373 USING TIF TIME IN FORCE OPTIONS ccccssccccsessececessnececsessececessseeecsesseeecsssaeeecnesseesenesaeeeeneaaes 375 DELETING AN ORDER a aa ENE E al 376 After the Delete Regu st is Sent cuidad didas Alina hea ele dead ios 376 FLOATING ORDER BOOK OVERVIEW eee ee 378 USING THE FLOATING ORDER BOOK rresia aaneen AETA aS ERASE AKETA Iae aA E Nai 379 CHAPTER 11 FILL VMWENDO Wins ii JSL FILES ATERTDIAEOG BOX aussi id iaa 383 FIEES PANE O VERVIE Wosintaa sd A E E EOE do abv E EA Sod TSG 384 FILLS PANE FIELD DESCRIPTIONS isccotocatenoconneniio soseboscacessius dese cosdechessis see soscaeeseses desbeoscdeeessvaes boda 385 FILLS PANE CONTEXT MENU 420 a a a E A ad 389 START OF DAY BILES lt td paid le 390 POSITION PANE O VERVIEW coros EE cto A HARA asi 391 POSITION PANE COLUMN DESCRIPTIONS cccccessessseceeececeeessseaeceseceeeesesseaeceeeeseseesseaeeeeeesenenees 392 Trading Technologies xi Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual POSITION PANE CONTEXT MENU 394 CALCULATING PROFIT AND LOSS ci n clic a it t
104. rises by this amount e If the market price falls the stop loss price remains the same Trailing Stop Buy A trailing stop market for a buy order sets the stop price at a fixed amount above the market price e If the market price falls the stop loss price falls by this amount e If the market price rises the stop loss price remains the same Trailing Stop Limit Orders Trailing Stop Limit orders work the same way but you define a limit price When the order triggers a limit order is submitted at the price you defined 348 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Types and Restrictions Using Equity Orders Some markets exempt certain traders from short sell notifications for some trading types Indicate this exemption by enabling the Short Sell Exempt feature This order restriction is available on e Acheck box on the Order Entry Style 1 and Order Entry Style 2 e The Equities tab in Order Entry Style 4 and Order Entry Style 5 Timed IT Equities Short Sell Exempt Note Support of order restrictions is determined by each exchange The definition and use of the restriction may differ between exchanges and marketplaces If the order type is not supported the Audit Trail displays an error message from the exchange Refer to each exchange s Market Rules for additional information Trading Technologies 349 Trading Technologies Internat
105. row or column by manually sliding it closed e Hiding multiple rows or columns by sliding them closed p To hide selected rows or columns using the context menu 1 Click the row or column heading to select the entire row or column 2 Press and hold the CTRL key and continue clicking rows or columns to select multiple rows or columns Then release the CTRL key 3 Right click a grid cell to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 4 Click Hide Row s or Hide Column s 5 To retain these settings save your workspace You have successfully hidden selected rows or columns P To hide unselected rows or columns using the context menu 1 Right click a grid cell to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 2 Click Hide Show Row s or Hide Show Column s 3 Click to de select the rows or columns you want to hide 4 To retain these settings save your workspace You have successfully hidden unselected rows or columns be To hide a row or column by manually sliding it closed 1 Move the cursor between two row or column headings until the cursor turns into a double headed arrow 2 Click and hold the mouse button and slide the row or column closed 3 Release the mouse button This automatically de selects the row or column from the Hide Show Columns Rows options 4 To retain these setti
106. set Trading Fill Position Order Audit Trail or Trade Book 3 Click the Default Visible Columns button The Default Visible Columns dialog box appears All checked columns are visible when you open a new window 4 Click the boxes to select or de select the column 5 Click OK to exit and save You have successfully set the default column selections Moving Rows or Columns Some windows allow you to customize the order in which rows and columns are displayed This is accomplished by dragging and dropping the appropriate rows or columns where you want them to go P To move rows or columns 1 Click the row or column heading to select the entire row or column Note Press and hold the CTRL key and continue clicking rows or columns to select multiple rows or columns Then release the CTRL key 2 Click and hold the mouse button on the header and drag the row s or column s to its new position A red line appears to indicate where the column or row will be dropped 3 Release the mouse button 4 To retain these settings save your workspace You have successfully moved rows or columns Trading Technologies 53 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Hiding Rows or Columns There are four procedures for hiding rows or columns e Hiding selected rows or columns using the context menu e Hiding unselected rows or columns using the context menu e Hiding a
107. ssssssss sss asas sassa sss sss seas FLS GRID COLUMN E ee N LST 417 LOWER LEFT CORNER OF TIME AND SALES GRID cccccccccsessesccsesessessesscsescesesscsesessescesscseseeseass 417 POPULATING THE TIME AND SALES WINDOW 418 READING THE TIME AND SALES WINDOW 420 RECOGNIZING COLOR CODES cuisine de ATE OS 421 HIDING TIME AND SALES COLUMNS S na a R A EN N 422 TIME AND SALES FILTERS OVERVIEW sese 423 SAVING TIME AND SALES INFORMATION sese ee eee 424 TIME AND SALES PROPERTIES TAB cccscssccecccecesssssscececececessesseaecececsesessaeaeceseceesensasaeeeseeseseneas 425 TIME AND SALES FILE STATUS BAR vu ececcccscessessesscssecesesscsessssesccsecsesesscsscseccssesscssessssesecascaeeeeseass 426 CHAPTER 14 LIFFE WHOLESALE TR ADINLGS sss ss sss sss ss sss ss sss sss sss 427 WHOLESALE TRADING YPES TT 428 WHOLESALE TRADING TYPES AND SUPPORTING EXCHANGES ccoccocccononnninnannonininncnnccnnononinacnnenos 428 BLOCK TRADE OVERVIEW senis RZ Ras ATRE a dss dTa Sd R Esa e 429 BLOCK TRADE WINDOW 5 2 3380354 cased bested cds tacita sabatino castes Lib bvads bea caged ba ATV nts caian 429 SUBMITTING A BEOCK TRADE 2 5 0565050530 a T 431 BASIS TRADE OVERVIEW nead e E chads Os dda evi TENER S a RER SD E 432 xii X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Table of Contents BASIS TRADE WINDOW A dei 432 SUBMITTING A BASIS TRADE heitir tenetan ien tt tt ai 434 AGAINST ACTUALS
108. tables to perform one click trading using the left or right mouse buttons Trading Technologies 307 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Left Click in the Buy or Ask Columns A left click in a grid cell in the Buy or Ask columns immediately sends a buy or sell order to the market The quantity for the order is taken from the quantity field The price is taken from the same row as the grid cell that is clicked If you left click on a grid cell in the To Click Market Result Buy Next to populated grid cell in the Sell Send a buy order to the market lifting the ask column Sell Next to populated grid cell in the Buy Send a sell order to the market hitting the bid To Click Market Result Buy In a grid cell that is populated by a Sends a buy order to the market you are joining bid quantity the bid In a grid cell that is populated by an Sends a sell order to the market you are joining offer quantity the offer Right Click in the Buy or Ask Columns A right click in a grid cell in the Buyor Ask columns immediately sends a sweeping buy or sell order to the market The price is taken from the same row as the grid cell that is clicked If you right click on a grid cell in the To Right click Market Result Buy Directly to the left of populated grid Sends in a buy for as many contracts as exist ce
109. the Fill pane the Order Book and the Audit Trail Default background color is Dark Gray Yellow Black Light Blue Default color follows the NASDAQ Level II color conventions Default Audit Trail exchange announcement background color is Black Default Audit Trail exchange announcement text color is White After Net Change Color Codes Non Tradable Background Non Tradable Text Opportunity Order Deleting Customize background color to identify non tradable products is Dark Red Customize text color to identify non tradable products is White When you have enabled Opportunity Selecting in the Trading tab on the Properties menu the bid or ask price appears Yellow default color when there is an opportunity to better your theoretical price or theoretical bid ask prices Red Trading Technologies 123 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 124 After Position Pane Color Codes Price Decrease Red Price Increase Bright Green Price Neutral White Quantity Decrease Red Quantity Increase Bright Green Quantity Neutral White After Quote Board Color Codes Recent Entry Background Color White Recent Entry Text Color Gray Sell Background and Text To quickly identify sell orders the default text color is Red the default grid background color is Gray This setting affects the Fill pane the Order Book and the Audit Tra
110. the Opportunity Check feature that you enable in the Properties Trading tab K To use these options In the Trading tab on the Properties menu enable Opportunity Check and Highlight Border on Change In the Market Grid right click to display the context menu Click Hide Show columns In the Hide Show dialog box enable the TheoPrc TheoBid and TheoAsk columns to view them To evaluate opportunities in the market enable the Theo field if you want to use your theoreticals pasted in the TheoPre column Or To evaluate opportunities in the market enable the B A field If you want to use your theoreticals pasted in the TheoBid or TheoAsk columns Refers to the accounts set up in the Customer Defaults dialog box Displays account code 3 To send a trade to market using Click Trade e Right click the bid price to send a limit sell order e Right click the ask price to send a limit buy order You have successfully used the click trading feature in the Market Grid 228 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Eurex Block Order Trading The Eurex Block Order feature in X_TRADERC provides a method to enter a buy and acknowledge a purchase of a large block trade into the Eurex exchange Block orders are defined as those product trades which involve high volume and whose traded price have been separately agreed to by both parties outside o
111. the bottom of the window so that you can review the most recent fill Trading Technologies 403 Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 404 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trade Book Chapter 12 Trade Book The Trade Book window is used to present aggregate fill information for a single order TT_TradeBook 1 laz CME 1 9571 5 GE 9571 5 GE 9571 0 GE 9580 0 GE 8854 6J 8854 6J 95705 GE 9566 0 GE 9579 0 GE S LBJ B s S S B B S B ES CME _ Exch Bis Oty Product 9571 5 GE MAROB ps001003 MARO6 ps001003 MAROB ps001003 DECOS ps001003 MAROS ps001003 JUNOS ps001003 DECOS ps001003 MMMY Account Exch Time Order Ho Exch Date Ord Time MAROS ps001003 The window is composed of three panes s The Summary pane is the top part of the window It displays a single line of information for each filled order in the top half of the window It is possible 18 22 06 000 18 23 48 000 18 23 55 000 18 24 08 000 18 47 29 000 18 47 29 000 18 57 14 000 18 59 00 000 19 06 30 000 18 23 47 000 BOD1IEY BO01F1 B001F2 B001F3 B001F9 B001F8 B001EQ B001FO BOD1FW B001F0 10 10 05 10 10 05 10 10 05 10 10 05 10 10 05 10 10 05 10 10 05 10 10 05 10 10 05 10 10 05 i og gga Cie EEE ea a E Ee EE ee TI a a Ce ere eee eee 13 22 05 16
112. the default order Y Auto Aggressi type will be Leave and the previous orders AIV Send Quote Order will not be canceled Use Default Oty Leave checkbox A Leave checkbox appears near the Hit and Take buttons on the Order Entry pane Leave It is used to override the global Send Quote Order property When checked new orders for that contract on the same side do not cancel previous orders Notes e If the global Send Quote Order property is not enabled you do not need to check the Leave box as all orders are sent as Leave by default e You can also add a Leave button to MD Trader using the MD Trading tab on the Properties menu e All orders sent by Autotrader and Autospreader are Leave orders regardless of the Send Quote Order property setting 464 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trading Specialty Exchanges Hold In Timer The Hold In Timer is a BrokerTec restriction that holds your orders in the market when it is the best in the market You do not see the Hold In Timer in X_TRADER but it affects X_TRADER in the following way A Warning When your bid or offer is the best in the market it is locked into the market for a period of two seconds During this period e Cancel and price change requests are rejected and logged in the Audit Trail e You can decrease the quantity to 1 e Orders joining your b
113. the exchange the order was placed on TTStatus Indicates the order status Working Change Deleting Inquiry Product Type Indicates whether the product is a Bond Future Option Spread Stock or Warrant Rstr Restriction Lists the used order type Trading Technologies 365 Trading Technologies International Inc Proprietary and Confidential Information Chapter 10 366 RstrQty Exe Qty Work Qty Account Action FFT2 amp FFT3 Exch Date Acct Time Sent Expiry Order No TT Order Key Version Exch Time Exch Mbr Exch Grp Exch Trd Trd Mbr Trd Grp Trd ID Clr Mbr Time Recvd Time Procsd IP Address Description Restriction Quantity Executed Quantity Working Quantity Possible actions include Add A Change C Delete D Delete all your orders E Hold H Inquire I Update U Replace Cancel button R Resubmit to Back Office Account Number or Acct Name remove from hold S Free Form Text Field 2 amp Free Form Text Field 3 Exchange Order Date Agent Market Maker Principal Give Up Unallocated Time Sent from Server Expiration Month Year Order Number Assigned by Exchange Unique order number assigned to this order Version Number Exchange Time Ord Received or Confirmation Sent Exchange Member ID Risk Mgt Direct User s Group ID Broker s Trader ID PRD Risk Mgt Direct User s Trader ID Broker s Trader ID 001 Risk Mgt Proxy
114. the number of quotes you can add to the board is limitless You may also open multiple Quote Board windows a Quote Board 1 aja jo ff HEK The first time launched Quote Board displays three rows of eight quote panes Contracts can be dragged and dropped from Market Explorer or the Market Grid to populate the Quote Board P To access Quote Board From the Control Panel click the Windows menu and choose Quote Board OF Q Click the icon from the toolbar You have successfully accessed Quote Board Trading Technologies 353 Trading Technologies International Inc Proprietary and Confidential Information Chapter 9 Quote Board Features Quote Board has the following features e You may have multiple quote panes for the same contract on the Quote Board e You may move the panes within the Quote Board and between multiple Quote Board windows e You may enable the Floating Order Entry option in the context menu Click a Quote Board pane to seed a Floating Order Entry window Only one Floating Order Entry window can be open at a time Click a different Quote Board pane to seed the Floating Order Entry window with a different contract e You may drag and drop a Quote Board pane into MD Trader Al Warning Save your Quote Board s with your workspace Closing the Quote Board removes all contract panes and the next time you open Quote Board the panes will be blank Populating Quote Board There are
115. these procedures e Changing the Style of the Order Entry e Executing an Order In the Order Entry Pane e Executing a Mutual Offset Order e Using the Floating Order Entry Window e Using the Mouse to Control Order Quantity and Price e Using the Keyboard to Enter Orders Note Also see Keyboard Validation Mode on page 237 to enable order placement with the keyboard e Confirming the Status of an Order e Closing the Order Entry pane X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Order Entry Pane Field Descriptions Trading Technologies aa oan B DON Destination ME 6A 1 105 ho Order e a p 100 L 500 Sed none Clear lt Dplault gt Sell Route to Best Short Sell Exempt Buy Contract WrkBuys BidOty BidPre AskPre WrkSells NetPos LastPre Lastoty Chng DECOS 7 88 7645 7658 2 7645 12 2825 66 g 5 7605 7615 152 19 7615 8 amp 1 182 61 Juno6 15 10 7545 67 67 7500 2 3 7450 74904 4 7490 7419 485 1081 Order Entry Order Entry field descriptions include 1 Preset Quantity buttons Description These pre set quantity buttons located in the upper left hand corner control the quantity increase and decrease when you right or left click in the Quantity field The quantity defaults are 1 5 10 100 and 500 Refer to Customizing the Quantity Buttons on page
116. to Keyboard Validation Mode e Enabling Keyboard Validation Mode e Placing an order using the Keyboard Validation Mode Order Entry pane gt To enable the Keyboard Validation Mode 1 2 Click the Order Entry tab 3 4 Click OK to exit From the Control Panel click Settings and choose Properties In the Order Entry Style section click to select Keyboard Validation Mode The Order Entry pane automatically displays the Keyboard Validation Mode screen You have successfully enabled Keyboard Validation Mode Trading Technologies 237 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 b To place an order using the Keyboard Validation Mode Order Entry pane 1 Click or middle click in the Market Grid Bid Pre cell to define a SELL order or Click or middle click in the Market Grid Ask Pre cell to define a BUY order The order quantity is populated by the contents of the Default Quantity box 2 Change the Default Qty field as needed 3 Change the Diming Offset field as needed 4 Press Enter to submit the order or Press ESC to clear the order without submitting it to the market You have successfully placed an order using the Keyboard Validation Mode Order Entry pane Diming Offset This feature requires the use of the middle mouse button The Diming Offset field in the Keyboard Validation Mode Order Entry pane allows you to Dime the Bid or Dime the Offer automaticall
117. trade to be accepted General Fields Series Descriptions Name and identification of the contract future series Automatically filled from the product selection in the Market window 432 Month Maturity month of the futures contract Automatically filled from the product selection in the Market window AMR Auto Market Reference unique LIFFE exchange specific product identifier Automatically filled from the product selection in the Market window Price Price of the product Quantity Quantity of the product to be traded X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Buyer Fields Trader Wholesale Trading Descriptions Exchange identifying number for the trader submitting this trade Account Account code for this trade Can be one of the following H House L Local S Segregated or N Non segregated Open Close Indicates whether this trade opens or closes a given position Default is blank which is acceptable ISIN International Security Identification Number Uniquely identifies a given product Cash Price Price for the underlying that is agreed to by buyer and seller HR Hedge Ratio One character that identifies the methodology used to determine the price for the underlying component Hedge Ratio Codes include e P Price factor or
118. transaction ID assigned to each fill and partial fill Exchange date Workstation order time Workstation order date Confirmed by operator Confirmed member ID Confirmed group ID Confirmed trader ID Time order was confirmed Confirmed IP address Counter party Trading Technologies Trading Technologies International Inc Proprietary and Confidential Information 411 Chapter 12 Trade Book Context Menu The Trade Book context menu lists these additional options Find Control Panel s Find Control Panel Brings the Control Panel to the foreground y Scrolling of your workspace s Scrolling Enabled by default A new entry into the window will cause the window view to scroll to that entry Confirm FILS Eae e Clear Filter Removes the filter in the column that you click Auto Filters e Clear All Filters Removes all filters in the Trade Book window Formatting Hide Column s e Confirm Fill s Brokers use this option to keep a record of when Show Hide Cols they contact their customers regarding fills E put e Partial Fill Pane Displays the Partial Fill pane Sort s Auto Filters When enabled filters the data by the selected Export Data customer in the Customer List window s Formatting Offers options for customizing fonts colors and borders e Hide Column Immediately hides the selected column s s Hide Show Cols Allows you to select which columns to hide or show Use this option to show c
119. version of MD Trader contains the same features and functionality of the standard window but provides more space on your desktop If you display an MD Trader window in small mode the context menu changes When you right click in the window the context menu provides the option of changing the window back to Standard Mode s Hide Titlebar Buttons Depending on your global property settings in the MD Display tab on the Properties menu use the context menu to hide or display the Zoom buttons for that particular MD Trader window e Paste Link Inserts a copied link from Excel into the Bid or Ask Indicator columns Only available when a formula has been copied s Delete Link Removes pasted link from the Bid or Ask Indicator columns Only available when a formula has been pasted Note You cannot access the context menu from the following locations s Last Traded Quantity column e Delete Bids or Delete Offers quantity buttons e Numerical quantity buttons Trading Technologies 289 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Using the MD Trader Window Use MD Trader to perform these procedures Recognizing the Average Price of Open Position Centering the Market Changing Order Quantity Changing Working Orders Deleting Orders Using the Working Quantity Column Deleting Trades from the Market Reading the Net Change Indicator Selecting a Customer Profi
120. window Default e A Stop Market order to buy becomes a market order when the futures contract trades or is bid at or above the Stop Price A Stop Market order to sell becomes a market order when the futures contract trades or is offered at or below the Stop Price Refer to Placing Stop Orders on page 343 Enables stop limit button on the MD Trader window Set Stop limit price Sets the number of ticks the stop limit price is from the stop entry price Range is 0 10000 Sets the Stop trigger per stop order A stop triggers when the trade volume at the stop price is greater than the Trigger Qty If the market touches the price level on the order it does not have to trade through the price the order activates as a Limit order Set limit range Sets the number of ticks the limit range is from the limit price Replaces the disclosed quantity order Restricts your order with a disclosed quantity so you can execute your total order by only sending portions of it to market at a time Attributes of an Iceberg include e Fach disclosed quantity is equal e On the Order Entry pane you can set the quantity as an order quantity or a percentage of the total order quantity In the MD Trader window you can only set the parameter as an order quantity Set Default Disclosed Qty Immediate partial fill of the order before the balance is cancelled Immediate fill of the entire order or immediate cancellation of the entire or
121. you choose the STOP restriction the Stop Pre field appears Enter the trigger price and send the order A stop order displays in the Order Book with a Working status but it is not actually in the market A negative order number displays indicating that it is a synthetic order When the stop triggers the order becomes the native order type and remains in the Order Book until filled If the trader who originated the order is not logged in in other words has no order router when the order is triggered the order is sent to market with the Trader ID of another trader with the same Group ID If another trader in the same group is not available no one from his group is logged on the order status changes from Working to Hold and does not trigger until the order is resubmitted by the original trader or by a trader with the same Group ID A stop limit order is accepted by the TT LIFFE Gateway only if the limit price meets these criteria TRIGGER price lt BEST ASK price for a SELL STOP LIMIT TRIGGER price gt BEST BID price for a BUY STOP LIMIT TRIGGER price lt LIMIT price for a BUY STOP LIMIT TRIGGER price gt LIMIT price for a SELL STOP LIMIT 186 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window X_TRADER enforces only the second set of limits A stop limit order is triggered only if the last traded price is within the tr
122. 10 11 Log on to CME Enter Eurodollar Options contracts into the Market Grid Right click the Market Grid and click Show Hid Cols Click to select IndBidQty IndBidPrc IndAskPrc IndAskQty Indicative prices and quantities appear in the Market Grid Right click the contract you want to get a tradable price on Click Send RFQ In the Qty field enter a quantity you want to get a tradable price on In the Side field click the kind of trade you want tradable prices on Buy Sell or Both Sides In the Ind Tradable field click Tradable Click Send A tradable price appears in the Bid Price or Ask Price columns on the Market Grid Execute the trade using the Market Grid You have successful traded Eurodollar Options Trading Technologies 253 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Spread Matrix Overview The Spread Matrix window allows you to observe the prices of the components and the current markets bid ask for ALL combinations of the expirations listed at the exchange Using one Matrix window you are able to trade any calendar 2 month spread instead of accessing the Spread window or trading the individual products in the Market Grid Therefore the Spread Matrix feature allows you to lower your risk when trading spreads l sk Oty 2 Ask P 4 ASK Prc Ask Qty AskPre Ask Qty rc Bid Pre Bid Gty Bid Pre Qty Bid Pre id Oty Bid Pre Bid Qty
123. 10 101 34 When you select View Implied Qty and Prc in the same cols as the Outright Qty and Pre for the Bid and Ask the implieds are combined with the outrights The Market Window displays BidQty ImpBidQty ImpBidPre 44 101 34 10 101 34 Thus the BidQty column combines the direct quantity paper with the implied quantity 102 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Admin Alert Messages The Admin Alert dialog box displays messages sent from your risk manager or other administrator When you enable the Show Admin Alert Messages in the Trading tab on the Properties menu you receive the Admin Alerts dialog box similar to the sample below Admin Alert Messages To close click the X in the upper right hand corner Messages remain in the Admin Alerts dialog box until you close the window or exit X_TRADER They also appear in the Audit Trail Once you close the window these messages are not saved You can resize the window and save it with your workspace When you reopen the workspace the Admin Alerts window displays but past messages do not reappear Trading Technologies 103 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Order Entry Tab The Order Entry tab customizes the Order Entry and Market Grid panes of the Market window Many of the features previously existed on the Trad
124. 197 Clear located below the quantity buttons clears the Quantity field directly to the right To clear the entire Order Entry window click Clear below the account type field 2 Quantity Price fields Description The Order Quantity field appears on the left the Price field appears on the right There are three ways to increase or decrease the quantity and price fields e Right click the number to increase the value or left click to decrease the value e Click the up and down arrows e Manually enter a value using the keyboard 183 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 184 3 Buy and Sell buttons Buy and Sell Buttons 4 Order Summary field Order Summary This field automatically reflects the contract information provided when you click a row in the Market Grid quantity price product month year and order restriction type This field also displays a C for call or a P for put 5 TIF Time In Force and Limit Market button GTD Limit Description Click these buttons to send an order to market In Broker Mode when you click on the bid side the size of the Sell button is enlarged When you click on the sell side the size of the Buy button is enlarged Note If you are working with an auction product the Buy and Sell buttons have additional functionality Description Click the
125. 2 2000000000 The Fills pane may display an S to identify a carry over position for each contract If you have any questions contact your Risk Manager X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Fill Window Position Pane Overview The Position pane is the middle pane of the Fill window and displays all contracts for which you have a position Exchange Product mmm Buyoty SellOty AvgBuy AvgSell Open PL Trans Fills i Trans Fill l MPA El Tel sE s e E 19711 13285 0 0 23 CME EH 19433 12953 15 55 0 27 2 L 17444 0 00 0 0 3450 00 3 00 12224 0 29562 50 700 00 65550 00 127500 00 118850 2160687 50 9542 03 3081875 00 156050 466490 00 64600 3330 00 ecBor A 2 278 Note The Position pane may contain the letter o in the MMMY column when the position represents an option This distinguishes between futures and options positions for the same products that have identical expiration dates This may occur on the LIFFE exchange For example a futures and options position for product B Jun00 expiration on LIFFE displays an entry for Junoo futures position and oJun00 options position Trading Technologies 391 Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 Position Pane Column Descriptions The following columns are available in the Position pane To h
126. 2 Agent 2 s A3 Agent 3 e GI Pre designated Giveup Trade 1 e G2 Designated Giveup Trade 2 s M Market Maker 1 e M2 Market Maker 2 e M3 Market Maker 3 e P1 Principal 1 e P2 Principal 2 s P3 Principal 3 s U1 Unallocated For orders that have not been allocated to a customer account or where allocation is a middle back office function 16 In the Quote Viability Checks field you can select from the following checks e Cross Check The quote is not sent if the constructed bid is greater than the current market ask price or the constructed ask is less than the current market bid s Inside Check The quote is not sent if the constructed bid is greater than the current bid or the constructed ask is less than the current ask This check does not apply when the Dime Quote Type is selected e At Mkt Check The quote is not sent when the constructed bid and or ask are equal to the current market price e Price Check The quote is not sent if there is no current bid or ask price 17 Click Add Group before closing the window The new Product Group displays in the bottom portion of the window 18 After adding deleting or changing product group information click the appropriate button Add Change Delete 19 Associate the products as needed 20 Click OK to close the product window and save your changes You have successfully added a product group 78 X_TRADER 7 4 User Manual Trading Technologies Internati
127. 3 18 59 00 000 BOOIFO 1010 05 13 59 00 22 ER OME A a27ran ne NECNE enni nna 4a ne an ann AANA EA ananne AA MEAN AO peje ree RTT Mo TIME s 9580 0 GE DECOS ps001003 18 24 08 000 BOOIFS 1010 05 13 24 08 32 R Jme s 9580 0 GE DECOS ps001003 18 24 08 000 BOOIFS 1010 05 13 24 08 32 The detailed information will be displayed in the bottom or Detail pane You have successfully displayed detailed fill information about an order Trading Technologies 413 Trading Technologies International Inc Proprietary and Confidential Information Chapter 12 Sorting Trade Book Data By default the Trade Book window sorts by last fill time with the most recent fill at the bottom of the pane Define the sort order by column and up to 3 levels in ascending or descending order b To define the sorting parameters of your Trade Book 1 Right click inside the Trade Book window to display the context menu 2 Click Sort The Sort dialog box displays Sort by Ascending Exch sanon O Descending Then by Ascending Product O Descending Then by g oe O Descending 3 In the Sort by field click the first field to sort by 4 Click whether to sort this field in Ascending or Descending order 5 If you want to use another field to further sort the Trade Book window in the Then field click the second field to sort by or Skip to Step 9 6 Click whether to sort this field in Ascending or Descending order 7 If you w
128. A button labeled SM appears in MD Trader You have successfully enabled the Stop Market feature b To enable the Stop Limit feature 1 To enable the Stop Limit feature locally right click in the MD Trader window to open the context menu and click Properties OF To enable the Stop Limit feature globally from the Control Panel click the Settings menu and select Properties Click the MD Trading tab 3 In the Enable Order Types section click to select the Stop Limit Orders option 4 If you want to set the stop limit price a set number of ticks from the stop entry price type the number of ticks in the Set Stop Limit Price field Click OK to return to MD Trader A button labeled SL appears on MD Trader You have successfully enabled the Stop Limit feature Trading Technologies 309 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 b To set a stop market order 1 2 Select a quantity to go into the market Click and hold the SM button in MD Trader The cursor and SM button turns yellow The cursor is labeled STOP Drag the yellow cursor to the price Buy or Sell column opposite the tick value where you want to put the stop Click the mouse button The stop is placed and indicated in the Working Quantity column as a stop You have successfully set a stop market order P To set a stop limit order 1 2 Select a quantity to go into the marke
129. AA Ae tak tale le 22 default mapping in mid traders TTT 331 deleting iin mid trader sis25 A lu caves NNER EE E ARE 323 Gime the bid ain Md traders TTT 327 dimie the Offer in md traders ien si ia da 327 disabling Keys ani md traders biie 321 enabling in md trader entering a buy in md trader entering a sell in md trader enterms the order Quantity Mitad cesos iaa des 323 hitting the DITA mid Ai A A A E 326 hot f nctions in md trader bos 332 join the bid in MA a A A A A 328 joinithe offer in mid traders A A A AA 328 loading the iet position MD AIR a 324 mapped in md trader sell side in md trader sending a market order in mid trader viciosa diria 325 Setting the limit pri id id 325 Sweeping the market in md trader ade o a dista es 326 taking EI MA A ln 327 trading in md trader trading in the market indi ii nds 236 unrestricted f nctions in Mid trader mc deR Ted a EEZ ade ekda eta Baen Toad a ehen 334 Keyboard validation mode MO A a Trading Technologies 485 Trading Technologies International Inc Proprietary and Confidential Information Index L Laser TTT example OO NN ne rie Rass LIFFE wholesale di A A ea 427 against actuals audit tral mess ares init biie tddi tits detienen 442 CUTONEX and SuarAaNteed CrOSSINgG T 447 flex options niqlx a d market maker Cross hoors adiere eree Rite ais 445 States TTT trading types Limit If Touched
130. Adds columns for Implied Bid Quantity Implied Bid Price Implied Ask Quantity and Implied Ask Price Theos Only available if you are using a theoretical server You can also select Default Visible Columns via the X_TRADER Selected columns display automatically for all new Market Grids e Formatting Customizes fonts colors and borders e Hide Column s After you click a cell or multiple columns in the market this option immediately hides the column s Changes affect only this window e Hide Show Cols Select columns to hide or show from a dialog box listing Changes affect only this window e Hide Row s After you click a cell or multiple rows in the Market Grid this option immediately hides the row s Changes affect only this window s Hide Show Rows Select rows to hide or show from a dialog box listing Changes affect only this window e Copy After selecting the data to be copied use this option to place the data on a clipboard The data may then be pasted to another program for example Excel 208 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window e Paste Link After copying data from another source for example Excel you can paste the data into X_TRADER The Paste Link feature creates a dynamic link between the two programs so that data from one program automatically updates the data in the other The Paste Link function i
131. Ask L IZ Highlight Midpoint of Last Recenter Y Global Recenter Group 1 v Volume By Price z LE A Bar Oty Implied Quantity Display Y Text 2 50 O Display Total Quantity Bas gt Change By Display Implied Quantity Indicator FF Moss Teokins 110 O Display Implied Quantity Columns P To access the global MD Display tab for all MD Trader windows 1 From the Control Panel click the Settings menu and choose Properties 2 Click the MD Display tab You have successfully accessed the global MD Display tab 144 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel b To access the MD Display tab for one MD Trader window 1 From the MD Trader window right click anywhere to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 2 Click Properties 3 Click the MD Display tab You have successfully accessed the MD Display tab for one window MD Display Tab Properties Section General Properties Show Tooltips Displays a popup explanation when you hover the cursor over an MD Trader button Show Clock Displays the System Clock Show Customer Displays the Customer List box Account Name Show Delete All Displays the Delete All button Button Show Trade Out Displays the Trade Out button in MD Trader Button Refer to Trading Out on page 311 Show Bid Indicat
132. Audit Trail 174 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Explorer Chapter 5 Market Explorer Use the Market Explorer window to select markets and products you wish to trade from one or more available exchanges By selecting an Exchange and Instrument Type you may then select individual products or contracts in the Instruments box and move them into a functional window for trading P Market Explorer v Products Exchanges Instruments CME F MRE o H A CME 64 O eCBOTA E CME 64 Eq CME 646C E CME BARN H CME 6B EI CME 68 Instrument Types w CME EC G FUTURE E El CME 6C El SPREAD do CME 6E STRATEGY DEH amp SE JUNOS E 6E SEPOS There are 560 products Market Grid Selected Instruments E ecBoT a AB c eCBOT AABO CME F MD Trader Quote Board Spread Matrix Time nd Sales Use the Market Explorer window to perform these procedures e Searching for a product e Opening and populating a functional window P To open the Market Explorer From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon You have successfully opened the Market Explorer Trading Technologies 175 Trading Technologies International Inc Proprietary and Confidential Information Chapter 5 Market Ex
133. Butterfly Condor Matrix There are two procedures for generating a Butterfly Condor Matrix e Generating a Butterfly Condor Matrix from Market Explorer e Generating a Butterfly Condor Matrix using the Market Grid context menu P To generate a Butterfly Condor Matrix from Market Explorer 1 From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find 3 In the Products section click the down arrow and choose your search filter 4 Click Find Products display in the Instruments field From the Instrument Type box click to toggle between Future Spread Option Strategy and Stock Press and hold the CTRL key and click the products you want to open or To open all products in the Instruments field click the gt gt button and skip to step 7 Click the gt button to transfer the products from the Instruments box to the Selected Instruments box Click the Function box in the upper right corner of the Market Explorer and choose Spread Matrix Click Start The Spread Matrix appears 10 Click the Butterfly tab You have successfully generated a Butterfly Condor Matrix from Market Explorer 264 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window b To gener
134. Buy Side e Sell Side e Working Quantity e Last Traded Quantity These sounds are associated from the Sounds tab on the Properties menu as are all the action sounds with the application Customizing the Default Quantity Buttons in MD Trader Each preset order quantity button in the MD Trader window may be customized This information is stored as part of a workspace so that re opening the workspace sets the default quantity buttons to their custom value gt To define a custom preset order quantity 1 Right click the Preset Order Quantity button 2 Type a value using the keyboard 3 Press Enter You have successfully defined a custom preset order quantity 314 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Moving MD Trader Columns You can drag and drop the columns in the MD Trader window to a different locations in the grid p To drag and drop columns to a different location in MD Trader 1 Click the top of the column you want to move A box outline appears beneath the mouse pointer 2 Click a second time and hold the mouse button on the column you want to move 3 Move the column left or right to the desired position A red line indicates where the column is moving 4 Release the mouse button The column moves to its new location You have successfully moved columns to a different location in MD Trader Resizing the MD Trade
135. Condor Matrix window to access the context menu The Butterfly Condor Matrix context menu includes the following options s Find Control Panel Displays the Control Panel in the foreground Find Control Panel e Click Trade Enables click trading directly from the Spread Matrix Click Trad s s e Die Refer to Click Trading Overview on page 225 v Mouse Tooltips MD Trader Opens MD Trader window Crete s e Mouse Tooltips When you hover over a cell with your mouse a Outright Price simple description of the cell displays Calendar Price i Butterfly Price e Create Spread Only LIFFE exchange supports the trading of Condor Price Butterfly and Condor Matrices as products Formatting e Outright Price Use this option to display outright prices as Undo Formatting B Show Hide Series Best price Default Implied price Display Prices Direct price e Calendar Price Use this option to display calendar spread prices as Best price Default Implied price Direct price s Butterfly Price Use this option to display Butterfly spread prices as Best price Default Implied price Direct price e Condor Price Use this option to display Condor spread prices as Best price Default Implied price Direct price s Formatting Allows you to format a grid s text font background color and borders e Undo Formatting Returns window to default formatting Trading Technologies 267 Tra
136. Confirm Filis 2 Click Clear All Filters Auto Filters Formatting You have successfully cleared all filters boule Copy Export Data 46 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Common Administrative Tasks Setting Auto Filters in X_TRADER The Auto Filters option sets filters for a particular customer s trader account number If there are numerous working orders for an account shared by a number of traders it can be difficult to sort and review the orders for a particular trader Filtering by customer name as it appears in the Customer List window displays all orders for that particular customer You can perform these Auto Filter procedures e Setting the Auto Filter s Removing the Auto Filter Find Control Panel gt To set the Auto Filter by customer show Fast Fills 1 Right click in the window grid to access the context menu v Soong Note If Click Trading is enabled do not click in the Bid Ask price columns Add Manual Fill Confirm FILS 2 Click Auto Filters Formatting A check mark indicates that the filter is applied for this customer s E account number Show Hide Cols 3 From the Control Panel open the Window menu and click Copy Customer List Export Data 4 Select a customer from the list This provides the filter definition The top heading on the list lt Default gt is the equiva
137. Control Panel Fast Fill Reporting Section Report Stale Fast Enabled by default Properties include Fill ME e FF Stale After Sets refresh rate for Fast Fills Fast fills that do not receive a matching confirmation from the exchange are considered stale after the time specified Report Stale FF Trades every 10 minutes by default A message reporting the existence of a stale fast fill flashes until you refresh your position New Fill Settings Section Color Code Allows you to quickly differentiate among orders and enables the New By Sell Fills Color Settings section Default text and background colors follow e Text color for Buy orders is blue e Text color for Sell orders is red e Confirmed fill text background is gray To customize colors go to the Color tab New Fills Color Sets a visible indicator when a new fill appears in the Fill window Seine on Update time for new Fills Secs Sets when the indicator bar updates and displays new fills It is set in seconds Average Price Display Round to the Shows average price to nearest tick settings nearest tick Round to X decimal Sets average price display in decimals places 1 6 Automatic Data Export Automatically Exports Fill data to a designated folder when you close X_TRADER export data upon X_TRADER shutdown Default Visible Select the default visible Fill window columns For a detailed listing of the Columns available informat
138. Cross Trading The cross trading feature allows you to cross a prearranged order either with a party within the trading firm itself or with a specified party outside the firm Cross and Cross With Trades Use Cross trades in exchanges other than LIFFE CONNECT to indicate a specific party to trade with Cross trades are always GTD orders The following controls are added or deleted after you click Cross in the Order Entry pane Use Cross With trades for LIFFE CONNECT cross trades to indicate a specific counter party by entering the Trader ID Support of this feature is exchange specific If the exchange does not support it the message Order Format Invalid appears in the Audit Trail window Note Remember that you must have previously set up customer profiles for each client you wish to conduct cross trades with Cross Order Execution and eCBOT eCBOT cross trades experience a time delay Use the Cross Trading feature to perform these procedures e Enabling Cross Trading e Executing a Cross Cross With Trade using the Order Entry Style 1 e Executing a Cross Cross With order using Order Entry Style 4 220 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window b To enable Cross Trading 1 From the Control Panel click Settings and choose Properties 2 Click the Order Entry tab 3 In the Cross Orders section click Order Crossing Cross Orders Order Cr
139. D Trader and the Order Book P To connect orders with an OCO relationship in MD Trader 1 2 oo S R 10 11 12 In the Properties menu click the MD Trading tab In the Enable Order Types section click to select OCO In the adjacent field select the strategy for your order types when placing OCO orders Bracket Breakout or Custom In the Default Type for Order fields change the default selections as needed In the Assign Buttons section click to select OCO Click Apply Click OK In MD Trader click the OCO button The button and cursor turn orange and the text LIM appears below the cursor indicating a Limit order If you want to assign a different order type click SL or SM for Stop Limit and Stop Market order types Set your quantity Click the buy or sell price level you want to place the first order at The cursor stays orange until both the next order is placed Note To cancel click the OCO button again before placing the second order Click the buy or sell price level you want to place the second order at You have successfully connected orders with an OCO relationship in MD Trader 344 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Types and Restrictions Using OCO s in the Order Book To support OCOs Link Type and Link ID columns exist in the Order Book e Link Type shows all orders that are
140. DER Pro is an add on to the standard X_TRADER software package This add on automatically installs with X_TRADER but can only be activated by the purchase of an X_TRADER Pro license X_TRADER Pro consists of the Autotrader and Autospreader tools Trading Technologies 23 Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual Global Client Support Center Trading Technologies Global Client Support Center CSC has offices in both England London and the US Chicago Illinois Support personnel can be dispatched to client sites from all of our offices worldwide The CSC offers assistance over the phone and via 24 remote dial in equipment Calls received by the USA center are automatically forwarded to London between the hours of 11PM and 6AM CST Sunday through Friday Telephone Numbers e 877 424 8844 This number can be used 24 hours e 1 312 476 1002 USA e 44 20 7397 1500 Europe Fax Numbers e 1 312 312 476 1001 USA s 44 20 7600 5050 Europe Global E mail Support support tradingtechnologies com X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information About This Manual Automated Phone Menu To provide the fastest service it is important to select the correct option for the particular issue to be addressed by the CSC This menu option determines the specific CSC staff mem
141. Destination C Route to Best C Short Sell Exempt 190 e Destination Displays the name of the Market Maker or ECN when you click in the Bid MBR or Ask MBR columns of the Market Grid If the order is to use the NASDAQ SelectNet System you must click aMarket Makerand enter the name in this box e Route to Best Indicates when checked that an away market can be used for the current order Certain exchanges permit an order to be matched outside the exchange if it cannot be matched within In the case of some exchanges the name of the away market must also be entered in the Destination field e Short Sell Exempt Indicates when checked that you are exempt from short sell notifications for some trading types X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Order Entry Style 4 Overview Order Entry Style 4 is the default display for new X_TRADER 7 X installs If you recently upgraded from X_TRADER 6 X you can now select this new order entry style _ 85 BBB q tnw Order Timed IT Cross Equities lt None gt Open A v Submit Exchange Time O Now Hold Lock a i ecc contas assa T Askere TA sunos 434 9550 9551 95011 1 5 9540 9541 532 9541 1000 52000 CO Un To display Order Entry Style 4 1 From the Control Panel click the Settings menu and ch
142. E STATUS OF MARKET ORDERS sese 199 ESTABLISHING AVAILABLE CREDIT see eee 200 vi X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Table of Contents SYNTHETIC DISCLOSED QUANTITY ORDERS ee 201 MARKET GRID TTT 202 MARKET GRID PANE FIELD DESCRIPTIONS asses eee ee eee 202 MARKET GRID OLUMNS TTT 203 USING THE MARKET GRID CONTEXT MENU sese eee 207 HIGHLIGHTING IN THE MARKET GRID cccccccccssscesscecessecessscesssecesseecsseeessecsessecesseccssseeesueceeseeees 211 Best Pice TTT TTT 211 VIEWING PRICE TREND INDICATORS IN THE MARKET GRID sese eee eee 212 OPENING WHOLESALE ORDERS e nc cnn nn ron nn anna nr rana nronnes 212 USING THE MARKET DEPTH FEATURE occooooccccooononcnonnnoncnnnnnnnnnonnnnnnnonnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnss 213 Adding Price Averages and Accumulations to the Market Grid sese sese 214 Market Depth Color Coding viii aa 214 USING EXCEL FOR THEORETICAL AND IMPLIED PRICING cccooocccccooonnncconnnnncnonnnoncnnnncnncnnnncnncnnonos 215 Timing of Updates from Excelo nesine etes eista basa poodle parcial horita 215 Establishing a Link for Theoretical and Implied Pricing sss esse eee eee 215 GENERATING AN RTD FORMULA ccccccesssccssscesscecesscecessecesssseesseceseecsusesesssceesseceseecssssessueeeeseeees 217 VIEWING YOUR POSITION IN QUEUE PIO ccccccssssscecssssececsesececsesseeecsesececeeaececsesaeeeeneaeeeeneaaes 219 Market ences ev ecageea
143. EN OA a ik an th eras ee aa S Te NN field descriptions grid field CESCriptiOMis NON O E idk sa aaa de NN RO es craves hes floating Order bOOKk ni A A AEE A RE holding e Ss seca cases eevee es removing stale orders TEVIE WING THER A NN SAUS TMG UIIES TTT TRE EEE E LE EE deduases veqboveed a deat E tea time in force tif trader identification Order Cancels Order Ord r Change dialog tia A AAA eae teat arb as Onder Eny Pane ies dit a dt Changing the Order entry leia a 198 closing the order entry T 199 confirming the status of market Orders ccc eesesseeseeseeeceecseesecsceseecsecsecseesecaeeseeacsacsessessecseesceaeeasseesessesseeseeaseesaesaesaseaeeaeeaes 199 Customizing the quantity buttons TTT 197 establishins available ct A is 200 executing TTT RO G E tc 194 OXECULINS AN a eee ie Coleen ile E ta aie an O AO RS 193 EL Kes OST 183 floating Order Entry siii Ra 195 keyboard Validation Mode T 237 style 4 style 5 using the mouse to control quantity and price oo eee esse eee eee eee 197 Order EntrydaD A TT 104 Orde rity pes and restrictions Wero tia 335 cross trading O RNA A NN NON if touched market OM OPEN ista dia tid NN A E OA 342 Order cancels order ia a A AA TTT tae 343 O L RNA timed order trailing stop order Orders altetang im Order BOOK a iO A ES canceling replacing in order bOOK scz ccccsscescecesevorseescvanenccetesoncevsestcevnvesecsaceyconvensncvavesdea OKEERE EE
144. EXCHANGE ANNOUNCEMENTS cccccssccecesssssssececececseeesesseseceseceesenessaaeeeeeeeeseneneas 173 PROPERTIES FOR THE AUDIT TRAIL WINDOW eee eee 174 CHAPTER 5 MARKET EXPLORER z ccsccccccssssccccccsscccccssssccccecsscsceees 175 MARKET EXPLORER FIELD DRSCRIPTIONS sss 176 SEARCHING FOR A PRODUCT ccccsscccscsccesssssssecececcceceesenseaeceseceesenesseaeeeseceeseeesssaeeeeeeeeseeeeensaaeess 177 OPENING AND POPULATING A FUNCTIONAL WINDOW sese e eee 178 CHAPTER 6 MARKET WINDOW sss ss ss ss ss ss sss sss sassa sss ananas sss sss esans LOL CITE ENTRY PANES AR o da 182 ORDER ENTRY PANE FIELD DESCRIPTIONS ccccssescesscessessesscseesesesscseessssescssessesesecsecsesessssscseeeenes 183 ORDER ENTRY STYLE 4 OVERVIEW cccsesssssecccesccecsessssececesececesesssaaeeesecceseeessseaeeescesessnentaaeees 191 ORDER TYPES AND TABS fieree cabeiostcnchachssabasoas e E a a aae a ea rai 191 ORDER ENTRY STYLE 5 OVERVIEW seana a A A A A A A A a a aae 192 ORDER T YPESAND TABS Ett 192 EXECUTING AN ORDER T E ES OE Es 193 EXECUTING A MUTUAL OFFSET ORDER eee 194 USING THE FLOATING ORDER ENTRY WINDOW sese eee ee 195 USING THE MOUSE TO CONTROL QUANTITY AND PRICE ee cecccsccecessessesscssccssesscssesssesecseseeeeeseass 197 CUSTOMIZING THE QUANTITY BUTTONS 197 CHANGING THE ORDER ENTRY STYLE see 198 CLOSING THE ORDER ENTRY PANE cs scscccccccessssnssaccececsessssnseaeeececsessnsaeaecececsensesacaeeececsenseaes 199 CONFIRMING TH
145. Held orders remain in the Order Book until sent to the market or manually deleted Notes e Held orders are not deleted when you use the Del Series button in the Market Grid s If an order cannot be submitted because it has an error review the Audit Trail to identify order entry errors Y Tips e Change a working GTD Good Til Day order to a held order after the market closes e Customize the foreground and background colors using the Color tab on the Properties menu b To hold an order 1 Click to select the order you want to put on hold Note Hold the CTRL key and continue clicking orders to select more than one order to put on hold 2 Click the Hold button The order is removed from the market The TTStatus column identifies orders placed on hold 83 Order Book1 lt Oe BSB or m a a La w Lock r y L E E You have successfully held an order Trading Technologies 373 Trading Technologies International Inc Proprietary and Confidential Information Chapter 10 b To send a held order to market 1 Click to select the held order you want to send to market Note Hold the CTRL key and continue clicking orders to select more than one held order to send to market 2 Click the Submit button Order Book1 og Me DER FATE A A ony cea 8 10 x 106205 ZF e 3602910488254151667 Acct s1001001 Cust v O Lock SS eE AE B Work poo e pe AA MEME
146. Hide Columns which columns you show in the Time and o Sales window J Exchange Y Contract K S Y Type In addition if filters are added to the Time Y Price Maty and Sales window a message appears on the bottom of the screen indicating filters are on If the column that is filtered is hidden the message on the bottom of the screen indicates this See Fig 2 Fig 1 Show Hide dialog box P To choose which columns you show Time amp Sales AUD JPY gt Ha 1 Right click the Time and Sales window PEE E rr 0 4 SSE HOTSPOT B AUD JPY 2 From the context menu click Show Hide LL Columns 13 49 27 HOTSPOT B AUDAPY i 13 49 12 HOTSPOT B AUDAPY e E 13 49 11 HOTSPOT B AUDNPY The Show Hide Columns dialog box 13 49 08 HOTSPOT B AUDAPY 13 48 53 HOTSPOT B AUDUPY appears See Fig 1 13 48 38 HOTSPOT B AUDAPY 13 48 26 HOTSPOT B AUDIJPY H 13 48 18 HOTSPOT B AUDJPY 3 In the Show Hide Columns dialog click See to select the columns you want to see MS HOTSPOT 6 AUDAPY 13 48 13 HOTSPOT B AUDIJPY 13 48 08 HOTSPOT B AUDIJPY 4 Click OK 13 48 04 HOTSPOT B AUDAPY 13 47 00 HOTSPOT B AUDIJPY Y ou have successfully chosen which columns you O L ADAY show 13 46 54 HOTSPOT B AUDAPY 13 46 46 HOTSPOT B AUD JPY 13 46 17 B 8 Added AUD JPY 0 00 used Y Fig 2 Filters on in hidden column Type column 422 X_TRADER 7
147. Highlight Trader s Orders e Use Minimum Highlighting Mode Butterfly Condor Matrix only highlights when both the quantity and price change Highlighting of the bid or ask depends on whether the last traded price is on the bid or ask Ifthe last traded price was not on the bid or ask the matrix does not highlight 260 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Spread Matrix Features Spread Matrix features include Displays calculated Implied in Implied out and Implieds from Implieds data even when it is not at the best price Enable this feature in the Trading tab on the Properties menu Displays outright prices along the top diagonally along the bottom or both To select how outright prices display in your Spread Matrix go the Spread Matrix tab on the Properties menu Displays an Order Change dialog box and a Floating Order Book that allow you to change working orders without having to open the Order Book Allows you to click trade directly from the Spread Matrix and Butterfly Condor Matrix windows to submit orders Allows you to select the outright price as the Best Price default the Implied Price or the Direct Price using the context menu Allows you to select the spread price as the Best Price default the Implied Price or the Direct Price using the context menu Displays multiple Spread Matrices simultaneously Sele
148. IN MD ERADER e do 319 ENABLING KEYBOARD TRADING sss se eee 320 DISABLING SPECIFIC KEYBOARD TRADING sese eee 321 ENTERING A BUY ORDER USING THE KEYBOARD 322 ENTERING A SELL ORDER USING THE KEYBOARD sse 322 ENTER THE ORDER QUANTITY USING THE KEYBOARD se 323 DELETING ALL ORDERS WORKING BIDS OR WORKING OFFERS USING THE KEYBOARD 323 CENTERING THE MARKET USING THE KRYRBOARD 324 LOADING THE NET POSITION IN THE ORDER ENTRY FIELD USING THE KEYBOARD eee 324 SENDING A MARKET ORDER USING THE KEYBOARD 325 SETTING THE LIMIT PRICE USING THE KEYBOARD cccccccocononnnonononnononnnnonononcnnonannn nono ncncononnananononos 325 SWEEPING THE MARKET USING THE KEYBOARD 326 HITTING THE BID USING THE KEYBOARD sese 326 TAKING THE OFFER USING THE KEYBOARD 327 DIME THE OFFER USING THE KEYBOARD sse 327 DIME THE BID USING THE KEYBOARD IN MD TRADER ccoccocoocinonocicncnoncononononononononononacnoncncononos 327 JOIN THE BID USING THE KEYBOARD cccccccsccceceeeessssececeseceesessasececececeeseaaecesececsesenssaeseeeeeens 328 JOIN THE OFFER USING THE KEYBOARD sse 328 COMBO DIME THE BID OR OFFER USING THE KEYBOARD c scccscceesssssssceceeeceeeensnseseceseeseneneas 328 COMBO JOIN THE BID AND OFFER USING THE KEYBOARD ccccococcconnccnoncconnnoconanonnncnonnccnnanocannncons 329 GAME PAD CONTROL IN MD TRADER cccsssssssesscessscsssucecevsucsssusneessucassusucassucarsesucasseasavsneeees 329 MAPPED KEYS IN MD TRADER three Aon el
149. International Inc Proprietary and Confidential Information Chapter 2 Changing the Heights of Rows or the Widths of Columns The heights of rows and widths of columns can be changed one at time or several rows or columns can be changed at once b To change the height or width of one row or column 1 Move the cursor between two row or column headings until the cursor turns into a double headed arrow Click and hold the mouse button and slide the row or column to the desired size 3 Release the mouse button 4 To retain these settings save your workspace You have successfully changed the width or height of a column or row p To change the height or width of multiple rows or columns 1 2 Click the row or column heading to select the entire row or column Press and hold the CTRL key and continue clicking rows or columns to select multiple rows or columns Then release the CTRL key Move the cursor to the end of one selected row or column heading until the cursor turns into a double headed arrow Click and hold the mouse button and slide the row or column to the desired size 5 Release the mouse button 6 All highlighted rows or columns change to the desired size To retain these settings save your workspace You have successfully changed the height or width of multiple rows or columns 56 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Inform
150. Last Pre column colors cannot be changed e Color coding for buy sell is enabled by default in the Fill Order Book and Audit Trail windows Buy orders display in blue text with Sell orders shown in red As a result selecting colors using the Formatting option is disabled Although you can select colors the selected text or background colors do not change To re enable the context menu s Formatting option disable the Color Code Buy Sell option for the appropriate window in the Properties dialog box gt To change grid text and background colors 1 If you want to apply the same text and background colors to the entire grid for all windows select the window area you want to change or click the top left hand column heading to select the entire grid 2 Right click in the window to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 3 Click Formatting The Grid Styles dialog box appears 4 Click the Color tab 50 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Common Administrative Tasks Text colors display in the left palette while background colors display in the right L Grid Styles Font Color Borders Background Ore JE 5 Click a color in the displayed palette or click Other to see additional colors You can also create custom colors The color preview window displays the specif
151. MMMYY Strike Version Account FFT2 FFT3 Clr Mbr Exch Mbr Exch Grp Exch Trd Trd Mbr Trd Grp Exchange Buy Sell Open Close a position Order Quantity Price of the fill Currency Exchange symbol for displayed product Call Put Expiration month year Exercise price of an Option Version Back office account number or account name Free form text field 2 Free form text field 3 Clearing member Exchange member ID Risk Manager direct user s group ID Risk Manager direct user s trader ID Trader s or Risk Manager s proxy user s member s ID e g Broker s client TTORD Trader s or Risk Manager s proxy user s member s ID e g Broker s client SIM X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trade Book Column Name Trd ID Acct Exch Time Type GU PF Rstr Fee G Order No TT Order Key Trans ID Exch Date Ord Time Ord Date C Conf MbrID Conf GroupID Conf TraderID Conf Time Conf IP Cntr Party Description Trader s or Risk Manager s proxy user s member s ID e g Broker s client 123 Agent Market Maker Principal Give up Unallocated Transaction time at the exchange Limit Market Give up member ID Partial fill Restriction Disc Qty FOK IOC MOO MV STOP Associated fee Not used at this time zero fill Order number assigned by exchange Unique order number applied to this trade Unique
152. Market Explorer 1 If Quote Board is not open use the Control Panel to open it 2 From the Control Panel click the Window menu and choose Market Explorer or From the Control Panel click the icon 3 If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find 4 In the Products section click the down arrow and choose your search filter 5 Click Find Products display in the Instruments field 6 From the Instrument Type box click to toggle between the displayed types 7 From the Instruments box press and hold the CTRL key and click the products you want to open Trading Technologies 355 Trading Technologies International Inc Proprietary and Confidential Information Chapter 9 8 With the cursor over one of the selected products in the Instruments box click and hold the mouse button 9 Continue holding the mouse button and drag the cursor to the open Quote Board When the cursor leaves the window it changes to a circle with a diagonal line through it When the cursor enters a window it changes to include a plus sign 10 When the cursor enters the Quote Board release the mouse button You have successfully populated Quote Board using drag and drop from the Market Explorer b To populate Quote Board using drag and drop from the Market Grid 1 If Quote Board is not open use the Control Panel to open it 2 From an open Market Grid click the s
153. No other order restrictions or TIF restrictions are supported by Hotspot e Hotspot does not support implied pricing between any of their products The TT implied engine will not calculate any implieds for Hotspot e Hotspot only supports Cancel Replace to modify orders s Because Hotspot integrates prices from numerous market makers it can sometimes display crossed markets s Because TT orders are matched in round 100K base currency on rare occasions small non tradable volumes could appear in the market 466 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trading Specialty Exchanges Hotspot Products Hotspot is an electronic foreign exchange marketplace to which X_TRADER can connect like any other exchange X_TRADER supports all of the HotspotFXi Forex product types which include the following 17 cash markets Value Description Value Description AUD JPY Australian Dollar Japanese Yen EUR SEK Euro Swedish Krona AUD USD Australian Dollar US Dollar EUR USD Euro US Dollar CAD JPY Canadian Dollar Japanese Yen GBP CHF British Pound Swiss Franc CHF JPY Swiss Franc Japanese Yen GBP JPY British Pound Japanese Yen EUR CHF Euro Swiss Franc GBP USD British Pound US Dollar EUR DKK Euro Danish Kroner USD CAD US Dollar Canadian Dollar EUR GBP Euro British Pound USD CHF US Dollar Swiss Franc EUR JPY Euro Japanese Yen
154. NxtFut and ENxtOpt The customer profile is one of any in the Customer List To create and maintain the Customer List from the Control Panel point to the Settings menu and click Customer Defaults p To select a customer profile in MD Trader 1 Click on the down arrow two cells beneath the clock ticker lt Default gt JAME DOE JOHH DOE 2 Click a customer name from the list You have successfully selected a customer profile in MD Trader Setting the Default Quantity Setting the Default Quantity field in MD Trader is not required but once an initial order has been sent to the market the Order Quantity field continually resets itself to the default quantity after each trade This field can be manually edited The maximum quantity for any trade is now enforced by the maximum order quantity value However the restrictions established by Guardian take precedence over the maximum trade quantity defined for the MD Trader gt To set the default quantity 1 Click in the Default Quantity field of MD Trader 2 Use the Delete key on the keyboard to clear the contents of the field 3 Enter a default quantity 4 Press Enter to set the default quantity You have successfully set the default quantity 294 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Setting the Trade Quantity MD Trader requires setting an order quantity to trad
155. O Up Background and or Text e MD Trader LTO down Background and or Text e MD Trader LTO No Change Background and or Text MD Trader Net Long Position Background and or Text e MD Trader Net Short Position Background and or Text e MD Trader Net Position Flat Background and or Text e MD Trader Blank Spaces Bid Column Background e MD Trader Blank Spaces Ask Column Background e MD Trader Working Orders Sell Background and or Text e MD Trader Working Orders Buy Background and or Text e MD Trader Bid Column Buy Background and or Text e MD Trader Ask Column Buy Background and or Text e MD Trader Average Price of Long Position Background and or Text MD Trader Average Price of Short Position Background and or Text X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Setting MD Trader Properties Parameters you set by accessing the MD Properties menu from the context menu only affect the local MD Trader window MD Properties MD Trading MD Display MD Color MD Advanced Alternatively access the MD Trader tabs MD Trading MD Display MD Color through the Properties menu to globally affect all MD Trader windows Use the properties menu to enable these properties Auto Centering Average Price Highlighting Consolidating Prices Creating a User Defined Price UDP column Displaying a Small MD Trader Window Di
156. OCIALING A product cial oa A IA 80 chanoine setting Sine nearen a E ER R H vowed A REE RTE HS vT eR RER RO STE T es 79 deleih gtorius iens 79 disassociating a product 81 field descriptions aala Ani D PE NN NON 12 PEO MA A tes 27 Profit and Loss E Pr E S REAS A Ae Saca audit trail ii Aia 117 ie A TTT Md Colorao aii md display tab md trading tab order entry tab Orders taba A ri iio Dd ia quote board tab sound tab wo SPread Ee Abadie eniin na idilio dedcnteddes edcotiuhoacedsuilshsencedaedelsedsviclen rbd tabla Ao a TINE 93 A OEA 136 trade book tab trading tab Q Quantity changing in the Market WiNdOW cooncicncnocnnnnoncononononononnnnnonononononn canon run on n nao 287454 nn a nn NOR RR Ron none eria 197 Quote Audit Trail a id tte sidad 248 Quote BoA TTT TTT 353 color S TTT IAS 358 context menu CU ita ii da AA id DADIE NOTEZ DIRO D13 1U AAAA EEE AA LAA RA E AE ed 358 population T AA R A 354 A cae 357 use floating Order OI With A E A AAA 359 Quote Board ET dai estes 158 490 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information QUON ro A e activating a strike or expiration additions tothe market diia ias deactivating a ST a OST deleting quotes disabling quotes sec vesesvetcnh ocaccss Goel elles os sete ay de aaaus se aaaath devs AE A AOAO COINS A laa NE ON H T market
157. Order Block window Autotrader automatically manages your profile trading In all respects Order Block is identical to Autotrader except for the following Autotrader Order Block Uses formulas for automated trading Manages orders manually Has Position Hedging buttons and options Does not have Position Hedging built into the toolbar buttons built into the toolbar Requires an X_TRADER Pro license Is part of X_TRADER Because Order Block s procedures dialogs and windows are nearly identical to Autotrader refer to the X_TRADER Autotrader Version 7 4 User Manual for more information 454 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trading Specialty Exchanges Chapter 16 Trading Specialty Exchanges X_TRADER allows you to connect to and trade on many different exchanges Depending on which exchanges you trade on certain screens in X_TRADER may appear differently and offer unique options This section covers the unique options available when trading the following exchanges e BrokerTec e HotspotFXi e The Intercontinental Exchange ICE Trading Technologies 455 Trading Technologies International Inc Proprietary and Confidential Information Chapter 16 Trading BrokerTec Because of the unique nature of the BrokerTec market X_TRADER changes when it interacts with BrokerTec products These changes affect the following e Tradable Produ
158. Order Cancels Order OCO order type in MD Trader and the Order Book OCO s are two orders of the same quantity for the same contract at different price levels When one of the orders is executed the other order is automatically canceled Notes e If your OCO gets partially filled the second order is reduced by the same amount the first order was filled e OCO orders need X_TRADER to remain open to continue working If you shutdown with OCO orders in the market the orders will lose their OCO relationship and remain in the market independent of one another Refer to Order Cancels Order on page 343 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information What s New X STUDY M Integration New menu options and icons allow you to launch X STUDY TMI X_STUDY is a charting platform that displays trade data directly from the execution stream providing executable quality prices to analyze and generate trade decisions The two options that allow you to launch X_STUDY are e Chart Manager Opens the Chart Manager window for creating charts for contracts or spreads e Show Last Chart Opens a new chart based on the last chart you opened Not available the first time you start the application These options are available from the following locations Location Appearance A Chart Manager Show Last Chart Window menu XStudy L Chart
159. PACE TTT 67 SAVING A WORKSPACE 0 a 68 OPENING A WORKSPACE T 69 MANAGING A STARTUP WORKSPACE cccccsssssssssscesscecesssccssscesssecesseecessesesssceesseceessecsssesesusesesseesees 70 FIXING A WORKSPACE Gui A Sade aR as 71 DELETING As WORKSPAGE ccoo sectorial doses sauce tale asii a bidet ates 71 PRODUCT GROUP SETUP 35 55 sss dsckss A A E 72 PRODUCT GROUP INFORMATION FIELD COLUMN DESCRIPTIONS e 73 ADDING A PRODUCT GROUP TTT 76 CHANGING A PRODUCT GROUP SETTINGS cccccccesscecesssecssscessceceeseecessecessesessseceessecssseeesseeessseeeees 79 DELETING A PRODUCT GROUP 3 aida cercada cata dalla Rad dt E E La 79 ASSOCIATING A PRODUCT TO A PRODUCT GROUP cccsccsssssesssecesscecesseeessesesscecesesecssseeesueeeesseesees 80 DISASSOCIATING A PRODUCT FROM A PRODUCT GROUP see 81 SPREAD TABLES SEU seed o da does 82 ADDING A SPREAD TABLE oar A E 83 COPYING A SPREAD TABLE ula aii 84 SAVING A SPREAD TABLE nd A TTT TTT 84 REMOVING A SPREAD K TET 84 CUSTOMER DEFAULTS SETUP a ag Laad dT HEE ROANT 85 iv X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Table of Contents FEATURES OF THE CUSTOMER DEFAULT PROFILE INCLUDE sese eee 86 CUSTOMER DEFAULTS DIALOG BOX FIELD DESCRIPTIONS sese eee 86 CREATING A CUSTOMER DEFAULTS PROFILE eee 89 CHANGING CUSTOMER DEFAULTS PROFILE cra ntsc adi 89 DELETING A CUSTOMER DEFAULTS PROFILE e eee 90 USING THE CUSTOMER LIST page sanitaria
160. Pre HetPos LastPre LastOty Total Chng COS C05 114070 114080 114070 553 105733 010 113300 114010 114100 3 7 120 111280 114310 111020 114290 111280 114310 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Getting Started Click the BidPre or AskPre cell to feed the Order Entry pane Price field 4 Click the BidQty or AskQty cells to feed both the Order EntryQuantityandPrice fields Add or change the quantity price and order type information as necessary 6 Click Buy or Click Sell If you have entered valid data the order is sent to market The Audit Trail window message displays a status of OK and an Action of Add You have successfully entered a manual order Order Messages in the Audit Trail The Audit Trail window displays messages relating to X_TRADER actions and exchange announcements r S AuditTrail2 ggg Tor Time Exen status msg Action Bs oty Product mmmyv Limit stopPre Type mF Lal ei a lall l lal ee z E HE ecBOT OK Fill B 1 ZN SEPOS 103105 Limit eCBOT OK Partial Fill S SEPOS 103105 Limit lasa 2 eCBOT A ACCEPT Add B DECOS 10296 Limit GIS 0 eCBOT A OK Add B DECOS 10296 Limit GIS 112 ecBOT OK Partial Fill S SEPOS 103105 Limit eCBOT A OK Fill B DECOS 10296 Limit GIS 112 ERR Order was filled or deleted The Audit Trail displays the following t
161. Pref Server 123 4 123 45 lt 2 In the TT Exchange Login window double click the Exchange name from the Exchange List or select the appropriate exchange tab For example CME 3 Enter the login data provided by your X_TRADER Administrator Note Login data includes the Member ID Group ID if applicable Trader ID and password Your login data may also include your clearing member and default account The preferred server is usually automatically chosen based on availability After your first log in all data excluding the password is retained Memorize or keep a record of your login data This data is not retained after an X_TRADER software upgrade 4 Click the Login button After your password is authenticated a check mark appears in the box on the left of the exchange name 5 Repeat Steps 2 4 for each exchange marketplace on which you want to trade Note The Change Password option is not functional at this time Trading Technologies 29 Trading Technologies International Inc Proprietary and Confidential Information Chapter 1 6 Click the Close button After a short delay while your workstation establishes a connection to the server and loads any undelivered fills the X_TRADER Control Panel becomes fully enabled 3 X_TRADER File Settings Window Help gt R PHWMPOsBeseecaGVRAERBEZEooe The gray icons display in full color You have successfully logged into X_TRADER
162. Quantity buttons or typing the quantity in the Quantity field 3 Select the account from the Account Name field If you set up customer profiles the Account Number immediately populates the BOFAccount field 4 Modify order information if necessary 5 Click the Order Restriction menu and select Iceberg The Disclose field appears 6 Click Disclose 7 Click Qty or Percentage 8 Set the quantity as a number or as a percentage of total order Note If you select a percentage to disclose and then modify the order quantity the disclosed percentage remains the same while the disclosed quantity adjusts to reflect the percentage of the new order quantity Example You enter an Iceberg order with quantity of 10 The disclosed quantity is 10 of the total order Therefore the disclosed quantity is calculated as 1 If you change the order quantity to 20 the percentage stay at 10 and the disclosed quantity adjusts to 2 9 To execute click Buy or Sell You have successfully placed an Iceberg order 338 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Types and Restrictions Characteristics Characteristics of an Iceberg order include e Each disclosed order quantity is equal e You can set the disclosed quantity as a number or as a percentage of the order Note In MD Trader you may only set the disclosed quantity as a number not as a percentage
163. RADER Although the information is not visible the entire array of all received information can be viewed by using the scroll bar on the right side of the window e Time amp Sales YM DECO5 Bais emmes o A e Each new entry is added to the top of the list SS ll 2 ey causing the window to auto scroll downward 14 52 03 eCBOT A YM DECOS 10277 2 14 52 03 eCBOT A YM DECOS 10276 14 52 02 eCBOT A YMDECOS 10277 o As you manually scr oll thr ough the list to 14 52 02 CBOT A M DECOS 10278 A DO R 10277 review older data the window remains in that 14 52 02 CBOT A YM DECOS 10277 eae T cora vunecos 10278 position That is the window no longer auto 14 52 02 eCBOT A YM DECOS 10278 L S S e R vw Eco saa scrolls as new information is added 14 52 02 eCBOT A YM DECOS 10278 14 52 02 eCBOT A YM DECOS 10278 14 52 02 eCBOT A YM DECOS 14 52 02 eCBOT A YM DECOS 14 52 02 eCBOT A YM DECOS 14 52 02 eCBOT A YM DECOS 14 52 02 eCBOT A YM DECOS 14 52 02 eCBOT A YM DECOS 14 52 02 eCBOT A YM DECOS 14 52 02 eCBOT A YM DECOS F 14 52 02 eCBOT 4 YMDECOS 10276 21 the window 14 52 02 eCBOT A YM DECOS 10277 Added YM DECOS File Status 0 00 used Y a e A red line appears at the top of the window sts indicating you can scroll up to view additional 10278 10278 information 10278 10278 10278 e To return to auto scrolling scroll to the top of 10277 Hjojojr gt rieiejo rie irie
164. Restart X_TRADER You have successfully put X_TRADER in Production mode This section lists the minimum number of steps necessary to begin using X_TRADER In addition your particular trading environment e g back office requirements or quoting may require that you set up additional parameters Advanced features and functionality are described in their respective sections while advanced customization is explained in the topics listed under Chapter 2 Common Administrative Tasks beginning on page 39 Trading Technologies 27 Trading Technologies International Inc Proprietary and Confidential Information Chapter 1 b To begin working with X_TRADER 1 Log into X_TRADER Create a Customer Profile Pick a product from the Market Explorer and populate a functional window Enter a Market Order Track messages using the Audit Trail Track Orders using the Order Book Track fills using the Fill window ee oe Cs Save your workspace You have successfully begun working with X_TRADER Logging into X_TRADER To begin trading you must first log into X_TRADER The first time you log in or after your workstation is rebooted you must fill in the Member Id Group Id Trader Id and Password fields You can also enter your clearing member default account and preferred server Your System Administrator will supply the login data The TT Exchange Login dialog box has a tab for each exchange available in you
165. S EA EME E S CME You have successfully sent a held order to market 374 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Book Using TIF Time In Force Options In the screen shot below the button labeled GTD displays different Time In Force TIF options The Order Book window allows you to change the order s time in force 83 Order Book1 a a clea BUY 1 510 GE Limit BOO1WE Acct ps001003 40 Cust O Lock a 2 Work ws Oty Product MMMYY Oty aty qa The options include e Good Til Day GTD e Good Til Cancel GTC e Good In Session GIS Euronext products only e Good until a specific date Date Notes e You can enter Iceberg orders with TIF options GTC and GIS e You cannot change or cancel replace Iceberg orders when you change the TIF The order is rejected To change the TIF option 1 Click to select the order from the Bottom Pane in the Order Book Note Hold the CTRL key and continue clicking orders to select more than one order whose TIF options you want to change 2 Click the TIF button until you get the option you want to use You have successfully changed the TIF option Trading Technologies 375 Trading Technologies International Inc Proprietary and Confidential Information Chapter 10 Deleting an Order 376 You can delete any order that has not been fil
166. S are i a to IS A A A ii 315 Customizing the quantity buttons m rket w OW spa A A A A A a a 197 md trader D Data MO a dd TT E NN SOrting in the trade T ti tn adi Deactivating a strike or expiration A SR Deleting acustomer defaults profile uan A ARA 90 aptod ct UT Ni A A A A NR a spread or strategy e CR LT from the order book manual fills orders in md trader QUOTES sese eee TET TTT T Disabling UST TTT 251 specific keyboard trading in md tada A A E ERKEK pS 321 Disassociating a product from a product group sese esse esse eee eee eee eee 81 Displaying inside Market DI POMO S 305 md trader small trade book fill d tails iia its td riales 413 E ECBOT CLOS OT G Te A A A as 220 224 Enabling Key board trading in MD Trader ato iii it id ticas 320 market depth in market grid UOT A sa user defined price column in md Ta T 155 Entering Trading Technologies 481 Trading Technologies International Inc Proprietary and Confidential Information Index ASSEU ALLOCATIONS ara AA a Aida 449 TIS e AA O AAN 34 Orders in keyboard validation Mode ici dicte 237 Orders using the kDa A A A A 236 Equity Orders usina A A AA A A Std eed 336 349 Establishing ayatlable credit e e ed eave ve 200 ET for theoretical PIM mi A A ida 215 Eurex O RO RN RN 229 335 ESA O NN 402 Euronext and cuaranteed Crossing TTT 447 Example asset allocation half
167. Saving the Customer Defaults file on a shared network lets you share it with other people in your group Properties Trading Order Entry Fill Position Orders Audit Trail Sounds Color Spread Matrix Trade Book Time And Sales Customer Defaults MD Trading MD Display MD Color MDAdvanced Quote Board Location c tt dattiles T TCONFIG Customer Defaults P To access the Customer Defaults tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Customer Defaults tab You have successfully accessed the Customer Defaults tab Trading Technologies 137 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 b To saving your Customer Default file to a network 1 From the Customer Defaults tab click Browse 2 In the Look in field click the down arrow and select the location to save the file 3 In the File Name field type the new name of your Customer Defaults file 4 Click Open 5 Review the Location field on the Customer Defaults tab 6 Click OK to save You have successfully saved your Customer Defaults file to a network 138 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trading Tab Control Panel Use the MD Trading tab to customize trading parameters for MD Trader Parameters that you set to the MD Trader tabs MD Trading MD Display MD Color MD Advanced globa
168. Series Buyer Seller Trader Trader Month Account Account AMA Open Close Open Close Price j 8 70 CTI Quantity Posting Code Posting Code Account Account Block Market Maker Cross Guaranteed Crossing 7 In the Price and Quantity fields type the appropriate values Trading Technologies 447 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 8 Complete steps 9 13 in both the Buyer and Seller sections 9 In both Acc Code fields type the account code for this trade Al Warning Each exchange maintains a different set of Account codes Valid account codes for Euronext include e C Customer e H House e M Market Maker 10 In both Open Close fields type O or C to indicate whether this trade opens or closes a given position 11 Leave the CTI fields blank 12 In both Posting Code fields type a value Note Valid values include M Manual Posting A Automatic Posting G Give up Posting 13 If you want to include account numbers in both Account fields type the applicable account numbers 14 If you are matching with a specific trader click to select the Guaranteed Crossing checkbox If not click to select Block 15 Click Send The Audit Trail window shows that you submitted the trade You have successfully completed a wholesale trade in the Euronext exchange 448 X_TRADER 7 4 User Manual Trading Technologies Intern
169. Spread Implied Bid Prices Qty Text Spread Matrix Background Color when Netchange is DOWN Spread Matrix Background Color when Netchange is SAME Spread Matrix Background Colow when Netchange is UP Spread Matrix Missing Spread Series Spread Matrix Net Change Ask Text Color Spread Matrix Net Change Bid Text Color Spread Top of Book Ask Background Spread Top of Book Ask Text Spread Top of Book Bid Background Spread Top of Book Bid Text Trading Technologies Default Colors White Red White Blue Red Black Blue White Light Red Black Light Blue White Light Red White Light Green Gray Dark Red Navy Blue Yellow Red Yellow Blue 127 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Changing Colors of Windows or Text From the Color tab you can change the colors of an X_TRADER window or text using these two procedures e Use a standard color for an X_TRADER window or text e Create and use a custom color for an X_TRADER window or text b To use a standard color for an X_TRADER window or text 1 2 Click the Color tab 3 4 Click a color from the displayed palette 5 From the Control Panel click the Settings menu and choose Properties Click the name of the color setting you want to change The Preview section displays your chosen color Click Apply and then OK to exit You have successfully changed the colors f
170. Spread Matrix Ecne 65 13 00 000 a 5 a Click a Click la i The Y Offset 0 S 0 H gheo lt Defaulb lt l v E 2 Right click in a Price cell Ask Pre or Bid Prc to submit orders Note If you right click in a Quantity cell only the contextmenu displays and no orders are submitted You have successfully click traded in Spread Matrix b To Click Trade in the Spread Matrix 1 Right click in the Matrix to access the context menu and click Click Trade The Click Trade bar appears above the Spread Matrix E CME 6S 13 05 005 a Oo Oty o Click g a Click 0 q li Theo Y Offset Y h B A Default lt lt l 2 Right click in a Price cell Ask Pre or Bid Prc to submit orders Note If you right click in a Quantity cell only the contextmenu displays and no orders are submitted You have successfully click traded in Spread Matrix Changing a Working Order Spread and Butterfly Condor Matrices To save you time you can now change a working order without having to access your Order Book This is done using one of two methods e Using the Floating Order Book Refer to page 378 e Using the Order Change dialog box Refer to page 240 Trading Technologies 257 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Spread Matrix Context Menu Right click within the Spread Matrix window to access the context menu s Find Control Panel Brings the Co
171. TRADER Note Not all X_TRADER windows contain Print or Print Preview buttons Frame Command Buttons Button Command Action Displays the standard Print Preview dialog box Here you can preview the information before printing it Print Preview Displays the Print dialog box Here you can select your printer and other options as well as submitting the document to the print queue Resets the window view back to the original default size the window Contracts the contents of the active window making more of the grid visible in the window Zoom In Market Explorer Displays the Market Explorer window Zoom Out Expands the contents of the active window making less of the grid visible in 58 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Common Administrative Tasks Resizing a Window Grid OO Ban Resize the window grid by using the Reset Zoom in and bad Zoom out frame buttons in the graphic above The Reset button sets the window back to its default size Note In certain instances it is possible to also use the mouse wheel to perform a zoom function Refer to Using the Mouse to Control Zoom on page 315 P To resize a window grid 1 Click a grid to make it active 2 Click the Zoom Out or Zoom In button to shrink or enlarge the text You have successfully resized the grid of a window p To
172. Technologies International Inc Proprietary and Confidential Information Chapter 4 Properties for the Audit Trail Window The following properties in the Audit Trail window are customizable s Color Code Messages Select any color text and background to identify Audit Trail messages The default colors are Buy Buy Text amp Buy Background blue text with a gray background Sell Sell Text amp Sell Background red text with a gray background Exchange Message Text amp Message Background Announcement Gateway Alerts Alert Warn Text amp Alert Warn Background Customize colors in the Color tab on the Properties menu e Audio Notifications Select a wav file to assign to the Exchange Announcement event Add sounds in the Sounds tab on the Properties menu s Audit Trail Messages and Audit Logs Select how many records to show which messages appear and how many Audit Logs to hold on to Customize in the Audit Trail tab on the Properties menu p To customize visible columns 1 From the Control Panel click the Settings menu and select Properties 2 Click the Audit Trail tab 3 Click the Default Visible Columns button The Default Visible Columns dialog box appears Note By default all column headings are selected 4 Click to de select the column headings you do not want to view in the Audit Trail Click OK You have successfully customized the visible columns in
173. The cursor changes to a circle with a diagonal line through it 7 Continue holding the mouse button and drag the cursor to the open functional window 8 When the cursor turns back into an arrow with a sign under it release the mouse button You have successfully populated a functional window To open a functional window for a single product 1 From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon 2 If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find 3 In the Products section click the down arrow and choose your search filter 4 Click Find Products display in the Instruments field 5 If you want to trade another product type besides a Future from the Instrument Type box click to toggle between Future Spread and Strategy 6 Click to select the product you want to open 7 Click gt to transfer the products from the Instruments box to the Selected Instruments box 8 In the Function box click to select the functional window in which you want to open the product 9 Click Start to open the functional window and populate it with the product You have successfully opened a functional window for a single product Trading Technologies 179 Trading Technologies International Inc Proprietary and Confidential Information Chapter 5 b To open a functional window with multiple prod
174. Trading Technologies International Inc Proprietary and Confidential Information Chapter 4 Held Orders An appropriate Audit Trail message results from all normal order functions performed on held orders change cancel replace delete or submit Messages appear in the Audit Trail when an order is held but in actuality the order is deleted from the market and held only by the Gateway If a submit fails for a held order it remains in the hold state and the Audit Trail indicates that the submittal failed The Audit Trail also gives you an explanation of why the submission of the order failed Filters Filters are used in the Audit Trail to quickly sort and display data Note If you use filters it is suggested that you open two Audit Trail windows to ensure receipt of all Exchange and Gateway announcements The first window can be used to display order related data with the desired filters The second window should have a Status column filter set to capture alerts ALERT and general information INFO Audit Trail History Audit Trail history data is saved on your workstation s hard disk for ten calendar days in a Microsoft Access file p To view Audit Trail history 1 2 3 From your desktop click Start and choose to Run From the Run menu type lt root drive gt tt LogFiles AuditLog mdb Click OK Microsoft Access opens and displays ten days worth of Audit Trail history The available dates display by month
175. USD JPY US Dollar Japanese Yen EUR NOK Euro Norwegian Krone Note All contracts are spot with typical settlement in two business days There are no monthly or quarterly contracts No spreads strategies futures or options are available from Hotspot Trading Technologies 467 Trading Technologies International Inc Proprietary and Confidential Information Chapter 16 Effects of Hotspot on X_TRADER When you trade on Hotspot certain screens in X_TRADER may appear 468 differently and offer unique options Market Explorer HotSpot is the listed under the Exchange section in the Market Explorer Hotspot products appear under the Forex product type Market Explorer Products ALL MD Trader w Exchanges CME LIERE Instrument Types FOREX There are 23 products Instruments HOTSPOT B AUDA HOTSPOT B AUD L HOTSPOT B CADAJI HOTSPOT B CHF JF HOTSPOT B EUR A HOTSPOT B EUR C HOTSPOT B EUR C HOTSPOT B EUR E HOTSPOT B EURA HOTSPOT B EUR HOTSPOT B EUR S HOTSPOT B EUR L HOTSPOT B GBP A HOTSPOT B GBP C v lt Selected Instruments HOTSPOT B AUDAIPS X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Trading Specialty Exchanges Hotspot will not send Last Traded Quantity LTQ therefore X_TRADER will not display LTQ Total Tra
176. User Member s ID Broker s Client TTORD Trader s or Risk Mgt Proxy User s Group ID Broker s Client SIM Trader s or Risk Mgt Proxy User s Trader ID Broker s Client 123 Trader s Clearing Member Time Received by TT Gateway These fields may be blank after re establishing connectivity to LIFFE CONNECT The trading host or TT Gateway does not retain this information Time Processed by TT Gateway IP Address of the workstation submitting the order X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Book Order Book Context Menu The Order Book context menu lists additional functions used to customize your X_TRADER settings b To open the context menu Right click anywhere in the bottom pane of the Order Book window You have successfully opened the context menu The Order Book context menu includes these additional features and options Find Control Panel s Find Control Panel Brings the Control Panel to the foreground y Allow Delete All Bids Asks of your workspace Formatting s Allow Delet All Bids Asks Enables all the delete buttons Delete Hide Column s All Delete All Bids Delete All Asks Show Hide Cols s Formatting Displays Grid Styles dialog box for customizing copy fonts colors and borders ARIS e Hide Column s Hides the column s you select e Show Hide Cols Allows you to select which columns
177. Wi seon EE EET NE RAAEN EEA Se AE AENEON R eA STOP O NN in md trader ow Strategies oseese iscriere adding to the Market WNdOW saien kessneri rana re e e E e e eeaeee eaa a a a E en reao eiea ianei eiaa mendin ii oil 277 A dia 272 del A its 278 A ON RR NT 276 tenaming an A A ARE A A R tevin mend ein teedeg ccs 275 train A A A ia 274 Wholesaletrades 443 Strike NE ER L ON OO 249 activating Mall ii TT Case craegy ia ve 249 Submitting a basis trade a block trade ar turex block order ct testes tise LA eg assent eee th Glee tasted at roca EA ee eA eh ds RdA ea 230 SA A NA 441 anvasainstactuals trade A A a 438 Support wee 24 25 Cobalt ii alo ie decn das defi pesto caen daa oo dao ae atan dd N 24 492 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Index T Theoretical pricing establishin aa Ink ON NO 215 USING CE A EE E A A A O E NN ONO Tick f rm la sorn n A AA AN A EE Time and Sales field ESCAPADAS 2 id at 417 DA idiotas 426 populating STs ERR eed eia a did iii debeis PO td ETT TTT TT recognizing color codes saving the information Time and Sales tab IME AN Forc sete ees ait fe ieee eee AA ce cg TTT Timed Ordets TTT TTT Timing of updates from Exc coed saueid stave Slasvauwessenusucty E EREE AA 215 Toolbar ost a 64 changing the size Tracking quotes Trade BOC A A E context menu disp
178. a stale order from the Order Book Altering Orders in the Order Book Use the following procedures to alter orders in the Order Book e Changing an Order e Canceling Replacing an Order s Changing Trigger Price Orders e Using the Hold Feature s Using TIF Options e Deleting an Order in the Order Book Trading Technologies 369 Trading Technologies International Inc Proprietary and Confidential Information Chapter 10 Changing an Order In theory the Change button changes a working order without losing its place in the queue However keeping the order s place in the queue is dependent on the type of change requested and the exchange s market rules When a Change request violates the exchange s rules the request may be rejected or the exchange may execute the request as a Cancel Replace order The new order returns to the back of the queue and a new order number is usually but not always assigned ES Order Book3 la a M gt ALE ome A Me T 2 x9050 6C Limit COO4L5 Acct DS001001 v C Lock a Y RN Note If a change cancel replace or delete attempt results in an ORDER DELETED OR FILLED message in the Audit Trail window the exchange has rejected the request because the order has already been successfully deleted or filled If the receipt of the confirmed fill is delayed the Order Book cannot remove filled orders in a timely manner It is also possible to request a change delete
179. ab on the Properties menu b To enable Best Price Highlighting 1 Right click anywhere within the Market Grid pane to open the context menu 2 Click Best Price Highlight You have successfully enabled Best Price Highlighting Trading Technologies 211 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Viewing Price Trend Indicators in the Market Grid Often it is useful to know if the last trade for a given product occurred on an uptick downtick or with no change in the price X_TRADER provides this information in the LastPre Last Price column in the Market Grid The cell is highlighted in green to indicate an uptick and is highlighted in red to indicate a downtick If there was no change in the last traded price the cell is white Opening Wholesale Orders The Wholesale Orders option offers four alternatives to submit Wholesale Orders on the LIFFE exchange Block Rename Window Basis Resize Against Actual Flex Options e Block Block trades are high volume trades in any outright or strategy product e Basis Basis trades are strategies for long term bond markets that incorporate a futures leg and an underlying or cash leg s Against Actual Against Actuals trades are strategies for commodities markets that incorporate a futures leg and an underlying commodity leg e Flex Options Flex Options are only available on LIFFE FLEX orders are essentially FTSE 100 o
180. ab or Enter to advance to the next field This saves your changes 3 Close the Customer Defaults dialog box You have successfully changed the information in a Customer Defaults profile Trading Technologies 89 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Deleting a Customer Defaults Profile P To delete a customer profile 1 From the Control Panel click the Settings menu and choose Customer Defaults The Customer Defaults dialog box appears 2 Right click a row to delete and click Delete Row s You have successfully deleted a Customer Defaults profile Using the Customer List The Customer List contains all the customer profiles with Customer List the SEL box marked in the Customer Defaults dialog box lt Default gt It allows you to populate all open Order Entry windows JANE DOE with a customer by selecting it from the list Then quickly JOHN DOE change trading accounts so you can place orders in multiple exchanges for multiple products all for one customer If you do not want to populate all your Order Entry windows with one customer s information use the Customer Selection list from the Order Entry window You also use the Customer List to select the account number of a customer for the AutoFilter option P To use the Customer List 1 From the Control Panel click the Window menu and choose Customer List OF On the Control Panel toolbar click
181. ade 100 lots with a minimum volume of 25 lots If at least 25 lots cannot be executed the entire order is cancelled The Minimum Volume order type is not supported by all exchanges EUREX does not support b To place a Minimum Volume order 1 From the Market Grid click the contract you wish to trade 2 In the Order Type field click to select MV The Min Vol field appears 3 Type the minimum volume Note You cannot send an order with a minimum volume greater than the order quantity 4 Click Buy or Sell You have successfully placed a Minimum Volume order 342 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Types and Restrictions Order Cancels Order OCO You can use the Order Cancels Order OCO order type in MD Trader and the Order Book OCO s are two orders of the same quantity for the same contract at different price levels When one of the orders is executed the other order is automatically canceled Notes s If your OCO gets partially filled the second order is reduced by the same amount the first order was filled OCO orders need X_TRADERC to remain open to continue working If you shutdown with OCO orders in the market the orders will lose their OCO relationship and remain in the market independent of one another Strategy Types When you select OCO from the MD Trading tab you select the strategy your OCO orders fol
182. ading Technologies International Inc Proprietary and Confidential Information MD Trader Displaying the Inside Market Mid Point To make it easier to identify the mid point of the El 5343 0 inside market MD Trader now places a bold line o 53425 at the mid point ESTO Rules for mid point placement e The mid point line appears midway between the best bid and best offer in the market e If there is a one sided market the mid point line appears directly above or below the best bid or offer in the market respectively e If there is no market then the line appears at the last trade price s If the number of price rows or ticks between the best bid and best offer is an odd number then the mid point line appears in the upper cell of the middle value s If the number of price rows is an even value or zero then the mid point appears between the middle values There are two ways to display the mid point of the inside market e Displaying the mid point of the inside market locally e Displaying the mid point of the inside market globally To display the mid point of the inside market locally 1 Open MD Trader 2 Right click anywhere in MD Trader and click Properties 3 Click the MD Display tab 4 5 Click OK Click to select the Highlight Midpoint of Last Recenter option You have successfully displayed the mid point of the inside market locally To display the mid point of the inside market glob
183. ading environment is using the Guardian Risk Management Credit Controls the Maximum Order Quantity limit impacts trading in the following manner e Strategies that result in a net position of zero are not restricted by the Maximum Order Quantity limit Calendar Condor and Butterfly strategies net to a zero position neither long nor short and may be traded in any quantity For example if the Maximum Order Quantity is 100 lots you may trade beyond the 100 lot limit because the net position for the order is zero e Orders for strategies that result in a net long or short position are subject to the Maximum Order Quantity limit For example a trader with a 100 lot Maximum Order Quantity who is trading strip strategies reaches his maximum order quantity with a 25 lot order In this case the 100 maximum quantity is equivalent to the 25 lots 4 legs per strip Orders for 1 25 lots of a strip strategy are accepted Orders over 25 lots are rejected for exceeding the specified Maximum Order Quantity limit of 100 274 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Adding a Spread or Strategy to the Market Window gt To add a newly created spread or strategy to the Market window 1 From the Control Panel click the Window menu and choose Market Explorer 0r From the Control Panel click the icon 2 Select an exchange you are logged into 6
184. after the number of seconds that you type in this box Last Traded Price The last traded price highlights on the set number of rows from top to bottom Within X rows from of the grid You can set the time duration with the spin control top to bottom Inside Market The inside market highlights on the set number of rows from top to bottom of Within X rows from the grid You can set the time duration with the spin control top to bottom Enable Grid Before MD Trader recenters it flashes Recenter warning Section Delete Buttons Working Quantity Totals Display Delete Buttons Working Enables you to select how your delete buttons are configured and Quantity Totals how your working orders are displayed using the options listed in this section Display Working Buys Sells Displays your working bids and offer in text windows Text Only Delete Total Working Displays separate delete buttons for your working bids and offers Buys Sells Quantity on Button These buttons display the total working quantities for each Delete Bids Offers Button Displays separate delete buttons for your working bids and offers Only These buttons are labeled Delete Offers and Delete Bids Display Working Buys Sells as Displays your total working quantity of bids and offers in a text Text and Delete Bids Offers as box to the left of your Delete Offers and Delete Bids buttons buttons Trading Technologies 149 Trading Technologies I
185. ally 1 2 Click the MD Display tab 3 4 Click OK From the Control Panel click Settings and choose Properties Click to select the Highlight Midpoint of Last Recenter option You have successfully displayed the mid point of the inside market globally Trading Technologies 305 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Keeping MD Trader on Top MD Trader has a property in the MD Display tab that serves to keep the MD Trader always on top of other X_TRADER windows on the desktop There are two ways to keep MD Trader on top e Enabling the on top feature locally e Enabling the on top feature globally p To enable the on top feature locally 1 Open MD Trader 2 Right click anywhere in MD Trader and click Properties 3 Click the MD Display tab 4 Click to select the Keep MD Trader on Top option 5 Click OK You have successfully enabled the on top feature locally p To enable the on top feature locally 1 Open MD Trader 2 Right click anywhere in MD Trader and click Properties 3 Click the MD Display tab 4 Click to select the Keep MD Trader on Top option 5 Click OK You have successfully enabled the on top feature locally p To enable the on top feature globally 1 From the Control Panel click Settings and choose Properties Click the MD Display tab 2 3 Click to select the Keep MD Trader on Top option 4 Click OK You have su
186. and drop contracts from the Market Explorer window to the appropriate functional window s From the Control Panel click File and click Save You have successfully fixed a workspace Deleting a Workspace b To delete an existing workspace 1 2 3 From the Control Panel click the Open Workspace button In the Open Workspace dialog box select the workspace you want to delete Click Delete The workspace is deleted from the list You have successfully deleted an existing workspace Trading Technologies 71 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Product Group Setup Product groups allow you to define how the bid ask values are calculated Create product groups in the Product Group Information dialog box and specify the quote type spread table and delete time account and other parameters Automatic quoting is also enabled disabled for each product group Product Group Information Enter a Product Group Name Prod3 Quote Spread Restriction Delete Time Bid Ask Spread Minimum 0 5 Auto Auto Quote Clearing Account Type Table Secs Oty Oty Type Spread Quote Delay Secs Member Join v Spread 2 v Delete 3 50 hi On O Dn JORSTU u1 Y Cross Check Y Inside Check Y ki Price Check Spread Spread Minimum Auto Quote Clearin Quote Type Table Type Spread Delay Memb Prod1 Dime Spread 1 GTC 0 10 1 NIA 1 o On 3
187. anel click the icon The Create Strategy dialog box opens L Create New Strategy a LIFFE LS FUTURE a Aal E ABA a G ABE ABF a amp ABG Add gt gt Add All gt gt lt lt Remove All Contract AA NOVOS AA DECOS AA JANOS AA MAROS Gj ABP AL a GQ ACA v Strategy Name Strategy 1 cL Existing Strategies Strategy Name Legs aee 1 AA JANOG l 2 From the Existing Strategies section click the name of strategy The legs of the selected spread name display 3 Click Delete You have successfully deleted a created spread or strategy 278 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Chapter 7 MD Trader Note MD Trader is protected by U S Patents Numbers 6 766 304 and 6 772 132 MD Trader allows you to buy or sell products across the depth of a market using one click of the mouse The grid format dynamically displays the market depth for a given product and enables you to enter orders quickly by simply clicking in specific cells of the grid Help for MD Trader is broken down into the following categories E q e Populating MD Trader eCBOT A ZN MARO7 mnn a BER Ea E s Using the MD Trader Context d Menu Using the MD Trader Window e Setting MD Trader Properties e Customizing MD Trader e Keyboard Trading in the MD Trader Windo
188. anes of the Market window Fill Customize fast fill notification enable or disable buy sell color coding and select default visible columns for the Fill window Position Select default visible columns for the Position pane in the Fill window Orders Enable or disable Quote Alert buy sell color coding and select default visible columns for the Order Book window Audit Trail Select viewable records enable or disable buy sell color coding and default visible columns for the Audit Trail window Sounds Associate an X_TRADER event with an audio cue Color Select text background and border colors Spread Matrix Set Auto Creation of the Spread Matrix window as well as customize the Spread Matrix windows to suit your trading style and environment Trade Book Enable or disable buy sell color coding and set default visible column for the Trade Book window Set the maximum file size and number of days to save T amp S file information Change the location of the saved customer defaults file E Trading Set trading parameters for any MD Trader window you open E Display Set MD Trader display options for any MD Trader window you open uo Color Customize color specific options and features for any MD Trader window you open E Advanced Enable and define the User Defined Price UDP column in MD Trader Quote Board Trading Technologies Hide or Show fields for all the Quote Board windows Enable
189. ant to use another field to further sort the Trade Book window in the Then by field click the third field to sort by 8 Click whether to sort this field in Ascending or Descending order 9 Click OK You have successfully defined the sorting parameters of your Trade Book 414 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Time and Sales Chapter 13 Time and Sales The Time and Sales window provides you with the ability to track record and save time and sales information for products traded through X_TRADER You populate a Time and Sales window with one or more products using the drag and drop method from the Market Grid Time Sales YMDECOS 14 52 03 14 52 03 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 14 52 02 eCBOT A amp eCBOT A eCBOT amp eCBOT amp eCBOT A eCBOT A eCBOT A eCBOT A eCBOT A eCBOT amp eCBOT A eCBOT A eCBOT amp eCBOT A eCBOT A eCBOT amp eCBOT amp eCBOT A eCBOT A eCBOT amp eCBOT A YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS YM DECOS ciolo ir i gt iri gt gt jojri gt riorio rio gt ri gt File Status 0 00 used
190. antity You have successfully combo joined the bid and offer Game Pad Control in MD Trader It is possible with keyboard functionality enabled to use a game pad control which emulates keyboard key presses In effect using a gamepad maps the buttons on the gamepad to specific key strokes on the keyboard which in turn are mapped to specific MD Trader functionality The gamepad plugs into the keyboard port on the workstation A Warning Trading Technologies has tested gamepad functionality in connection with keyboard mapping using a product by Suncom Trading technologies will not provide instructions on how to set up the gamepad with a keyboard nor does the company support users who do attempt to use this add on in their trading Traders wanting to use this functionality are encouraged to contact the gamepad manufacturer for specific instructions on how to connect this add on into their system Trading Technologies 329 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Mapped Keys in MD Trader Once keyboard trading in MD Trader is enabled your keyboard is mapped to perform specific functions Use these guides to view mapped keys in MD Trader e Default Keyboard Mapping s Hot Function Key Mapping e Buy Side Keyboard Mapping e Sell Side Keyboard Mapping e Unrestricted Keyboard Functions 330 X_TRADER 7 4 User Manual Trading Technologies International Inc Propr
191. anywhere in MD Trader and click Properties 3 Click to select the Enable Keyboard and Function Trading option 4 Click OK You have successfully enabled keyboard trading locally b To enable keyboard trading globally 1 From the Control Panel click Settings and choose Properties Click the MD Trading tab 2 3 Click to select the Enable Keyboard and Function Trading option 4 Click OK You have successfully enabled keyboard trading globally 320 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Disabling Specific Keyboard Trading Even if keyboard trading has been enabled you can disable specific functions so that pressing a key will not cause the mapped action There are two ways to disable keyboard trading e Disabling specific keyboard trading functionality locally e Disabling specific keyboard trading functionality globally p To disable specific keyboard trading functionality locally 1 Open an instance of MD Trader 2 Right click in the MD Trader window to open the context menu and choose Properties 3 Click the MD Display tab 4 Click to de select the following specific functions Keyboard functionality To disable this functionality Delete All Delete All Bids Delete All Offers Uncheck the Show Delete Buttons Trade Out Functionality Uncheck the Show Trade Out 5 Click OK You have successfully di
192. appear in the cell Double click in the row s cell for Soundfile for New HIGH The Sound Explorer dialog box appears Use the Sound Explorer to locate the sound file you want to use as your High price threshold Whenever this contract trades below the day s high price this sound is played Double click the sound file The file and its directory path appear in the cell To activate the setting so that the sound is played whenever the appropriate threshold is crossed click to select activation box Note This box is located directly to the left of the cell Click the X on the title bar to close the Alerts Manager dialog box You have successfully assigned sounds to a contract s high and low price thresholds 162 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel b Deleting sound alerts 1 From the Control Panel click the 9 icon from the toolbar The Alerts Manager dialog box appears r T Alerts Manager 2 In the Series column locate the contract for which you want to delete a sound association 3 In that contract s row click DEL The contract and its sound associations are removed from the Alerts Manager dialog box You have successfully deleted sound alerts Starting Plug ins X_TRADER can be used to start and stop all installed X_TRADER and X_TRADER Pro Plug in applications Proper licensing must be in place in orde
193. arket Grid Open a Market window for the selected product In the Market window click the row containing the product Right click in the Market Grid to display the contextmenu Click Wholesale and select Against Actual Basis or Block The appropriate Strategy Trade dialog box displays The Series and AMR fields display data from the selected Market Grid cell 8 The legs of the strategy display in the Strategy field 9 Complete steps 10 13 in both the Buyer and Seller sections 10 11 12 13 14 15 16 In both Account fields type the account code for this strategy trade In both Open Close fields type O or C to indicate whether this trade opens or closes a given position In both CTI fields type the appropriate clearing code Note Valid entries include 1 2 3 4 U for unassigned and A for allocation In both Posting Code fields only enter a value for Euronext products If you are sending this as a cross order click to select Market Maker Cross or Guaranteed Crossing If not click to select Block In the Qty and Price columns enter the appropriate value for each strategy leg Click Send to submit the information to the market You have successfully displayed the strategy trade window 444 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Wholesale Trading NQLX and Market Maker Cross NQLX is the joint venture between Nas
194. ary and Confidential Information Market Window Quoting Overview You can generate quotes in X_TRADER through a proprietary theoretical pricing model using spread table s and product group s You can respond to RFQs manually or enable autoquoting to automatically send a response Before you can use the quoting features within X_TRADER you must perform the three step process to enable quoting Once quoting is setup you can perform these procedures Editing Generating and Sending Quotes Tracking Quotes Activating or Deactivating a Strike or an Expiration Activating or Deactivating multiple Strikes or Expirations Deleting Mass or Individual Quotes Disabling Quoting Trading Technologies 241 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Quoting Additions to the Market Grid Pane When you turn on the context menu s Quoting option the quoting bar appears and columns are automatically added to your Market Grid Ge tests Put uotes Tick Ue G aket The quoting bar has the following functions Send Field Description Sends mass quotes to market for all activated strikes expirations You can edit the test quote columns Manually editing a quote and click Send and the information goes in the test quote columns If you choose not to edit these columns click Send to generate a new quote that you need to confirm based on current market conditions Dele
195. asset allocation one trader calculating implied spreads from implied Outrights ee esse eseesceeceeeseesesscesceecesseesecseeseeseeecsesseesessessecsecaeeeseesaesaeeaeeaseaes 101 CONSOLAATING UT implied and outright combination implied in mixing implieds with direct markets profit and loss spread matrix outright price display TTT Excel changing the default colors for links in the Market Grd 217 creating a link from GIT BOF UPA A NN using for theoretical aid implied pricing ii AAA OR TRIER 215 Excel links laser line an tid trader T 317 USNS Ind lA a T0 le E NS A LEED sacd cola ser E Deca GS Re aed dd boda e be a 316 Exchanges DORE A A a Li ata 456 A RO 466 ice 470 Executing a mutual Offset Order esses sis re iana RAR 194 ANG OTST A A assuage E A A A A E sured AA esas 193 Biting X TRADER niniin Seca ee iid A ia 36 Expiration ACHVAUNGS 6 overt ds catenin hie ler daba ehh do TH 249 achivatin Multiple mirei estes eee at ibe NAE a 249 F Fast fills rane E NOR AN 401 COMLEX CMEMUL 3 chee d 2 E da 403 eurex information Field descriptions apainst actuals tradewindOw v tisacsihhisiiatsl eee eM ae avian Ge ace Sareea ae ian eee eee 436 GTS TTT audit trail tab Basis trade Wind Wi teria A tidad 432 le trade Wind Wind io ardid aen dales dsd 429 Color tab ssivescecssvesictveeeees fill tab fills pane flex options trade wind OW a a a esi a Wilae THT 440 482 X_TRADER 7 4 U
196. at exists in the top pane of the Fill window Properties Time And Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board Trading Order Entry Fill Position Orders Audit Trail Sounds Color Spread Matris Trade Book Enable Fast Fills Fast Fill Reporting Report Stale Fast Fills FF Stale After 1 El minutes Report Stale FF Trades every 10 minutes Color Code Buy Sell New Fill Settings Average Price Display C New Fills Color Settings ON 0FF Round to the nearest tick O Round to decimal places 1 6 C Fills Alert e Y Display Strategy Positions Y Save Manual Fills Automatic Data Export C Automatically export data upon lt _TRADER shutdown Default Visible Columns OK Cancel be To access the Fill tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Fill tab You have successfully accessed the Fill tab Trading Technologies 109 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 110 Fill Tab Properties Setting Description Enable Fast Fills Allows supporting exchanges to provide partial trade information prior to sending a confirmed fill 1 e Eurex supports Color Code Buy Sell Allows you to quickly differentiate among orders Default text and background colors follow e Text color for Buy orders is blue e Te
197. at the same moment that a confirmed fill is being received Either occurrence results in the trader receiving the above message po To change the order quantity 1 Click any cell in the appropriate row to select the order to be changed 2 Click the up or down arrow at the top of the screen to change the quantity not the working quantity Note If you have been filled on 6 of 10 and now want a total of 8 contracts the change request should be for a total of 8 contracts This automatically changes the working order from 4 to 2 contracts If you base your change request on the working quantity requesting a change to 2 contracts the request is rejected 3 Click the Change button The order s place in queue is retained and the order number does not change You have successfully changed the order quantity 370 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Book Canceling Replacing an Order Using the Cancel Replace button deletes the original order and sends a new order to market The original order s place in queue is lost and a new order number is assigned Use the Cancel Replace button for a number of reasons To delete the original order and send a new order in its place The new order moves to the back of the queue and may depending on the exchange receive a new order number To increase the quantity of the order and or adjust th
198. ate a Butterfly Condor Matrix using the Market Grid context menu 1 In the Market Grid click the Contract column of the product for which you want to generate a Butterfly Condor Matrix Note To select multiple contracts press and hold the CTRL key and continue clicking contracts OF To select any successive contracts in a row click and drag the cursor over the contracts to highlight them 2 Right click to access the context menu and click Generate Spread Matrix The Spread Matrix appears The month selected from the Market Grid displays as the first month in the Spread Matrix 3 Click the Butterfly tab 4 Create multiple matrices by repeating Steps and 2 You have successfully generated a Butterfly Condor Matrix using the Market Grid context menu Notes e Click the Spread Matrix tab to switch from the Butterfly Condor Matrix to a calendar Spread Matrix e Implied data does not display for Condor Matrices because LIFFE does not match implieds from Condor Matrices Trading Technologies 265 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Trading with the Butterfly Condor Matrix There are four ways to trade with the Butterfly Condor Matrix e Using the Floating Order Entry See below e Using Click Trading See below e Using the Floating Order Book Refer to page 378 e Using the Order Change dialog box Refer to page 240 p To trade with the Spr
199. ater The following filtering criteria are available Column Heading Available Filtering Criteria Time From up to or exclude Exchange Show one or multiple exchanges Contract Show one or multiple contracts Type Show bids asks last price status or any combination Price Show bids asks or any combination of these choices Qty Show bids asks or trade or any combination of these choices All Columns Range to and from for any column Trading Technologies 423 Trading Technologies International Inc Proprietary and Confidential Information Chapter 12 Saving Time and Sales Information Time and Sales time stamps trading data for all products that have been populated into its display grid Time and Sales data for a particular product is only saved for the time period in which you have Time and Sales window open e g if the application is open for only four hours only four hours of data will be automatically saved Time and Sales saves this data as a csv file in the tt folder on your hard drive Y Tip The name of the file is TSData_X_YYYYMMDD csv Where X stands for the Time and Sales session opened on YYYYMMDD the Year Month and Day Use the following tools to monitor and customize how files are saved e File Status bar Used to monitor saved information as a percentage of how much of the configured data file size has been filled s Time and Sales tab in the Properties menu Use
200. atic Shutdown of X_TRADER X_TRADER automatically closes after eight hours of inactivity when there are no orders in the Order Book and no new fills or price updates have been received X_TRADER displays a message informing you that it is closing If you do not take any action or if you click OK the X_TRADER application closes At this time this feature is not configurable 36 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Getting Started Using Context Sensitive Help From many X_TRADER windows you can now access online help pertinent to the task you are performing b To access context sensitive help 1 Click the X_TRADER window for which you want to view Help 2 Press the Fl key You have successfully accessed context sensitive Help The X_TRADER windows that feature this context sensitive help are Add Manual Fill Alerts Manager All Property Tabs Autospreader Autospreader Manager Autospreader Configuration Autotrader Autotrader Profile Setup Page Audit Trail Available Credit Butterfly Condor Matrix Control Panel Create New Strategy Customer Defaults Customer List Fill window Floating Order Entry windows Keyboard Entry on the Order Entry pane Market Explorer Market Window MD Trader Note When Keyboard Trading is enabled in MD Trader the F1 key Lifts the Offer and Shift F1Market Buys Context sensitive
201. ation Common Administrative Tasks Changing Border Styles P To change the grid border placement type 3D Effect or color 1 Click to select the specific area on the grid you want to change or Click the top left most column heading to select the entire grid Right click in the window to access the context menu Note If Click Trading is enabled do not click in the Bid Ask Price columns Click Formatting The Grid Styles dialog box appears Click the Borders tab The following screen appears Grid Styles Font Color Borders Border Left Right Top Bottom O Inset Default 5 Make your changes to the border placement type 3D effect and or color 6 Click OK to exit 7 To retain these settings save your workspace You have successfully changed the grid border placement type 3D effect or color Trading Technologies 57 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Using the Frame Command Bar Many of the windows within the X_TRADER application have a set of frame command and printing controls at the top of the window These buttons are located to the immediate left of the standard Windows Close Window Minimize and Maximize buttons and permit you to control printing functions and sizing options using your mouse Use the Frame Command Bar buttons to perform these procedures e Resizing a Window Grid e Printing in X_
202. ation Table of Contents STOP ORDER AAA AAA aaa as TE 346 TRAILING STOPS TSTOP ia o Ate Redacted td li lada 348 Trallme Stop Sella hited ite Sine side wile aie Gh ae as 348 Trail gS top BUY veia llas 348 Trailing Stop Lirit Orders TTT 348 USING EQUITY ORDERS tai ias Moot ea eA ope 349 TIMED ORDERS La A aida 350 Eoia STT 350 CHAPTER 9 QUOTE BOARD sissccsiciciicsnsscssestasasacstasecarssavesavseasitarstavesavsvarssevsee ODO QUOTE BOARD FEATURES ota saint 00s id 4 bites Dail eds td RSTAS 354 POPULATING QUOTE BOARD cui aia HE 354 READING THE QUOTE BOARD ssssscsssssccscesssnsnsncceesecsessnsnnaceesececssnsnsanaeeesscsessnssaacaeescscssesees 357 MANAGING THE QUOTE BOARD PROPERTIES sese 358 QUOTE BOARD COLOR PROPERTIES c scssssesseeessseececeescececeeaeececsesaeeecsesaeeecsesaeseceeaaeesenesaeeeeneaas 358 USING THE QUOTE BOARD CONTEXT MENU eee 359 CHAPTER 10 ORDER BOOK ososicocciciocinsarssicionaccionoscossncncnnecionasasocacacaneacos s JOL A A A E RO A E 362 TRAD R IDENTIFICATION 0d A aa Sues Gobo teas O AA e a 362 TOP PANE FIELD DESCRIPTION Sa aa TR 2279544 363 BOTTOM PANE COLUMN DESCRIPTIONS sese 365 ORDER BOOK CONTEXT MENU ccccccccccesssssssececesecsesesessesecesececeesensaseceseceesenesesaeaeeeceeseeesensaaeees 367 ORDER STATUS INQUIRIES ccssessccccecccessessssececescesesensseseceseesesenessaaeceseceesesessseaeeeseesesenensaaeees 368 REVIEWING TIMED ORDERS sse sese eee 368 REMOVING STALE ORDERS
203. ation The contract information appears in the Order Summary field OF If you click the BidPre or AskPre or LastPre cells the Price field displays the current price but the Quantity field remains zero 0 The contract information appears in the Order Summary field 3 Modify order information if necessary 4 Click the Order Restriction menu and select Iceberg The Disclose field appears 5 Click Disclose 6 Click Qty or Percentage 7 Set the quantity as a number or as a percentage of total order Note If you select a percentage to disclose and then modify the order quantity the disclosed percentage remains the same while the disclosed quantity adjusts to reflect the percentage of the new order quantity Example You enter an Iceberg order with quantity of 10 The disclosed quantity is 10 of the total order Therefore the disclosed quantity is calculated as 1 If you change the order quantity to 20 the percentage stay at 10 and the disclosed quantity adjusts to 2 8 To execute click Buy or Sell You have successfully placed an Iceberg order Trading Technologies 337 Trading Technologies International Inc Proprietary and Confidential Information Chapter 8 b To place an Iceberg order using Order Entry style 5 1 Click on the BidPre or AskPre column of the contract you want to trade The order price populates the Price field and the Order Summary field 2 Enter the quantity by clicking one of the Preset
204. ational Inc Proprietary and Confidential Information Index Changin FOF TEMOVING A SOUNG 54 disses ccd sedaheveverceesalebedzese cessed de odas 121 Sounds adding high and Be a AAA is eae ie ewe da 161 Adding to ini trader esas A e aa 314 Spread Matrix buttertly condor Wat A SR HH 263 calculations sin A A a a TOSS TTT aii 262 CLICK tA TTT TTT 256 CONUS RE MENU a5 a a AI s 258 customizing SER NR AN O E O T A NN OTRO OU SHE Price example ut its 133 PFOPELULS Sch 33 exes tar di tado 260 Set Outright or Spread PAE id bes Statue 259 TRACI S22 cies ATRE E aaeestast ecient AS ey al ts eats che Oras 256 Spread Matrix DA A aera tas Ait ae eos ca ded ete dab ie each daar earn 130 Spread TTT 271 adding to the market wim dw 02 4 seseseehudesceseveeversteacs yee estes sededetsagecegetsna dia illa 275 created Gutrights and X TRADER seiere ieee ne cidad dcir de dabaistcecedaninledeiedvecedsuselensansdededsesastansebesdaeatens 272 CT SAUL e Pete T T Sees ZS RZ TRET TdT NN ona Ts 272 SNC Ain cece oe A deanecustantevaauedevncdastanuerto 278 LLTO 276 renamine ANC A TTT 275 CA A EEEE E EEE AEE E AE E EAT E E NE EEG 274 trading witvan expired Strategy asrori irrien decades ERN E EEE O EAA EA AE EAER ETENE EEE FIAR REEE ER Y 271 Spread table GT Va Vi aT A A T EEEE O TTT TEOD A A iaa SV TT RN Start of day fills A E TT E o O NN 70 Status confirming market orders of exchanges see Of qu tesat sh tdow
205. ational Inc Proprietary and Confidential Information Wholesale Trading Asset Allocation Methods The Asset Allocation option is available in the Block Trade window When enabled it allows you to enter one side buy or sell of a wholesale order Alternatively one trader can enter the entire Asset Allocation Block Trade Series Buyer Seller Trader Trader Month Account Account AMA Open Close Open Close Price ctl cTl Quantity Posting Code Posting Code I Ppa Account Accountt Transaction Code Trade SeqH Matching Contract Counter Party Password Block O Market Maker Cross Guaranteed Crossing I Asset Allocation Note This option is only displayed when X_BLOCK 6 6 0 1 is installed It is available on our Customer Portal at https customernet tradingtechnologies com extranet portal aspx When the Asset Allocation option is enabled the following fields appear Field Description Trade Seq The sequence numbers of component legs that make up the Asset Allocation Matching Contract The commodity code of the contract This does not include the month or the year Counter Party ITM of the trader for the matching half trade Password Identifies a match with the other half trade that is submitted separately For more information see the examples starting on the next page Trading Technologies 449 Trading Technologies Internatio
206. be placed by manually changing the order parameters No other information is assumed e 7 Order Type menu restrictions Order Type menu Available restrictions include e None No additional restrictions on the order e Block Used when sending Eurex block trades For block trades on LIFFE refer to the Wholesale Trading section of the help A block trade is a high volume product trade whose trade price has been agreed to by both parties outside of the normal exchange trading methods When you click Block the Counterparty Information field automatically displays e Fill or Kill FOK Used to immediately fill the entire quantity of an order or immediately cancel the order e Iceberg Used to send only a portion of the total order quantity to the market at a time and each disclosed order quantity is equal The last order submitted may be less than or equal to the others Iceberg orders also allow you to set the quantity parameter as a number or as a percentage of total order When executing an Iceberg order using a percentage of the total order a disclosed quantity order may result in fractional lots If this occurs the following is true and X_TRADER executes your order according to the following rules Ifthe order is n lt 1 it is rounded up to 1 Ifthe order is less than n 5 it is rounded down Ifthe order is greater than n 5 it is rounded up e Immediate or Cancel IOC Used to immediately par
207. ber to which the call is routed Callers selecting the incorrect option are informed of the proper option and transferred back to the menu to route their call appropriately Below you find the new phone system options their description and examples of issues to be addressed with the option The option to be requested can be connected immediately after hearing the mandatory Calls may be recorded message Upon calling the main line you now hear the prompts listed below s Greeting TT Support calls may be recorded for quality assurance purposes e Option 1 For front end software assistance push 1 e Option 2 For server software assistance push 2 During periods of high call volume callers may receive an information notification message or a no lines open message s Information Notification Any time there is a problem which affects multiple customers the CSC places a message on this line explaining the current situation It plays prior to the above options e No lines open Thank you for calling all agents are busy please stay on the line for the first available agent Repeats every 15 seconds Examples Select Option front end software assistance for issues relating to X_TRADER including Autotrader and Autospreader X_Risk and Guardian Select Option 2 server software assistance for issues relating to TT Gateways including TTSim Trainer Wan Routers Remote Host Servers and TTM or T
208. ccessfully enabled the on top feature globally 306 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader One Click Trading with MD Trader MD Trader allows the trader to buy or sell products using one click of the mouse It offers a trader the ability to one click trade across the depth of a market for either a buy or sell order The grid format dynamically displays the market depth for a given product and lets you enter orders quickly by simply clicking in specific cells of the grid There are two ways to set one click trading e Setting one click trading locally e Setting the one click trading globally b To set one click trading locally 1 Open MD Trader 2 Right click anywhere in MD Trader and click Properties 3 In the Order Parameter section enter a Maximum Order Quantity 4 Click OK You have successfully set one click trading locally b To set one click trading globally 1 From the Control Panel click Settings and choose Properties Click the MD Trading tab 2 3 In the Order Parameter section enter a Maximum Order Quantity 4 Click OK You have successfully set one click trading globally Using one click trading with MD Trader p To use one click trading with MD Trader 1 Set one click trading locally or globally Open MD Trader 2 3 Select a customer profile 4 Enter an order quantity 5 Refer to the following
209. ce Level For All Levels From 2nd Level Use Net Change Color Coding Use Net Position Color Coding Z Use Last Traded Price Background Coloring Highlight Trader s Orders Use top of book coloring Z Use Minimum Highlighting Mode C Highlight Text On Change J Highlight Cell On Hover Z Highlight Border On Change Highlight Border Width 14 v Default Visible Columns OK Cancel P To access the Trading tab From the Control Panel click the Settings menu and choose Properties You have successfully accessed the Trading tab 94 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Trading Tab Properties A Warning Some versions of the Microsoft Intellimouse driver are incompatible with X_TRADER If the middle button of your Intellimouse cannot be used for Click trading remove the Intellimouse driver using the Add Remove Programs tool In the Windows Start Menu open the Settings menu and select the Control Panel Launch the Add Remove Programs tool and remove the Microsoft Intellimouse driver This disables the scrolling feature of the mouse but allows you to use it for Click Trading Click Trading Section Identifies the type of mouse you use The 3 button mouse is selected by default The 3 button mouse supports dime trading with the middle button It also supports click trading with the right button The 2
210. cecesccscesssnsececeseceessnensaaeeesecceseneseseaeeescesenenesaaeess 271 TRADING WITH AN EXPIRED STRATEGY ee 271 CREATED OUTRIGHTS AND X TRADER io oka 272 CREATING A NEW SPREAD STRATEGY docuere aoi ieren ia EIE Ea EE E EE EAE 272 TRADING WITH A SPREAD OR STRATEGY cccccsssscssssccesseecssscessseceeseccssssecssecssssecesseccsseeesseeeeseeceas 274 Trading Strategies with a Maximum Order Quantity Limit sss esse sese eee eree 274 ADDING A SPREAD OR STRATEGY TO THE MARKET WINDOW 275 RENAMING AN EXISTING STR A TRON aha REHAT aE age Taa Eg T Rar TARO Rg Lay 275 RECREATING A SPREAD STRATEGY cccccssssssssessecesssecesssecsuscsesseceseecaseecssecssssecessecssseeesseeesseeees 276 AMENDING STRATEGIES sisone oire ld dialed shee settee Cove ti abet bu dees a EE AE lla outers E 277 DELETING A CREATED SPREAD OR STRATEGY sss ssssssssesrsesriesriesrresrresrresrresereserereresereesseesseesses 278 viii X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Table of Contents CHAPTER 7 MD TRADER 370 MD TRADER FIELD DESCRIPTIONS cscccssccececssossssossesesscseconcessesecsenccesecuscesscatsstssasedensnecuecensees 280 MD TRADER FEATURES cestas e Lee nee dates e stent pb e Len 285 POPULATING MD TRADER ccsesscsessesscsssssssssessesucssssssusaesucsusacsssstssssussesasscatsnsatenvaneatseeansaeeses 286 USING THE MD TRADER CONTEXT MENU ccccsccssccssecsecsesecsesecsecsrsuc
211. cept that any expiration day and exercise price can be specified The trade submission and authorization process is semi automated Therefore completing a flex options trade requires manual intervention by an exchange Official Use the Flex Options window to submit a flex options trade r FLEX Option Trades Strategy Code v Delta 0 100 9 Component List Expiry Date Buy Sell Flex Options Window Field Entry Name Entry Characteristics Strategy Code Any LIFFE recognized strategy code Delta Delta of the option If the trade contains the underlying component LFZ FLX its value should be 1 100 If not its value should be zero Legs Up to 5 components can be defined in a FLEX trade For each the following parameters exist Commodity The commodity code Z for FTSE 100 FLX for the underlying Exercise Price Contract Type Call Put or Future Expiration Date Date of expiration for the particular leg Buy Sell Qty Price 440 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Wholesale Trading Submitting a Flex Options Trade Wholesale orders appear in the Audit Trail the Total Traded Quantity column of the Market Grid and the Fill window Wholesale orders do not appear in the Order Book p To submit a Flex Options trade 1 2 Open a Market Grid for the selected product Right click in the Market Grid to display the context menu a
212. cesseesssssescsessessssesceessesees 304 DISPLAYING THE INSIDE MARKET MID POINT ccccesccessscesscecesseecssseeesseceessecesseecsaseessseesseeeees 305 Rules for mid point placement Sezin aeaee slowed ii 305 KEEPING MD TRADER ON TOP v ccscssssssssssessessssesscssssesscssssssucessussusessussusatsusansassusansassesansassteatenees 306 ONE CLICK TRADING WITH MD TRADER ea do a Lo 307 Using one click trading with MD Trader iio oe 307 USING THE MD TRADER STOP ORDER FEATURE s sssssssssssssssssssssssssecsessescsnsscstsaesncstsassneseeneans 309 TRADING OUT OF A POSITION TT 311 VIEWING YOUR POSITION IN QUEUE PIO sese 313 A A A A E RO 313 CUSTOMIZING MD TRADER e eE ts 314 ADDING SOUND TO MD TRADER cccsccsssssssecececsscessesucecsscessvsusacessucasssucassvcesarsusaesesesarsusaceteseess 314 CUSTOMIZING THE DEFAULT QUANTITY BUTTONS IN MD TRADERT 314 MOVING MD TRADER COLUMNS 315 RESIZING THE MD TRADER WINDOW iia laa 315 USING THE MOUSE TO CONTROL THE ZOOM FEATURE ccccceesssceescecessceessecsssseceseecssssessseessseeees 315 INDICATOR COLUMNS IN MD TRADRR co ranornnnan on canornnnns 316 USING THE LASER LINE cssesciccsssnccetssesectessssecacoveacctessanecedbosaccdenbancdacbveacccansabcdesboanecSensnecgacbonncesansbne 317 Laser Line Example anuncia AAA 318 Trading Technologies ix Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual KEYBOARD TRADING
213. cessfully deleted all orders using the keyboard in MD Trader Trading Technologies 323 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 b To delete all working offers 1 Enable keyboard trading locally or globally 2 Press the Shift N key You have successfully deleted all orders using the keyboard in MD Trader Centering the Market using the Keyboard Once keyboard trading has been enabled you can center the market using the keyboard p To center the market 1 Enable keyboard trading locally or globally 2 Press the Space Bar This centers the market in the MD Trader window but does not affect the position or location of the buy or sell side cursors which are adjusted using a different set of mapped key strokes You have successfully centered the market Loading the Net Position in the Order Entry Field using the Keyboard Once keyboard trading has been enabled you can load the net position in the Order Entry field using the keyboard P To load the Net Position in the Order Entry field 1 Enable keyboard trading locally or globally 2 Press the P key The Order Entry field is populated with the net position in order to go flat in the market You have successfully loaded the net position in the Order Entry field 324 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Sending a Ma
214. chnologies 371 Trading Technologies International Inc Proprietary and Confidential Information Chapter 10 Changing Trigger Price Orders You can use the Order Book window to change the price of trigger orders Trigger price orders include Siop Markel Refer to Stop Orders on page 343 e Stop Limit e Market If Touched MIT Refer to If Touched Orders on page 340 e Limit If Touched LIT p To change the trigger price in the Order Book window 1 From the Order Book window click to select the trigger order from the Bottom Pane The Trigger Price Edit field appears If touched orders display Trigger Prc stop orders display Stop Pre B Order Book1 05 000 Hasle Buy 10 x YM Market STOP 1 cc 20S E C Lock Stop Pre 10322 po fresa ree oem e B 1 GE Calendar 1 40 Limit GTC 10322 2 Change the price Note Once a stop order triggers any remaining quantity enters the market as a LIMIT order You can no longer change the original stop price The Trigger Price Edit field disables when the order triggers 3 Click the Change button You have successfully changed the trigger price in the Order Book window 372 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Book Using the Hold Feature You can place an order on hold using the Order Book window When you place an order on hold you can change it as you would any other order
215. chnologies 385 Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 386 Type CIP MMM YY Strike Version SIC LIC Account FFT2 amp FFT3 Clr Mbr Exch Mbr Exch Grp Exch Trd Trd Mbr Trd Grp Allows you to identify the type of order that received a fill Options include Future Future Spread Option Option Strategy Stock Bond Swap Warrant Call Put Designates that you have the right to buy call or sell put a contract at a specified price and up to a specified date Displays the month and year designated as the Strike Expiry date It also displays Spread months in the expiration Month Year columns Back office account number or account name Free Form Text Field 2 amp Free Form Text Field 3 Values for annotation purposes by you or back office sub account Clearing member Designates a member firm of a clearing house through which trades are settled Exchange member ID Risk Manager Direct User s Trader ID e g Broker s Group ID PROD Risk Manager Direct User s Trader ID e g Broker s Trade ID 001 Trader s or Risk Manager s Proxy User s member s ID e g Broker s client TTORD Trader s or Risk Manager s Proxy User s member s ID e g Broker s client SIM X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trd ID Acct
216. chnologies International Inc Proprietary and Confidential Information Trading Specialty Exchanges Trading You trade products on the ICE exchange using X_TRADER in the same manner that you trade other futures Using X_TRADER you can view and manipulate all cleared and clearable orders that you submit via WebICE You can likewise utilize Weblce to view and manipulate orders you submit through X_TRADER X_TRADER does not display orders entered in Weblce as Bilateral If you submit an order on WebICE as Bilateral or as Clearable and it executes bilaterally X_TRADER does not process the fill For multi period delivery products you can choose to display quantities in Contracts or Flow using the Trading tab on the Properties menu When this property is changed all filters are cleared in the Order Book Fill window Trade Book and Time and Sales Notes e The Show Quantity as property has no impact on displayed quantities for products with one delivery period e Maximum Order Qty and Use Default Qty options always refer to contracts For example if you want your default quantity for Henry Hub Natural Gas to be 7500 MMBtu s you set your Use Default Qty to 3 e If you enter an invalid energy quantity in most windows the order is not sent and you receive an invalid order quantity message in the Audit Trail If you enter an invalid energy quantity in MD Trader the order quantity is truncated to a valid order quanti
217. chnologies International Inc Proprietary and Confidential Information Index X X_TRADER AUTOMALIG SHUT O WI APNE O RN exiting ge LOU CO A A ae TTT PE rn data ares trading system E X_TRADER Pro X TRADER Pro A te lali MOTRADER Pro cs aio Trading Technologies 495 Trading Technologies International Inc Proprietary and Confidential Information
218. ck and Vola Order The Inquire Block and Vola Order dialog box appears Inquire Block and Vola Order Restriction Order Number Exchange Product Type Block v EUREXA vw FUTURE Cancel 3 In the Restriction field click whether the order is a Block order or a Volatility order 4 In the Order Number field type the order number of the trade that has been initiated by the buyer Note This information must be obtained from the buy initiating side of the block trade 5 In the Exchange field click the Eurex exchange on which the order was submitted 6 In the Product Type field click whether the order is a Future Option Spread Stock or Strategy 7 Click Inquire In the Order Book the Submit button becomes the Accept button 8 Click Accept The Order Book and Fill window will now indicate the accepted trade information You have successfully accepted a block trade entered into the Eurex exchange Trading Technologies 231 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Making a Block or Volatility Order Inquiry The Inquire Block Order dialog box is used to receive and validate orders for the sell side of a Eurex block trade p To make a block or volatility order inquiry 1 With X_TRADER open and logged into the Eurex exchange open the Order Book 2 Right click in the Order Book to access the context menu and click Inquire Block and Vola Order
219. cs for more information e Fills Pane Field Descriptions e Position Pane Field Descriptions X_TRADER delivers trade fill information immediately upon receipt from the exchange Exchanges provide the information in different ways For example some exchanges send fill information via their back office feed Therefore problems may arise due to the following e Trade confirmations may not be sent immediately or may not be received from the exchange e Guaranteed fills that are provided by back office feeds and are typically delayed 10 to 15 seconds may be delayed for many minutes The length of the delay varies due to exchange trading volume fluctuations and product state changes for example the closing of a market Trading Technologies recommends that you use regular exchange screens to complement X_TRADER windows during periods of such delay X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Fill Window Fills Pane Field Descriptions The following columns appear in the Fills pane They are listed in the order presented in Fill tab on the Properties menu Note If logging is enabled LIFFE fill records are retained in the lt root gt tt logFiles directory on the TT LIFFE Gateway Every day a file is created for each LIFFE trader that records all fills The file has the following format day month year Ttfill_trader mnemonic The X_TRADER Administrator
220. ct various contract months and generate a Matrix for each Although you can create multiple Matrices a single Floating Order Entry window opens to submit each order Allows you to save your Spread Matrix within your workspace When you restart the system and open the workspace the spread displays Note The system does not recreate strategies Trading Technologies 261 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Spread Matrix Calculations The calculations that create a Spread Matrix follow Outright Prices e Spread ask Front Month Ask Back Month Bid e Spread bid Front Month Bid Back Month Ask Outright Quantities e Best price outright quantity Lesser of the front month quantity and back month quantity e Best price spread quantity Spread quantity e Outright price and spread price are equal Lesser of the front month quantity and the back month quantity the spread quantity Implied Pricing and Implied from Implied Pricing See Implied Prices and Quantities on page 233 262 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Butterfly Condor Matrix Overview E CME 65 13 0 gt Hex Outright Last Pre Net Pos Contract AskPrc Ask Qty Calendar Bd Pre Bid Gty ASK Pre Ask Qty Butterfly 7889 221 Bid Pre Bid Gty Ask Pre Ask ay Condor
221. ction Fee Associated fee G Not used at this time Zero fill P A Designates whether your order was filled as a Passive or Aggressive order This allows you to determine fees based on a specific order Order No Order number assigned by exchange TT Order Key Unique number applied to this order Trans ID Unique transaction ID assigned to each fill and partial fill Exch Date Exchange date Ord Time Workstation order time Ord Date Workstation order date C Confirmed by operator Conf Mbr ID Confirmed member ID Conf Group ID Confirmed group ID Conf Trader ID Confirmed trader ID Conf Time Time order was confirmed Conf IP Confirmed IP address Cntr Party Counter party Trading Technologies 409 Trading Technologies International Inc Proprietary and Confidential Information Chapter 12 Detail Pane Column Descriptions The Detail pane includes the history of a given order including submission information and if the order was ever canceled or replaced It can also display partial fills for an order in the event that this order was only partially filled 410 S 3 9580 0 GE DECOS ps001003 18 24 08 000 B001F3 10 10 05 13 24 08 32 S 9580 0 GE DECOS ps001003 18 24 08 000 B001F3 10 10 05 13 24 08 32 Exch B s Qty Price Product mmm Account Exch Time Order Ho Exch Date Ord Time CME 2 CME Column Name Description Row Numbers Row numbers Exch B S O C Qty Price Cur Product C P
222. ction Enable Floating Order Book Change button only O None Cancel Replace and Change Default Half Second Hover Cancel Replace button only One Second Hover O Middle Mouse Click New Order Settings Invoke When Hoverini C Use New Order Color Settings l L Over Inactive V Original Qty work Oty Original Div Default O Work Oty E Default Visible Columns C Delete All Orders on Shift E scape Quote Alert C Enable Quote Alert Warnings Alert Options OK Cancel p To access the Orders tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Orders tab You have successfully accessed the Orders tab Trading Technologies 113 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 114 Orders Tab Properties Setting Color Code Buy Sell Display Routing Status Delete All Confirmation Allows you to quickly differentiate among orders Default text and background colors follow e Text color for Buy orders is blue e Text color for Sell orders is red e Confirmed fill text background is gray To customize colors go to the Color tab Note When you enable color coding color formatting of the individual grids is disabled Only the colors you select via the global Color tab on the Properties menu are applied Provides immediate notation in the Order Book that displays Routing when you send an orde
223. cts e Order Types e Pricing Format e Market Grid MD Trader e Excel Links e Autotrader e Autospreader e Click Trading In addition the BrokerTec exchange adds the following new functionality to X_TRADER e Placing Passive and Aggressive Orders The Auto Aggressive property e Working up Orders in the Private and Public Phases Flashing Quantity and Price fields during workup s Send Quote Order Property Leave checkbox s Hold In Timer 456 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Tradable Products BrokerTec supports the following products Trading Specialty Exchanges e 2 year Actives On the runs and When Issued e 3 year Actives On the runs and When Issued e 5 year Actives On the runs and When Issued e 10 year Actives On the runs and When Issued e 30 year Actives On the runs and When Issued Order Types The following order types are available when trading BrokerTec BrokerTec Order Type Associated TT Order Type Description FAS Fill and Save Limit Order Fills as much as possible The resting quantity of the Limit order becomes Passive FOK Fill or Kill FOK Fills order completely or cancels the order immediately Partial fill is not accepted FAK Fill and Kill IOC Fills as much as possible The resting quantity is canceled immediately Order with hidden size Iceberg The resting quantity of
224. d Seller sections 9 In both Acc Code fields type the account code for this trade 10 11 12 13 14 15 16 17 18 Note Valid entries include H House L Local S Segregated or N Non segregated In both Open Close fields type O or C to indicate whether this trade opens or closes a given position In both ISIN fields type the International Security Identification Number In both Cash Pre fields type the price for the underlying agreed to by buyer and seller In both HR fields identify the methodology used to determine the price for the underlying component Note Valid entries include P Price factor or duration method M Modified duration method S Sensitivity spread ratio and D Delta neutral ratio In both Reference fields identify the underlying product In both CTI fields type the appropriate clearing code Note Valid entries include 1 2 3 4 U for unassigned and A for allocation In both Posting Code fields only enter a value for Euronext products If you want to include account numbers in both Account fields type the applicable account numbers Click Send to submit the information to the market You have successfully submitted an against actual trade Trading Technologies 439 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 Flex Options Overview FLEX orders are essentially FTSE 100 options ex
225. d dee 395 Open P E Based L 1 TT 395 PA Column Display Bas a ere a A cee BE A ie 396 MANAGING MANUAE FIL Sonnie sai act s din dai ce codes add dessa Aa a a V svavseve beets vives 397 MANUAL FILLS DIALOG BOX FIELD DRSCRIPTIONS ni nonnannos 398 ADDING A MANUAL BILD arnie ta ld AA i a ve staat ARG Ca eae Mesa CEO Os 399 DELETING A MANUAL FILL a a a e e E TENA 400 SAVING A MANUAL PIED TTT 400 FAST FILLS PANE OVERVIEW csssessccscesccecsesessenecesececeseesseeeceseesceeseseaeeeseceeseeensaaeeeeeseesenenens 401 FAS TRIE NOTES 2 e o e oe BE OE ES 402 EUREX FAST FILLS INFORMATION cccssssccesececessesseaecesecscsessnscaecesecsessssaaeaecesecsesensaeaeeeseeseneneas 402 FFNet and NetQty Synchronization 00 0 eesseccssecceseeseceeesecseeseceaeeecsaecesesecaeesesnaeecesaecaeesecseeeeeneseeaes 403 FAST FILLS PANE CONTEXT MENU 403 CHAPTER 12 TRADE BOOK sessssciccesccscsccsssssescesscesescasesessesecessssavscsscevcsssescosesce 409 PIETERS IN AE EA TES Se Nea cn ds Soda whieh DAEs CB hs Bebo 406 CONTEXT MENUS a HL 406 SUMMARY PANE COLUMN DESCRIPTIONS sse eee 406 PARTIAL FILL PANE COLUMN DESCRIPTIONS see 408 DETAIL PANE COLUMN DESCRIPTIONS csssessssscesececessessnseceeecececeesssseaecececeesesensseeeeeseeeeeenees 410 TRADE BOOK CONTEXT MENU iotioiosiote aislados OSA a lindes 412 DISPLAYING HITE DETAILS TTT 413 SORTING TRADE BOOK N rarai nanses orion pita coesiptesetnde Oi a IAS ee eii 414 CHAPTER 13 TIME AND SALES s sss sss
226. d from MD Trader You have successfully deleted a link from MD Trader window Using the Laser Line When you paste a link from Excel into MD Trader the Bid indicator and Ask indicator columns have always been shaded the color of the background cell in Excel This shade indicates the approximate value of the link in relation to the MD Trader Price column This functionality still exists however it has been enhanced Now when you have the Bid indicator and Ask indicator columns hidden and you paste a link from Excel a laser line appears over the number in the Price column to indicate a realistic approximation of the value of the link created in Excel b To use the laser line indicator 1 Create your formula or value in Excel 2 In Excel click the Format menu and choose Cells 3 Click the Pattern tab 4 Click the color you want to shade the cell and click OK 5 Right click the shaded cell and click Copy 6 In MD Trader if the Bid indicator and Ask indicator columns are shown go to the next step OF In MD Trader if the Bid indicator and Ask indicator columns are not shown go to Step 11 7 Right click MD Trader and click Properties 8 Click the MD Display tab 9 Click to de select Show Bid Indicator Column and Show Ask Indicator Column 10 Click OK 11 Right click MD Trader and click Paste Link You have successfully used the laser line indicator Trading Technologies 317 Trading Tec
227. d to customize the maximum file size and number of days to save Time and Sales files The maximum size of the saved data file is 250 MB The maximum number of days to save files is 5 days 424 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Time and Sales Time and Sales Properties Tab The Time and Sales tab in the Properties menu is used to set the following file saving characteristics G Properties Trading Order Entry Fill Position Orders Audit Trail Sounds Color Spread Matrix Trade Book Time And Sales Customer Defaults MD Trading MD Display MD Color Quote Board Maximum File Size MB Number of days to save files 1 5 e Maximum File Size If the amount of data exceeds the configured limit during any time period the Time and Sales window will continue to update but the data will not be saved to the file The maximum size for the data file is 250 MB e Number of days to save file Past historical Time and Sales data files are saved once per day The maximum number of days to save files is 5 days Note Time and Sales files older than the configured default limit are deleted at startup If you want to archive these files save them to another directory before they are deleted Use the Time and Sales tab on the Properties menu to perform these procedures e Setting how Time and Sales data files are saved e Archiving the Time and Sales
228. daq and LIFFE It is a wholly electronic exchange offering single stock contracts based on the most actively traded equities on NASDAQ and the New York Stock Exchange NQLX is an independent exchange and uses LIFFE Connect s trading platform The NQLX supports Block Trading NQLX also supports the Market Maker Cross feature To use this feature you must be recognized by the exchange as a Market Maker Note Refer to the Wholesale Trading Chart on page 428 for more information on Wholesale Trading types and the exchanges that support them b To send a Block Trade Using the NQLX exchange 1 2 3 4 5 6 Log onto the NQLX exchange Open the Market Explorer and select a product Open a Market window for the selected product In the Market window click the row containing the product Right click in the Market Grid to display the context menu Point to Wholesale Orders and click Block The Block Trade dialog box displays The Series Month and AMR fields populate using the contract data from the Market Grid cell Block Trade Series Buyer Seller Trader Trader Account Account Open Close Open Close CT CTI Posting Code Posting Code Quantity Account Account Block O Market Maker Cross O Guaranteed Crossing 7 In the Price and Quantity fields type the appropriate values 8 Complete steps 9 15 in both the Buyer and Seller section Trading Technologies 445 Trading Techn
229. data files before it is deleted Trading Technologies 425 Trading Technologies International Inc Proprietary and Confidential Information Chapter 12 b To set how Time and Sales data files are saved 1 Click the Time and Sales tab From the Control Panel click Settings and choose Properties 2 3 Enter a value in the Maximum File Size box maximum is 250 MB d 5 Click on OK to close the Properties menu and activate the settings Enter the number of days to automatically save the files maximum is 5 days You have successfully configured saved Time and Sales data files b To archive the csv file before it is deleted 1 2 Under your C drive double click the tt folder 3 4 Right click the TSData_X_YYYYMMDD csv file and click Copy From your desktop right click the Start Menu and choose Explore Double click the logfiles folder Note Where X stands for the Time and Sales session opened on YYYYMMDD the Year Month and Day 5 Navigate to the folder you want to save the file in 6 Right click an open space in the new folder and click Paste You have successfully archived the esv file Time and Sales File Status Bar 426 Time amp Sales YM DECOS gt MES 14 52 03 ecBOT 4 YMDECOS A 14 52 03 eCBOT 4 YMDECOS B 21 Added YM DECOS 1 08 used Y A File Status box appears on the bottom of the Time and Sales window and lists saved information as a percentage of th
230. ded Quantity TTQ or Volume at Price VAP 117 540 lt oemub wi 417 535 117 530 1417 525 117 520 mans 1117 510 117 505 117 500 35 117 485 1117 480 a 147 470 117 465 117 460 117 455 US Pal 6 765 104 5 6772 132 Trading Technologies 469 Trading Technologies International Inc Proprietary and Confidential Information Chapter 16 Trading ICE The Intercontinental Exchange ICE is an internet based marketplace for the trading of OTC energy metals and other commodity products ICE Futures formerly know as IPE the International Petroleum Exchange electronically lists energy futures and options contracts as well The release of X_TRADER 7 4 supports the trading of the following products e ICE Futures s ICE Cleared OTC products Note Contact TT Support for questions regarding the specific list of supported products This release does not support ICE or ICE Futures Exchange Options or ICE Bilateral Deals Bids and offers entered into WebICE as ICE bilateral orders do not display in X_TRADER Clearing The ICE Futures Exchange is a standard futures exchange and they clear all of their own contracts Three options for clearing exist on the ICE exchange They include e Cleared Standard clearing through a clearing firm e Clearable Either cleared or bilateral depending on the counter party e Bilateral Clearing negotiated directly between two counter parties All orde
231. default order quantity You have successfully taken the offer Dime the Offer Using the Keyboard Once keyboard trading has been enabled you can dime the offer using the keyboard P To dime the Offer 1 Enable keyboard trading locally or globally 2 Press the F10 key MD Trader enters a sell order one tick below the current best offers in the market You have successfully dimed the offer Dime the Bid Using the Keyboard in MD Trader Once keyboard trading has been enabled you can dime the bid using the keyboard p To dime the Bid 1 Enable keyboard trading locally or globally 2 Press the F3 key MD Trader enters a buy order one tick above the current best bid in the market You have successfully dimed the bid Trading Technologies 327 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Join the Bid Using the Keyboard Once keyboard trading has been enabled you can join the bid using the keyboard P To join the Bid 1 Enable keyboard trading locally or globally 2 Press the F4 key MD Trader enters a buy order at the current best bid in the market The quantity sold is based on the amount in the order quantity field or on the preset default order quantity You have successfully joined the bid Join the Offer Using the Keyboard Once keyboard trading has been enabled you can join the offer using the keyboard P To join the Offer 1 Enable keyb
232. der If the market touches the price level on the order it does not have to trade through the price the order activates as a Market order Allows you to set the minimum acceptable order quantity If it cannot be met the entire order is cancelled Keeps order in the market until it is cancelled X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Section Assign Buttons Order Types Used to assign buttons to selected order types enabled in the Enable Order Types section Use the menu to select the order types you want displayed as buttons in the MD Trader window Note The order types set up as buttons will no longer appear in the Order Type Selection menu in MD Trader Once you click a button in MD Trader and send an order the sticky feature allows you to continuously execute the same order type without having to click the button again The selected button and cursor will be highlighted in yellow while the order type is in effect To discontinue sending the same order type click the selected button again or select another order type Trading Technologies 143 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 MD Display Tab Use the MD Display tab to customize the appearance of MD Trader Parameters that you set to the MD Trader tabs MD Trading MD Display MD Color MD Advanc
233. der windows e Displaying a small MD Trader window using context menu gt To globally display small MD Trader windows 1 From the Control Panel click the Settings menu and choose Properties 2 On the Trading tab click to enable the Use Small MD Trader as Default option 3 Click OK The Properties menu closes When you launch an MD Trader window it automatically displays as the smaller version This is a global property setting and affects all MD Trader windows that you launch including those launched by Autospreader You have successfully displayed small MD Trader windows p To display a small MD Trader window using the context menu 1 Open an MD Trader window 2 Right click to access the context menu Clone Size to Fit Find Control Panel Rename Window Properties Small Mode Paste Link Delete Link 3 Click Small Mode You have successfully displayed a small MD Trader window Titlebar Buttons Titlebar buttons do not automatically display in this smaller version of the window This allows you to view the product and contract in the MD Trader title bar If you would like to view the Titlebar buttons go to the MD Display tab on the Properties menu and enable the Hide Titlebar Buttons property Alternatively you can use the Show Hide Titlebar Buttons option on the context menu to show or hide the Titlebar buttons for that particular MD Trader 304 X_TRADER 7 4 User Manual Tr
234. ding Technologies International Inc Proprietary and Confidential Information Chapter 6 268 Show Hide Series Allows you to hide or show a contract and create a Butterfly Condor Matrix with the selected list of contracts only Therefore you are now able to display any combination of legs Display Prices You have the ability to display Butterfly Condor Matrix prices as Net Change versus actual prices Select from one of the following options Show Outrights as Net Change Show Spread Prices as Net Change Show Outright Last Traded Price as Net Change When you click one of these display price options a new default color scheme is used The new color scheme displays the following Negative prices display in pink Positive prices display in light green Prices with no change display in white X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Features of Butterfly Condor Matrix Features of the Butterfly Condor Matrix include Displays contract months for the selected product Displays an Order Change dialog box and a Floating Order Book that allow you to change working orders without having to open the Order Book Displays calculated Implieds from Implieds data Enable this feature in the Trading tab on the Properties menu Displays outright prices along the top diagonally along the bottom or both To select how outright
235. ding on FFNet NetPos click to select the Enable on FFNet NetPos 7 checkbox Click OK to exit the Properties dialog box and save the selected options You have successfully set the properties for click trading 226 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Using Click Trading in the Market Grid p To use the click trading feature in the Market Grid Note When Click Trading is enabled ALL safety measures are removed 1 Enable the Click Trading feature 2 Enter the required quantities and information from the table below Enter your click trading order quantity Click Offset Field based on the Last Traded Price Enter the maximum number of ticks that the price can move from the last traded price Click Offset protects you from sending an order that is too far away from the last traded price Note Click Offset and Click are mutually exclusive Click Plus Minus Field based on the current inside market Enter the maximum number of ticks the price can move from the prevailing inside market price Click allows you to chase a fast moving market For example if the Click value is two ticks where the tick value for the product is 01 and clicked bid price is 115 99 the worst price that will be accepted is 115 97 If a better price is available the order will be filled e g 115 98 or 115 99 Notes
236. dows you want open on your Desktop 3 Adjust the window sizes filters fonts grids sounds and colors to your liking 4 Adjust the placement of the windows on your screen Note Your saved workspace also remembers the windows that you minimize From the Control Panel click the File menu and choose Save As 0r From the Control Panel click the button Type a name for the workspace and click OK Note While naming a workspace X_TRADER will not allow you to put an invalid character into the name You have successfully created a personalized workspace You can re open this workspace at any time in the form in which it was last saved Trading Technologies 67 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Saving a Workspace Al Warning Close Market Depth before saving a workspace Leaving it open may render Market Depth temporarily inoperable when you open the workspace If you have a workspace open changes are automatically saved under the same name The workspace name is displayed in the Control Panel Title bar There are two procedures for saving a workspace e Saving a workspace e Saving a workspace under a new name p To save a workspace 1 From the Control Panel click the File menu and choose Save Workspace 0r From the Control Panel click the button 2 If this is a new workspace you are prompted to enter a workspace name If y
237. ds directory e Sound files should be short in duration Longer files may not be able to keep up with near simultaneous events Note When performing a cross trade with sounds assigned to buy and sell events the first sound based on your selection of Buy First or Sell First is either cut off or unheard Because the buy and sell events are closely timed only the second sound event is audible Contract High and Low Sounds You can add sounds for a contract s high and low price threshold for the day Whenever a contract trades above the high price or below the lowest price these sounds are played Assign different sounds for the high and low on the same contract as well as different sounds for different contracts Sounds for high and low prices are managed in the Alerts Manager dialog box Adding an Event Sound b To add an event sound to a given event L 2 From the Control Panel click the Settings menu and choose Properties Click the Sounds tab The top list box displays the event and its associated sound By default no audio files lt None gt are associated with the events Under the Events column double click the event to which you want to assign a sound The Associated Sounds column is editable Click the LJ icon to locate the sound file you want to use as your alert 5 If necessary navigate to the location where the sound files are located In most X_TRADER installations this is in the following folde
238. ds versus their mouse to submit orders Order Entry Style 4 Like Order Entry Style1 but includes tabs for new order types Default for new installs Order Entry Style 5 Like Order Entry Style 2 but includes tabs for new order types Enable Order Types Block Order Use this option when sending Eurex Block Trades For Block trades on LIFFE refer to the Wholesale Trading section of the Help Block trades are product trades that involve high volume The traded price has been separately agreed to by both parties outside of the normal exchange trading methods When you select Block from the Order Type field the Counterparty Information field automatically displays Fill or Kill FOK Immediately fill the entire order or immediately cancel the entire order Iceberg Replaces the disclosed quantity order Restricts your order with a disclosed quantity so you can execute your total order by only sending portions of it to market at a time Attributes of an Iceberg include e Fach disclosed quantity is equal e On the Order Entry pane you can set the quantity as an order quantity or a percentage of the total order quantity In MD Trader you can only set the parameter as an order quantity Immediate or Immediate partial fill of the order before the balance is cancelled Cancel IOC Limit If If the market touches the price level on the order it does not have to Touched LIT trade through the price the order activates as a Limit order
239. duration method s M Modified Duration method e S Sensitivity spread ratio e D Delta neutral ratio Reference Used to identify the underlying product order number selling buying code etc from the other exchange CTI Clearing Code Posting Code For Euronext products only Account Optional free form text field Type an account number in this field up to 8 digits Optional with Strategies Name of the strategy leg Quantity of the strategy leg to be traded Price of the strategy leg to be traded Seller Fields Descriptions Trader Exchange identifying number for the trader submitting this trade Account Account code for this trade Can be one of the following H House L Local S Segregated or N Non segregated Open Close Indicates whether this trade opens or closes a given position Default is blank which is acceptable ISIN International Security Identification Number Uniquely identifies a given product Trading Technologies 433 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 Cash Price Price for the underlying that is agreed to by buyer and seller HR Hedge Ratio One character code that identifies the methodology used to determine the price for the underlying component Reference Used to identify the underlying product order number selling buying code etc from the other e
240. e This is defined in the Order Quantity field of MD Trader Once an initial order goes to the market the Order Quantity field continually resets itself in the Default Quantity field after each trade The Default Quantity field can be manually edited Note The size of the order is limited by the order quantity restriction that may have been set in the maximum trade quantity field However the restrictions established by Guardian take precedence over the maximum trade quantity defined for MD Trader Setting the Maximum Trade Quantity MD Trader requires a maximum trade quantity to trade Once entered this quantity prevents you from entering any order that is larger than the preset amount For example if the maximum trade quantity were set to 50 attempting to sweep the market with an order quantity of 300 is not permitted Note There are two exceptions to the maximum trade quantity setting e Enabling TradeOut e Restrictions established by Guardian There are two ways to set the maximum trade quantity s To set the maximum trade quantity locally s To set the maximum trade quantity globally gt To set the maximum trade quantity locally 1 2 3 4 Open MD Trader Right click anywhere in MD Trader and click Properties In the Order Parameter section type a maximum order quantity Click OK You have successfully set the maximum trade quantity locally b To set the maximum trade quantity
241. e Delete all visible orders e Delete all visible orders and orders hidden by filters Additionally you can enable and disable the Delete All button as needed X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Book b To delete a single order 1 Select the order to be deleted by clicking any cell in the appropriate row to highlight it 2 Select the Delete button in the top pane or Click on the Delete button in the appropriate row The Audit Trail message specifies the action taken Delete You have successfully deleted an order p To delete multiple orders 1 Click the first you want to delete and hold the button down while you move the mouse across the order rows a or Hold the CTRL button down and click each order you want to delete 2 Select the Delete button in the top pane The Audit Trail message specifies the action taken Delete You have successfully deleted multiple orders p To delete all visible working orders Click the Delete All button to cancel all visible working orders You have successfully deleted all visible orders 8 Warning Using the Delete All button to empty your Order Book does not delete any a To delete all visible orders and orders hidden by filters 1 Right click on any cell in the bottom pane of the Order Book window 2 Click Clear All Filters from the menu Note This is the only way to ensure that all
242. e filled data file size This percentage is dynamic Changing the size of the saved file through the Time and Sales tab on the Properties menu also alters how the percentage figure is shown Doubling the size of the saved file from 15 MB to 30 MB for example will halve the percentage that is recorded as being saved to the data file An alert box will appear when the size of the saved file passes 100 When the file size passes the configured limit the Time and Sales window continues to update but the data is no longer saved to a file X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Wholesale Trading Chapter 14 LIFFE Wholesale Trading The LIFFE Wholesale system is a reporting mechanism for transactions negotiated outside the markets that wholesale trade They must also decide which firm executes the order The executing member submits the order on both the buy and sell side Because the counter member does not submit an order no counter member information exists in the order The counter member does not receive order acknowledgment or fills Once a wholesale order has been submitted it cannot be cancelled revised or handed off to a different trader Note TTORD Traders are permitted to send block orders Wholesale orders appear in the Audit Trail the Total Traded Quantity column of the Market Grid and the Fill window Wholesale orders do not appear in the Order Bo
243. e price Notes If the second half of a Cancel Replace order fails the order is deleted from the Order Book and from the market You should also be aware that 1f any part of that order is filled before a successful Cancel Replace happens you are still responsible for the position incurred If a change cancel replace or delete attempt results in an ORDER DELETED OR FILLED message the exchange has rejected the request because the order has already been successfully deleted or filled Tf the receipt of the confirmed fill is delayed the Order Book cannot remove filled orders in a timely manner It is also possible to request a change delete at the same moment that a confirmed fill is being received Either occurrence results in the trader receiving the above message b To cancel and replace an order Y Tip If you are simply decreasing the order quantity use the Change button This ensures the order does not lose its place in the queue 1 Select the order to Cancel Replace by clicking any cell in the appropriate row 2 Change the order information as necessary 3 Click the Cancel Replace button The original order s Status temporarily displays Replaced The Audit Trail receives the first of two messages that reflects the deleted order with a zero working quantity The second message details the new order information and the new order number You have successfully canceled and replaced an order Trading Te
244. e the box Note This feature behaves differently for a direct trader versus a proxy TTORD trader e At this time only LIFFE supports the feature e Itis available via the Market Grid or MD Trader window e If an exchange trader uses this feature all working orders for that contract for all sponsored proxy traders are deleted s Ifa TTORD trader attempts to use this feature it converts one message into to multiple individual delete requests by the client application to prevent a trader from deleting the exchange trader s working orders for that contract Depth Displays an icon used to show or reveal Market Depth Bid Mbr Bid Member ID If supplied by the exchange WrkBuys Working buys for entire Group ID Reflects the total number of working contracts for your entire group across all prices Group ID MemberIDGroupIDTraderID One or more traders may be assigned the same Group ID BidQty Bid quantity Note The Eurex exchange displays only four 4 digits in inside market Therefore the maximum Bid Ask Quantity is 9999 This is a limitation of the Eurex API for UserDevices and MISSes If the inside market is greater than 9999 and you wish to view that data open Market Depth feature in the Market Grid ThrshBid Threshold bid price The exchange establishes the upper and lower price reasonability limits for Euronext Futures If trading occurs outside the thresholds the exchange ceases trading for the product A frozen market requir
245. ead Matrix 1 Click any of the price or quantity cells to populate data in the Floating Order Entry window The Floating Order Entry window appears El eCBOT A ZB 5 059 GBB a COOR l 1 l 5 I 10 E N a Order Destination a 100 J 500 l E UA lt None v Open w a1 lt Bess Cross atx Route to Best Short Sell E t debas Hold Clear Ted 2 Use the Floating Order Entry window to submit your order You have successfully traded with the Spread Matrix P To click trade in the Spread Matrix 1 Right click in the Matrix to access the context menu and click Click Trade The Click Trade bar appears above the Spread Matrix E CME 6S 13 05 gosg a 0 Oy o a Click g a Click 0 4 Theo Y Offset Y B A lt Defaub v v IV 2 To submit orders e Right click in a Bid Price cell to send a sellorder e Right click in an AskPrice to cell send a buy order Note If you right click in a Quantity cell only the contextmenu displays and no orders are submitted You have successfully click traded in Spread Matrix Note Implied data does not display for Condor Matrices because LIFFE does not match implieds from Condor Matrices 266 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Butterfly Condor Matrix Context Menu Right click in the Butterfly
246. easisentacdiceseesviedeisaidee 235 ENTERING ORDERS USING THE KEYBOARD sse eee 236 IKEYBOARD ENTRY TT 236 KEYBOARD VALIDATION MODE ccccceccccesssecsseseesceceeseecesssccsuecesseecessscessesesssscesssecesseeesseseseeenees 237 Diming Offset ick ends aia ail untae toe bbe be aches aetna Ll 238 CONTROLLING QUANTITY OR PRICE USING THE KEYBOARD eee 239 ORDER CHANGE DIALOG BOX OVERVIEW 240 USING THE ORDER CHANGE DIALOG BOX s 240 QUOTING OVERVIEW ETT 241 QUOTING ADDITIONS TO THE MARKET GRID PANE ee 242 ENABEING QUOTIN Gre se2ez eit A E E abanderada ir bid esta 244 Trading Technologies vii Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual EDITING GENERATING AND SENDING QUOTRS 247 TRACKING QUOTES iaa a id a Ai 248 ACTIVATING OR DEACTIVATING A STRIKE OR AN EXPIRATION ccooccoconccononoconnnccnnccrnnnccnancccnnnnc ns 249 ACTIVATING DEACTIVATING MULTIPLE STRIKES OR EXPIRATIONS cccscccessceesseceesseceeeeeens 249 DELETING MASS OR INDIVIDUAL QUOTES ccccccesssecesssecssssesssececeecessseessecsessecesssecssseeessecseeeeees 250 DISABLING QUOTING wis iceisz cites erora E E AA ATEA EE i ee eiia 251 STATUS OF QUOTES AT X_TRADER SHUTDOWN ccoccoconononocncoconononcnnonconononnnoncnnononcnnnncn cananea 251 TRADING EURODOLLAR OPTIONS S EGE ilee AGE EEA aE EAN ET EAEE as 252 Market Gid Changes TT 252 Request For Quote RFQ WImdOW sss sese eee 252 Tr adme Eur
247. ected e 5 seconds between the legs for futures contracts and their associated spread contracts e 15 seconds between the legs for options contracts and their associated spread contracts Notes e If the first leg is only partially filled the second leg is submitted with the original quantity No adjustments are made to the second leg e If the first leg is completely filled the second leg still goes to the exchange e The X_TRADER gateway system rejects Sequential Fast cross orders 224 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Click Trading Order Entry Click Trading allows you to right click the bid price to send a limit sell order or right click the ask price to send a limit buy order El CME 6A 2 09 000 a OON 1 5 l 10 E E Order Destinatio 0 lt None gt Y Open vial Y Cross MEI Cross 1 L ITS J v hd lt Default gt C Hold CI Lock Clickf Dime a Y Theo Bee y xea TEST x IS A To use Click Trading follow these procedures e Enabling Disabling the Click Trading Feature e Setting Default Properties in Click Trading e Using Click Trading Notes e When Click Trading is enabled ALL safety measures are removed e The Lock and Blotter features are not available when click trading Enabling Disabling Click Trading P To turn click trading on or off 1 Rig
248. ed globally affect all MD Trader windows subsequently displayed Alternatively access local MD Trader property tabs via the MD Trader context menu to set properties for one MD Trader window Properties Trading Order Entry Fill Position Orders Audit Trail Sounds Color Spread Matix Trade Book Time And Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board Format i 3 Digits for Working Exec Z Show Clock Y Show Customer Account Name Y Show Delete All Button Price Consolidation Z Enable Trade Out 1 Prices per line 0 Offset IZ Show Bid Indicator Column C Show Slider Control Increment Ticks Z Show Ask Indicator Column Y Color Code Blank Spots C Keep MD Trader on Top 4 Display Average Price of Position Y Show Bold Text on Bid Ask Column C Set Row Height Z Display High Low for the day Delete Buttons Working Quantity Totals 11 Digits for Price Display C Automatic Grid Centering C Mouse Hover Highlighting O Display Working Buys Sells Text Only C Display Delta TTO Delete Total Working Buys Sells Quantity on Button Highlight Inside Market O Delete Bids Offers Button Only Hide position on right click O Display Working Buys Sells as Text and Delete Y Use Small MD Trader as Default Bids Offers as buttons C Hide Titlebar Buttons Recentering Bid Ask Text Justification C Recenter on Price Column Left Double Click Bid L JR
249. ed Bid Price 1 Leg Front Month BidPrice 2 x 2 Leg Middle Month AskPrice 3 Leg Back Month BidPrice Implied Ask Price 1 Leg Front Month AskPrice 2 x ia Leg Middle Month Bid Price 3 Leg Back Month AskPrice Implied Bid Quantity Lesser of 1 Leg Front Month Bid Quantity and 2 Leg Middle Month Ask quantity 2 and 3 Leg Back Month Bid Quantity Implied Ask Quantity Lesser of 1 Leg Front Month Ask Quantity and 2 Leg Middle Month Bid quantity 2 and 3 Leg Back Month Ask Quantity 270 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Spread Strategies Overview X_TRADER supports the creation of intra product spreads as permitted by LIFFE Connect m Create New Strategy a E UFFE AA NOVOS J 0 Contract QU AA PAET AA NOVOS LS FUTURE AA MAROB 2 AA DECOS E AAL 3 AA JANOS E ABA AA MAROS H G ABE 1 ABF 4 amp ABG a ABP Gg AC E E Aca al Ana sos Strategy Name Strategy 1 Existing Strategies Strategy Name Legs 144 NOVOS 1 AA DECOS T 1 AA JANOB laz Use X_TRADER to perform these procedures e Creating a New Spread Strategy e Setting Outright or Spread Prices e Trading with a Spread or Strategy e Adding a Spread or Strategy to the Market Window e Renaming an Existing Strategy e Recreating a Spread Strategy e Amending St
250. ed in X_TRADER By default the Market Grid cells that are being fed from the Excel model are light blue with black text 216 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window b To Change the default colors for Excel Links in the Market Grid 1 Click the Color tab From the Control Panel click the Settings menu and choose Properties 2 3 From the list of editable colors select Excel Link 4 5 Click OK to apply the color and exit the Properties dialog box In the Color section click a color from the palette You have successfully changed the default colors for Excel Links in the Market Grid Since this is the default setting all new links will also be identified by this background color Refer to Changing Colors of Windows or Text on page 128 Generating an RTD Formula The RTD dialog box allows you to copy formulas from the Market Grid or Autotrader and paste them for use in Microsoft Excel There are several hundred available formulas ranging from the Best Ask Price ASK of a contract to accumulated traded contracts at the current last traded price ACCLTQ The formulas also exist in Native Decimal and Tick amp formats Note You must have Microsoft Excel 2002 or later to use formulas generated from the RTD interface P To use the RTD interface 1 In the Market Grid or Autotrader right click a cell in t
251. elected product and hold the mouse button 3 Continue holding the mouse button and drag the cursor to the open Quote Board When the cursor leaves the window it changes to a circle with a diagonal line through it When the cursor enters a window it changes to include a plus sign 4 When the cursor enters Quote Board release the mouse button You have successfully populated Quote Board using drag and drop from the Market Grid p To populate Quote Board using the Market Grid context menu 1 In the Market Grid click the Contract column of the product for which you want to populate Quote Board Note To select multiple contracts press and hold the CTRL key and continue clicking contracts OF To select any successive contracts in a row click and drag the cursor over the contracts to highlight them 2 Right click to access the context menu and click Quote Board A Quote Board appears populated with the product you selected You have successfully populated Quote Board using the Market Grid context menu 356 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Quote Board Reading the Quote Board Each pane in Quote Board displays the following fields e O Opening price for the day C 11965 0 s H High price for the day 12206 0 e L Low price for the day ae s L Last traded price for the day A 790 e Delta A Net change on the day Y 22156 e V
252. elivery period P L is displayed in the same manner as all other futures s For contracts with different delivery units X_TRADER does not sum positions above the contract level Trading Technologies 475 Trading Technologies International Inc Proprietary and Confidential Information Chapter 16 Understanding Delivery and Flow Like standard futures some energy contracts specify delivery of a given amount on a given day For example the delivery of crude oil against IPE Brent Crude futures is done in one lump sum on a single day i e one delivery period However some energy contracts specify delivery of a given amount of energy over a specified period of time 1 e multiple delivery periods This is referred to as delivering flow For example Power contracts specify delivery of a particular amount of electricity to be delivered onto a power grid for a given period of time Some natural gas contracts specify delivery of a particular amount and quality of natural gas to be delivered into a nationwide pipeline for a given period of time The actual deliverable quantity of products that specify delivery in flow can vary from contract to contract This is due to the variation in the number of days in a given month For example A power product that specifies the delivery of given amount of electricity per day for the entire delivery month will have different deliverable quantities for Sep06 30 days and Dec06 31 days
253. ely the second side of the cross order will still be submitted 6 Click OK You have successfully enabled Cross Trading Trading Technologies 221 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 b To execute a cross or cross with trade using Order Entry Style 1 Note Remember that you must have previously set up customer profiles for each client you wish to conduct cross trades with 1 Inthe Order Entry pane click the Cross or Cross With buttons Note If your Order Entry pane does not display Cross and Cross With buttons see the enable Cross Trading procedure above 2 If you selected Cross click the buyer or seller from the list boxes that appear A LIFFE ED 5 oa 005 a 100 STR AT 4 100x86 005 ED DECOS GTD Cross lt None gt HA Coso 400 86005 Buses Seler araj T Shor Sel Erernt Cer wv i JOHN v MIKE y ears l y Buy First Sell First cea l E 6 24 86 000 36 005 345 6 5 3 95 240 1 1 11 a5 90000 7 2 90 000 2 3 If you selected Cross With in the Cross w field click to select your cross with trader TECOS 115 10 J 4M A 100x86 005 ED DECO5 GTD Cross lt None gt Destination 100 soo 400 86 005 lt None gt v Open w a1 Crossw TTGXV v LS Route to Best Cer Y wW hion y 123 Rk che _ Lock Contract WrkBuys BidOty BidPre AskPre As
254. ential Information Chapter 11 Fast Fill Notes Inherent issues exist with the use of fast fills Fast fills are typically not guaranteed by the exchange Fast fills are sent to all traders with the same Group ID Example With a Trader ID MemberIDGroupIDTraderID Fast fills are removed from the Fast Fills pane upon receipt of the guaranteed fill from the exchange Fast fills are NOT reflected in the position calculations Fast fills do NOT cause the Order Book to update because a given order cannot be tied to the limited information contained in the Fast Fill When all filters are cleared the Fast Fill pane and FFNet column are again enabled All fast fills that arrived while the filters were in use now display and the FFNet column automatically updates Eurex Fast Fills Information P L is calculated using only confirmed fills Eurex fast fills are not included anymore in net position calculations However TT representatives can configure the TT Eurex Gateway to convert fast fills into confirmed fills automatically Using the following two columns a Eurex trader can monitor position updates 402 FF Net Fast Fills Net Quantity column Displays the fast fill net quantity As fast fills are received the FFNet column updates and reflects the new fast fill position NetQty Net Quantity column Reflects the position based only on confirmed fills The NetQty column updates and reflects the new confirmed position
255. er features and characteristics include Display implied prices and quantities Display of daily high and low trades Display of the contract s price range Bar chart or text of volume by price Designate a second default quantity for your right click trading Ability to align text in your Bid and Ask columns to the left center or right One click buy or sell trading from the grid Ability to open multiple MD Trader windows Subject to the restriction that only one window can exist per series contract Ability to choose your customer profiles One click centering of MD Trader grid on the market Detailed customization of color coding mouse wheel behavior and sound notifications Trading Technologies 285 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Populating MD Trader There are four procedures for populating MD Trader with contracts e Populating MD Trader from Market Explorer e Populate MD Trader using drag and drop from Market Explorer e Populating MD Trader using drag and drop from the Market Grid e Populating MD Trader using the Market Grid context menu p To populate MD Trader from Market Explorer 1 From the Control Panel click the Window menu and choose Market Explorer 0r From the Control Panel click the icon If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to f
256. er Entry pane in the Quote Board Trading Technologies 359 Trading Technologies International Inc Proprietary and Confidential Information Chapter 9 360 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Book Chapter 10 Order Book The Order Book window provides information about your current open orders Traders in the same group share the Order Book and are able to view one another s working orders S Order Book2 a J i DER Ma oa 15 21 x 114025 ZN Limit 3602908289230572600 Acct tp001001 w C Lock s M w NE L 1 114025 114025 111215 100055 100045 10055 111210 400000 100000 100000 114025 Working Working Working Working Working Working eCBOT Working S Tes S S S Ss s B B B B Use the Order Book to perform these procedures e Performing status inquiry on an order e Changing an order e Performing Cancel Replace on an order e Deleting an order e Removing stale orders e Using the Floating Order Book p To access the Order Book window From the Control Panel click the Windows menu and choose Order Book 0r Click the icon from the toolbar You have successfully accessed Order Book window Trading Technologies 361 Trading Technologies International Inc Proprietary and Confidential Information Chapter 10 Filters Filters are used in the Order Book to quickly sort and d
257. er Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Section Right click Action In Buy Sell Column Right click Action In Enables a right click function other than the context menu When Buy Sell Column enabled the right click function sweep or second default quantity is accessible by right clicking in the Bid or Ask columns Sweep w Max Qty Sets the right click to sweep the market using your Maximum Order Quantity Set in Order Parameters section below Use 2nd Default Qty Sets the right click to submit a second default quantity in the Bid or Ask column at the price where you right click When using this option you must type a quantity in the box to the right of the option Section TradeOut Method The Trade Out feature allows you to flatten your position Before MD Trader submits an offsetting order it sends delete requests for all working orders for that contract A second trade out request may be required if an existing working order was filled Using LIMIT Order Indicates the Trade Out method is by LIMIT order Note Using LIMIT order to trade out does not guarantee that your order will be executed because the market may move before you enter the order of ticks to skew MD Trader determines your position long or short and then calculates the ticks to skew off the inside market price at which your position is flattened If long the bid price is evaluated
258. er based on the price at that time If the market is moving rapidly and the offsetting price is no longer available the system leaves this order as a working limit order at the price determined at the time the TradeOut button is clicked To trade out of a position perform these procedures e Setting the TradeOut method locally e Setting the TradeOut method globally e Trading out of a position using the mouse e Trading out of a position using the keyboard p To set the trade out method locally 1 2 3 Open MD Trader Right click anywhere in MD Trader and click Properties In the TradeOut Method section choose your trade out method e Using LIMIT Order lt n gt of ticks to skew e Using MARKET Order Click the MD Display tab 5 Click to select the Show TradeOut button 6 The TradeOut button automatically displays in the MD Trader window Click OK You have successfully set the trade out method locally Trading Technologies 311 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 b To set the trade out method globally 1 2 3 From the Control Panel click Settings and choose Properties Click the MD Trading tab In the TradeOut Method section choose your trade out method e Using LIMIT Order lt n gt of ticks to skew e Using MARKET Order 4 Click the MD Display tab 5 Click to select the Show TradeOut button 6 The TradeOut button automatically d
259. er of ticks from the last price acceptable by supporting exchanges A trade is rejected if it falls outside the parameter set by the exchange Detailed information must be obtained directly from the appropriate exchange Trading Technologies 97 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Miscellaneous Properties 1st Column Calculate Implieds instead of using Exchange Implieds Lets X_TRADER calculate and display first level implied prices in Market Depth as well as the inside market Some exchanges match implied prices that they do not publish Without this property enabled X_TRADER displays all implied prices that the exchanges publish This property is a global setting and affects any X_TRADER window that displays prices like MD Trader Autospreader and Autotrader Implied From Implieds Calculates implied from implied values sometimes called 2 level implieds when enabled Available only after you enable the Calculate Implieds instead of using Exchange Implieds option Include Implieds in Market Columns and in Depth Displays Implied price and quantity data in the same columns as direct price and quantity data This includes the BidQty BidPre AskPre AskQty columns in the Market Grid Implied data displays in MD Trader Autospreader and Autotrader Input Priority Mode Reduces CPU utilization and improves performa
260. er the order was filled as A Aggressive or P Passive If a Passive order is has the Auto Aggressive property enabled and fills by becoming Aggressive the P A column displays PA The Auto Aggressive Property In the Order Entry tab on the Properties menu a new property called Auto Aggressive exists When enabled a Passive BrokerTec order automatically becomes Aggressive whenever a Passive order is entered at the same price on the opposite side of the market C Set Lock for new windows C Auto Mouse Move Post Trade Qty Clean Up a v Auto Aggressive Pa ua a Oder Trading Technologies 461 Trading Technologies International Inc Proprietary and Confidential Information Chapter 16 Working up Orders in the Private and Public Phases 462 BrokerTec utilizes a matching algorithm known as workup In a workup market you enter a Private Phase for a pre determined time when you have bought or sold all available shown size You can then add size ahead of the queue buyers and sellers behind you This is referred to as Working up the market at that price level When the Private Phase is over BrokerTec s matching engine begins the Public Phase and buyers and sellers are matched only at that price level by time priority for a pre determined time as well Flashing Quantity and Price during Workup While you are the owner of the workup the Price and Quantity fields change color and flash in the Marke
261. ere the data should be pasted and click Paste Special From the Paste Special dialog box select the Paste Link option button By default the data is pasted as Unicode Text Click OK to close the dialog box 8 Run your Excel model 9 To copy and paste a link for one block of data make sure that the Market Grid Theo 10 11 12 13 14 15 Prc Theo Bid and Theo Ask or implied price and quantity columns are in the same order as your Excel model Or you can repeat the steps below to copy and paste links for each column of data To display these columns right click anywhere on the Market Grid to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns Click Hide Show columns A checkmark appears next to the Theo Prc Theo Bid and Theo Ask columns Make sure that your Market Grid Theo columns are in exactly the same order as your Excel worksheet columns Select the Excel cells to be copied to X_TRADER Right click within the selected area to access the Excel context menu and click Copy In the X_TRADER Market Grid right click the top left cell of the area where you will be pasting the Excel data and click Paste Link from the Market Grid context menu Your Excel data now appears in your Market window You have successfully created a link between X_TRADER and an Excel worksheet The Paste Link command ensures numbers updated in Excel will also be updat
262. erent customer profile for just one Order Entry window Trading Technologies 91 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Properties Setup The Properties menu contains tabs that allow you to activate deactivate and customize various X_TRADER windows and options Changes made to the Properties menu are specific to the user logged in This includes all workspace settings sound events and so forth r Properties Time nd Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board Trading OrderEntry Fill Position Orders Audit Trail Sounds Color Spread Matrix Trade Book e Settings become the defaults for all new windows For your custom changes to take effect you must close and re open trading windows e If another user logs in on the same machine the property settings must be reset for that user p To access the Properties dialog box From the Control Panel click the Settings menu and choose Properties You have successfully accessed the Properties menu 92 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Property Tab Names Time and Sales Customer Defaults Tab Name Description Trading Customize the trading screens to suit your trading style and environment Order Entry Customize the Order Entry and Market Grid p
263. ernational Inc Proprietary and Confidential Information Wholesale Trading Euronext and Guaranteed Crossing Note Refer to the Wholesale Trading Chart on page 428 for more information on Wholesale Trading types and the exchanges that support them Euronext products execute products on the Paris and Brussels exchanges e Euronext Paris exchange supports against actual basis block trade orders e Euronext Brussels exchange only supports Block trade orders If you trade products on the Euronext Paris exchange the Guaranteed Crossing feature is available When you use this feature the order is sent as a cross order If the exchange accepts the order the two 2 sides are guaranteed to match with one another and not a different order in the market Guaranteed Cross orders are validated automatically be To complete a wholesale trade in the Euronext exchange 1 2 3 4 5 6 Log onto the Euronext exchange Open the Market Explorer and select a product Open a Market window for the selected product In the Market window click the row containing the product Right click in the Market Grid to display the context menu Point to Wholesale Orders and select the appropriate wholesale trading type Note The following example applies to the Block Trade dialog box The Block Trade dialog box displays The Series Month and AMR fields populate using the contract data from the Market Grid cell Block Trade
264. es manual release by the exchange Trading Technologies 203 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 204 Column Description BidPre Bid price BidQty Accum Accumulated Bid Quantity Use only when you enable Market Depth information BidPre Avg Bid Price Average Use only when you enable Market Depth information IndBidQty Best indicative Bid Quantity IndAskQty Best indicative Ask Quantity IndBidPre Best indicative Bid Price IndAskPre Best indicative Ask Price AskPre Avg Ask Price Average Use only when you enable Market Depth information AskQty Accum Accumulated Ask Quantity Use only when you enable Market Depth information AskPre Ask price ThrshAsk Threshold ask price The exchange establishes the upper and lower price reasonability limits for Euronext Futures If trading occurs outside the thresholds the exchange ceases trading for the product A frozen market requires manual release by the exchange AskQty Ask quantity Note The Eurex exchange displays only four 4 digits in inside market Therefore the maximum Bid Ask Quantity is 9999 This is a limitation of the Eurex API for UserDevices and MISSes If the inside market is greater than 9999 and you wish to view that data open Market Depth feature in the Market Grid WrkSells Working Cells for Entire Group ID Reflect the total number of worki
265. es International Inc Proprietary and Confidential Information Control Panel The exchange and product now display on the product list 7 Repeat steps 4 6 to associate more products 8 Click OK to exit You have successfully associated a product to a product group Disassociating a Product from a Product Group p To disassociate a product from a product group 1 From the Control Panel click the Settings menu and choose Product Group Setup The Product Group Information dialog box appears 2 Click the Product Group in any cell on the bottom half of the screen All the product group settings display in the top half of the window Note If no product group display you have no products to disassociate 3 Click the Associate Products button Note If this button is grayed out a product group has not been selected The following screen appears L 3 Associate Products to a Product Group Product Group Prod Exchange Product CME x v Add to List 4 Click the product to be removed 5 Click the Remove button The exchange and product no longer appears on the product list 6 Repeat steps 4 5 to disassociate more products 7 Click OK to exit You have successfully disassociated a product from a product group Trading Technologies 81 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Spread Tables Setup Spread tables allow you to define how
266. es or Expirations Deleting Mass or Individual Quotes There are two ways to delete quotes e Deleting all quotes in the market e Deleting a single quote b To delete all quotes in the market Click Delete to delete all quotes from the market You have successfully deleted all quotes from the market P To delete a single quote Uncheck the Quote column box of the strike expiration This deactivates the strike expiration and deletes the quote You have successfully deleted a single quote Click to select the Quote column box to re activate the strike expiration 250 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Disabling Quoting There are two ways to disable quoting e Disabling quoting for a single window e Disabling quoting as a feature p To disable quoting for a single window 1 Right click anywhere in the Market Grid to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns If quoting is ON a check mark appears next to Show in the Quoting submenu 2 Click Show The quoting bar and additional columns disappear from the Market Grid You have successfully disabled quoting for a single window p To disable quoting as a feature 1 From the Control Panel click the Settings menu and choose Properties The Properties dialog box opens with the Trading tab displayed by default 2
267. esale Orders e Using the Market Depth feature e Using Excel for Theoretical and Implied Pricing e Generating an RTD Formula e Viewing your Position In Queue PIQ Market Grid Pane Field Descriptions The Market Grid provides real time price information about selected products b To customize the columns of information displayed in your Market Grid e Define Default Visible columns via the Trading tab on the Properties menu Defining the default visible columns ensures that every new Market window displays only the default columns of information e Use the Layouts option on the context menu to select between pre defined layouts Market Range Depth Implieds Theos and or Indicative e Use the Hide Show option on the context menu to include or exclude the columns and rows that best suit your trading environment and style 202 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Market Grid Columns Column Description Contract Contract symbol expiration month year Del Srs Deletes all working orders for this series of contracts This includes e All of the working orders e AJ orders in a Hold status including Blotter orders e AII Stop orders A Delete All confirmation dialog box displays if you enable the Delete All Confirmation box option in the Properties Order Book tab Click OK to delete working orders and clos
268. escarsucsscarsucassarsusatsesssaeeees 288 USING THE MD TRADER WINDOW ssssconsssacoschssceers denied iS 290 RECOGNIZING THE AVERAGE PRICE OF OPEN POSITION s s sccsesecssessssceceeeceeeesssssseeeseeseeeees 290 CENTERING THE MARKET TTT 290 CHANGING ORDER QUANTITY USING A MOUSE L cccccescscessscsescecesseecssseecssecesssecessecssssessseceseeeees 291 CHANGING WORKING ORDERS sese eee 292 DELETING ORDERS vascc2scesss02deeh80e pr rae ene stecsees bet EEn A E sis dacesuteccoes sek decevebe cack sik cecessnedcessbeale 293 READING THE NET CHANGE INDICATOR 294 SELECTING A CUSTOMER PROFILE coacere areari Ea EEEE Ea ANETA TA ERTAK AE iios 294 SETTING THE DEFAULT QUANTITY sss ses sees 294 SETTING THE TRADE QUANTITY T 295 SETTING THE MAXIMUM TRADE QUANTIT Y cocconocccononoconccononcconanocananononcnonnnccnnnnocnnnnron nn cana no ranancnnnos 295 READING THE TEXT AND GRID COLORS 0 cccsccccessseceeeesececeeaececsesseeeceesuececsesaeeecnesaeeecnesaeseeneaaes 296 SETTING MD TRADER PROPERTIES aii lista 297 AUTO CENTERING eain e Er O a ri a A A eben 298 AVERAGE PRICE HIGHLIGHTING TT 299 CONSOLIDATING PRICES 4 Lada a daa ciao aa 300 Consolidating Prices Example oia ii 301 CREATING A USER DEFINED PRICE UDP COLUMN sse sese eee 302 Invalid calculations in the new price columns eser eee eee eee 303 DISPLAYING A SMALL MD TRADER tad eo 304 Titlebar ButtOns ccceeccccccccsessssscccccecsessecssecscsceesseesssssceceessesssssescesssesessses
269. ess the global MD Trading tab for all MD Trader windows 1 From the Control Panel click the Settings menu and choose Properties 2 Click the MD Trading tab You have successfully accessed the MD Trading tab gt To access the MD Trading tab for one MD Trader window 1 From the MD Trader window right click anywhere to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 2 Click Properties You have successfully accessed the MD Trading tab for one window MD Trading Tab Properties Section General Properties Do Delete All when Sets MD Trader to delete all of your working orders by clicking LTQ Column Clicked in the Last Traded Quantity column Button actions on Actions performed with mouse button immediately activate Mouse DOWN Allow only one order A new order submission replaces any existing order in the market per side of market Use Inside Market In slow markets updates MD Trader information with the inside Prices market Enable Keyboard and Enables Keyboard Trading functionality in MD Trader Adds Function Key Trading colored cursors to the Buy and Sell columns that determine the price level for entering orders Enable qty change on Changes a field quantity with a click of the left and right mouse left right click in edit buttons fields Amount Designated how much a quantity changes with one click of the mouse buttons 140 X_TRADER 7 4 Us
270. essfully set the Diming Offset value for new instances of the Order Entry pane Controlling Quantity or Price Using the Keyboard The mouse or the spin buttons may be used to adjust the quantity or price However you may also use the keyboard to manually enter a quantity or price gt To enter a quantity or price using the keyboard 1 Click to select a Market Grid cell and press the Insert Buy order or PageUp Sell order button OF If the Floating Order Entry window is enabled click to select a Market Grid row and press the Insert Buy order or PageUp Sell order key 2 Press TAB or SHIFT TAB to move to the quantity or price text box Shown above 3 Use the keyboard to enter a value 4 5 Press ENTER to review the order Press ENTER again to submit the order to the market You have successfully entered a quantity using the keyboard Trading Technologies 239 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Order Change Dialog Box Overview Order Change PS 4 MARO6 GTD LIMIT Acotcustl BOZE37 10 4 7633 LIMIT v GTD v Delete Cancel Replace Change ty Hold down the CTRL key and click in a cell where a working order exists to access the Order Change dialog box from the following X_TRADER windows e Market Grid e Spread Matrix s Butterfly Condor Matrix You can perform other transactions while keeping the Order Change dial
271. est bid or offer are excluded until the two second period is over e For orders automatically sent via Autotrader and Autospreader when the reject message is received the order is deleted or requoted automatically Trading Technologies 465 Trading Technologies International Inc Proprietary and Confidential Information Chapter 16 Trading Hotspot El HOTSPOT B AUD JPY AUD USD CAD JPY 3 as of J J DER CIE eA A Orde Timed IT Cross Equities 100 T 500 0 0 GTD Limit lt None gt v Open vja lt Sued haras Teel Cer Ww w i lt Default gt wal ONow AUD JP Y D 86 710 86 740 234 95 AUDUSD 0 73380 0 73395 974 0 73440 CAD JPY 101 760 101 800 101 360 Y ou trade the Hotspot exchange products using X_TRADER in the same manner that you trade other products However there are some differences e Base currency is the first currency in the currency pair 100 000 of EUR USD means 100 000 of EUROS Displays as 1 in X_TRADER e X_TRADERC receives round lots of 1 equaling 100 000 base currency for displaying and ticking quantities including quantities in order entry orders positions and fills However the minimum order size on Hotspot is 500 000 which is represented as 5 in X_TRADER s All contracts are spot Hotspot does not support spreads strategies futures or options s Hotspot supports only Limit orders and Good Til Day GTD TIF restrictions
272. et Grid from the function box The Market window is composed of two panes e Order Entry pane The top half of the window where pre set fields properties and buttons allow you to trade quickly and efficiently s Market Grid The bottom half of the window where real time contract information is displayed for selected products Use one or more Market Grids to display single or multiple products from one or more exchanges Note Some functionality in the Market Grid is protected by U S Patent Number 6 938 011 E CME 6E EurexUS FTNL 10 SS Mo DER YST am A 5x120140 SEDECOS GIS Limit lt None gt Timed 17 Equities 100 500 5 120140 lt None gt Open w A1 v Submit Exchange Time Clear OW Wd Jon DOE y 812345 Loe Enty Pane Ee Contract Del Srs WrkBuys Bidoty BidPre AskPre Askar WrkSells NetPos LastPre Lastory Total High Low Chng CME 6E DECO5 15 12017 0 104 1 23 12014 0 E 1593 12098 0 12004 0 CME GE MAROG MON 146 120730 120770 150 11 120730 645 121020 120720 DEL 349 42229 0 12232 0 41 122320 122260 CME GE SEPOG MN 12294 0 122940 122940 0 0 CME 6E DECOG MN 12050 0 124000 12050 0 AO CME GE MARO7 MINI L Eurexus FTuL pecos mmm 12102 ms 10 EurexUS FTNL MAR J 08010 108015 108015 108015 EurexUS FTNL JUNO 1000 1000 EurexUS FTHL SEPOG 1000 1000 a Features of the Market window include
273. ete steps 9 17 in both the Buyer and Seller sections 9 In both Acc Code fields type the account code for this trade 10 11 12 13 14 15 16 17 18 Note Valid entries include H House L Local S Segregated or N Non segregated In both Open Close fields type O or C to indicate whether this trade opens or closes a given position In both ISIN fields type the International Security Identification Number In both Cash Pre fields type the price for the underlying agreed to by buyer and seller In both HR fields identify the methodology used to determine the price for the underlying component Note Valid entries include P Price factor or duration method M Modified duration method S Sensitivity spread ratio and D Delta neutral ratio In both Reference fields identify the underlying product In both CTI fields type the appropriate clearing code Note Valid entries include 1 2 3 4 U for unassigned and A for allocation In both Posting Code fields only enter a value for Euronext products If you want to include account numbers in both Account fields type the applicable account numbers Click Send to submit the information to the market You have successfully submitted a basis trade Trading Technologies 435 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 Against Actuals Trade Overview Against Actual s
274. ew customer name will be added to the Customer List dialog box You have successfully defined a Customer Defaults profile Introduction to the X_TRADER Workspace Your X_TRADER workspace is a file that holds a snapshot of your X_TRADER desktop This file records all your open windows the spatial relationships among those windows and all customized settings from the last time that you saved the workspace This includes all open and minimized windows as well as color font column row sizing placement selection and many other formatting preferences You create one or more workspaces to fully customize X_TRADER to fit your particular trading style and environmental requirements For example you may have a morning and afternoon workspace to reflect the opening and closing of different exchanges You may also have a report printing workspace in order to avoid reformatting your windows to display needed data Refer to the workspace topics in the Index for a further discussion of this feature Trading Technologies 33 Trading Technologies International Inc Proprietary and Confidential Information Chapter 1 Entering a Market Order You can enter orders manually using a mouse or on the keyboard or use the click trading feature through the Market window The Order Entry pane is used to enter order information for contracts chosen in the Market Grid The topics discussed under Order Entry and Market Grid contain complete desc
275. f the normal exchange trading methods Block trade limits minimum threshold that defines what constitutes a block trade for any given product are defined by the exchange and vary depending on the product to be traded In all cases of block trading the requirement that there is a private agreement on price and number of products to be traded is the determining factor In all such cases the trade must be reported to the exchange There are two defined roles in Eurex block trading corresponding to each side of the trade The roles and responsibilities of these traders are e Buyers defined as the trader who is buying the product Buyers in a block trade are the only individuals who can initiate enter a block trade They also are the only side of a trade that can add modify or delete the given block trade e Sellers defined as the trader who is selling the product Sellers in a block trade can only receive and accept a block trade For Eurex Block Orders use these procedures e Submitting a Eurex block order buy side e Modifying a Eurex block order trade e Accepting a Eurex block order sell side e Making a Block or Volatility Order Inquiry Trading Technologies 229 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Submitting a Eurex Block Order Buy Side It is assumed in the below procedure that both parties involved in a block trade are in communication with each other Only t
276. form these procedures using keyboard trading in MD Trader Enabling Keyboard Trading Disabling Specific Keyboard Trading Entering a Buy Order Entering a Sell Order Entering the Order Quantity Deleting all Order Working Bids or Working Offers Centering the Market Loading the Net Position in the Order Entry field Sending a Market Order Setting the Limit Price Sweeping the Market Hitting the Bid Taking the Offer Dime the Offer Dime the Bid Join the Bid Join the Offer Combo Dime the Bid or Offer Combo Join the Bid and Offer Trading Technologies Trading Technologies International Inc Proprietary and Confidential Information 319 Chapter 7 Enabling Keyboard Trading Keyboard trading is disabled for MD Trader when X_TRADERC is opened on the desktop You must enable it manually from within MD Trader Notes e You do not need to enable the keyboard to perform some functions in MD Trader Refer to Unrestricted Keyboard Functions on page 334 e Once enabled some keyboard functions can be disabled Refer to Disabling Specific Keyboard Trading Functionality on the next page e Many functions in MD Trader have been mapped to specific keyboard keys Refer to Mapped Keys in MD Traderon page 330 There are two ways to enable keyboard trading e Enabling keyboard trading locally e Enabling keyboard trading globally P To enable keyboard trading locally 1 Open MD Trader 2 Right click
277. four procedures for populating Quote Board with contracts e Populating Quote Board from Market Explorer e Populate Quote Board using drag and drop from Market Explorer e Populating Quote Board using drag and drop from the Market Grid e Populating Quote Board using the Market Grid context menu 354 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Quote Board b To populate Quote Board from Market Explorer 1 From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find 3 In the Products section click the down arrow and choose your search filter 4 Click Find Products display in the Instruments field From the Instrument Type box click to toggle between the displayed types 6 Press and hold the CTRL key and click the products you want to open 9 or To open all products in the Instruments field click the gt gt button and skip to step 7 Click the gt button to transfer the products from the Instruments box to the Selected Instruments box Click the Function box in the upper right corner of the Market Explorer and choose Quote Board Click Start You have successfully populated Quote Board from Market Explorer To populate Quote Board using drag and drop from
278. from supporting exchanges A message reminding you that Fast Fills are disabled automatically displays in the Fast Fills pane In addition the Fill window filters carry over to the Position pane The position information includes only the data displayed in the Fill window To start fresh simply remove the filter settings This returns every fill record to the grid Order Book The Order Book does not support filters using multiple variables window X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Common Administrative Tasks Save Filters in a Workspace Any combination of filters can be set to make your workspace unique Once you have set filters in a window the way you want them save your workspace Refer to Workspace Setup on page 66 Filtering Procedures Use these filtering procedures in X_TRADER e Setting a Column Filter e Clearing a Column Filter e Clearing All Filters e Setting Auto Filters Setting a Column Filter TT_Fill1 10 44 52 88 eCBOT 10 44 52 89 eCBOT 10 45 00 73 eCBOT 10 45 00 73 eCBOT 10 54 20 76 eCBOT 10 57 32 39 eCBOT 10 57 32 40 eCBOT P To set a column filter 1 Open the box immediately below any column heading A list of all currently referenced variables for the selected column displays Select one or more of the variables to set the filter 3 Click OK to activate the filter When you set a filter the box below the column headin
279. from the Market Grid double click the BQP Bid Quote Price or AQP Ask Quote Price 2 Edit the price in the Send Quote dialog box You have successfully edited a quote To send a single quote 1 Click QAct to send an individual quote to market The Send Quote dialog box opens so that you can edit and confirm the quote 2 Click Add to send the quote to market The test quote columns continue to display but the cell for the sent quote is displays in blue to indicate that the quote hit the market You have successfully sent a single quote b To send mass quotes 1 Click Send in the Order Entry pane to send the test quotes to market 2 Click Send to regenerate unedited quotes based on current market conditions The new quotes are sent to market When you send mass quotes the market quote columns automatically display You have successfully sent mass quotes Trading Technologies 247 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Tracking Quotes All exchange messages relating to quoting display in the Quote Audit Trail Use this window to confirm outbound quoting events and monitor inbound quoting events i e RFQs Quote Audit Window2 Delete MAS5 QUOTES FOR B 08 20 24 237 DECOS F 959 99 960 00 08 24 08 200 MASS QUOTES FOR B 08 24 25 950 B DECOS F 08 24 34 966 REQ TIMEOUT X_TRADER uses the Quote Audit Trail window to monitor quoting activit
280. g For example Given the ask price in the Spread AB and an ask price in the Leg B we can imply an ask price in Leg A Ask Price Leg A Ask price Spread AB Ask price of leg B Contract Bid Ask Leg A 50 Leg B 45 50 Spread AB 0 6 5 Ask Price of Leg A 6 5 50 56 5 So the implied ask price for Leg A is 56 5 If someone were to enter a buy order in Leg A for 56 5 The exchange would match Leg A buy the 50 offer in Leg B Thereby filling the offer in Spread AB at 6 5 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Implieds From Implieds Implieds from implieds 2 generation implieds occur when one 1 of the prices you are using to imply another price is itself an implied price Most exchanges do not guarantee implieds from implieds and do not display them in the book However TT supports implieds from implieds that we have determined match consistently in exchange simulation testing Example In the implieds from implieds chart below the green font denotes implied quantities prices and the purple font displays an implied from implied quantity price Contract ImpBidQty BidQty AskQty ImpAskQty s From the Jun Sep spread ask price and ask quantity and the Sep outright ask price ask quantity we can imply an ask price and ask quantity in the Jun outright contract e Combining the outrig
281. g turns red and displays the filter you selected If you selected multiple filter variables a row of asterisks displays You have successfully set a column filter Trading Technologies 45 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Clearing a Column Filter Ti TT_Fill 1 Filters On 050 888 Sele Product MMMYY A 10 44 22 76 eCBOT 10 44 52 89 eCBOT 10 45 00 73 eCBOT 10 53 42 75 eCBOT 39 eCBOT 11 00 02 37 eCBOT p To clear a column filter 1 Click the red column box A list of all currently referenced variables for the selected column displays Select one or more of the variables to remove the filters 3 Click Clear followed by OK to remove the filter The filters box will change from red to gray You have successfully cleared a column filter Clearing All Filters Al Warning Use of the Clear All Filters context options clears only the filters from the particular window in which you enable it In other words if you enable AutoFilters or individual column filters in other windows clearing all filters from the one window only removes that window s filters Any other filters which have been enabled remain in effect Find Control Panel b To clear all filters Show Fast Fills 1 Right click any grid cell to access the context menu ek Note If Click Trading is enabled do not click in the Bid Ask price columns Add Manual Fill
282. gasucsedavaadueesvausgboreredscavssoseeatee 219 GROSS R SET OL 220 Cross and Cross With Trade 3 oss secscsescccsesessesedecesevsecthceasyocetuccatesecedesusencce sodeddsncewstscesevetedecegveseeveatecesde 220 Cross Order Execution and CCBOT c sccccccssssssssssccocssvvssnsccccececssssnsuccsesecvessnscececcovssseuecevcecessecees 220 CROSS ORDER EXECUTION AND ECBOT ooooonoccconocccononcconononnnnnonnnccononcnnnnnnnnnnconn ccoo nnnnnn nn cnn ncconnnnons 224 CLICK TRADING ORDER ENTRY reissen eaa aaa aa ieaiai 225 ENABLING DISABLING CLICK TRADING ccssccccesssececeessececsesaeeecsesseeeceesuececsesaececnesaeeecnssaeeeeneaaes 225 SETTING DEFAULT PROPERTIES FOR CLICK TRADING esse eee 226 USING CLICK TRADING IN THE MARKET GRID c cccesscessseseesseceeececssecesssecseseecesecesssesessaeceeeeeens 227 EUREX BLOCK ORDER TRADING cccessssscescceceessssnsecececeeeesenssseaeceseccesesenssseceeeecesesesensaaeeeseeeens 229 SUBMITTING A EUREX BLOCK ORDER BUY SIDE ccccccccssssesssecesseeccsseceessecesseecssseesssecssseeenees 230 MODIFYING A EUREX BLOCK ORDER TRADE sse eee eee 230 ACCEPTING A EUREX BLOCK VOLATILITY ORDER SELL SIDE sse eee 231 MAKING A BLOCK OR VOLATILITY ORDER INQUIRY sse eee eee 232 IMPLIED PRICES AND QUANTITIES esse e ee eee 233 IYA RETER IN Aunin aa A A 234 TMPLIED QUT oeaiei eaae e ates ea ia lila 234 TMPLIEDS PROM IMPLIEDS 0 ii s 2scccedseckeanncascccdsecesesencasasaedesstsasecadacadeastbedvieasacced
283. ge open price long is highlighted bold red Note MD Trader average price rounds longs up and shorts down Trading Technologies 299 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Consolidating Prices Price consolidation condenses the display of price information in the static price column This way you can view a greater range of prices without inhibiting your view of the total quantity available You can configure price consolidation to select an offset and an order distribution method join the bid or offer that enters orders for the consolidated price rows There are two ways to consolidate your prices e Consolidating your prices locally s Consolidating your prices globally b To consolidate your prices locally 1 6 Open MD Trader 2 Right click anywhere in MD Trader and click Properties 3 Click the MD Display tab 4 5 If you want to see the slider click the Show Slider Control Increment and type in how In the Price Consolidation section type in the Prices per line and Offset many ticks each increment stands for Click OK You have successfully consolidated your prices locally b To consolidate your prices globally 1 2 Click the MD Display tab 3 4 If you want to see the slider click the Show Slider Control Increment and type in how 5 From the Control Panel click Settings and choose Properties In the Price Con
284. gh and Low Sound Alerts You can add sounds to a contract s high and low price thresholds using the Alerts Manager dialog box Whenever a contract trades above the high price threshold or below the low price threshold these sounds are played Use the Alerts Manager dialog box to perform these procedures e Assigning sounds to a contract s high and low price threshhold e Deleting sounds from a contract s high and low threshold Trading Technologies 161 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 b To assign sounds to a contract s high and low price thresholds From the Control Panel click the 9 icon from the toolbar The Alerts Manager window appears r T Alerts Manager Populate the Alerts Manager window with the contracts to which you want to assign sounds for price highs and lows 3 In the Series column locate the contract for which you want to assign sound alerts 4 Double click in that row s cell for Soundfile for New LOW 10 11 The Sound Explorer dialog box appears Use the Sound Explorer to locate the wav file you want to use as your low price threshold s By default the Sound Explorer opens to the location on your computer that stores your X_TRADER sound files lt root drive gt tt x_trader Sounds e Whenever this contract trades below the day s low price this sound is played Double click the sound file The file and its directory path
285. h sides of the market before sending an offsetting order to flatten your position Column 2 Working Quantity Column Functions as the Order Book for the MD Trader window Displays all working quantities W and executions S or B on that particular bid or offer When an order is completely filled the values clear Column 3 Position In Queue PIQ Indicates how many contracts are in front of your order at any given price Refer to Viewing Your Position In Queue on page 313 Column 4 Bid Indicator Column Indicates price settings when the Show Bid Indicator Column option is selected A value may be pasted in the column from an Excel spreadsheet using copy and paste The value of the Excel Spreadsheet displays in the Bid Indicator column as a white box 282 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Column 5 Buy Column Displays current market bids Displays current implied bid outright prices implied bid spread prices and implieds from implieds bid values When you enable Keyboard Trading feature is enabled a colored cursor appears in the Buy column that indicates the current price level for an order Refer to Enabling Keyboard Trading on page 320 Column 6 Price Column Indicates market price and depth Arrows appear at the top and bottom of this column These arro
286. hanges found that they could sometimes improve the best bid ask price or add liquidity to certain contracts or strategies Exchanges like LIFFE legitimized the use of implied pricing by guaranteeing the execution of spreads and strategies against implied prices thereby eliminating leg risk The CME also added implied display and matching capability with the launch of their Eagle platform in 4th quarter of 2002 There are 3 major types of implied pricing e Implied In e Implied Out e Implieds From Implieds Sometimes called 2nd generation implieds Note Implied data does not display for Condor Matrices because LIFFE does not match implieds from Condor Matrices Trading Technologies 233 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Implied In An implied in implied spread occurs when you combine 2 outright legs to imply the spread between the legs s Bid Price Spread AB Bid Price Leg A Ask Price Leg B e Ask Price Spread AB Ask Price Leg A Bid Price Leg B The following chart provides a simple example Contract Bid Ask Leg A 50 53 Leg B las 50 Spread AB Z The implied bid price for Spread AB 50 50 0 The implied ask price for Spread AB 53 45 8 Implied Out 234 An implied out implied outright occurs when you combine direct prices of 1 leg and the spread between the legs to imply a price in the 2 le
287. he Gateway gives you an error message Submit Submits held orders to the exchange If the LIFFE CONNECT futures and equity options connection is lost between the exchange host and TT Gateway the exchange changes the status of all working orders to hold Upon reconnection each order will have a hold status You can use the Submit button to resubmit these orders to the exchange When an order is resubmitted after being held it receives a new order number it is really a new order because it was previously deleted from the market If a submit fails for a held order it remains in the hold state and the Audit Trail indicates that the submit failed The Audit Trail will also give you an explanation of why it failed If you select multiple orders and click Submit only orders that are already held are submitted 364 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Book Bottom Pane Column Descriptions The data in the bottom pane displays all orders entered by members of the group Filter this information and change the orders using the controls in the top pane of the Order Book window TTStatus Oty MMMYY Stop Pre 114025 114025 114025 111215 100055 100045 10055 111210 100000 100000 100000 Working Working Working Hold Working Working Working Working 00000000000 You can customize the Order Book to display specific columns Exch Indicates
288. he buyer can enter a block trade using the following procedure Note Although block trading is defined as a trade between two parties outside of the normal exchange market in fact a third party EUREX exchange is involved in the trade After checking on the trade s quantity price and other information the trade will or will not be approved When the exchange has reviewed the trade the counterparty the Seller can complete their side of the transaction b To enter a block trade into the Eurex exchange Buyer initiated 1 From the Market Grid pane in the Market window select a product to populate the upper pane of the window Click Block as a restriction from the drop down list Sell in the upper pane will be grayed out 3 Click Open as a position from the drop down list 4 Type the amount to be traded and price for the whole trade Note The minimum volume for block trades varies according to product 5 Type the identifying information for the counterparty to the trade in the Destination box Click Buy to initiate the trade The above procedure results in the following actions e The block trade is entered in the Order Book and is assigned a unique identifying number The status is Waiting for Approval e A message appears in the Audit Trail indicating that the trade has been sent to the exchange You have successfully entered a block trade into the Eurex exchange Modifying a Eurex Block Order T
289. he default visible Market Grid columns Trading Technologies 99 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Implieds in X_TRADER Implied prices and quantities are derived from direct orders in a combination of outright contracts and spreads strategies Implied pricing evolved at exchanges that trade different contract months of a product as well as spreads and strategies involving different combinations of the contract months For example A bid in one contract month and an offer in a second contract month are combined to imply a bid in the spread between the two months By calculating and displaying implied prices and quantities exchanges found that they could sometimes improve the best bid ask price or add liquidity to certain contracts or strategies To calculate implieds in the Market Grid Autotrader and Autospreader use the following options on the Trading tab on the Properties menu e Calculate Implieds for spreads instead of using Exchange Implieds Because some exchanges display only implied pricing data when the implied prices and quantities are the best price in the market you may not see some implied values This option sets X_TRADER to calculate and display implied pricing in Market Depth and the inside market s Implieds From Implieds Before you can enable this option you must select Calculate Implieds instead of using Exchange Implieds Enabling Im
290. he default visible Trade Book window columns 135 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Time and Sales Tab Time and Sales provides X_TRADER users with the ability to track record and save time and sales information for products traded through X_TRADER The Time and Sales tab lets you set the maximum saved file size and the number of days to save the file Properties Trading Order Entry Fill Position Orders Audit Trail Sounds Color Spread Matix Trade Book Time And Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board Maximum File Size MB 247 m Number of days to save files 1 5 OK Cancel b To access the Time and Sales tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Time and Sales tab You have successfully accessed the Time and Sales tab Setting Description Maximum File Size MB Maximum file size allowed before automatic purging Default is 250MB Number of Days to Save Number of days to save files before automatic purging Default is 5 days Files 1 5 136 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Customer Defaults Tab The Customer Defaults tab in the Properties menu allows you to customize the name and location of your customer defaults file
291. he row of a contract for which you want to generate a formula Note If Click Trading is enabled do not click in the Bid Ask price columns Trading Technologies 217 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 2 From the context menu click RTD The RTD dialog box appears Instrument Properties feCBOT A ZB UNDG n ASKQTY A eCBOT A YI APROS ASKQTY eCBOT A YI MAYO6 ASKQTY eCBOT A YI JUNO6 ae TVE AVGOPENPRICEINDECIMAL AYGOPENPRICEINTICKS AYGOPENPRICERND AYGOPENPRICERNDA AVGOPENPRICERND AYGOPENPRICERNDE BID Generate Copy Exit Result RTD XTAPILRTD Instr eCBOT A ZB FUTURE JUNOS AYG 3 In the Instrument section click to select the contract you want to use Note You can drag or drop other contracts from the Market Grid or Autotrader into the upper left Instrument section 4 In the Properties section click to select a property whose formula you want to paste in Excel Note Press and hold the CTRL key to select multiple properties 5 Click Generate In the Results box the formula s appears If multiple properties were selected the formulas are in the same order as the properties 6 Click Copy 7 Navigate to Excel and paste the formula s 8 In the RTD dialog box click Exit You have successfully used the RTD interface 218 X_TRADER 7 4 User Manual Trading Technologies Interna
292. hird Market Maker Account P1 First Principal Account e g proprietary trader P2 Second Principal Account P3 Third Principal Account U1 Unallocated for orders that have not been allocated to a customer Refer to Order Entry Field Descriptions on page 183 Give Up Indicates the member code for clearing member Used for Give up trade accounts only FFT2 8 FFT3 Used for annotation purposes by the trader or back office sub account The back office manager usually dictates the use of this field Trading Technologies 87 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Field Description TIF Indicates the time the order is in force of The order choices are GTD GTC or GIS Good til Day Order is valid only for the current trading day Good til Cancel Order is valid until you cancel it or the contract expires Good in Session Order is valid only for the current trading session This TIF is only applicable to the Euronext Liffe exchange Type Order types are Limit default selection or Mkt Market Restrict Lists order restrictions including None Block FOK Iceberg IOC MOO MV and STOP For more information about order restrictions see e Order Entry Pane Field Descriptions e Order Entry tab on the Properties menu Note Support of the order restrictions is determined by each exchange marketplace The definition and use of the restriction may d
293. hnologies International Inc Proprietary and Confidential Information Chapter 7 318 Laser Line Example In Excel we have two formulas saved The values of which have the following attributes e A green shaded cell has a value of 112007 e An orange shaded cell has a value of 112003 With the Bid indicator and Ask indicator y Ful columns shown we paste the respective links in A 11200 T MD Trader 40 112000 a and get a green and orange shaded cell indicating we have values in Excel rounding down closest to 112000 in the MD Trader Price column OT With the laser line feature we hide the Bid MS 112010 71 indicator and Ask indicator columns and paste the respective links in MD Trader 401112000 E and get more direct indications of where the values in Excel are in relation to the MD Trader Price column X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Keyboard Trading in MD Trader MD Trader In addition to click trading in MD Trader using a mouse you can use the keyboard to perform a variety of ordering functions Enabling the keyboard trading functionality does not disable the mouse it only provides an alternative to entering the information and executing a variety of orders The keyboard trading functionality only works in MD Trader and is no related to the keyboard entry window available in the Market window Per
294. hows the total quantity traded when that trade crosses multiple price levels The total quantity traded displays in the Last Traded Quantity column Highlights the best bid and best ask in the MD Trader window Default is OFF Hides your position with a right click so other traders in the room cannot see it Right click again to show your position Default is OFF Displays theMD Trader window in a much smaller size than its standard mode This mini MD Trader contains all the same functionality of a standard MD Trader window and takes up less space on your desktop Default is OFF Hide Titlebar Buttons Hides the Zoom buttons that normally display in the MD Trader so product names can be easily read Default is ON Section Bid Ask Text Justification Bid Ask Aligns the text in the Buy column to the right or left Aligns the text in the Sell column to the right or left X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Section Volume By Price Notes Each setting in this section is complementary You can select all available manners of displaying Volume By Price The values that MD Trader generates and displays are approximations They are not guaranteed to be the exact trading volumes for any given trading period The Volume by Price feature only tracks volume from the time you opened MD Trader Incorrect or unde
295. hree lines of messages for successful buy blue background or sell red background orders e The first message details the order information including the time the order was sent from the workstation Time column to the TT Gateway i e server an order Status of Accept and an Action of Add e The second message immediately follows the first and indicates acceptance by the TT Gateway The order has been routed to the exchange trading host e The third message displays sometime after the previous two This message is the confirmation received from the exchange s trading host The information detailed includes the time the confirmation was received by the workstation Time an order Status OK and the time the confirmation was sent by the exchange s host machine Exch Time When the order is filled the fill notification message displays a Status of OK and an Action of Fill and provides detailed information about the order Trading Technologies 35 Trading Technologies International Inc Proprietary and Confidential Information Chapter 1 n Exiting X_TRADER Exit X_TRADER at the end of each trading session P To exit X_TRADER From the Control Panel click the File menu and choose Exit or In the top left hand corner of the Control Panel double click the X_TRADER icon or In the top right hand corner of the Control Panel click the Windows Exit button You have successfully exited X_TRADER Autom
296. ht bid price and bid quantity in Mar with the implied ask price and ask qunatity in Jun we can calculate an implied from implied bid in the Mar Jun calendar Trading Technologies 235 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Entering Orders using the keyboard If you prefer to use a keyboard instead of a mouse there are two methods available to use the keyboard to enter orders s Keyboard Entry An add on to the Market window screen that can be called e Keyboard Validation Mode an Order Entry pane style that changes the look of the Market window BUY JAA NOVO5 16 0 02 Open w lt None gt IA GTD Limit v l l EN LIFFE AA eCBOT YM 3 YM JUNOS J A A Customer lt Default gt v bi 3 Default Oty 50 Clear Ww WW Dimis 10 Contract Del Srs WrkBuys BidOty BidPre AskPre AskOty WrkSells NetPos LastOty Total Chng LIFFE AA novos ME SO E 15 10419 1 201 10407 10408 201 10407 301 3228 Keyboard Entry Keyboard entry is an add on to the Market window screen that appears when called b To open the Keyboard Entry and send an order to market 1 2 ot a A e Click any Market Grid cell of the product you wish to trade Press the Insert Buy order or PageUp Sell order key The Keyboard Entry window appears at the top of the Order Entry pane In the first field type the quantity to buy or sell Note Tab moves the
297. ht click anywhere in the Market Grid to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 2 Click the Click Trade On option to enable or disable click trading A check mark N indicates that the feature is ON When turned on the Click Trading pane opens above the Market Grid You have successfully turned click trading on or off Trading Technologies 225 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Setting Default Properties for Click Trading You have several default properties available to you in Click Trading which are used to control the mouse settings and other restrictions Maintain these features in the Trading tab on the Properties menu gt To set the properties for click trading 1 2 3 From the Control Panel click the Settings menu and choose Properties In the Properties dialog box click the Trading tab For Mouse Type if you use a two button mouse click that option button Note A three button mouse is the default setting and is ideal for sending all types of Click Trading orders to market in the quickest manner possible In the Dime field click GTD or IOC Note Any GTD orders still working at the end of your trading session are automatically deleted IOC orders allow a partial fill before the balance is cancelled In the Click field click GTC or IOC 6 To enable click tra
298. ia the Position pane context menu all fields remain blank From the Exchange field click the exchange From the Product field click the product From the Product Type field click the product type From the Expiration field click the contract expiration In the Action field click Buy or Sell In the Quantity field type the appropriate value E E E SS In the Price field type the appropriate value After you complete the mandatory fields Add Fill enables 10 In the Account field type any applicable account information optional 11 If you want to see the formatted fill before you add it click the Lock checkbox 12 Click the Add Fill button The manual fill is added to the Fill window If you clicked the Lock checkbox you are prompted to confirm the manual fill To confirm click Yes To reject click No 13 Click OK to exit You have successfully added a manual fill to the Fills pane Trading Technologies 399 Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 Deleting a Manual Fill Manual fills must be manually deleted They persist even in case of an emergency or automatic shutdown when you lose connectivity to X_TRADER Note Manual fills affect only the position and P L data X_TRADER does not provide manual fill information to the middle or back office b To delete a manual fill from the Fills pane 1 From the Control Panel click the Window
299. ibco Trading Technologies 25 Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual 26 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Getting Started Chapter 1 Getting Started 8 Warning This section is not intended to replace training provided by Trading Technologies but rather to supplement it We strongly suggest that you perform these steps in a simulation environment prior to attempting live trades p To put X_TRADER in Simulation mode 1 After installing X_TRADER you may want to practice trading in a simulated environment 2 From your desktop toolbar in the lower right corner of your screen double click the Trl icon 3 From the Guardian window click the Mode menu 4 5 Click the X in the upper right corner of the screen to close the Guardian window Click to select Simulation You have successfully put X_TRADER in Simulation mode be To put X_TRADER in Production Mode NN When you are comfortable using X_TRADER and want to begin live trading you can put 1t in Production mode Close out of X_TRADER From your desktop toolbar in the lower right corner of your screen double click the Til icon From the Guardian window click the Mode menu Click to select Production Click the X in the upper right corner of the screen to close the Guardian window
300. ice Up Text Color Mouse Hovering Border Color Highlight Net Change Down Background Color Net Change Down Text Color Net Change Unchanged Background Color Net Change Unchanged Text Color Net Change Up Background Color Net Change Up Text Color Net Position Flat Background Color Net Position Flat Text Color Audit Trail Sounds Color Spread Matrix e Pd B MD Display MD Color MD Advanced Color Preview gt To access the global MD Color tab of all MD Trader windows 1 From the Control Panel click the Settings menu and choose Properties 2 Click the MD Color tab You have successfully accessed the global MD Color tab Trading Technologies Trade Book Quote Board 151 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 b To access the MD Color tab for one MD Trader window 1 2 3 From the MD Trader window right click anywhere to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns Click Properties Click the MD Color tab You have successfully accessed the MD Color tab for one window P To use a standard color for an MD Trader window or text 1 5 From the Control Panel click the Settings menu and choose Properties 2 Click the MD Color tab 3 4 Click a color from the displayed palette Click the name of the color setting you want to change The Preview section dis
301. ick to select Market Maker Cross or Guaranteed Crossing If not click to select Block Click Send to submit the information to the market You have successfully submitted a block trade Trading Technologies 431 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 Basis Trade Overview Basis trades are strategies that incorporate a futures leg and underlying or cash leg Use the Basis Trade window to submit a basis trade For basis trades only the future leg is traded at the exchange The cash leg is traded on a separate exchange which may trade through X_TRADERC or another method Therefore the exchange sends trade fill information for both the buy and sell side of the futures leg A fill is not Basis Trade Series Month AMR Price Quantity Send Cancel sent for the cash leg Seller Trader Buyer Trader Account Account Open Close Open Close ISIN ISIN Cash Pre Cash Pre HR HR Reference Reference CTI CTI Posting Code Posting Code Account Account Basis Trade Window The window and associated fields that appear in a Basis Trade window vary depending on the type of product or strategy being traded If the product is a strategy the associated legs for that strategy are listed in a set of fields in the lower half of the Basis Trade window The Quantity and Price fields must be filled for each and every leg of the strategy in order for the
302. ide columns refer 392 to the Position Pane context menu section Exchange Product MMMYY Strike C P BuyQty SellQty NetQty Lots FFNet P L AvgBuy AvgSell Bid Ask Open Close High Low Last Stlmnt Buy Sell Exchange Description Exchange Symbol for displayed product Expiration Month Year Display calendar spreads for LIFFE and CME products The spread positions are for display purposes and do NOT affect risk calculations Risk calculations are completed using the spread s legs Exercise price of an option Call Put Total Buy Quantity Total Sell Quantity Indicates the position at the start of the day plus the difference between what you have bought and sold For Energy products traded on the ICE_IPE exchange this column indicates the total number of Lots for the given position Fast Fills Net Quantity FF Buys FF Sells Profit Loss Last Average Buy Price Average Sell Price Bid Price Ask Price Open Price Close Price High price Low Price Last price Settlement Price Buy Totals Sell Totals X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Fill Window Open P L Your open profit and loss Refer to Calculating Profit and Loss on page 395 Trans The total transactions on a series product basis Fills The number of fill lines on a contract and product basis Trans Fill The ratio of transactions to fills on per
303. idential Information Chapter 2 166 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Audit Trail Chapter 4 Audit Trail Use the Audit Trail window to track messages from X_TRADER the TT Gateways and exchanges to which the trader was logged on 5 AuditTrail2 Bao Hex ecBOT OK Fill B ecBOT OK Partial Fill S 08 27 12 759 eCBOT 4 amp ACCEPT Add B GIS 0 08 27 12 789 eCBOT A OK Add B GIS 112 08 27 12 839 eCBOT OK Partial Fill S 08 27 12 839 ecBOT 4 OK Fill B GIS 112 839 ERR Order was filled or deleted The Audit Trail window displays the following information for the current day s Order related messages Messages to and from the exchange including fills partial fills add change delete orders and inquiries Messages related to all members of your Group ID e g Login ID MemberIDGroupIDTraderID appear in the Audit Trail e Exchange Announcements Announcements from the exchange including busted trades and pre post opening closing product activity Refer to Exchange Announcements on page 173 s Gateway Alerts Information concerning the status of server host processes s Error messages Notifications of an invalid action p To open the Audit Trail From the Control Panel click the Window menu and choose Audit Trail OF From the Control Panel click the button You have successfully opened Audit Trail Trading Technologies 167
304. ied colors Click OK to exit To retain these changes save your workspace You have successfully changed grid text and background colors Trading Technologies 51 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Formatting Grids X_TRADER includes a number of useful methods for customizing its look and feel You can customize your windows and save them in a workspace so that each time you launch X_TRADER you open the workspace and avoid having to customize each individual window s appearance Refer to Workspace Setup on page 66 Use these Grid Formatting procedures in X_TRADER e Setting the Default Visible Columns e Hiding Rows or Columns e Restoring Hidden Rows or Columns e Moving Rows or Columns e Changing the Heights or Rows or the Widths of Columns e Changing Border Styles 52 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Common Administrative Tasks Setting the Default Visible Columns Use the Properties menu to customize the default columns that display in a new Market Grid Fill pane Position pane Order Book Trade Book or Audit Trail windows Note You do not have to save your workspace to save these settings p To set the default column selection 1 From the Control Panel click the Settings menu and choose Properties 2 Select the tab related to the window whose columns you want to
305. ield Type an account number in this field up to 8 digits Optional with Strategies Name of the strategy leg Quantity of the strategy leg to be traded Seller Fields Price of the strategy leg to be traded Descriptions Trader Exchange identifying number for the trader submitting this trade Account Account code for this trade Can be one of the following H House L Local S Segregated or N Non segregated Open Close Indicates whether this trade opens or closes a given position Default is blank which is acceptable ISIN International Security Identification Number Uniquely identifies a given product Cash Price Price for the underlying that is agreed to by buyer and seller HR Hedge Ratio One character that identifies the methodology used to determine the price for the underlying component Trading Technologies 437 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 Seller Fields Reference Descriptions Used to identify the underlying product order number selling buying code etc from the other exchange CTI Clearing code Posting Code For Euronext products only Account Optional free form text field Type an account number in this field up to 8 digits Optional with Strategies Name of the strategy leg Quantity of the strategy leg to be traded Price
306. ietary and Confidential Information Default Keyboard Mapping The following main keyboard keys are mapped to specific MD Trader functions MD Trader X_TRADER Definition of Functionality Default Keyboard Functionality Mapping Enter Buy Order A buy order will be entered specified price determined by A buy side cursor Enter Sell Order A sell order will be entered specified price determined by sell side cursor Delete Working Bid s Delete the working order s specified price determined by S buy side cursor Delete Working Sell s Delete the working order s specified price determined by L sell side cursor Delete All Bids Delete all bids for a product SHIFT V Delete All Offers Delete all offers for a product SHIFT N Sweep the offers Buy order s will be entered to sweep the market from inside CTRL A market up to specified price determined by buy side cursor Sweep the bids Sell order s will be entered to sweep the market from inside CTRL market down to specified price determined by sell side cursor Trade Out Deletes all working bids and offers and gets trader flat SHIFT T Increase Buy Side Cursor Cursor will increase one price level D Decrease Buy Side Cursor Cursor will decrease one price level C Center Buy Side Cursor Moves buy side cursor to best bid in market if no bids cursor E will move to center of MD Trader grid Increase Sell Side Cursor C
307. iffer between exchanges marketplaces If the order type is not supported the Audit Trail displays an error message from the exchange Refer to each exchange s Market Rules for additional information O C Indicates whether a position is being opened or closed This information is not used by the exchange and may be used or not used by the trader as his discretion The default status is open Use Max Indicates when marked that the maximum trade quantity restriction is applied A blank box indicates that there is no maximum order quantity or that the maximum order quantity is NOT to be applied You may establish a high order quantity that does not restrict normal trading yet still provides a measure of security in the event of an erroneous trade Uncheck Use Max to turn off the restriction Max Order Indicates the maximum quantity allowed per trade for the specified account Qty Select the Use Max check box in order to apply the maximum quantity see above Deselect Use Max to turn off the restriction If you are using the Guardian Risk Management tool any Customer Default maximum order quantity must be less than the Maximum Order Quantity risk parameter defined for the Trader ID or the trade is not allowed 88 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Creating a Customer Defaults Profile Define a profile on the Customer Defaults dialog box
308. igger range The trigger conditions are LAST TRADED price lt TRIGGER price for a SELL STOP order LAST TRADED price gt TRIGGER price fora BUY STOP order If multiple stop orders are in place for the same product at the same trigger price for the same trader or multiple traders they are processed in a FIFO first in first out order If the Order Server of the TT LIFFE Gateway goes down all stop orders must be moved to a hold status in other words they will not trigger Held stop orders are not automatically resubmitted when the TT Gateway recovers You must do this manually Audit trail messages will show you that the orders have been held In the event that an Order Router goes down and the stop order triggers but cannot be sent because the Order Router is down the Order Router of another trader in the same group as the trader who entered the order will be used to send the order to market If no such Order Router is available the stop order is put into a hold status and an audit trail message is generated Note Support of order restrictions is determined by each exchange The definition and use of the restriction may differ between exchanges and marketplaces If the order type is not supported the Audit Trail window displays an error message from the exchange Refer to each exchange s market rules for additional information e 8 Open Close U Trading Technologies Description Opens o
309. iio di iaa dia ae ce ito 90 Displaying Customer Names in the Customer LS sss sees eee 91 Order Entry Customer Selection OVervicw cessssssecsseescesesecsseeeeesecseesecnecaeesecuaveecsaeeaeesecaeeseenaseeeaees 91 PROPERTIES SETUP a staanda E EES yaaa eens 92 PROPERTY TAB NAMES ud ais ds adictas 93 TRADING TAB asiste ira 94 Trading Tab Properties comica a 95 AN AE AAA A A od 100 Example Mixing Implied with Direct Markets sss esse sese 101 Example Calculating Implied Spreads from Implied Outrights oonoonnicnnnninnoncnnnonconcnononanoncnncnnnnncnss 101 Example Implied and Outright Combination sss es sees ee ee eee eee ee eee 102 Admin Alert Messi 103 ORDER ENTRY LAB static rl AA A Ada 104 Order Entry Tab Properties iii aioe shia Aida aii shh aaa a a Ata ae 105 O Og STT ea 109 ST Tab Properties osa iodo cds 110 POSITION DN AEEA AAT AT A AAN 112 ORDERS TAB cent A A 113 Orders Tab Properties coach ZE NEZH dit Dia ele tte d shies as 114 AUDIT TRATE TAB 50 A A A 117 Audit Trail Tab Properties umi a 118 SOUNDS TAB iaa A ONE 119 SUSSESHONS AA A A tel 120 Contract High and Low Sounds it ise 120 Adding an Event Sound ear Ases 120 Changing or Removing an Event Sound sss sese eee eee eee 121 COLOR TAD HTHH 122 Color Tab Properties miserie sirarite Hig a huis Me Aa ag Bape 123 Changing Colors of Windows or Text eee eee 128 SPREAD MATRIX TAB TTT 130 Spread Matrix Tab Properties cocido aos 131 Example Spread Matrix Outright
310. il After Spread and Spread Matrix Color Codes Top of Book Ask Background Yellow Top of Book Ask Text Red Top of Book Bid Background Yellow Top of book Bid Text Blue Setting Default Colors Net Change Down Background Color Red Net Change Down Text Color Net Change Unchanged Background Color Net Change Unchanged Text Color Net Change Up Background Color Net Change Up Text Color X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Setting Outright Ask Prices Equal Background Outright Ask Prices Equal Text Outright Bid Prices Equal Background Outright Bid Prices Equal Text Outright Direct Ask Prices Quantity Qty Background Outright Direct Ask Prices Quantity Qty Text Default Colors White White Blue Gray Outright Direct Bid Prices Quantity Gray Background Outright Direct Bid Prices Quantity Text Blue Outright Implied Ask Prices Qty Light Red Background Outright Implied Ask Prices Qty Text Black Outright Implied Bid Prices Qty Light Blue Background Outright Implied Bid Prices Qty Text White Outright Top of Book Bid Background Yellow Outright Top of Book Bid Text Blue Outright Top of Book Ask Background Yellow Outright Top of Book Ask Text Red Setting Default Colors Position Pane Long Background Blue Position Pane Long Text Position Pane P L Negative Background Position Pane Text White
311. in the row of the product for which you want to populate MD Trader 2 Click MD Trader An MD Trader window appears populated with the product you selected You have successfully populated MD Trader using the Market Grid context menu Using the MD Trader Context Menu In MD Trader right click to access the context menu The MD Trader context menu provides these options e Clone Creates a duplicate MD Trader window Clone Alt C e Size to Fit Expands a compressed MD Trader Size to Fit Alt F window Find Control Panel Rename Window Properties Small Mode Paste Link Delete Link 288 Find Control Panel Brings the X_TRADER Control Panel to the foreground of your workspace Rename Window Helps you easily identify your MD Trader windows by renaming them When you click on the option the Set Text dialog box displays P Set Text CME EA DECO6 Type the unique name in the field and click OK Note When you rename your window you may only use letters numbers and the underscore symbol The dialog box does not allow you to use special characters or the space bar when you rename the window Properties Opens the local MD Trader property tabs X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader s Small Mode Automatically resizes the current MD Trader window into its smaller version The small
312. ind 3 In the Products section click the down arrow and choose your search filter 4 Click Find 9 Products display in the Instruments field From the Instrument Type box click to toggle between Future Spread Option Strategy and Stock Press and hold the CTRL key and click the products you want to open or To open all products in the Instruments field click the gt gt button and skip to step 7 Click the gt button to transfer the products from the Instruments box to the Selected Instruments box Click the Function box in the upper right corner of the Market Explorer and choose MD Trader Click Start You have successfully populated MD Trader from Market Explorer 286 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader b To populate MD Trader using drag and drop from Market Explorer 1 2 If MD Trader is not open use the Control Panel to open it From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find In the Products section click the down arrow and choose your search filter 5 Click Find Products display in the Instruments field From the Instrument Type box click to toggle between Future Spread Option Strategy and St
313. ing Be careful when using BrokerTec prices in Excel calculations The digits 4 and 6 will not be interpreted by Excel as 1 2 and 3 4 respectively Trading Technologies 459 Trading Technologies International Inc Proprietary and Confidential Information Chapter 16 Autotrader and Autospreader All orders sent to the market from either Autotrader or Autospreader are e Aggressive orders 1 e will Hit or Take Passive orders e Leave orders 1 e will not cancel previously sent orders on same side of market Note Refer to the table on page 462 for explanation of workup rules Autotrader Tick Formula Because BrokerTec uses the to designate half ticks a new function was developed to allow you to continue using offsets in Autotrader M Formula TICK lt row gt lt price gt lt n gt Example TICK 3 mBidPrc 2 Where e lt row gt The row from the top of the grid including headers 1 based meaning 3 is the first Autotrader row 4 is the 2nd etc e lt price gt The base price a string number or column name ex 110 01 110 01 mBidPrice If this parameter contains a literal price with a plus in it the parameter must be wrapped in quotes e lt n gt The number and direction of ticks to move the base price contained in the 2nd parameter Positive numbers indicate ticking up negative values ticking down Click Trading When you click up in the Click Offset or
314. ing Technologies International Inc Proprietary and Confidential Information Market Window When you click one of these display price options a new default color scheme is used The new color scheme displays the following Negative prices display in pink Positive prices display in light green Prices with not change display in white e Hide Header Rows Hides the header rows displaying Bid Pre Ask Pre and Bid Qty Ask Qty Setting Outright or Spread Prices Find Control Panel b To set the Outright Price or Spread Price Click Trade MD Trader 1 Right click to show the context menu 2 Scroll to the Spread Price or Outright Price options and choose Best Price Implied Price or Direct v Mouse Tooltips Outright Price Spread Price Z v Best Price i Implied Price Direct You have successfully set the outright price or spread price Formatting Undo Formatting Show Hide Series Display Prices Hide Header Rows Trading Technologies 259 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Properties for the Spread and Butterfly Condor Matrices Most properties for the Spread and Butterfly Condor Matrices can be found on the Spread Matrix tab on the Properties menu However there are three properties found on the Trading tab on the Properties menu that also affect the matrices They are e Use of Top of Book Coloring e
315. ing tab Properties Time And Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board Trading Order Entry Fin Position Orders Audit Trail Sounds Color Spread Matriz Trade Book Order Entry Style Set Lock for new windows Order Entry Style 4 Auto Mouse Move Post Trade Oty Clean Up Broker Mode Auto Aggressive Send Quote Order Use Default Oty Enable Order Types Y Block MOC FOK MOO Growler MY Iceberg Z Stop Limit 10C Y Stop Market LIT Y Volatility MIT S SS S a Cross Orders Order Crossing Y ITX Countdown 15 Z Y Cross Order Type O Sequential Guaranteed Sequential Fast OK Cancel p To access the Order Entry tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Order Entry tab You have successfully accessed the Order Entry tab 104 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Order Entry Tab Properties Order Entry Style Section Order Entry Use the down arrow to select the Order Entry window that best suits Style your trading style Order Entry Style 1 The original default Order Entry pane Order Entry Style 2 Provides extra Buy Sell buttons that may be utilized to confirm orders before they are sent to the market Keyboard Validation Mode Allows traders to use their keyboar
316. ion refer to Fills Pane Field Descriptions Trading Technologies 111 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Position Tab The Position tab lets you set the Default Visible Columns for the Position pane Properties Time And Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board Trading Order Enty Fill Position Orders Audit Trail Sounds Color Spread Matix Trade Book Default Visible Columns DK Cancel Click the Default Visible Columns button to select the columns of information visible in the Position pane when a new Fill window is opened Each checked column will be visible an unchecked column will be hidden p To access the Position tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Position tab You have successfully accessed the Position tab 112 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Orders Tab The Orders tab lets you set default properties for the top pane in the Order Book window Properties Time And Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board Trading Order Enty Fill Position Orders Audit Trail Sounds Color Spread Matix Trade Book Order Book T Display Routing Status 4 Delete All Confirmation Button Sele
317. ion in the Market window Month Maturity month of the futures contract Automatically filled from the product selection in the Market window AMR Auto Market Reference unique LIFFE exchange specific product identifier Automatically filled from the product selection in the Market window Price Price of the product Quantity Quantity of the product to be traded 436 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trader Buyer Fields Wholesale Trading Descriptions Exchange identifying number for the trader submitting this trade Leg Account Account code for this trade Can be one of the following H House L Local S Segregated or N Non segregated Open Close Indicates whether this trade opens or closes a given position Default is blank which is acceptable ISIN International Security Identification Number Uniquely identifies a given product Cash Price Price for the underlying that is agreed to by buyer and seller HR Hedge Ratio One character that identifies the methodology used to determine the price for the underlying component Reference Used to identify the underlying product order number selling buying code etc from the other exchange CTI Clearing code Posting Code For Euronext products only Account Optional free form text f
318. ional Inc Proprietary and Confidential Information Chapter 8 Timed Order The Timed Order restriction allows you to choose the date and the time for the order to be sent Orders remain in the held state until the designated date and time Conditions Conditions of using the Timed Order restriction include e You must use Order Entry Style 4 or 5 to place a timed order e You may use the Timed Order restriction with any order type e The Timed Order date must be greater than the current exchange date and time e If you plan to execute a GTC Good Til Cancel order the GTC date must be greater than or equal to the Timed Order date e Valid dates only include Sunday through Friday Note When you designate a timed order all traders with whom you may share the book will see the order in their local time zone 1 00 PM in Chicago 2 00 PM in New York and 7 00 PM in London Also trades are set from your local time to GMT 0 Greenwich Mean Time Therefore differences in local workstation s clock settings will not affect the trigger time For your own benefit and to avoid confusion make sure your time and time zone including daylight savings time and subsequent settings are accurately set on your workstation b To add the Timed Order restriction using Order Entry Style 4 1 If you have a specific customer account you want to trade for select it now Note You can setup customer profiles or use the Default profile
319. ional Inc Proprietary and Confidential Information Wholesale Trading One Trader Example e Trader enters a half trade to Buy Product A The Seller section is completed along with the Buyer section The Matching Contract is lt Product A gt No month or year The Trade Seq is 1 The Counter Party is Trader 2 s ITM The Password is numeric e Trader enters a half trade to Buy Product B The Seller section is completed along with the Buyer section The Matching Contract is lt Product A gt No month or year The Trade Seq is 2 The Counter Party is Trader 3 s ITM The Password is the same as above Trading Technologies 451 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 452 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Block Chapter 15 Order Block The Order Block window is designed to allow the user to manually enter market making quotes for one or more products in one operation Order Block uses a separate trading window to manage the order block trades It shows orders in the Order Book and MD Trader windows fills in the Fill window and messages in the Audit Trail window d Order Block 1 ce L SJ T conrrot Posi SCRATCH sal Comrat Account nap mBidot mBidPr mAskPr maskod_ LTP T LTO Juercn april wBidPre wAskPr was sBid sBidPre sAskPr
320. irieirio gt Tio Note Entry information for each row is subject to whatever filters are applied to the Time and Sales window If filters are applied only product information that fits the filter criteria appears Information that does not meet the filtering constraints is not shown The information is however still stored in a file and can be retrieved later 420 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Time and Sales Recognizing Color Codes Each row in the Time and Sales window displays information about a single trade for the product used to populate the grid The row information is color coded to make it easy to define the activity for this particular product and trade These colors cannot be changed The background and text colors used for the grid rows are Row Information Background and Text Color Bid Price Ask Price Uptick on the Last Traded Price Downtick on the Last Traded Price No Change Status Trading Technologies Blue text on a white background Orange text on a white background Green text on a white background Red text on a white background Black text on a white background Black text on a white background 421 Trading Technologies International Inc Proprietary and Confidential Information Chapter 12 Hiding Time and Sales Columns r Using the context menu you can choose Show
321. isplay data For example if you are part of a group and you want to view only your open orders you can filter using your Trader ID Refer to Filtering Options on page 44 Y Tip To filter using your Trader ID first record an open order far off the market Filter using your Trader ID Then delete the order Trader Identification The Trader ID is a combination of the exchange Member ID a Group ID and a Trader ID Example MemberIDGroupIDTraderID e The exchange supplies the Member ID to their trading member e The administrators of your trading environment assign the Group ID All traders sharing the same Group ID share the Order Book Fill and Audit Trail windows e The administrators of your trading environment assign the Trader ID It uniquely identifies a specific trader 362 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Book Top Pane Field Descriptions The top pane in the Order Book is used to make changes in existing orders that have been submitted to an exchange through the Order Entry window This process is done in conjunction with the bottom pane r S Order Book3 fafa gt J gar we hb A Buy 2 x9050 6C Limit COO4L5 Acct DS001001 v C Lock Cust 2 9050 m A reap Y v a mm Change Changes an order This button will cause the order to lose its place in the queue when the quantity of the order is increased or decreased
322. isplays in the MD Trader window Click OK You have successfully set the trade out method globally P To trade out of a position using your mouse 1 2 Set your trade out method locally or globally Click the Trade Out button on the MD Trader screen Before sending the offsetting order MD Trader sends delete requests for all working orders for that contract MD Trader then sends an order that allows you to exit from your position regardless of your credit limit You have successfully traded out of a position using the mouse P To trade out of a position using the keyboard 1 2 Set your trade out method locally or globally Press the Shift T key Before sending the offsetting order MD Trader sends delete requests for all working orders for that contract MD Trader then sends an order that allows you to exit from your position regardless of your credit limit You have successfully traded out of a position using the keyboard 312 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Viewing Your Position In Queue PIQ A new feature called Position in Queue PIQ is in MD Trader and the Market Grid PIQ estimates how many contracts are in front of your order at any given price e If your PIQ is 10 there are approximately 10 contracts ahead of your order s If 3 contracts trade your PIQ changes to 7 s If your PIQ is O your
323. k Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 Conf IP Cntr Party Row Numbers 388 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Fill Window Fills Pane Context Menu The Fills pane context menu includes these additional features and options Find Control Panel Find Control Panel Displays the X_TRADER Control Show Fast Fills Panel Scrolling s Show Fast Fills Displays partial information about the order and are only offered by some exchanges Fast Fills are enabled by default Add Manual Fill e Scrolling Displays the most recent fill at the bottom of the Fill pane Enabled by default Confirm FILS e Clear Filter Removes the filter from the selected cell Auto Filters e Clear All Filters Removes all filters Formatting Hide Column s e Add Manual Fill Allows you to manually enter a fill Show Hide Cols Information displays in the Fill pane and updates the Position pane Copy s Delete Manual Fill Deletes fills manually added to the Fill window Export Data e Confirm Fill s Confirms a fill Click a single fill or select multiple fills and choose this option The C Confirmed column displays a hyphen for trades confirmed by you An equal sign displays for fills confirmed by another trader e Auto Filters Enables Auto Filters which filter
324. k Add The table name displays in the column to the right 4 Click the table name you just created The fields in the Setup Spread Table section activate 5 In the Days to Expiration column click the first cell and type the maximum number of days the first row of bids will be active for before expiring Note The Days to Expiration column A is used to set the upper boundary for any given time period For example e Entering 30 in the top cell creates a O to 30 day time to expiration period for the Bid Up To price and criteria entered in the top row e Entering 90 in the cell below the 30 creates a 31 to 90 day time to expiration period for the Bid Up To price and criteria entered in the second row e Entering 99999 in the cell below the 90 creates the 91 to 99999 day time to expiration period for the Bid Up To price and criteria entered in the third row 6 In the Bid Up To column click in the first cell and type the maximum amount to bid for the number of days you set in column A e g 30 days 7 In the Maximum Spread column click the first cell and type the largest spread to be used in ticks by default Note Setting the Bid Up To price to 1000 and the Maximum Spread to 4 means that for all prices up to 1000 the Maximum Spread for any quote is 4 ticks wide 8 In the Ticks Percent column click the down arrow and select Ticks or Percent to measure the spread by 9 To set another set of bidding parameters for this spread table c
325. kOty WrkSells HetPos LastPrc LastOty Total Chng DECOS 351 86 000 86 005 345 6 6 24 MAROG 101 3 95 240 1 1 sunos 11 90 000 7 90 000 2 3 3 In the Market Grid select a contract 4 Enter the quantity and price in the appropriate fields 5 If you want to send or are required to send by the exchange an Intention to Cross notification click the ITX button The timer counts down 6 To execute a cross trade click Buy First or Sell First or To execute a cross with trade click Crs Buy or Crs Sell or To cancel the cross click Clear You have successfully executed a cross or cross with trade Order Entry Style 1 222 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window b To execute a cross or cross with trade using Order Entry Style 4 Note Remember that you must have previously set up customer profiles for each client you wish to conduct cross trades with In the Order Entry pane click the Cross tab Note If your Order Entry pane does not display the Cross tab you must enable cross trading Click Cross or Cross w If you selected Cross click the buyer or seller from the list boxes El LIFFE ED 5 ls Ho AM 100x86 005 ED DEC05 GTD Cross lt None gt Li 100 100 500 500 500 100 86 005 open w ar O Cross wi l Clear l K 2 l VW Cross E J toss O Buyer Buy First Sell First mx O Sel
326. kes them selectable from the Order Entry screen Market Lists available markets or an asterisk meaning apply the account and account type to all markets you are logged into 86 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Field Description Product Lists a specific product or an asterisk meaning apply the account and account type to all products in the exchange Product Type Lists product types including Future Spread Option Strategy Stock Bond Swap Warrant or an asterisk meaning all product types Account Indicates the customer account code This field may be used by the middle or back office as a sub account The account number associates the trade with a specific customer This field may be required by the exchange for example CME requires it X_TRADER system uses the data specified in this column if you and your organization do not set up risk management parameters If you are set up with risk management parameters the system uses the risk management account number and the relevant information from the Customer Default profile Acct Type Indicates one of the following account types A1 First Agent Account e g broker A2 Second Agent Account A3 third Agent Account G1 Pre Designated Giveup Trade G2 Designated Giveup Trade G3 Second Giveup Trade M1 First Market Maker Account M2 Second Market Maker Account M3 t
327. l S Strike Select from the list of traded products Quantity Enter the amount of the quantity traded Price Enter the price of the product traded Account Enter the account number of the customer Add Fill Select to transfer manual trade to Fill pane Note This button enables only after you complete all mandatory steps Lock Allows you to ensure the fill is correct before adding it If enabled you receive a dialog box that displays Add Fill OK Closes the Manual Fill dialog box when you are finished entering manual fills Status Bar Allows you to review the state of the dialog box or that you successfully added a new manual fill 398 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Fill Window Adding a Manual Fill gt To add a manual fill to the Fills pane 1 From the Control Panel click the Window menu and choose Fill Window OF From the Control Panel click the icon 2 In the Fills pane right click an open area and choose Add Manual Fill The Add Manual Fill dialog box appears G Add Manual Fill Notes Exchange Product Product Type e Ifyou place your cursor on a specific fill jen os ZI Toe in the Fill pane to access the Add Manual G a Fill dialog box that order information guns o Action Quantity Price Account ea the Add Manual Fills dialog rr cn e If you open the Add Manual Fills dialog Lock I ok box v
328. lay ll dEl o BL ORCS A tReet dotado aa OE Aad 413 field d scriptions detail pane iia Aa 410 field descriptions partial fill panes ta A ra 408 ISTR ST UST summary PM s 406 sorting data Trade Book a E1 a load EETA A E 134 Trader identification in Order BOOK TTT 362 Trading brokertec MN A L O AE ice 470 Out ofa position md trader serena anrr a hee asd eh ieee AA i thd Babee ES oa 311 specialty exchanges with a spread or strategy with an expired strategy with the butterfly condor matrix titi 266 with the keyboard 10d ido deci 319 with the spread Ma T 256 Trading tab eee 1 94 adimin alert MESSAGES da detenta cath Mish ancla de Mss ooks tines EE A AE E E AR AET uc arama 103 calculating implied spreads from implied outrights example sss sss esse sees eee 101 implied and outright combination example 0 ccceseceecescssesesseeseesceecseeseesesseeseesceseseesessecseesceacasseesesseeseeeceassessesaeeaeeeseaseees 102 implieds in X_TRADER mixing implied with direct markets example ees eee 101 Trailing Stop Order TTT A NADO 348 SDS LO O OOO ON NON NO 348 OOO 42 U Unrestricted keyboard functions in MD Trader TTT 334 User manual conventions User defined price Column 5 cies A A pee hinge ete 155 302 Using MOUSE to ZA A de cre ys floating order book frame command bar Trading Technologies 493 Trading Technologies International Inc Proprietary and Confidential Infor
329. le Setting the Default Quantity Setting the Trade Quantity Setting the Maximum Trade Quantity Reading the Text and Grid Colors Recognizing the Average Price of Open Position The average price of the open position is the average price of your long or short position When an order is traded at an exchange it is possible to receive fills at different price levels You can use this price point to gauge whether trading out of your position will provide you with a realized gain loss or scratch When you first open MD Trader the value of the open position is based on the current open position for the product If no open position exists then the average price equals zero To determine the price of the open position a First In First Out FIFO method is used for filled orders The first fills received are the first fills discarded when determining the average price Note MD Trader average price rounds longs up and shorts down Centering the Market 290 To center the market click anywhere within the MD Trader window This automatically shifts the grid to show the center of the market X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Changing Order Quantity Using a Mouse Most users use the keyboard to enter order quantity amounts in the Order Quantity text box However you can also use the mouse wheel to change order quantity Using the
330. le Audit Trail columns For a detailed listing of the available information refer to Audit Trail Column Descriptions X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Sounds Tab The Sounds tab lets you set audio notification for certain events if your workstation is equipped with a sound card and speakers and the appropriate drivers have been installed Properties Time And Sales Customer Defaults MD Trading MD Displa MD Color MD Advanced Quote Board Trading Order Enty Fill Position Orders Audit Trail Sounds Color Spread Matris Trade Book Events Associated Sounds ALERT WARN lt None gt Buy lt None gt Error lt None gt ExchAnnounce lt None gt FFill lt None gt Fill lt None gt LClick lt None gt Quote Alert C Mtt Sounds alarm2 wav RClick lt None gt Reject lt None gt Sell lt None gt Server Down lt None gt Server Up lt None gt Shutdown lt None gt Startup lt None gt P To access the Sounds tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Sounds tab You have successfully accessed the Sounds tab Trading Technologies 119 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Suggestions e Copy sound files from another source for example WINNT Media directory to the lt root drive gt tt x_trader Soun
331. le for the following windows and can be set at any time e Audit Trail window e Fill window e Order Book window e Trade Book window Apply these filters to the windows in two different ways e Individually or in multiple combinations on one or more columns in the Fill Trade Book and Audit Trail windows The Order Book does not support filters using multiple variables These types of filters affect only the individual window in which you set them and must be set for every individual window Individual filters are saved as part of the workspace e Globally using the Auto Filter option in the individual window s context menu This filters the Order Book Fill Trade Book and Audit Trail windows by a particular customer trader Global filters are saved as part of the workspace Effects of Filters on X_TRADER 44 Filters have the following noteworthy effects on certain screens in X_TRADERC Screen Effect All windows A Filters On notice appears in the title bar of the widow when a filter has been applied to one or more columns If you hide a column using the context menu s Hide Column selection this notice changes to Filters On Hidden Audit Trail If you select lt EMPTY gt in the column filter in the Audit Trail the filter window applies to all cells that are empty This is unique behavior to the Audit Trail window Fill window If you use Fill window filters you will not receive Fast Fills
332. led Because there is a short delay before you receive notice of a filled order it is possible for you to request to delete an order that has already been filled If this occurs the Audit Trail sends you an ERR error message informing you that the order has already been filled S Order Book1 Oo of DAR A Sell 21 x 114025 ZN Limit 360 X 08289230572601 Acct tp001001 nl el v Cl Lock TEE _ y DelAllBids DelAllAsks Stop Pre 114025 114025 114025 111215 After the Delete Request is Sent After the delete request is sent e The original order s status temporarily changes to Deleting before being removed from the Order Book window s The Audit Trail window displays two messages The first is confirmation that the exchange has received the request The second message confirms that the request is processing Note If a change cancel replace or delete attempt results in an ORDER DELETED OR FILLED message the exchange has rejected the request because the order has already been successfully filled If the receipt of the confirmed fill is delayed the Order Book window cannot remove filled orders in a timely manner It is also possible to request a change delete at the same moment that a confirmed fill is being received Either occurrence results in the trader receiving the above message There are four ways to delete orders in the Order Book e Delete a single order e Delete multiple orders
333. lent to no filter The title bar now contains a Filters On message You have successfully set the Auto Filter by customer Trading Technologies 47 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 b To remove the customer Auto Filter 1 Click on the red push button directly below the column whose Auto Filter you want to remove The following screen is taken from the Fill window amt T AAA ax Product MMMYY Account 2 Exch Timi A 24 00 16 09 24 0C v 2 2 Click lt EMPTY gt to remove the Auto Filter by customer account For any window except the Audit Trail Or To display the context menu right click within the grid pane and click Autofilters The filter is automatically deleted and the checkmark no longer appears in the context menu You have successfully removed the customer Auto Filter 48 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Common Administrative Tasks Formatting Fonts A variety of formatting options are available within X_TRADER including a typeface option Make these changes by accessing the Formatting option on the context menu of the window in which you want to have the changes appear Then save your workspace Refer to Workspace Setup on page 66 Use these Font Formatting procedures in X_TRADERC s Changing the Font Text Style Change the font outline and si
334. ler MIKE x ER Aeron worsens Ween taste Te S E 5 ams or 1sm 4 dm 100x86 005 EDDECO5 GTD Cross lt None gt iT Cross 100 500 400 86 005 lt None gt Y Open ZIM O Cross w Opp Side TTGXV Cer We W John vw 123 Oho O Cross lt a Ss Cu 6 24 86 000 86 005 345 95 240 1 1 11 ES 000 30 000 2 3 In the Market Grid select a contract Enter the quantity and price in the appropriate fields If you want to send or are required to send by the exchange an Intention to Cross notification click the ITX button The timer counts down To execute a cross trade click Buy First or Sell First or To execute a cross with trade click Crs Buy or Crs Sell or To cancel the cross click Clear You have successfully executed a cross or cross with trade using Order Entry Style 4 Trading Technologies 223 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Cross Order Execution and eCBOT Because of a rule implemented by eCBOT cross orders experience a time delay The X_TRADER system complies with the time delay rule and manages your cross orders so they are accepted by the exchange When you execute your cross trade you send both orders at the same time However the X_TRADER gateway system holds the second leg of your cross order and adheres to the following rules so your order is not rej
335. lick the next available row in the Days of Expiration column and repeat Steps 5 8 Notes e The Days to Expiration column must increase in size as you add a new row Use a high upper bound 99999 to indicate or longer A table with the last entry of 30 only goes out to 30 days Setting the next cell to 99999 creates a last time period of 31 days or longer e The Bid Up to columns must increase in size as you add a new row Follow the same logic as the Days of Expiration column to set a high upper bound bid with your last entry Trading Technologies 83 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 10 To verify your settings click any cell in the Days to Expiration column The text above the Bid Up To cell confirms the exact time period for the bidding parameters 11 Click the Close button to save You have successfully added a spread table Copying a Spread Table p To copy a spread table 1 Click the name of an existing spread table 2 Click the Copy button 3 Enter a new table name and press ENTER All spread table data is copied to the new table 4 Click the name of the new table and edit the bidding parameters as necessary 5 Click the Close button to save your changes You have successfully copied spread table data from one spread table to a new one Saving a Spread Table pP To save a spread table After entering the information into the spread table in
336. line messages display a Status of OK an Action of Fill and provide detailed information about the order e Partial Fills Displays Partial when an order is partially filled s Exchange Announcements One line messages display a status of Alert Info or Warning and reflect general information sent by the exchange host or the TT Gateway 172 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Audit Trail Audit Trail Exchange Announcements The Audit Trail window displays all announcements released by the exchanges These exchange specific announcements include host activity busted trades and pre post opening closing product activity Each announcement details the e Time issued exchange time e Time received local time e Exchange name e Severity e Announcement text If speakers and audio drivers are installed on your workstation X_TRADER beeps when an announcement is added to the Audit Trail You can associate any sound file with this event from the Sounds tab on the Properties menu Y Tip If you are using Audit Trail filters open two Audit Trail windows to ensure receipt of all exchange and gateway announcements Use one Audit Trail window to display order related data with the desired filters Set the Status column filter for the second Audit Trail window to capture alerts ALERT and general information INFO Trading Technologies 173 Trading
337. ll in the Sell column from the best ask price up to that price level Directly to the right of a populated Sends in a sell for as many contracts as exist grid cell in the Buy column from the best bid price down to that price level A right click on a grid cell that is populated with either a bid or offer results in no orders being sent to market You have successfully used one click trading with MD Trader 308 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Using the MD Trader Stop Order Feature MD Trader supports the stop market and limit order types for the products traded through it In the case of the stop limit order you can also set the number of ticks from the stop entry price These stop order types are enabled or disabled via a property on the MD Trading tab Use MD Trader to perform the following stop order procedures e Enabling the Stop Market feature e Enabling the Stop Limit feature e Setting a Stop Market Order e Setting a Stop Limit Order p To enable the Stop Market feature 1 Right click in the MD Trader window to open the context menu and click Properties or To enable the Stop Limit feature globally from the Control Panel click the Settings menu and select Properties Click the MD Trading tab In the Enable Order Types section click to select the Stop Market Orders option Click OK to return to MD Trader
338. lly affect all MD Trader windows subsequently displayed Alternatively access local MD Trader property tabs via the MD Trader context menu to set properties for one MD Trader window Properties Position Orders MD Trading Trading Order Entry Fill Time And Sales Customer Defaults C Do Delete All when LTO Column Clicked Button actions on Mouse DOWN C Allow only one order per side of market Use Inside Market Prices Enable Keyboard and Function Key Trading Enable qty change on left right click in edit fields Round Lots or Percent Amount 4 Z Right Click Action In Buy Sell Column Sweep w Max Oty O Use 2nd Default Oty TradeOut Method Using LIMIT Order 0 Using MARKET Order H of ticks to skew Trading Technologies Spread Matrix MD Advanced Sounds Color MD Color Audit Trail MD Display Trade Book Quote Board Order Parameters 1 DU j Maximum Order Quantity Enable Order Types Y Stop Market Orders Y Stop Limit Orders ticks from stop entry price Set Stop limit price 5 C Set Stop trigger qty IUT Y Growler Set Default Disclosed 20 Y Iceberg Set Default Disclosed Oty 1 viioc M Fok MmT MMY i C Passive C Leave Assign Buttons Y GTC Order Types Sticky SL go ao Order Types SM Growler GTC 139 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 b To acc
339. lock Creates and maintains a two sided market for selected sets of contracts Available Credit Displays the amount of credit left in your trading account A total in green indicates a positive balance a total in red indicates a deficit To view the current balance click the Recalculate button MD Trader Displays the market depth for a given product and allows you to buy or sell products quickly using one click of the mouse Alerts Manager Assigns alert sounds to contracts so that X_TRADER plays a sound whenever the contract trades above its high price or below its low price for the day Quote Board Displays the open high low last net change trader position and P L for several markets at once Plug ins Starts X_TRADER Plug in applications Note To use each individual Plug in you must obtain proper licensing 63 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 The Toolbar You can access most X_TRADER functions using the Toolbar 2H CPHWM SGBaeaacwAERBse Button Description Open Workspace Displays a list of workspace names to open Save Workspace Saves your current workspace under the workspace name that appears in the Control Panel title bar If no name appears in the Control Panel title bar you are prompted to enter a name Refer to Workspace Setup on page 66 Market Explorer Lists products by exchange marketplace Open one
340. low Strategies are designed to accomplish specific goals A Bracket applied to a current Long position is intended to exit the position at either a profit or a protective stop Hence both orders must be Sell orders e Bracket First OCO order is Limit Second OCO order is Stop Limit or Stop Market Both orders must be on same side of market 1 e 2 Buys or 2 Sells e Breakout Both OCO orders can be Stop Limit or Stop Market Both orders must be on opposite sides of market 1 e 1 Buy and 1 Sell e Custom Both OCO orders can be Limit Stop Limit or Stop Market No restrictions other than check for invalid price levels by order type Cursor Changes When connecting two orders in an OCO relationship your cursor turns orange to match the OCO button In addition the initials of the kind of order being placed appear under your cursor e LIM Limit e SL Stop Limit e SM Stop Market Trading Technologies 343 Trading Technologies International Inc Proprietary and Confidential Information Chapter 8 Invalid OCO Price Levels When the cursor is positioned over an invalid price level a circle with a slash through it appears This occurrence depends on the order type you are using For example If you are placing a Limit order any price level that will result in an immediate fill like buying above the inside offer or selling below the inside bid is invalid Using OCO s in MD Trader You can use the OCO order type in M
341. lp systems that include e Guardian Help X_RISK Plus Help and User s Guide s X STUDY User Manual s X_STUDY Online Help X_TRADER Autospreader User Manual X_TRADER Autotrader User Manual s X_TRADER Online Help X_TRADER Trading System Trading Technologies X_TRADER Trading System gives you and your customers the best technological edge in the business X_TRADER is the fastest most adaptable front end trading screen for stock futures and options trading Combining universal exchange access high performance and full customization X_TRADER with its sophisticated trading tools enhances your presence in all the world s open access electronic markets X_TRADER is designed to meet the demands of institutional brokers and professional traders globally It facilitates easy order entry order routing and position management The customizable windows in X_TRADERC allow you to execute and track the complete life cycle of a trade e Flexible market window for easy order entry and depth of market e Extensive order book displaying working orders and editing functions e Real time position management window including fill details and real time P L e Comprehensive audit trail detailing transactions over a ten day period X_ TRADER enables its users to execute trades fast Speed combined with flexibility gives X_TRADER users a distinct advantage in today s fiercely competitive global market X_TRA
342. ls the Price field displays the current price but the Quantity field remains zero 0 The contract information appears in the Order Summary field 3 Modify order information if necessary 4 Click the Order Restriction menu and select Stop The Stop Price and Trigger Qty fields appear Note The Stop order restriction and If Touched IT order restriction are mutually exclusive If you enable one of these restrictions the other becomes unavailable To toggle the order type click the Limit button The Order Type button toggles between Limit and Mkt when clicked To set a stop price in the Stop Price field use the arrows or type the stop price 7 To set a stop trigger in the Trigger Qty field use the arrows or type the stop trigger Click Buy or Sell You have successfully placed a Stop order 346 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Types and Restrictions b To place a Stop order using Order Entry Style 5 1 Click on the BidPre or AskPre column of the contract you want to trade The order price populates the Price field and the Order Summary field Enter the quantity by clicking one of the Preset Quantity buttons or typing the quantity in the Quantity field Select the account from the Account Name field If you set up customer profiles the Account Number immediately populates the BOFAccount field Modify order info
343. lt for installs as of version 7 1 Allows for the execution Order Entry Style 2 Closely resembles the design of the original X_TRADER of the new order types Order Entry Style 5 Allows for the execution of the new order types To choose an Order Entry pane style 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Order Entry tab 3 Inthe Order Entry Style box select the appropriate option 4 Click Apply and OK The Order Entry pane style immediately changes all open windows All new windows open in this style You have successfully chosen an Order Entry pane style 198 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Closing the Order Entry Pane There are two ways to close the Order Entry pane e Closing the Order Entry pane using the context menu e Closing the Order Entry pane by manually sliding it closed P To close the Order Entry pane using the context menu 1 Right click the Market Grid to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 2 Click to de select Order Entry You have successfully closed the Order Entry pane using the context menu gt To close the Order Entry pane by manually sliding it closed 1 Move your cursor between the bottom of the Order Entry pane and the top of the Market Grid pane until the cursor turn
344. ly available with X_TRADER Pro Although both modules install during the regular X_TRADERC installation process they require a separate X_TRADER Pro license to function These tools are not available for use unless you purchase this separate license Contact a Trading Technologies representative for further details Once you obtain an X_TRADER Pro license you must activate the license in X_TRADER to access the functionality Once activated Autospreader and Autotrader work as long as the license remains current and you continue to log into the host machine with the same user name If you upgrade to a different version of X_TRADER you must re activate the license If you currently do not have an X_TRADER Pro license you may still use X_TRADER Although the Autotrader and Autospreader features are not available to you without the license all other features are activated If you receive a message that you do not have an X_TRADER Pro license close X_TRADER and restart it You can now use it in normal mode Note Order Block does not require an X_TRADER Pro license gt To activate an X_TRADER Pro license 1 Have your TT representative enable the X_TRADER Pro option in the Settings menu 2 Open X_TRADER from the desktop icon and log onto an exchange 3 In the X_TRADER Control Panel on the Settings menu click X_TRADER Pro A prompt appears informing you that you must close X_TRADER a
345. ly the future leg is traded at the LIFFE exchange The cash leg is traded on a separate exchange which may be executed through X_TRADER or another method Against Actual orders are only valid for commodities contracts Flex Options Trades FTSE 100 options except that any expiration day and exercise price an be specified Flex Option orders are only valid for the ESX contract at LIFFE Wholesale Trading Types and Supporting Exchanges Exchange Wholesale Orders Supported Account CTI Posting Codes Codes Codes Required Required Required Against Basis Bloc Flex Guaranteed Market Actuals k Options Cross Maker Cross LIFFE X X X X X NQLX X X X X Euronext X X X X X X Paris Euronext X X X Brussels 428 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Wholesale Trading Block Trade Overview Block trades are high volume trades in any outright or strategy product Use the Block Trade window to submit a block trade The NQLX can also be used to submit a block trade Block Trade Series Month AMR Price Quantity Buyer Seller Trader HE Trader Account G Account Open Close Open Close CTI CTI Posting Code Posting Code Account Accountt Block Market Maker Cross e Guaranteed Crossing ancel j Block Trade Window The window and associated field
346. mation Index market depth in the market grid A RA LAA E AAE EAE AE at ilies tol nt eke Lad ek he a tts oe Using Excel for theoretical and implied ee T 215 links in md trader Usime B BA RT T cosa ato centers the market TTT 290 chanigino order QUAN AR 291 Chatigio working Orders A A E 292 deleting orders ESA A A NN NN Orden types ANd TESTI ii ai aia position in queue sese ee eee reading the net change indicator reading the text and grid colors sees recognizing the average price Of OPEN POSItION TTT 290 selecting a Customer profile ii A A AAA Seeeecemen ate 294 setting the detal UN A A ia 294 setting the maximum trade UE 295 Setting the trade UM dit 295 V Viewing A A RN NN 168 market depth information A AAA A E 213 positon IN QUEUE in A Ai 219 313 Volatility order AA A A A A A A A A A a 231 A RN RON 232 W What s TTT 15 Wholesale Ta TTT 427 against actuals ASSEt AL eUT 449 AUGIE trail MESSAGES HTH e a TT 442 IST 432 BlOCK tis eet aa teal Ltd behead te tit Re ee aN beet RES Pla ee ee CES ba od EE MSY abil ste le 429 euronext and guaranteed e TTT 447 PLEX Le 440 qix and market maker Cross innan A A bd ania leeds Me eee ee 445 strategy ades sese trading types Window menu si MUA T sec E as GGH RTE T ENE NE O O T ia deleting fixing introduction malple ANN A RN RAN saving MAT A A A A A A aria AVOTKUD Odd aii a ri 494 X_TRADER 7 4 User Manual Trading Te
347. mation by product and contract The Profit Loss P L is calculated using only confirmed fills Unless set up to do so on the gateway Eurex fast fills are no longer included in net position calculations Ask your TT representative for information on converting fast fills into confirmed fills Refer to Eurex Fast Fill Information on page 402 Fast Fills The Fast Fills pane supported by some exchanges displays limited trade information until the confirmed fill is received from the exchange Some exchanges provide guaranteed fill information via the back office feed This may result in delayed fills 1f the trade information is not received from the exchange The Fast Fills pane mitigates the potentially significant delays that may occur waiting for a guaranteed fill The fast fill net quantity is displayed in the FFNet column of the Position pane Note Regarding Manual Fills In some cases trades may be executed through some other method other than the X_TRADER application Use the Manual Fills dialog box to manually add or delete all orders executed through a source other than X_TRADER You can calculate your true position and P L profit loss when you use X_TRADER Refer to Manual Fills Overview on page 397 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Fill Window Fills Alert Dialog Box When enabled the Fills Alert dialog box displays on the desktop as
348. menu and choose Fill Window or From the Control Panel click the icon 2 From the Fills pane click to select the manual fill trade you want to delete Note Manual fills are identified by the m in the Open Closed O C column 3 In the Fills pane right click an open area and choose Delete Manual Fill The Fills and Position panes update to reflect the fill deletion You have successfully deleted manual fill from the Fills pane Saving a Manual Fill By default the Save Manual Fills option on the Fill tab in the Properties menu is enabled Therefore all manual fills are saved to your hard drive If you have manual fills on multiple exchanges and you close X_TRADER when you reopen it you are prompted to log into all exchanges where you have manual fills If you disable the feature manual fills are not saved to your hard drive If you have manual fills on multiple exchanges and you close X_TRADER when you reopen it you are not prompted to log into all exchanges where you have manual fills Notes e You have the ability to add manual fills for future spreads and options strategies as well as outright futures and options e Ifyou have an Add Manual Fill dialog box open and try to open a second you are asked whether you want to override the current settings with the new specified fill If you click OK the Add Manual Fill dialog box is populated with data from the new fill e You can manually add all order e
349. mer Defaults Setup Properties Setup Adding High and Low Sound Alerts Starting Plug ins To quickly display the Control Panel on top of your other windows most context menus offer a Find Control Panel option gt To find the Control Panel 1 Right click in one of the main X_TRADER windows to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 2 Click Find Control Panel Note If the context menu does not include this option right click a different X_TRADER window to access the context menu You have successfully found the Control Panel Trading Technologies 61 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Opening a Functional Window You open functional windows within X_TRADER using the following options on the Control Panel The Window menu The Toolbar icons The Window menu The following options are available from the Window menu Qs SB Help Market Explorer Order Book Fill Window Trade Book Audit Trail Time and Sales Customer List Create Strategy Quote Audit Trail Autospreader Autotrader Order Block Available Credit MD Trader Alerts Manager Quote Board Plug ins 62 Market Explorer Lists products by exchange marketplace Open one or more functional windows with one or more products Order Book Manages your open orders Monitor change or delete orders or perform a s
350. mize or display the window on your desktop Screen Names with Are A dark blue background Currently displayed on your desktop A light blue background Currently minimized on your desktop You have successfully minimized or displayed windows b To minimize or display all windows Double click the TT Minimizer tray icon You have successfully minimized or displayed all windows 42 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Common Administrative Tasks b To open or close the TT Minimizer Click the TT Minimizer tray icon The TT Minimizer appears or disappears from your desktop When minimized it also appears in your taskbar TT Minimizer You have successfully opened or closed the TT Minimizer P To lock your X_TRADER windows 1 If itis not visible open the TT Minimizer 2 Click the Lock All button Your X_TRADER windows cannot be altered 3 To unlock your screen click the Unlock All button You have successfully locked your screen Trading Technologies 43 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Filtering Filters are used to control the amount of data displayed in the various windows used in X_TRADER For example opting to filter on a product FGBL and action Sell eliminates extraneous orders from the grid Filters are availab
351. mode A O ERROR status at Ud MA A E test mode sss tracking quotes R Reading the net change indicator in md trader T 294 the quote board T 357 the textand erid colorsin md di odian redada 296 the time and sales windoW Reanaming an existing strategy Recognizing AVETALE PriCe OF OPEN ise R EESE 290 color cod s MMM E A lo 421 Recreating a spread strategy Related documentation Removing A A O O ONO O 84 AA RN NON 121 fast fills stale orders from the order book Resizing amp WINDOW RI md tA Sr T O O NN NO NANO Restoring hidden rows or columns RestICUO Siria rc Revie wine Timed Ord ai dt diia IIA NN S Saving A ee a tees ees E OO NN ONO time and sales information WOTKSPACES imita A AA id Searching for a PTOdUC di A ata Selecting a customer profile in md trader Sell side keys in MD Trader sss Setting Mid trader properties uri 297 the defatilt quantity in mid pradet SZ dod Haara Zedd eaba ka Raa ainia dae E 294 the default visible columns the maximum trade quantity in md trader eee a e E E RRR AEE E E REEERE E EE ARER 295 the o ttigbtorspread Price 2 A A E A RN 259 the trade quantity in md drid id 295 A AA E UA E AEN A EAE EEE E Simulation mode Sorne Trade A E EEEE E E E AEE E a E RE E EE A EA A R EE oesuesncuaees 414 Sound tab eean e A A A as 119 addin pram event SOUNG A NN E S E T 120 Trading Technologies 491 Trading Technologies Intern
352. mouse wheel to increase or decrease order quantity is subject to two constraints e You cannot increase the order quantity above the preset figure in the maximum trade quantity field if any However the restrictions established by Guardian take precedence over the maximum trade quantity defined for MD Trader e Orders increase or decreases in the Order Quantity field by a quantity of ten orders To change the order quantity using the mouse perform these procedures e Setting quantity change property locally e Setting quantity change property globally e Changing the order quantity using the mouse wheel p To set the quantity change property locally 1 2 3 4 Open MD Trader Right click anywhere in MD Trader and click Properties Click to select the Enable qty change on left right click in edit fields option Click OK You have successfully set the quantity change property locally p To set the quantity change property globally 1 2 3 4 From the Control Panel click Settings and choose Properties Click the MD Trading tab Click to select the Enable qty change on left right click in edit fields option Click OK You have successfully set the quantity change property globally Trading Technologies 291 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 b To change order quantity using the mouse wheel 1 Set the quantity change property locally
353. must manually delete these files in order to manage hard disk space Time Displays the time the fill was received at the workstation Exch Displays the name of the exchange where the trade was executed B S Indicates whether the fill was a Buy order or a Sell order O C Indicates whether your position is Open or Closed S indicates a Start of Day fill Qty Indicates the quantity filled for that order Price Indicates the fill price Displays fills on spreads for LIFFE and CME gateways The pane displays the fill prices on the corresponding legs of the spread followed by the actual fill for the spread Displays spread positions in addition to leg position in the Position pane The spread positions appear for information purposes only and do not affect risk calculations Risk is calculated using legs You may also turn a spread fill on or off The default is off For more information go to the Fill tab on the Properties menu Fill Type Indicates whether the outright fills are from a spread order You can use this column to filter on your spread positions and view spread legs separately from the outright trades If the outright fill is coming from a spread fill the cell displays Spread Fill Leg If not the Fill Type corresponds to the Product Type Cur Currency e g USD United States Dollar Product Defines the product that was traded The symbols used are the accepted exchange symbols e g FGBL ODAX etc Trading Te
354. n Chapter 6 s Wholesale Orders Provides four options to submit wholesale orders on the LIFFE exchange Block Trades Block trades are high volume trades in any outright or strategy product Basis Trades Basis trades are strategies for long term bond markets that incorporate a futures leg and an underlying or cash leg Against Actual Trades Against Actuals are strategies for commodities markets that incorporate a futures leg and an underlying commodity leg Flex Options Trades Flex Options are essentially FTSE 100 options except that any expiration day and exercise price can be specified Selecting Block Basis Against Actual or Flex Options opens an additional Wholesale Order window that you use to submit wholesale orders to the LIFFE exchange e Price Format Provides three options for displaying the prices Native Keeps the native format of the product Ticks Changes the price format to ticks excluding decimals Decimal Changes the price format to include two decimal places 210 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Highlighting in the Market Grid Highlighting is an available feature in the Market Grid You can highlight your orders in the Market Grid by enabling specific properties in the Trading tab on the Properties menu To use this Functionality Enable this Property
355. n the Properties Color tab An opportunity can be defined as the possibility of buying a product for less than your theoretical bid price or selling it for more than your theoretical ask price Note In order for this feature to work you must enable Highlight Border on Change see below Opportunity Check can be used in general order entry or while using Click Trading However if you this feature while also Click Trading the opportunity selection is based on the click trading parameters and edge implementation When it is enabled it requires the extra edge you have set up in Click Trading Use Theo Uses a single theoretical price when displaying trading opportunities Ignored when used in conjunction with Click Trading Use Theo Bid Ask Uses both a theoretical Bid theoretical Ask price when displaying trading opportunities Ignored when used in conjunction with Click Trading Market Depth Increment Indicates the number of rows of depth displayed in the Market Grid when the Depth layout is chosen from the context menu Each subsequent time the depth plunger is clicked the same number of rows of depth display Default number is 5 rows Note The maximum amount of depth displayed is dependent on the Gateway Warning Timer Indicates the amount of time a quote remains live in a market RFQ Volume Indicates the Request for Quote minimum volume Default is 0 Default Visible Columns Select t
356. n the Audit Trail the Total Traded Quantity column of the Market Grid and the Fill window Wholesale orders do not appear in the Order Book b To submit a block trade 1 2 3 4 5 6 Log onto the appropriate exchange Open the Market Explorer and select the product to be traded Open a Market window for the selected product In the Market window click in the row containing the futures product Right click in the product row to bring up the Market Grid context menu Point to Wholesale and select Block The Block Trade dialog box displays The Series Month and AMR fields display data from the selected Market Grid cell 7 In the Price and Quantity fields type the appropriate values 8 Complete steps 9 13 in both the Buyer and Seller sections 9 In both Ace Code fields type the Account code for this trade 10 11 12 13 14 15 Note Valid entries include H House L Local S Segregated or N Non segregated In both Open Close fields type O or C to indicate whether this trade opens or closes a given position In both CTI fields type the appropriate clearing code Note Valid entries include 1 2 3 4 U for unassigned and A for allocation In both Posting Code fields only enter a value for Euronext products If you want to include account numbers in both Account fields type the applicable account numbers If you are sending this as a cross order cl
357. nal Inc Proprietary and Confidential Information Chapter 14 Entering Asset Allocation Orders Two to three traders can enter four half trades that make up the Asset Allocation Alternatively one Trader can enter two orders to complete the Asset Allocations Half Trades Example e Trader 1 enters a half trade to Buy Product A Trader 1 fills in the Buyer section The Seller section is left blank The Matching Contract is lt Product A gt No month or year The Trade Seq is 1 The Counter Party is Trader 2 s ITM The Password is numeric 1 enters a half trade to Buy Product B Trader 1 fills in the Buyer section The Seller section is left blank The Matching Contract is lt Product B gt No month or year The Trade Seq is 2 The Counter Party is Trader 3 s ITM The Password is the same as above e Trader 2 enters a half trade to Sell Product A Trader 2 fills in the Seller section The Buyer section is left blank The Matching Contract is lt Product A gt No month or year The Trade Seq is 3 The Counter Party is Trader 1 s ITM The Password is the same as above e Trader 3 enters a half trade to Sell Product B 450 Trader 3 fills in the Seller section The Buyer section is left blank The Matching Contract is lt Product B gt No month or year The Trade Seq is 4 The Counter Party is Trader 1 s ITM The Password is the same as above X_TRADER 7 4 User Manual Trading Technologies Internat
358. nce on machines where orders are automated and sent with greater frequency Avoid orders that cross with each other Sends delete requests for LIMIT orders only to the exchange for all orders at the limit price or worse before sending in the new order This option excludes Market Stop orders and Held orders Note Due to timing issues outside the X_TRADER system it is possible that the exchange may process a new order prior to processing a delete request Show Admin Alert Messages Displays the Admin Alert Messages dialog box Admin Alert sends messages from your risk manager or other administrator to you Use MD Trader as Floating Order Entry Window Allows you to launch an MD Trader window in place of a Floating Order Entry window from the Spread Matrix Market Grid orAutotrader M The MD Trader window used as a Floating Order Entry window has a yellow border and are saved with a workspace Default setting is OFF Hide New Contracts Allows you to hide new contracts and strategies when they are released The feature is disabled by default X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Miscellaneous Properties 1st Column Opportunity Check Identifies trading opportunities based on theoretical models Opportunities display in the Market Grid and you can customize the border color i
359. nced tab You have successfully accessed the MD Advanced tab for one window MD Advanced Tab Properties Option Description Enable User Defined Price Allows you to create and define a new price column in MD Trader Column Net Change Displays the price of the contract minus the settlement price Display Type Defines how the price is formatted e Native e Ticks e Decimal Tick Offset Adds value to the Net Change price 999 to 999 ticks Display Price As Yield Displays price as a percentage representing annual rate of return e Typel Displays 100 minus the price of the contract e Type2 Displays 10000 minus the price divided by 100 156 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Option Description Display Yield To Maturity Displays price based on the rate of return if held until the maturity date An algorithm calculates the price accurate to six decimal places All fields are required unless otherwise noted Coupon Frequency Number of coupons per year to 12 Coupon Annual interest rate as a decimal Must be greater than 0 1 and less than 100 00 and accurate to 4 digits precision Day Count Type The convention used for counting the days between two dates Where the values mean kenal T A ena Actual The real number of days Actual 360 T a a Leap year 3 Actual 365 counts for ays
360. nd Confidential Information Control Panel Control Panel Icon and Menu Descriptions You can access X_TRADER functions from the Control Panel using either the icons on the Toolbar or the Menus options The icon and menu options are defined in the following topics e File Menu e Settings Menu e Window Menu Refer to page 62 e Help Menu File Menu The following options are available from the File menu e Open Workspace Opens a previously saved workspace ES Settings Window Open Workspace e Save Saves the open workspace Save e Save As Saves the open workspace under a Save AS different name or with a new name Print Setup e Print Setup Displays the Windows Print Exit Setup dialog box You can set up a printing format here but it will not be saved when you print out the form e Exit Exits the X_TRADER application Trading Technologies 159 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Settings Menu 160 The following options are available from the Settings menu X_Trader Pro Activates X_TRADER Pro features including Autospreader and Autotrader M Check this option Then close and restart X_TRADER Note To use X_TRADER Pro you must obtain an X_TRADER Pro license Product Group Setup Displays the Product Group Information dialog box Allows you to create a product group to use with the quoting tool Product group
361. nd a Floating Order Entry window open when you click a contract bid price both windows will reflect the contract information including the price Only the Quantity field is independent Entering a quantity in one window does not populate the Quantity field of the other Order Entry window To populate multiple Order Entry windows with the same Customer Default trade information use the Customer List This is especially useful when you are monitoring multiple products and markets and placing orders for the same customer Note Clicking X in the top right corner of the Floating Order Entry window does not disable the feature The first time you click a Market Grid cell the floating window will display To turn off the feature see the procedure below Follow these procedures to enable or disable the Floating Order Entry window e Enabling the Floating Order Entry window Enabling MD Trader as your Floating Order Entry window e Disabling the Floating Order Entry window b To enable the Floating Order Entry window 1 Right click anywhere in the Market Grid to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 2 Click to select the Floating Order Entry option to enable the feature You have successfully enabled the Floating Order Entry window b To enable MD Trader as your Floating Order Entry window 1 From the Control Panel click the Settings menu and choose Pro
362. nd a Request for Quote RFQ BidPre IndBidoty IndBidPre IndAskPre IndAskOty APROG C9025 APROG P9025 Request For Quote RFQ Window Two new fields appear in the RFQ window e Side Determines what kind of trade you are requesting the quote for Options are Buy Sell Both e Ind Tradable States whether the quote being sent is indicative or tradable Request For Quote Oty Contract Side Ind Tradable 15 GE APROB P8950 Both Sides Tradable v Tradable 252 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Trading Eurodollar Options Trading Eurodollar Options follows this sequence of events s Market Makers supply indicative bids and indicative offers whose prices display in new indicative columns in the Market Grid These prices are not tradable rather they show an approximation of the tradable price Note If you want an indicative price that is not shown you can send an RFQ for an indicative price e You send out an RFQ for a tradable price on any commodity Note Commodities do not have to already have an indicative price to request a tradable price e Market Maker supplies a tradable price that appears in the Bid Price and Ask Price columns like any other contract in X_TRADER e You decide whether to make the trade P To trade Eurodollar Options 1 2 3 4 FP q
363. nd produce a new price value When you cut and paste this value into the Buy or Sell Indicator columns of MD Trader you may base buy and sell decisions on the value and indication You can paste a link for both the Buy or Sell Indicator columns individually You may also delete the link which removes the indicator from the column Links are retained even if the Buy or Sell columns are hidden Links are also saved with X_TRADER workspaces Bp Shade your cell in Excel so you can better see the results in MD Trader This is very useful when using the laser line feature Refer to Using the Laser Line on page 317 Use these procedures to paste or delete Excel links e Pasting a link from Excel into the MD Trader window e Deleting a link from the MD Trader window p To paste a link from Excel into the MD Trader window 1 2 3 In Excel right click the cell you wish to copy Click Copy Right click in MD Trader to access the context menu The context menu appears Click Paste Link An indicator appears opposite the price level of the pasted value You have successfully pasted a link from Excel into the MD Trader window 316 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader b To delete a link from the MD Trader window 1 Right click in MD Trader to access the context menu 2 Click Delete Link The indicator is remove
364. nd restart it to access X_TRADER Pro 4 Exit X_TRADER Open X_TRADER from the desktop icon and log into an exchange The X_TRADER Pro license is now activated and you can access Autotrader and or Autospreader You have successfully activated an X_TRADER Pro license 32 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Getting Started Creating a Customer Profile You define a Customer Defaults profile to establish all of the most common order variables by customer name er Defa alsk D Customer SEL Market Product Product Type Account sect Give Up ES FFTS lt Defautt gt 7 F S TESTI Y CME x FUTURE 212345 Al To TEST2 eCBOT za SPREAD b67890 Mt Gis 4 TESTS S x J 098765 Al To 22533 lt gt To define a Customer Defaults profile 1 2 From the Control Panel click the Settings menu and choose Customer Defaults Enter the customer profile information in the Customer Defaults dialog box Note The first profile has a customer name of Default which you cannot change Change data as needed and press TAB or ENTER to save your changes Note If you enter your change without using the tab key to advance to the next field or if you do not press ENTER your changes will not be saved Close the Customer Defaults window The n
365. nd select Wholesale Orders Click Flex Options The Flex Options dialog box displays In the Strategy Code field click the down arrow and select the strategy from a list In the Delta field type the appropriate value Note If the trade contains the underlying component LFZ FLX its value should be 1 100 If not its value should be zero 6 For the first leg in the Commodity field click the down arrow and select FLX or Z 7 In the Exercise Pre field type the exercise price 8 In the Contract Type field click the down arrow and select C call P put or F 9 future In the Expiry Date field type the expiration date for the contract 10 In the Buy Sell field click the down arrow and select B or 11 In the Qty field type the quantity of the trade 12 In the Price field type the price of the contract You have successfully submitted a flex option trade Trading Technologies 441 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 Wholesale Trading Audit Trail Messages 442 The two firms negotiate the terms of the transaction outside the market They must decide which firm executes the order The executing member submits the order Because the counter member does not submit an order no counter member information exists in the order The counter member does not receive order acknowledgement or fills Once a wholesale order is submitted it canno
366. ndividual strike or expiration Activating Deactivating Multiple Strikes or Expirations When viewing quotes from multiple windows a second quoting Market window with the same contract does not display all existing quotes The second window only sees data about live quotes after the workstation receives an update Additionally if you send a new quote with only a single changed parameter the first window displays the entire quote but the second window only receives an update of changed information Therefore the second window only receives the changed parameters This information also applies to a trader who is logged onto more than one workstation Trading Technologies 249 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 b To activate or deactivate multiple Strikes or Expirations 1 Right click anywhere in one of the Quote columns BQQ BQP Quote AQQ or AQP to access the context menu 2 Click Select to choose which strikes expirations to activate deactivate These are your selections e All All strikes expirations are selected e Calls Only calls are selected e Puts Only puts are selected e 2 Sided Mkts Only 2 sided markets are selected e Last Pre Only strikes expirations with a last price are selected 3 From the context menu click Activate or Deactivate 4 Click outside the context menu to exit You have successfully activated or deactivated multiple Strik
367. ng Quantity column You have successfully deleted single orders p To delete all Bids or all Offers If you have the Del Bids or Del Offers buttons enabled in the Options dialog box e Click Del Bids to delete all workig bids e Click Del Offers to delete all working offers You have successfully deleted all Bids or all Offers P To delete the working quantity of all orders at a given price level Left or right click on any cell in the Working Quantity column If the working quantity is for 50 orders for example in five separate 10 lot orders all five orders are deleted If there is only a single 50 lot order this single order is deleted You have successfully deleted the working quantity of all orders at a given price level Trading Technologies 293 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Reading the Net Change Indicator The Net Change indicator displays a net change in price for a traded product in the current day measured against the previous day s settlement price The net change is color coded red for a negative change green for a positive change The unit of measure is in tick increments for the product The net change indicator is a small box immediately above the system clock on the MD Trader window Selecting a Customer Profile Certain markets require that a customer name be selected from this list before any trades enter the market These include CME E
368. ng contracts for your entire group across all prices Group ID MemberIDGroupIDTraderID One or more traders may be assigned the same Group ID Ask Mbr Ask Member ID If supplied by the exchange NetPos Net position FFNetPos Fast fill net position X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Column Description LastPre Last price LastQty Last Quantity Behaves differently for each Gateway e CME and Euronext A cumulative total of all trades at that particular price It sums the last quantity while it remains at the current trading price Once the trade price changes the last quantity resets e LIFFE Treated per individual order e Eurex and Xetra The last traded quantity Total Total traded quantity High High price Low Low price Open Opening price Close Closing price Settle Settlement price Chng Last price settlement TheoPre Theoretical price TheoBid Theoretical bid price TheoAsk Theoretical asking price QAct Quote action Sends individual quotes BQQ Test bid quote quantity BQP Test bid quote price Mkt BQQ Market bid quote quantity Mkt BQP Market bid quote price Quote Checkbox activates deactivates contract for quoting Market AQQ Market ask quote quantity Market AQP Market ask quote price AQP Ask quote price AQQ Ask quote quantity Trading Techn
369. ng for buy and sell and the number of viewable columns Properties Time And Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board Trading Order Entry Fill Position Orders Audit Trail Sounds Color Spread Matix Trade Book Color Code Buy Sell Average Price Display Round to the nearest tick ORoundto decimal places 1 6 Default Visible Columns P To access the Trade Book tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Trade Book tab You have successfully accessed the Trade Book tab 134 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Trade Book Tab Properties Setting Description Color Code Buy Sell Average Price Display Default Visible Columns Trading Technologies Enabled by default Allows you to quickly differentiate among orders Default text and background colors follow e Text color for Buy orders is blue e Text color for Sell orders is red e Confirmed fill text background is gray To customize colors go to the Color tab Note When you enable color coding color formatting of the individual grids is disabled Only the colors you select via the global Properties Color tab are applied Set the average price display in nearest tick the default or out to a setting you choose Select t
370. ngs save your workspace You have successfully hidden a row or column 54 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Common Administrative Tasks b To hide multiple rows or columns by manually sliding them closed 1 2 Click the row or column heading to select the entire row or column Press and hold the CTRL key and continue clicking rows or columns to select multiple rows or columns Then release the CTRL key Move the cursor to the end of the largest selected row or column heading until the cursor turns into a double headed arrow Click and hold the mouse button and slide the row or column closed 5 Release the mouse button 6 All highlighted rows or columns are hidden This automatically de selects the row or column from the Hide Show Columns Rows options To retain these settings save your workspace You have successfully hidden multiple rows or columns Restoring Hidden Rows or Columns Restore hidden rows or columns using the context menu all To restore hidden rows or columns 1 2 3 Right click a grid cell to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns Click Hide Show Rows or Hide Show Columns Click to select the rows or columns you want to restore You have successfully restored a hidden row or column Trading Technologies 55 Trading Technologies
371. ntered to join the best bid and F6 offer respectively Dime both the Bid amp Offer An buy and sell order will be entered to dime the best bid F7 and offer respectively Delete the Offers All of the working offers will be deleted from the market F8 Join the Offer A sell order will be entered at the best offer F9 Dime the Offer a k a A sell order will be entered one tick below the best offer F10 Best Better the Offer Hit the Bid A sell order will be entered at the best bid price in the F12 market Market Buy A market buy order will be entered SHIFT F1 Market Sell A market sell order will be entered SHIFT F12 332 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Buy Side Keyboard Mapping in MD Trader The following keys are mapped for buy side functions on the main keyboard Center Buy Side Cursor Increase Enter Buy Order Buy Side Cursor LD Retesh Shift T will pertorm Cri 4 will sweep the offers up to price level indicated by buy side E cursor Shit will delete all of the Swill delete the working orders fat the price level indicated by SHEO Decrease Buy Side Cursor Sell Side Keyboard Mapping in MD Trader The following keys are mapped for sell side functions on the main keyboard Populate Order Qty wy Center Net Position Sell Side ee eles Enter Sell Sell Side Order Cursor i 0 p t Ctri will sweep the bids up L
372. nternational Inc Proprietary and Confidential Information Chapter 2 Section Recentering Note This property works independently of the Automatic Grid Centering section on this tab Recenter on Price Column Left Double Click Highlight Midpoint of Last Recenter Global Recenter Double click the Price column to re center the MD Trader grid Highlights the midpoint of the last price recentering Note The property for this setting defaults to ON New and existing workspaces are automatically affected by the property Ability to globally recenter all MD Trader windows Therefore when you recenter one MD Trader window all MD Trader windows automatically recenter If you manually disable this property for a particularly window that window does not recenter when other MD Trader windows recenter and only recenter when you manually recenter it Section Implied Quantity Display Allows you to choose how the quantity of the 14 32 price displays when it is available Display Total Quantity MD Trader window displays entire quantity at the correct tradable price rounding bids down and offers up Display Implied Quantity Indicator MD Trader window displays the entire quantity rounding bids down and offers up with an asterisk next to the closest price This is the default Display Implied Quantity Columns 150 MD Trader window dis
373. ntial Information Trading Specialty Exchanges MD Trader e Passive and Leave checkboxes have been added to the Enable Order Types section on the MD Trading tab jioc Mrok IMT J mM GTC Passive Leave Assign Buttons Order Types Sticky Order Types Sticky P v L vi lt None gt v lt None gt v You can assign buttons to these order types and make them sticky e When Issued products display with the prices in ascending order in MD Trader i e lower numbers at the top and the higher numbers on the bottom This is because When Issued products trade in yield which is inversely related to price e In regards to workup LTQ is handled by the gateway in one of two ways Accumulates LTQ from workup to workup at the same price level Example If LTQ at 100 01 is 5 at the end of workup it begins at 5 during the next workup at 100 01 Resets LTQ to zero at the beginning of workup at the same price level Example If LTQ at 100 01 is 5 at the end of workup it resets to O during the next workup at 100 01 Note Refer to the table on page 462 for explanation of other workup rules Excel Links You can add links to the Market Grid Autotrader MD Trader and Fill Window s For prices imported from Excel to a Broker Tec product the final digit 4 is interpreted as a e For prices exported to Excel from a BrokerTec product the for the final digit is converted to a 4 E Warn
374. ntract 2 01 a AA AK JANOB 1 AA NOVOS M FUTURE AA MAROS Add All gt gt 2 S E AAL 3 B ABA lt lt Remove 4 B 1 AA MAROS e ABE a ABF QU ABG GQ ABP EY AC 9 59 ACA lt a O lt lt Remove Al v Strategy Name Strategy 1 Existing Strategies Strategy Name Legs 1 AA NOVOS 1 AA DECOS pocta 144 JANOG l p To change an existing strategy 1 S Right click the Market Grid to access the context menu and click Create Strategy s or From the Control Panel click the Window menu and choose Create Strategy OT From the Control Panel click the icon In the Existing Strategies section click the name of an existing strategy The attributes of the strategy appear and are editable Change the attributes including the designated legs as needed If you want to preserve the old strategy change the Strategy Name field or If you want to replace the existing strategy do not change the Strategy Name field Click Create You have successfully changed an existing strategy Trading Technologies 277 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Deleting a Created Spread or Strategy P To delete a created spread or strategy 1 Right click the Market Grid to access the context menu and click Create Strategy or From the Control Panel click the Window menu and choose Create Strategy OT From the Control P
375. ntracts e Populating the Time and Sales window from Market Explorer e Populate the Time and Sales window using drag and drop from Market Explorer e Populating the Time and Sales window using drag and drop from the Market Grid P To populate the Time and Sales window from Market Explorer 1 From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find 3 In the Products section click the down arrow and choose your search filter 4 Click Find Products display in the Instruments field 5 From the Instrument Type box click to toggle between the displayed types Press and hold the CTRL key and click the products you want to open or To open all products in the Instruments field click the gt gt button and skip to step 7 Click the gt button to transfer the products from the Instruments box to the Selected Instruments box Click the Function box in the upper right corner of the Market Explorer and choose Time and Sales Click Start The name of the product appears displaying its associated information Exchange Price Quantity and Time In addition in the lower left corner of the Time and Sales window describes the status of the drag and drop Added contract information You have successfully populated the Time and Sales wind
376. ntrol Panel to the foreground Find Control Panel e Click Trade Enables click trading from the Spread Matrix v Click Trade i s window and immediately displays the Click Trade dialog box y Mouse Tooltips e MD Trader Opens an MD Trader window e Mouse Tooltips Displays a description of a cell when you hover Outright Price over a cell with your mouse cursor Spread Price e Create Spread Creates a spread Formatting Ungo Formatting Note Only the LIFFE exchange supports the trading of Snail Butterfly and Condor Matrices as a product Display Prices l l Hide Header Rows e Outright Price Displays spread prices as Best Price default Implied Price Direct Price s Spread Price Displays spread prices as Best Price default Implied Price Direct Price s Formatting Formats a grid s text font foreground and background color and borders s Undo Formatting Returns formatting to the default e Show Hide Series Hides or shows a contract and creates a Spread Matrix with the selected list of contracts only This allows you to display any combination of legs e Display Prices Displays Spread Matrix prices as Net Change versus actual prices Select from one of the following Show Top Outrights as Net Change Show Bottom Outrights as Net Change Show Spread Prices as Net Change Show Outright Last Traded Price as Net Change 258 X_TRADER 7 4 User Manual Trad
377. o the Plug in 2 Click the Plug in name you would like to start The Plug in starts 3 Repeat Step 2 to start another Plug in or another instance of the same Plug in You have successfully started Plug ins from X_TRADER 164 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel b To Set Plug ins to Start Automatically 1 From the Control Panel click the Windows menu and choose Plug ins OF Click the D icon from the toolbar The Plug ins dialog box appears displaying all of your installed X_TRADER Plug ins Ping ins Launch on Startup Alert Manager saan EFRT v2 File Distributor Ll Fill Exporter Fill Recapper Fill Recorder Fill Ticker Server Navigator a meo ete E OCO Trader Spread Driver Cancel Note Plug ins are color coded to identify the ones to which you have access e Ifthe text is green you have the proper licensing and access to the Plug in e Ifthe text is red you do not have the proper licensing or access to the Plug in 2 Click to select the checkbox next to each of the Plug in icons you would like to have started automatically 3 Click OK The next time you start X_TRADERS the selected Plug ins automatically start You have successfully set Plug ins to start automatically from X_TRADER Trading Technologies 165 Trading Technologies International Inc Proprietary and Conf
378. oard trading locally or globally 2 Press the F9 key MD Trader enters a sell order at the current best offer in the market The quantity sold is based on the traders current position or on the preset default order quantity You have successfully joined the offer Combo Dime the Bid or Offer using the Keyboard Once keyboard trading has been enabled you can combo dime the bid and offer P Combo dime the Bid or Offer 1 Enable keyboard trading locally or globally 2 Press the F7 key MD Trader enters a sell order one tick better than the current best offer in the market and a buy order is sent one tick better than the current best bid price in the market The quantity sold is based on the amount in the order quantity field or on the preset default order quantity You have successfully combo dimed the bid or offer 328 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Combo Join the Bid and Offer using the Keyboard Once keyboard trading has been enabled you can combo join the bid and offer using the keyboard p Combo join the Bid and Offer 1 Enable keyboard trading locally or globally 2 Press the F6 key MD Trader enters a sell order at the current best offer in the market and a buy order is sent at the current best bid price in the market The quantity sold is based on the amount in the order quantity field or on the preset default order qu
379. ocedures for populating X_TRADER windows with contracts e Populating a window from Market Explorer e Populating a window using drag and drop from Market Explorer e Populating a window using drag and drop from the Market Grid P To populate a window from Market Explorer 1 From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find 3 In the Products section click the down arrow and choose your search filter Click Find Products display in the Instruments field 5 From the Instrument Type box click to toggle between the displayed types 6 Press and hold the CTRL key and click the products you want to open 9 s or To open all products in the Instruments field click the gt gt button and skip to Step 7 Click the gt button to transfer the products from the Instruments box to the Selected Instruments box Click the Function box in the upper right corner of the Market Explorer and choose the function you want to populate with the contract Click Start You have successfully populated a window from Market Explorer 40 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Common Administrative Tasks b To populate a window using drag and drop from Market Explorer
380. ock From the Instruments box press and hold the CTRL key and click the products you want to open With the cursor over one of the selected products in the Instruments box click and hold the mouse button Continue holding the mouse button and drag the cursor to the open MD Trader When the cursor leaves the window it changes to a circle with a diagonal line through it When the cursor enters a window it changes to include a plus sign 10 When the cursor enters MD Trader release the mouse button You have successfully populated MD Trader using drag and drop from the Market Explorer b To populate MD Trader using drag and drop from the Market Grid 1 2 3 4 If MD Trader is not open use the Control Panel to open it From an open Market Grid click the selected product and hold the mouse button Continue holding the mouse button and drag the cursor to the open MD Trader When the cursor leaves the window it changes to a circle with a diagonal line through it When the cursor enters a window it changes to include a plus sign When the cursor enters MD Trader release the mouse button You have successfully populated MD Trader using drag and drop from the Market Grid Trading Technologies 287 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 b To populate MD Trader using the Market Grid context menu 1 In the Market Grid right click
381. odollar Options eisein a etenen tien aa ib 253 SPREAD MATRIX OVERVIEW oisein aa e a a e e a e A EN 254 GENERATING A SPREAD MATRIKX ccccsssscecesssececessececsessececsesaeeecsesaeeeceesseeeceesaeeecnesaeesenesaeeeeneaaes 254 CUSTOMIZING THE SPREAD AND BUTTERFLY CONDOR MATRICES c ccccesssssecsssseceeesseeeesenaes 256 TRADING WITH THE SPREAD MATRIX 256 CHANGING A WORKING ORDER SPREAD AND BUTTERFLY CONDOR MATRICES ee 257 SPREAD MATRIX CONTEXT MENU oocccccocoocccnononnnonononnncnnonnnnnnnonnnnonnnnnnnnnnnnn nn O AKEE eLa ERAT iia 258 SETTING OUTRIGHT OR SPREAD PRICES conan nnna no rananconnos 259 PROPERTIES FOR THE SPREAD AND BUTTERFLY CONDOR MATRICES ocooocccccononcnconnanccconnanononnnanos 260 SPREAD MATRIX FEA TURES ita lr A Id aa 261 SPREAD MATRIX CALCULATIONS ccccscccessscecesescaececsesaeceseescececeeeaececeesaececsesaeeeceeaaesecneaseseeneaas 262 BUTTERFLY CONDOR MATRIX OVERVIEW eee eee 263 GENERATING A BUTTERFLY CONDOR MATRIX ccccccesssecsscessseceeseecssseecssecesseeceseccaseessseceseeeees 264 TRADING WITH THE BUTTERFLY CONDOR MATRIX sse 266 BUTTERFLY CONDOR MATRIX CONTEXT MENU 267 FEATURES OF BUTTERFLY CONDOR MATRIX 269 MATRIX CALCULATIONS BUTTERFLY MATRIX 270 Implted Bid l 270 Implted ASk Price Ss tai 270 Implied Bid Quantity gt aii title pis Easton E Eaa aR RR aa 270 Implied Ask Quantity e neriie eea re etri TRE Eao Cera TERE Tr Er an erp an 270 SPREAD STRATEGIES OVERVIEW ccccccssessssse
382. oduct group with a pre defined Spread Table for time price and spread limits In the Restriction field set the quote to either be deleted after a specified number of seconds or GTC In the Delete Time field if you chose the Delete Restriction set the number of seconds the quote remains in the market before it is automatically deleted The minimum time for EUREX is 20 seconds In the Bid Qty field specify the bid quantity to be quoted The minimum quantity for EUREX is 50 In the Ask Qty field specify the ask quantity to be quoted The minimum quantity for EUREX is 50 In the Spread Type field click one of the following X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Note This field is not applicable for Dime Join and Theo Bid Ask Quote Types e Maximum The spread defined in the spread table is used to generate the quote If the center price used for the calculation is 50 and the spread is 4 ticks the quote will be 48 52 e N A The spread type is inconsequential when the quote typeis Dime Join or Theo Bid Ask When set to one of these quote types the spread type defaults to N A not applicable s Percent The chosen percentage of the price is used to calculate the spread The field is used to define the exact percentage Note The Percent Spread Type is also subject to the Spread Table s defined Maximum Spread and the P
383. of the strategy leg to be traded Submitting an Against Actuals Trade Against Actuals are strategies for commodities markets that incorporate a futures leg and an underlying commodity leg For Against Actual trades only the future leg is traded at the exchange The cash leg is traded on a separate exchange which may be executed through X_TRADER or another method Against Actual trading is not subject to normal X_TRADER credit risk limitations The trader submitting the order will be notified by the exchange if it is approved Wholesale orders appear in the Audit Trail the Total Traded Quantity column of the Market Grid and the Fill window Wholesale orders do not appear in the Order Book P To submit an Against Actual trade 438 1 2 3 4 5 6 Log onto the appropriate exchange Open the Market Explorer and select the product to be traded Open a Market window for the selected product In the Market window click in the row containing the product Right click in the product row to bring up the Market Grid context menu Point to Wholesale and select Against Actual The Against Actual window displays The Series Month and AMR fields display the data from the selected Market Grid cell In the Price and Quantity fields type the appropriate values X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Wholesale Trading Complete steps 9 17 in both the Buyer an
384. og box open When you open an Order Change dialog box it displays on top of the parent window and can be moved If you change the location and then save your workspace the dialog box displays in its last location with the last contract s orders loaded into its fields To close this dialog box click the X in the upper right hand corner Note You may have only one Order Change dialog box open at a time Using the Order Change Dialog Box The Order Change dialog box allows you to delete cancel replace or change a working order without accessing the Order Book gt To use the Order Change dialog box 1 Hold down the CTRL key and click in a cell where a working order exists The Order Change dialog box appears showing the order closest to the market 6A MAROG 1 6A JUNOG Y meza 9rder Change EN w 6A MAROS GTD LIMIT Acct custl BO2E37 6A 07 10 gt 7633 gt LIMIT vw DTD wai Delete Cancel Replace Change Cancel ty TTS 2 Use the Page Up or Page Down arrows to scroll through the orders and select the working order you want to change 6A JUNOG GA SEPOG 9 der Change 3 Make any changes to the order and click the appropriate button Delete Cancel Replace or Change Note You cannot change the LIMIT Market or order type i e GTD fields You have successfully used the Order Change dialog box 240 X_TRADER 7 4 User Manual Trading Technologies International Inc Propriet
385. ok Use the Wholesale Trading feature to perform the following types of trades e Basis Trades e Block Trades e Flex Options Trades e Against Actuals Trades p To open a Wholesale Trade window 1 2 3 4 5 6 Log onto one of the exchanges that support wholesale trades Open the Market Explorer and select a product Open a Market window for the selected product In the Market window click the row containing the product To access the Market Grid context menu right click in the specified product row Click Wholesale to select it A submenu displays the following options To open the appropriate wholesale submission window select a submenu item The appropriate dialog box displays Y ou have successfully opened a Wholesale Trade window Trading Technologies 427 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 Wholesale Trading Types LIFFE Wholesale trades are defined as follows Block Trades High volume trades in any outright or strategy product Basis Trades Strategies for long term bond markets that incorporate a futures leg and an underlying or cash leg Only the future leg is traded at the LIFFE exchange The cash leg is traded on a separate exchange which may be executed through X_TRADER or another method Against Actuals Trades Strategies for commodities markets that incorporate a futures leg and an underlying commodity leg On
386. ologies 205 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Column Description Imp BidQty Implied bid quantity For options two sets of these columns put and call sides exist Implied bid price For options two sets of these columns put and call sides exist Implied ask quantity For options two sets of these columns put and call sides exist Implied ask price For options two sets of these columns put and call sides exist Change in delta given 1 point change in underlying Options theoretical pricing model Theo Server data categories Change in price given 1 point change in underlying Options theoretical pricing model Theo Server data categories Percent volatility Options theoretical pricing model Theo Server data categories Price change given change in vola Options theoretical pricing model Theo Server data categories Price change given 1 change in interest rate Options theoretical pricing model Theo Server data categories Price change for every day that elapses Activate Deactivate click trading by contract Action Closed Fast Mkt Not Tradable Pre Trading Tradable S Post Trading Expiration month year 206 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Using the Market Grid Context Menu
387. ologies International Inc Proprietary and Confidential Information Chapter 14 9 10 11 12 13 14 In both Ace Codes fields type the account code for this trade Al Warning Each exchange maintains a different set of Account codes You must complete the following requirements before your trade is accepted by the exchange You must manually type only the Account Codes accepted by the exchange in the field Valid account codes for NQLX for those clearing through a securities firm include e M Market Maker e F Firm e C Customer Valid account codes for NQLX for those clearing through a futures clearing firm include e B Broker e P Proprietary e T Trader In both Open Close fields type O or C to indicate whether this trade opens or closes a given position In both CTI fields type the appropriate clearing code Note Valid entries include 1 2 3 4 U for unassigned and A for allocation The Posting Code fields is left blank If you want to include account numbers in both Account fields type the applicable account numbers If you are sending this as a cross order click to select the Market Maker Cross checkbox If not click to select Block Click Send to submit the information to the market The Audit Trail wndow shows that you submitted the trade You have successfully sent a block trade using the NQLX exchange 446 X_TRADER 7 4 User Manual Trading Technologies Int
388. olume Net Position Order Quantity 1 10 50 5 20 100 CLR Default Order Quantity SL amp SM Del All Column 1 Displays the total volume traded for that contract Displays your net position Use the Net Position field to trade out your position Click in the Net Position field Your net position populates the Order Entry field so you can close out your position Indicates the order quantity that is sent to market After you submit the first trade of the day this field populates with the value in the Default Quantity field A value can be manually entered in this field by clicking in the field and entering the value Preset order quantity buttons To customize a pre set order quantity right click a button Enter a value using the keyboard and press Enter Clear button Clears the Order Quantity field After each trade the value of the Default Quantity field automatically populates the Order Quantity field Customize your value by clicking in the field and typing it Stop Limit Order flag Click this button to submit your next order as a Stop Limit Order Stop Market Order flag Click this button to submit your next order as a Stop Market Order Other buttons representing different order types can be added to this section by setting MD Trader Properties Deletes all working orders for this series of contracts Order include e AI working orders e All order in a Hold status including Blotter orders e
389. olume by Price in bar text or tool tip format Additional Fields Scroll Bar Indicates that there are orders above or below what is visible in the window Use a mouse to scroll up or down MD Trader Market Mid Point Bar MD Trader uses a bold black line to designate the midpoint of the inside market Refer to Displaying the Mid Point of Inside Market on page 305 284 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader MD Trader Features Some MD Trader features include View MD Trader in small mode Keep all the functionality but take up less space on your desktop Refer to Displaying a Small MD Trader on page 304 Use MD Trader as Floating Order Entry window property so that all floating order entry windows launched in the Market Grid Spread Matrix Butterfly Condor Matrix Autotrader or Quote Board are MD Trader windows Refer to Using the Floating Order Entry Window on page 195 Rename the MD Trader window Refer to MD Trader context menu on page 288 Ability to globally recenter all MD Trader windows using the Participate in Global Recentering property When you recenter one MD Trader window all open MD Trader windows recenter as well Refer to MD Trader Properties on page 297 Note This property defaults to ON New and existing workspaces are automatically affected by the property Other MD Trad
390. olumns hidden by sliding them closed in the window e Copy After selecting the data to be copied click this option to place the data on a clipboard You can then paste the data into another program for example Excel s Aggregate Detail Fills by Price Displays all fills that occur at a single price level on one aggregated line If this feature remains disabled every partial detail fill displays on its own line e Sort By default the Trade Book window sorts by last fill time with the most recent fill at the bottom of the pane You can define the sort order by column and up to 3 levels in ascending or descending order Sorting order can be saved as part of a workspace Refer to Saving a Workspace on page 68 412 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trade Book Displaying Fill Details b To display detailed fill information about an order Click on a row in the top or Summary pane of the Trade Book window T TI_TradeBook 1 Ja allas HE A A E a Jt pp 49 CME 9571 5 GE MAROS ps001003 18 23 48 000 B001F1 10 05 a 23 48 73 50 9571 0 GE MAROS ps001003 18 23 55 000 BOOIF2 10 10 05 13 23 55 81 52 CME 8854 6J DECOS Erin 18 47 29 000 BO01F9 10 10 05 13 47 29 95 53 eme 8854 6J DECOS Erin 18 47 29 000 BOD1FS 1010 05 13 47 19 07 54 cme 9570 5 GE MAROS ps001003 18 57 14 000 BOOIEQ 1010 05 13 17 13 18 55 CME 9566 0 GE JUNOS ps00100
391. on process IP The IP Address of the workstation FFT2 Free Form Text Field 2 FFT3 Free Form Text Field 3 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trans ID Displays transaction ID for fills Used to identify the order Audit Trail Audit Trail Context Menu The Audit Trail context menu lists additional available Find Control Panel features that are enabled by clicking on the menu item with a mouse Other window context menus share most of these options Formatting Hide Columns Show Hide Columns b To access the context menu Auto Filters Right click anywhere in the Audit Trail window v Scrolling l Clear All Filters You have successfully accessed the context menu Export Data Context Menu Options Find Control Panel Brings the Control Panel to the foreground of the workspace Hide Show Columns Opens dialog box to check or uncheck columns you want to view Auto Filters Allows you to customize the view of your audit trail data by selecting a customer from the Customer List window Scrolling Causes the window to scroll up to the position of a new entry as it is added The default for this option is ON When disabled the window retains its position Clear All Filters Removes all selected filters As a result all data available displays in the Audit Trail Trading Technologies 171 Trading Technologies International Inc Pro
392. onal Inc Proprietary and Confidential Information Control Panel Changing a Product Group Settings b To change a product group s settings 1 From the Control Panel click the Settings menu and choose Product Group Setup The Product Group Information dialog box appears Click the Product Group in any cell on the bottom half of the screen Note If no product groups display you have no product groups to change 3 Make any desired changes in the entry section of the top half of the window 5 Click the Change Group button Note The changes are not saved until you close the Product Group Information dialog box Click OK to save and exit You have successfully changed a product group s settings Deleting a Product Group p To delete a product group 1 From the Control Panel click the Settings menu and choose Product Group Setup The Product Group Information dialog box appears Click the Product Group in any cell on the bottom half of the screen Note If no product groups display you have no product groups to delete Click the Delete Group button Click OK to save and exit You have successfully deleted a product group Trading Technologies 79 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Associating a Product to a Product Group Each quoted product must be Associated or assigned to a product group that you have created
393. ond parameter must be exceeded in order to trigger Quote Alert Default is 30 seconds Designates how you will be notified when your quoting parameters have been exceeded Your options are e Show pop up window e Play pre defined sound X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Audit Trail Tab The Audit Trail tab lets you set the number of viewable records and columns Properties Time And Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board Trading Order Entry Fill Position Orders Audit Trail Sounds Color Spread Matrix Trade Book AT View AT Messages Show All Records Color Code Buy Sell Show Fill Records A S Records Show Fill Download Records AuditLog DB C Show INFO Messages Operator Actions Show ERROR Messages HoldLast 10 Audit Logs Y Show ALERT Messages Default Visible Columns b To access the Audit Trail tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Audit Trail tab You have successfully accessed the Audit Trail tab Trading Technologies 117 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 118 Audit Trail Tab Properties AT View Show All Records Show Show all records or choose a specific number of the most recent Last
394. oose Properties 2 Click the Order Entry tab 3 In the Order Entry Style section click the list and choose Order Entry Style 4 4 Click OK The Order Entry window style immediately changes all open windows All new windows open in this style You have successfully displayed Order Entry Style 4 Order Types and Tabs Order Entry Style 4 provides an updated Order Type field as well as tabs to help you efficiently execute your order The following order types available in Order Entry Style 4 are not available in Order Entry Style 1 e If Touched IT Available in tabs e Timed Available in tabs In addition the tab format makes sending Cross and Equity orders more efficient Note If the system loses its connection with the exchange all new order type orders are put on hold You must open the Order Book window and resubmit or delete these orders All order types can be intraday and interday Trading Technologies 191 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Order Entry Style 5 Overview Order Entry Style 5 is used primarily by brokers and allows you to buy or sell only when the corresponding Buy or Sell button is selected in the Order Entry pane If you recently upgraded from X_TRADER 6 X you can now select this new order entry style El eCBOT YM 3 mo H 333 QO Ole rR 0 0 S Limit lt None gt iy Open S Timed IT Cross Equities El TE A A 59 DR as y
395. or Displays the Bid Indicator column You can paste an Excel link into this Column column to display a theoretical price indicator for your bids Show Ask Indicator Displays the Ask Indicator column You can paste an Excel link into this Column column to display a theoretical price indicator for your offers Color Code Blank Allows for color coding of blank spots Spots Keep MD Trader Displays the MD Trader window on top of other applications on Top Display Average Highlights average open price long and short Price of Position Note MD Trader average price rounds longs up and shorts down Show Bold Text on Text in the bid and ask columns is bolded Bid Ask Column Trading Technologies 145 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 146 Set Row Height Display High Low Display Mouse Over Highlighting Display Delta TTQ Highlight Inside Market Hide position on right click Use Small MD Trader as Default Section General Properties Sets row height for display Adds yellow and red lines to designate the day s highest and lowest prices respectively at which the contract traded All prices between the high and low are displayed in a darker gray color Highlights the cell as your cursor rolls over it so you can identify where you are in the MD Trader columns You can customize the highlighting color in the MD Color tab S
396. or example if the calculated spread is 1 tick and your minimum is 2 ticks the quote will have a 2 tick spread Not applicable for Dime Join and Theo Bid Ask Quote types If you choose the Percent Spread Type define the percentage of the price that will be used to calculate the spread Not applicable for Dime Join and Theo Bid Ask Quote Types Auto Quote Select the On or Off option button for automatic quoting in response to a Request For Quote RFQ Auto Quote Delay Enter the number of seconds the quote should be delayed before being sent Secs to the market after an RFQ is received Clearing Member Enter your clearing member ID X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Option Description Account Section Enter the account type s Al Agent 1 s A2 Agent 2 e A3 Agent 3 e GI Pre designated Giveup Trade 1 e G2 Designated Giveup Trade 2 s Ml Market Maker 1 s M2 Market Maker 2 s M3 Market Maker 3 e Pl Principal 1 e P2 Principal 2 e P3 Principal 3 s Ul Unallocated for orders that have not been allocated to a customer account or where allocation is a middle back office function Quote Viability The following checks are optional Checks Section Cross Check The quote is not sent to the market if the constructed bid is greater than the current market ask price or the const
397. or X_TRADER display windows 128 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel b To create and use a custom color for an X TRADER window or text 1 2 3 4 10 11 From the Control Panel click the Settings menu and choose Properties Click the Color tab Click the name of the color setting you want to change From the Color section click the Other button The Color dialog box appears Under the Custom Colors section on the left side click the first available white box Note This ensures you will not copy a new custom color over an existing custom color Under the Basic Colors section on the left side click a base color to create your custom color from Note This ensures you can see your custom color as you create it On the right side select your custom color from the blended rainbow grid The cross hairs pin point your selection and your selection appears in the Color Solid square Click and drag the triangle up or down the skinny luminosity grid to select the lightness or darkness of your color The Color Solid square changes as you drag the triangle Click the Add to Custom Colors button Your selection in the Color Solidsquare appears in the Custom colors palette on the left side Click OK On the Color tab the Preview section displays your chosen color Click Apply and then OK to exit
398. order restrictions using the Market Grid or MD Trader windows 336 Cross orders Cross a prearranged order with a party within the trading firm itself or with a specified party outside the firm Equity orders Some markets exempt certain traders from short sell notifications for some trading types Indicate this exemption by enabling the Short Sell Exempt feature Timed orders Allows you to set the time and date for the order to be sent This order restriction is only available using the Market Grid X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Types and Restrictions Iceberg The Iceberg restriction is also known as a disclosed quantity Iceberg orders restrict your order with a disclosed quantity allowing you to execute your order while revealing only the quantity you wish to reveal When one disclosed quantity order is filled the next disclosed quantity order is sent until the entire order quantity is filled p To place an Iceberg order using Order Entry Style 4 1 Ifyou have a specific customer account you want to trade for select it now Note You can setup customer profiles or use the Default profile to trade with 2 From the Market Grid click in the appropriate expiration strike row on the bid or ask side of the screen If you click the BidQty or AskQty cells the Quantity and Price fields display the current quantity and price inform
399. order should be the next to fill Note PIQ is not sent from the exchanges X_TRADER calculates an estimated PIQ based on quantity of trades occurring in front of the order and does not account for cancelled orders or pro rata allocations MD Trader In MD Trader the PIQ is a set of columns to the left of the buy quantities Thea eee To display the PIQ click to select the property on the MD Display tab Use Smal MO Trader as Default Color Codes In MD Trader the PIQ number is color coded to give you even more information about your order e By default your PIQ number is black e If your order is the inside market the color turns white e If your order is the first in the queue the color turns yellow You can configure these PIQ colors on the MD Color tab Trading Technologies 313 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Customizing MD Trader To customize MD Trader perform these procedures e Adding Sound e Customizing the Default Quantity Buttons e Moving Grid Columns e Resizing the MD Trader Grid e Using Excel Links and Indicator Columns e Using the Mouse to Control the Zoom Feature Adding Sound to MD Trader If your desktop machine is equipped with a sound card and speakers you can set X_TRADER to make sounds corresponding to a left or right click These sounds can only be heard when you click on the action columns s
400. ossing ITX Countdown 15 Z Cross Order Type Sequential Guaranteed Sequential Fast If you want to send or are required to send by the exchange an Intention to Cross notification click the ITX Countdown field so it is marked and set the number of seconds to countdown when the ITX is sent Note This timer is for informational purposes and does not trigger a cross order Exchanges that do not support this announcement reject the ITX when it is sent In the Cross Order Type field click Sequential Guaranteed or Sequential Fast e Sequential Fast Default Both orders buy and sell are immediately submitted one after the other Under normal market conditions the crossing tool sends orders into the market in the correct sequence according to your selection of performing the buy or sell transaction first However there are occasions when heavy network traffic results in routing the orders through different order routers As a result different data lines to the exchange may be used to transmit the cross orders and cause the wrong leg to arrive at the exchange host first e Sequential Guaranteed Waits for an acknowledgement from the exchange after sending the first order Only then is the other side submitted Due to the delay in sending the second order it is possible for a third party to take the offer or bid before both sides are matched In both cases if the first side of the order is filled partially or complet
401. ote If Click Trading is enabled do not click in the Bid Ask price columns Highlight Quoting and click Show The quoting bar is added between the Order Entry pane and the Market Grid and new columns appear in the Market Grid E ios Paues Tku TE OCTOS L movos LEGS L_ maroc Alternatively click Show Hide columns and click RFQ An RFQ button displays after the Del Srs column for every contract ENEE aR Pia buys A MN IE NA _DEC06 RT NIE Click the RFQ button to send a request for quote on any contract By default clicking on the button sends a generic two sided indicative RFQ with no size You have successfully turned quoting on for a single window Note Once enabled additional fields are added to the Order Entry and Market Grid panes on the Market window 246 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Editing Generating and Sending Quotes Use the following procedures to edit generate and send quotes e Generating quotes e Editing a quote change pricing or other information e Sending a single quote e Sending mass quotes p To generate quotes Click Test Quotes Note If Market Quotes is selected choosing Test Quotes also changes the operation to Test Quotes You have successfully generated quotes p To edit a quote change pricing or other information 1 Directly
402. ote is automatically deleted after the specified number of seconds The minimum time for EUREX is 20 seconds Bid Qty The bid quantity to be quoted The minimum quantity for EUREX is 50 Ask Qty The ask quantity to be quoted The minimum quantity for EUREX is 50 Spread Type e Maximum The spread defined in the spread table is used to generate the quote If the center price used for the calculation is 50 and the spread is 4 ticks the quote will be 48 52 e N A The spread type is inconsequential when the quote type is Dime Join or Theo Bid Ask When set to one of these quote types the spread type defaults to N A not applicable e Percent The chosen percentage of the price is used to calculate the spread The field is used to define the exact percentage The Percent Spread Type is also subject to the spread table s defined Maximum Spread and the product group s defined Minimum Spread If the calculated quote is greater than the Maximum Spread the Maximum Spread will be quoted For example if the percent calculated is 6 ticks and the spread table is 4 ticks then the spread table Max of 4 ticks will be used This field is not applicable for Dime Join and Theo Bid Ask Quote types Minimum Spread This is the minimum spread expressed as the total number of ticks used to generate a quote If the calculated quote is less than the minimum defined then this minimum will be used to generate the quote F
403. ou saved the workspace Note If you changed resolution of your monitor the size of your workspace is affected If you increase the resolution you will have more Desktop space because windows and fonts appear smaller If you decrease the resolution the opposite is true p To open a previously saved workspace 1 Ifyou want to save any changes in your open workspace do so before opening a previously saved workspace or all changes will be lost 2 From the Control Panel click the File menu and choose Open Workspace OF From the Control Panel click the button 3 Click the name of the workspace you want to open and click OK If the workspace you have opened contains a product from an exchange that you did not log into this time you are prompted to log into that exchange If any part of a workspace is corrupt an error message informs you that not all windows could be opened For example this may happen if a Market window displays an expired contract The unopened window is deleted from the workspace and the message does not reappear You have successfully opened a previously saved workspace Trading Technologies 69 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Managing a Startup Workspace You can now set a workspace to start automatically when you log into X_TRADER p To set your startup workspace 1 From the Control Panel click File and choose Save
404. ou have a workspace open changes are automatically saved under the same name 3 Ifthe Save Workspace dialog box appears type a new name for the workspace or select a workspace name to overwrite from the list Note While naming a window X_TRADER will not allow you to put an invalid character into the name 4 Click OK If you choose to overwrite a workspace name from the list you are prompted to confirm You have successfully saved a workspace b To save your current workspace under a new name 1 From the Control Panel click the File menu and choose Save As 2 In the Save Workspace dialog box type a new workspace name and click OK Note While naming a window X_TRADER will not allow you to put an invalid character into the name You have successfully saved your current workspace under a new name Note If you create and save a workspace with one order entry style then create another workspace and change to a different order entry style using the Order Entry tab on the Properties menu the saved and closed workspace retains its original order entry style Changing the order entry style setting on the Properties menu only changes the order entry style for the open workspace 68 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Opening a Workspace When you open a workspace your desktop will appear as it was the last time y
405. oup setup des PIOPETHSS SCL eee mares 92 TEMOVING a Spread R TTT 84 Saving a Spread tales Ria 84 SAVING A T TTT 68 spread tables setup IOO aa e NON RENO QT ET TTT workspace setup eiridinn Controlling quantity or price using the keyboard Conventions Keyboard 25922 Copying a spread R TT 84 Created outriehts and XTRA DER ii did 272 Creating GNT Proms Ex e asset allocations butterfly condor matrix CUStOM COIOFS eee custom colors MD Trader Customer default profiles a ANE REEE AS REA customer profile S UT T T TT TE itd TTT areas eve aay spredd A ON Spread Strate ES it ios user defined price column workspaces Credit establishing Cross orders 480 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Index Customer defaults Chariging profiles sc Mishel teeth St a tees A ieee ie 89 reatinera profile TTT 89 A NN deleting profiles ss displaying M CUStomier TTT 91 LAS dd reds ee ges 86 field GESCHIPt OMS tn TTT 86 order e 91 setup 2 A sas se aoa ne tte RR aE AE REST H NOR ANO Customer Defaults tab A AO Customer Stes eee displaying customer names order entry pane ae Customizins MD Trader ia A e AA SOU OA EEEO A TE O Ed AAA AA EEE controlling the zoom feat ii Aids 315 default quantity DUttONS iaa 314 MOVIE 610 010011 1 E A A aE RR RT oO En AR RAR ee S 315 TOS
406. out closing X_TRADER the login appears successful and the Guardian window Status column changes to reflect the new trader ID However all subsequent trades will still be attributed to the original traders account For example all Audit Trail messages point to the original trader 1 Close out of X_TRADER 2 Restart X_TRADER The Exchange Login dialog box opens TT Exchange Login Trader SIMULATION ee CMEA eCBOT eCBOT A EL 4 gt CME A Member Id D12345 eCBOT eCBOTA Group Id TEST Eurex Eurex 4 Trader Id 000 Eurex C EurexUS Password EurexUS C ICE_IPE A CLR Member ICE_IPE B LIFFE Default Account X LIFFE 4 TTSIM Pref Server 123 4 123 45 y Close 3 Atthe TT Exchange Login window double click the Exchange name from the Exchange List or select the appropriate exchange tab For example eCBOT 4 Enter the login data provided by your X_TRADER Administrator and click Login Your password is authenticated and a checkmark appears next to the exchange 5 Repeat Steps 3 and 4 for any additional exchanges on which you want to trade 6 Click the Close button to close the TT Exchange Login dialog box You have successfully logged into an exchange with a different Trader ID Trading Technologies 31 Trading Technologies International Inc Proprietary and Confidential Information Chapter 1 X_TRADER Pro License Autospreader and Autotrader are add on tools on
407. ow from Market Explorer 418 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Time and Sales b To populate a window using drag and drop from Market Explorer 1 2 If the Time and Sales window is not open use the Control Panel to open it From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find In the Products section click the down arrow and choose your search filter 5 Click Find Products display in the Instruments field 6 From the Instrument Type box click to toggle between the displayed types 7 From the Instruments box press and hold the CTRL key and click the products you want 10 to open With the cursor over one of the selected products in the Instruments box click and hold the mouse button Continue holding the mouse button and drag the cursor to the open Time and Sales window When the cursor leaves the window it changes to a circle with a diagonal line through it When the cursor enters a window it changes to include a plus sign When the cursor enters the Time and Sales window release the mouse button The name of the product appears displaying its associated information Exchange Price Quantity and Time In addition in the lower
408. owing quantities and prices in the Market Window BidQty ImpBidQty ImpBidPre SEPO2 51 95 890 22 95 890 When you DO NOT select the option implied spread calculations are based on direct outright orders only In this scenario the calculated spread BidPre is 0 240 95 890 95 650 0 240 and the calculated BidQty is 12 the lower value of BidQtys 12 and 51 When you select to Use Implied Outrights to calculate Implied Spreads the Spread Matrix uses s A quantity of 73 for SEP02 BidQty of 51 ImpBidQty of 22 73 s A quantity of 28 for DECO2 BidQty of 12 ImpBidQty of 16 28 The price of 0 240 95 890 95 650 0 240 stays the same but the quantity increases to 28 the lower value of quantities 28 and 73 Additionally if the implied bid price is better than the direct bid it gets used in the calculation Trading Technologies 101 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Example Implied and Outright Combination Because the Ask side of the market functions in the same manner this example only deals with the Bid side In the following example there is a 101 34 bid for 34 contracts and the implied bid is 101 34 for another 10 When you do not select View Implied Qty and Prc in the same cols as the Outright Qty and Pre for the Bid and Ask information in those columns are kept separate The Market Window displays BidQty ImpBidQty ImpBidPre 34 101 34
409. ows include Market Grid e Market Grid Market Grid MD Trader e MD Trader Quote Board Spread Matrix e Quote Board Time And Sales s Spread Matrix s Time and Sales e Alerts Manager e Order Block Replaces Autotrader for regular X_TRADER users e Autospreader For X_TRADER Pro users Autotrader For X_TRADERC Pro users To open a functional window with Market Explorer perform these procedures e Populating a functional window using drag and drop e Populating a functional window for one product e Populating a functional window for multiple products 178 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Explorer b To populate a functional window using drag and drop 1 Tf a functional window is not open use the X_TRADER Control Panel to open one 2 From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon 3 Find the products you want to drag into the functional window 4 If you want to trade another product type besides a Future from the Instrument Type box click to toggle between Future Spread and Strategy 5 Press and hold the CTRL key and from the Instruments box click the products you want to open 6 With the cursor over one of the selected products in the Instruments box click and hold the mouse button Continue holding the mouse button and move the mouse
410. pane Trading Technologies 193 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Executing a Mutual Offset Order X_TRADER allows you to execute Mutual Offset System MOS orders The Mutual Offset System MOS Agreement created between the Chicago Mercantile Exchange CME and the Singapore Exchange SGX in 1984 enables you to open a futures position on one exchange and liquidate it on the other In this way you manage your overnight risk The agreement now includes four contracts s Eurodollars s Euroyen TIBOR s Euroyen LIBOR e Japanese Government Bonds You must first designate a trade as a MOS trade prior to execution gt To execute a Mutual Offset Order 1 2 From the Control Panel click Settings and select Customer Defaults Find Customer Default row you want to designate as Mutual Offset trades and set the Acct column to G2 In the Give Up column you must specify the Mutual Offset order by completing the following two steps e Type SX as the first two letters e Type the clearing firm number This is a number between 1 and 5 digits For example You set the Give Up column to SX12345 where 12345 is the mutual offset for Eurodollars 4 Close the Customer Defaults dialog box 5 Open a Market Grid with the contract you want to trade 6 7 Send your order In the Default field select the MOS Customer Default from the list You have successfull
411. perties 2 From the Trading tab click to select the Use MD Trader as Floating Order Entry Window option to enable the feature 3 Click the MD Trading tab 4 At the top of the screen type a maximum order quantity 5 Click OK Note The first time you launch an MD Trader Floating Order Entry window you must put a value in the Maximum Order Quantity field You have successfully enabled MD Trader as your Floating Order Entry window 196 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window b To disable the Floating Order Entry window 1 Right click anywhere in the Market Grid to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 2 Click to uncheck the Floating Order Entry option to disable the feature You have successfully disabled the Floating Order Entry window Using the Mouse to Control Quantity and Price Most users will use the keyboard or the spin buttons to enter order quantity and price However you may also use the mouse to increase or decrease order quantity To change the order quantity or price using the mouse 1 Click to select a Market Grid cell to populate the Order Entry pane 2 Click in either the Order Quantity or Price fields shown above 3 Right click to increase the numeric value or Left click to decrease the numeric value You ha
412. plays the available quantity at the 4 tick better price in separate columns for bid and ask quantities These columns display in the same color as Bid and Ask columns but display the better quantity in a smaller font X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Color Tab Control Panel Use the MD Color tab to customize your colors for MD Trader Parameters that you set to the MD Trader tabs MD Trading MD Display MD Color MD Advanced globally affect all MD Trader windows subsequently displayed Alternatively access local MD Trader property tabs via the MD Trader context menu to set properties for one MD Trader window Properties Trading Order Entry Fill Position Orders Time And Sales Customer Defaults MD Trading Average Price Long Background Color Average Price Long Text Color Average Price Short Background Color Average Price Short Text Color Best Bid Price Background Color Best Bid Price Foreground Color Best Offer Price Background Color Best Offer Price Foreground Color Buy Side Background Color Buy Side Blank Color Buy Side Text Color Daily High Bar Color Daily Low Bar Color Disclosed Quantity Highlight Color Last Traded Price Down Background Color Last Traded Price Down Text Color Last Traded Price Unchange Background Color Last Traded Price Unchange Text Color Last Traded Price Up Background Color Last Traded Pr
413. plays your chosen color Click Apply and then OK to exit You have successfully changed the colors for an MD Trader window or text gt To use a standard color for an X_TRADER window or text 1 de From the Control Panel click the Settings menu and choose Properties 2 Click the Color tab 3 4 Click a color from the displayed palette Click the name of the color setting you want to change The Preview section displays your chosen color Click Apply and then OK to exit Y ou have successfully changed the colors for X_TRADER display windows P To create and use a custom color for an MD Trader window or text 1 152 From the Control Panel click the Settings menu and choose Properties 2 Click the MD Color tab 3 4 From the Color section click the Other button Click the name of the color setting you want to change The Color dialog box appears Under the Custom Colors section on the left side click the first available white box Note This ensures you will not copy a new custom color over an existing custom color X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel nN Under the Basic Colors section on the left side click a base color to create your custom color from Note This ensures you can see your custom color as you create it NJ On the right side select your custom color from the
414. plieds From Implieds sets X_TRADERC to calculate additional Implied prices from Implied prices also called 2nd generation implieds e Include Implieds for spreads in Market Columns and in Depth Displays quantities and prices in the same market data columns as direct price and quantity data for implied outright implied spread and implied from implied For more information about implied pricing capabilities see the Implied Prices and Quantities section on page 233 100 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Example Mixing Implied with Direct Markets The following screen shot displays how the Imp AskPre and Imp AskQty columns reflect the same data in the AskPre and AskQty columns BidOty BidPre AskPre AskOty WrkSells NetPos Chng Imp AskPre Imp AskOty 7472 2 115 230 232 7370 1 6264 This occurs when the Include Implieds in Market columns and in Depth option is selected in the Trading tab on the Properties menu Example Calculating Implied Spreads from Implied Outrights In the Trading tab on the Properties menu the option called Use Implied Outrights to calculate Implied Spreads affects the manner in which the spread matrix behaves Because the Ask side of the market functions in the same manner this example only deals with the Bid side Additionally it is assumed that the outrights September 02 and December 02 have the foll
415. plorer Field Descriptions The fields in the Market Explorer window include 176 Field Button Products Section Offers a choice of filter criteria You then enter a product name description or alias to search for Find Button Applies the selected filter to the product name description or alias and then displays the results in the Instruments box Exchanges Box Lists all exchanges that you are logged into Instrument Types Box List of product types for the selected exchange Instruments Box List of all products for the selected exchange and Instrument Types after any filters have been applied Transfer buttons gt gt gt lt lt lt Transfers selected items to and from the Instruments and Selected Instruments boxes Selected Instruments Box Shows all products that have been transferred from the Instruments box Function Box Market Grid MD Trader Quote Board Spread Matrix Time And Sales Displays functional windows to which you can open contracts Note If must have an X_TRADER Pro license to select Autotrader or Autospreader Start Button Opens the selected function with contracts listed in the Selected Instruments box X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Explorer Searching for a Product Products daal Instruments ENDS WITH B CME F
416. populates the Price field and the Order Summary field Enter the quantity by clicking one of the Preset Quantity buttons or typing the quantity in the Quantity field Select the account from the Account Name field If you set up customer profiles the Account Number immediately populates the BOFAccount field Modify order information as necessary Click the Timed tab 6 Click the On button The Date and Time fields are enabled Click the down arrow A calendar appears Select the date and time 9 Click the Order Restriction menu to select the order type 10 11 Click Buy or Sell Locate the order in the Order Book Timed orders display a Pending time status If your timed order has a trigger like Stop Limit Stop Market or If Touched orders a Pending trigger status is displayed as well Once the time or trigger occurs the status displays Working You have successfully added the Timed Order restriction Trading Technologies 351 Trading Technologies International Inc Proprietary and Confidential Information Chapter 8 352 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Quote Board Chapter 9 Quote Board Quote Board displays the open high low and last price for several markets at once It also displays the net change trader position and P L The screen can be launched with pre selected contracts resized to fit your trading style and
417. preview appears 3 Review the screen as needed 4 Click Print to print the screen or Click Close to cancel the print You have successfully print previewed a window grid p To print a window grid 1 Click a grid to make it active 2 Click the Print button The Print dialog box displays if you have printer services installed through Windows You can click a printer print range and number of copies or you can print to a file Additional print settings are available by choosing the Properties button located to the right of the Printer Name list The additional print settings include such items as paper size orientation and reduction 3 Select your print options and click OK to print You have successfully printed a window grid 60 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Chapter 2 Control Panel The Control Panel appears after you start X_TRADER It is your main hub for accessing functional windows and setting default properties within the application File Settings Window Help 2a PHWe SeA te eacMWMAEBEOot Note Establishing a connection to the exchange marketplace may result in a short delay before the Control Panel buttons are enabled Use the Control Panel to perform these procedures Opening a Functional Window Changing the Size of the Toolbar Workspace Setup Product Group Setup Spread Tables Setup Custo
418. prices display in your Spread Matrix go to the Spread Matrix tab on the Properties menu Allows you to select the calendar price as the Best Price default the Implied Price or the Direct Price using the context menu Allows you to select the outright price as the Best Price default the Implied Price or the Direct Price using the context menu Allows you to select the Butterfly price as the Best Price default the Implied Price or the Direct Price using the context menu Allows you to select the Condor price as the Best Price default the Implied Price or the Direct Price using the context menu Displays multiple Spread Matrices simultaneously Select various contract months and generate a Matrix for each Although you can create multiple Matrices a single Floating Order Entry window opens to submit each order Allows you to click trade directly from the Matrix window to submit orders Allows you to save your Spread Matrix within your workspace When you re start the system and open the workspace the Spread Matrix displays Notes e Implied data does not display for Condor Matrices because LIFFE does not match implieds from Condor Matrices e The system does not recreate strategies Trading Technologies 269 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Matrix Calculations Butterfly Matrix The calculations made for a Butterfly Matrix are as follows Impli
419. prietary and Confidential Information Chapter 4 Audit Trail Message Types The types of messages you will see in the Audit Trail window include e Changes Successful Buy Sell Change Cancel Replace or Delete orders Note When you use Cancel Replace the confirmation from the exchange host reflects a new order number The first line of messages details the order information including the time the order was sent from the workstation Time column to the TT Gateway server an order Status of ACCEPT and an Action of Add Change or Delete The second line of messages immediately follows the first and indicates acceptance by the TT Gateway The order has been routed to the exchange host The third line of messages displays sometime after the previous two This message confirms receipt from the exchange The information detailed includes the time the confirmation was received by the workstation Time an order Status OK and the time the confirmation was sent by the exchange s host machine Exch Time e Errors When the TT Gateway rejects a Buy Sell Change Cancel Replace or Delete order The first line details the order information including a Status of ERR to indicate that the order was rejected by the TT Gateway and was not sent to the exchange host The second line immediately follows the first and reflects a status of ERRS a message Msg explains the error e Fills One
420. ptions However an expiration day and exercise price can be specified The trade submission and authorization is semi automated requiring manual intervention by an exchange official 212 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Using the Market Depth Feature Not all exchanges provide market depth data However for those exchanges that do X_TRADER provides the Depth layout option in the Market Grid pane to display the aggregate market depth data for all orders at the same price level The number of additional rows the Depth layout provides is configurable using the Market Depth Increment field in the Trading tab on the Properties menu x K DECO ME aay ane Ld 1 o ra e Enabling the Market Depth feature e Viewing the Market Depth information P To enable the Market Depth feature 1 In the Market Grid right click a cell and from the context menu and click Layouts 2 Click Depth to enable the feature You have successfully enables the Market Depth feature gt To view the Market Depth information 1 Click the icon after each contract identifier to open the Market Depth feature Note When open the aggregate best prices are shown Also e Working buy and sell quantities reflect activity for all traders with the same Group ID e Color coded rows that allow you to immediately see the various levels of depth available C
421. r Window If you resize the MD Trader window to a smaller size using the mouse it does not display a horizontal scroll bar and your view of the MD Trader window is cut off on the right side p To resize the window to fit MD Trader Right click MD Trader to access the context menu and click Size to Fit MD Trader expands to the proper size and removes the scroll bars You have successfully resized the grid in MD Trader Using the Mouse to Control the Zoom Feature P To control the zoom using the mouse wheel 1 Hold down the CTRL key on the keyboard 2 Depress and use the mouse wheel to zoom MD Trader in or out 3 Release the CTRL key to freeze the view in its current position You have successfully controlled the zoom Trading Technologies 315 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Indicator Columns in MD Trader You can paste a value in MD Trader from an Excel spreadsheet When a price appears in the price column that matches the pasted value in the buy or sell indicator column a marker appears next to this price value Indicators are saved as part of X_TRADER workspaces This feature allows you to indicate price points based on a proprietary algorithm For example you may paste the Last Traded Price for a product from the X_TRADER grid into an Excel spreadsheet This Excel spreadsheet may then be used to perform a proprietary calculation a
422. r lt root drive gt tt x_trader Sounds When you have located the file highlight it and click Open The new sound name and path displays next to the selected event To test the sound click Test 8 Click Apply and then OK to exit You have successfully added an event sound 120 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Changing or Removing an Event Sound p To change or remove a sound from an event 1 2 3 6 From the Control Panel click the Settings menu and choose Properties Click the Sounds tab Under the Events column double click the event from which you want to remove a sound The Associated Sounds column is editable Press the Delete key Click Apply The event sound is removed from the event Click OK to exit You have successfully changed or removed a sound from an event Trading Technologies 121 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Color Tab The Color tab lets you customize color settings for specific windows and text in X_TRADER Properties Time And Sales Customer Defaults MD Trading MD Display MD Color MD Advanced Quote Board _ Trading Order Enty Fill Position Orders Audit Trail Sounds Color Spread Matix Trade Book ALERT WARN Background ALERT WARN Text Best Ask Price Highlight Best Bid Price Highlight Bu
423. r Misc Call Put Spread Option Strip Pack Put Spread vs Call Reduced Tick Spread Strad Calendar Straddle Straddle vs Call Put Strangle Strip Synthetic Conv Rev Vol 1x2 Ratio Vol Calendar Volatility Trade Refer to the specific exchange documentation for strategy definitions 8 Click Create If the spread data is valid the spread is created and immediately displayed in the Existing Strategies section of the New Strategy dialog box The Audit Trail window displays a message confirming the creation of a spread strategy If the creation of the spread fails an error message displays in the Audit Trail window You have successfully created a new spread Trading Technologies 273 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Trading with a Spread or Strategy There are no differences to trading an existing spread with X_TRADER From the Market Explorer view the product and select the Spread product type You can open one or more products and product types for example spread and future in the same Market window The spread name you entered appears in the Product column If you did not enter a personalized name the default name is the spread type spread ratio contract months of the legs Note As always refer to the exchange s market rules for trading information specific to that exchange Trading Strategies with a Maximum Order Quantity Limit If your tr
424. r environment The Exchange List displays all available exchanges as well as Guardian Status The status lights can vary in each environment Your System Administrator or your provider will inform you of what to expect in your environment e Agreen E box next to the exchange indicates that the services are all running s Ared m box next to the exchange indicates that one or more services are not running down s A yellow 0 box indicates that one or more services may be running but not active This may be normal for your trading network Memorize or keep a record of your login data The data is not retained after an X_TRADER software upgrade 28 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Getting Started Log in Procedures There are three procedures for logging into an exchange e Logging into an exchange when starting X_TRADER e Logging into an exchange during a session e Logging into X_TRADER with a different trader ID p To log into an exchange when starting X_TRADERC 1 On your Windows desktop double click the icon The TT Exchange Login window appears TT Exchange Login Trader SIMULATION Pies CME A eCBOT eCBOTA EL 4 gt CME A Member Id D12345 eCBOT eCBOTA Group Id TEST Eurex EurexA Trader Id 000 Eurex C EurexUS Password EurexUS C ICE_IPE A CLR Member ICE_IPE B LIFFE Default Account X LIFFE A TTSIM
425. r closes your position 187 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 e 9 Account Type menu Select one of the following account types e Al First Agent Account e g broker e A2 Euronext Products Customer Automatic Allocation e A3 Euronext Products Customer Give up or System Allocation e Gl Pre Designated Give up Trade e G2 Designated Give up Trade Automatic Allocation e G3 Give up System Allocation e MI First Market Maker Account e M2 Second Market Maker Account e M3 Market Maker Give up or System Allocation s P1 First Principal Account e g proprietary trader e P2 Second Principal Account e 3 Euronext Products House Give up or System Allocation e Ul Unallocated For orders that have not been allocated to a customer account or where allocation is a middle back office function e U2 Unallocated Automatic e U3 Unallocated System 188 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information e 10 Cross buttons Market Window Description Cross With This button displays if Order Crossing is enabled from the Trading tab on the Properties menu By default order crossing is enabled Click the Cross With button to trade with a specific counter party Enter the counter party s Trader ID where indicated Support of this feature is exchange specific If the exchange does not
426. r more product groups Product groups allow you to define how the bid ask values are calculated You can specify the quote type spread table delete time account as well as other parameters You can enable or disable Autoquoting via your product groups Refer to Product Group Setup on page 72 Each quoted product must be associated or assigned to a product group It is the product group that determines how a quote is generated Therefore in order to generate quotes each product must be associated with one and only one product group Refer to Associating Products on page 80 You have successfully set up the quoting features p Procedure 2 To enable quoting as a feature Quoting preferences must first be created Refer to Procedure 1 above 1 From the Control Panel click the Settings menu and choose Properties The Properties dialog box opens with the Trading tab displayed by default 2 Click to select the Quoting box to enable quoting A checkmark indicates that quoting is enabled for all Market windows You have successfully enabled quoting as a feature Continue to the next procedure to turn quoting on Trading Technologies 245 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 b Procedure 3 To turn on quoting for a single window Quoting must first be enabled Refer to Procedure 2 above 1 Right click anywhere in the Market Grid to access the context menu N
427. r reported actual volume may occur due to price consolidations at the exchange or Gateway levels Volume By Price Text Bars Mouse Tooltips Bar Qty Change By Trading Technologies Enables the volume by price in the Last Traded Quantity column Displays total volume by price in text The slide bar to the right sets the text alignment Displays total volume by price in bar chart format The slider bar to the right sets the bar alignment Displays total volume by price as text in a tool tip when you hover the mouse cursor over the particular cell in the Last Traded Quantity column Sets the number of trades each bar represents e A lower number increases the number of bars displayed when several trades have occurred at that price A higher number decreases the number of bars displayed when several trades have occurred at that price Sets the number that the Bar Qty changes when you press CONTROL and the ARROW RIGHT or ARROR LEFT keys e The CONTROL and ARROW RIGHT combination lowers the Bar Qty by the value you type in this box The CONTROL and ARROW LEFT combination increases the Bar Qty by the value you type in this box In this manner you can adjust the bar size while trading without reentering the MD Trader Properties dialog box 147 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 148 digits for working exec
428. r to access each Plug in Once started from X_TRADER each Plug in performs normally For instructions on using the Plug ins see the online help provided with each application When X_TRADERC is closed all Plug ins started through X_TRADER will also be closed You can start Plug ins in two different ways e Manually You log into X_TRADER and start any number of instances of any licensed Plug in application e Automatically You log into X_TRADER and select each licensed Plug in application you want to start with X_TRADER With each subsequent login X_TRADER automatically starts one instance of each selected Plug in Trading Technologies 163 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 b To Manually Start a Plug in 1 From the Control Panel click the Windows menu and choosePlug ins OF Click the D icon from the toolbar The Plug Ins dialog box appears displaying all of your installed X_TRADER Plug ins Ping ins Manual Launch ACDC O E Alert Manager EFRT EFRT v2 File Distributor Fill Exporter 8 y Fill Recapper Fill Recorder Fill Ticker Server Navigator OCO Trader CAME Spread Driver A Cancel Note Plug ins are color coded to identify the ones to which you have access e If the text is green you have the proper licensing and access to the Plug in e Ifthe text is red you do not have the proper licensing or access t
429. r to market This allows you to quickly identify that your order was sent Enables a warning notification in the Order Book prior to any delete activity Delete All Orders on Shift Escape Default Visible Columns If you enable this property you may press SHIFT ESC to delete all orders in the Order Book Select the default visible Order Book columns Button Selection Places trading buttons on the Order Book By default both the Cancel Replace and Change buttons are available Alternatively you can have the following configuration e Change button only e Cancel Replace button only X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Enable Floating Orders Book Activates the Floating Order Book which appears for products for which you have multiple orders Use the floating order book to view and change these orders The Floating Order Book appears under the conditions you specify None It is inactive Half Second Hover It appears when you hover the cursor over the product for half a second One Second Hover It appears when you hover the cursor over the product for a second Middle Mouse Click It appears when you click the middle mouse button Invoke when Hovering Over Inactive Windows It appears when you hover the cursor over a window that does not have your focus This option is only available with
430. rade 230 Modifications to a block trade order on the Eurex exchange can only be performed by the buy side of the transaction They are the only side of a trade that can add modify or delete the given block trade A modification to a block trade change or price or quantity new counterparty etc is identical to any other X_TRADER modification and is done from the Order Book window in X_TRADER X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Accepting a Eurex Block Volatility Order Sell Side Sellers should be in communication with the buy side of the block trade and know that the trade has been initiated from the buyers side Certain information that is only available to the buy side of the trade is required to complete the block trading process Note Although block trading is defined as a trade between two parties outside of the normal exchange market in fact a third party EUREX is involved in the trade After checking on the trade s quantity price and other information the trade will or will not be approved When the exchange has reviewed the trade the counterparty the seller can complete their side of the transaction p To accept a block trade on Eurex Seller acceptance 1 With X_TRADERC open and logged into the Eurex exchange open the Order Book 2 Right click in the Order Book to access the context menu and click Inquire Blo
431. rameters that you set to the MD Trader tabs MD Trading MD Display MD Color MD Advanced globally affect all MD Trader windows subsequently displayed Alternatively access local MD Trader property tabs via the MD Trader context menu to set properties for one MD Trader window Properties Trading Order Entry Fill Time And Sales Orders MD Trading Position Customer Defaults Enable User Defined Price Column NetChange Display Type Decimal O Display Price As Yield Display Yield T o Maturity Price Formatting Decimal Location 2 Digits to Display 3 C Do Not Display Handle Audit Trail MD Display Trade Book Quote Board Sounds Color Spread Matrix MD Color MD Advanced Tick Offset Retain User Defined Price Settings When Contract ls Changed Cancel Apply p To access the global MD Advanced tab for all MD Trader windows 1 From the Control Panel click the Settings menu and choose Properties 2 Click the MD Advanced tab You have successfully accessed the global MD Advanced tab Trading Technologies 155 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 b To access the MD Advanced tab for one MD Trader window 1 From the MD Trader window right click anywhere to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 2 Click Properties 3 Click the MD Adva
432. rategies e Deleting a Created Spread or Strategy e Trading with an Expired Strategy Trading with an Expired Strategy Attempting to trade an expired strategy results in the error message This product does not currently exist in the order router s product table The simulation environment also receives this message if the strategy was deleted at the exchange due to a host failure Trading Technologies 271 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Created Outrights and X_TRADER The LIFFE exchange allows you to create new outrights In other words you can create a new strike expiration Although X_TRADER supports spontaneous display of newly created outrights as they occur in real time you cannot create outrights in X_TRADER itself Creating a New Spread Strategy b To create a new spread 1 Right click the Market Grid to access the context menu and click Create Strategy OF From the Control Panel click the Window menu and choose Create Strategy OT From the Control Panel click the icon The Create Strategy dialog box opens e Create New Strategy le AL a A ABA GQ ABE p ABF A ABG H ABP B AC a A ACA a Anu v Strategy Name Strategy 1 Existing Strategies Strategy Name g LIFFE 4 Novos 5 44 A DECOS ka AA JANOS L FUTURE AA MAROG Legs 144 NOVOS 144 DECOS 144 JANOG 144 MAROB Add g
433. rectory names file names window names dialog box names and field names Procedures contain bolded items as well Italic Indicates variables including variable text Variable text is used when dialog boxes or their components are not labeled Variable text is also used for labels that change dynamically based on their current context The wording of variable text does not exactly match what you see on your screen Keyboard Formats All key names are shown using small capital letters For example the Control key is shown as CTRL The UP ARROW DOWN ARROW LEFT ARROW and RIGHT ARROW KEYS are collectively referred to as the arrow keys Key combinations and key sequences appear in the following formats Format Meaning Key1 Key2 A plus sign between key names means to press and hold down the first key while pressing the second key For example Press ALT TAB means to hold down the ALT key while pressing the TAB key Keyl Key 2 A comma between key names means to press and release the keys one after another For example Press ALT F O means to press and release the ALT key press and release the F key and then press and release the O key 22 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information About This Manual Related Documentation This guide is part of comprehensive Trading Technologies documentation and online He
434. rice we use the average price of the most recent x 66 99 amount of trades done by the user where x Open Position Example You buy You sell e 2 100 10 120 e 3 125 e 20 150 Your LTP 160 Your current Open Position 15 Average Price 15 160 143 255 Match Price 15 160 average price of the last 15 trades 15 160 150 150 Trading Technologies 395 Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 P L Column Display X_TRADER allows you to select the P L Profit Loss column display type The position s P L column displays in one of the following e Selected primary currency The Primary Currency designation in the Guardian Currency Table determines the default currency The default primary currency is USD To change the primary currency via Guardian speak to your X_TRADER System Administrator e Product s native currency e Quantity multiplied by the price e Ticks p To select the P L method 1 Right click any cell in the Position pane to access the context menu 2 Click P L based on and select a calculating method 3 4 Click Display and choose a display type Click Open P L based on and choose Average Price or Match Price Note You can only obtain a total position P L if you have selected Currency USD You have successfully selected the P L method 396 X_TRADER 7 4 User Manual
435. riptions of the Market window functionality Refer to Chapter 6 Market Window on page 1811 New Electronic Traders TT recommends that new electronic traders use the Lock safety feature until accustomed to using X_TRADER Every Order Entry pane and Order Book window has a Lock check box When enabled this feature requires you to confirm the action you want to take before sending the order to market For example if there is a check in the Lock check box when you chose the Sell button the button title changes to Apply Sell You must click the Apply Sell button to confirm your sell order and only then will it be sent to market Notes e The default Market window displays options with the Calls on the left and Puts on the right s If the Use Default Qty feature is enabled clicking in the BidQty or AskQty cells does not populate both the Order Entry quantity and price fields The BidQty or AskQty cells will populate with the Default Qty b To enter a manual order 34 1 2 From the Control Panel click the Settings menu and choose Customer Defaults From the Market Grid click any cell in the appropriate strike expiry row on the bid or ask side of the screen El eCBOT A ZB 5 BS 005 BIS 1 Jl 5 10 a a Order Destination 5 100 500 40 114070 lt None gt Open ZIM lt Crosswi Cross atx Route to Best Clear E p Short Sell Exempt Hold Lock Contract WrkBuys BidOty Bid
436. rket 243 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 If the quoting bar is in Market mode the additional columns are Mkt BOO Mkt BOP Mkt AQP Mkt AQQ Column Description Mkt BQQ Market Bid Quote Quantity Mkt BQP Market Bid Quote Price Mkt AQP Market Ask Quote Price Mkt AQQ Market Ask Quote Quantity These columns display all active quotes in the market and are updated according to price and quantity Enabling Quoting Enabling quoting is a three procedure process 1 Creating quoting preferences In order to use the quoting feature you indicate your quoting preferences 2 Enabling quoting as a feature You enable Quoting as a feature from the X_TRADER Properties dialog box By default it is disabled 3 Turning on quoting for a single window You turn quoting on for each individual Market window Quoting must first be enabled Refer to Procedure 2 below 244 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window b Procedure 1 To create quoting preferences X_TRADER quoting requires ALL of the following One or more spread tables Spread tables allow you to define how wide quote spreads should be based on a product s time to expiration and price Multiple spread tables provide flexibility within the quoting system Refer to Spread Tables Setup on page 82 One o
437. rket Order using the Keyboard Once keyboard trading has been enabled you can enter a market order using the keyboard b To send a market order 1 Enable keyboard trading locally or globally 2 Press the Shift F1 key The only time in force supported is a Good Till Day GTD order and the only order restriction you can use is Immediate or Cancel IOC available from the button in MD Trader The quantity sold would be based on the amount in the order quantity field or on the preset default order quantity You have successfully sent a market order Setting the Limit Price using the Keyboard Once keyboard trading has been enabled you can set the limit price position of the cursor for either the buy or sell side with the following keys Action Key E Center buy side cursor D Increase buy side cursor C Decrease buy side cursor I Center sell side cursor K Increase sell side cursor M Decrease sell side cursor Trading Technologies 325 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Sweeping the Market using the Keyboard Once keyboard trading has been enabled you can use the keyboard to sweep all the buys or sells up to a specified point set by the buy or sell side cursor using the following actions p To sweep the market up to a specified price point on the Buy side 1 Use a combination of the D and C keys to set the position of the buy side cursor
438. rkstation For example if you meet the minimum hardware requirements for X_TRADER but are running a complex theoretical quote generating program for multiple products strikes this will create a significant load on your microprocessor s which may slow the response time Consult your System Administrator for assistance Establishing a Link for Theoretical and Implied Pricing You must have X_TRADER and Excel open to perform this action Note To automatically open Excel when you open a saved workspace you must create excel links from Autotrader to Excel If you only have links from Market Grid to Excel the links are saved but do not automatically open when you open the workspace Trading Technologies 215 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 b To create a link between X_TRADER and an Excel worksheet 1 PA a ek p To copy and paste link one block of data make sure your Market Grid and Excel pricing model columns are in the same order or repeat the steps below to copy and paste links for each column of data In the Market Grid click the top left cell of the desired data and hold the mouse button down while dragging the mouse to the bottom right cell of the desired data All cells you choose are selected Right click within the selected area to access the context menu and click Copy Open your Excel model Right click in the top left cell wh
439. rmation if necessary Click the Order Restriction menu and select Stop The Stop Price and Trigger Qty fields appear Note The Stop order restriction and If Touched IT order restriction are mutually exclusive If you enable one of these restrictions the other becomes unavailable To toggle the order type click the Limit button The Order Type button toggles between Limit and Mkt when clicked 7 To set a stop price in the Stop Price field use the arrows or type the stop price 8 To set a stop trigger in the Trigger Qty field use the arrows or type the stop trigger Click Buy or Sell You have successfully placed a Stop order Trading Technologies 347 Trading Technologies International Inc Proprietary and Confidential Information Chapter 8 Trailing Stops TStop Trailing stops are similar to stop orders with the added feature that the price is set a fixed distance from the current market price and moves dynamically Trailing stops can be limit or market orders Notes e Trailing Stop orders cannot be entered via click trading the keyboard entry mode or the Keyboard Validation mode e Trailing Stop orders need X_TRADER to remain open to continue working If you shutdown your Trailing Stop orders are pulled from the market Trailing Stop Sell A trailing stop market for a sell order sets the stop price at a fixed amount below the market price e If the market price rises the stop loss price
440. roduct Group s defined Minimum Spread If the calculated quote is greater than the Maximum Spread the Maximum Spread is quoted For example if the Percent calculated is 6 ticks and the Spread Table Maximum Spread is 4 ticks then the Spread Table Max of 4 ticks will be used 10 In the Minimum Spread field set the minimum spread used to generate a quote Note This is the minimum spread expressed as the total number of ticks If the calculated quote is less than the minimum defined then this minimum will be used to generate the quote For example if the calculated spread is 1 tick and your minimum is 2 ticks the quote will have a 2 tick spread Not applicable for Dime Join and Theo Bid Ask Quote Types 11 In the field if you chose the Percent Spread Type define the percentage of the price that will be used to calculate the spread Note Not applicable for Dime Join and Theo Bid Ask quote types 12 In the Auto Quote field select On or Off for automatic quoting in response to an RFQ 13 In the Auto Quote Delay Secs field enter the number of seconds the quote should be delayed before being sent to the market after a Request for Quote is received 14 In the Clearing Member field enter your clearing member ID Trading Technologies 77 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 15 In the Account field enter the account type e Al Agent 1 e A
441. rs entered via X_TRADER will be entered as cleared orders The software does not support bilateral orders or bilateral fills All cleared contracts clear through the London Clearing House LCH 470 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trading Specialty Exchanges Market Explorer S w Market Explorer Products ALL Exchanges Instruments Selected Instruments ICE_IPE B AD Hub El ICE_IPE B AD Hub Spd EJ ICE_IPE B AD Hub Cin Hub El ICE_IPE B AD Hub NI Hub gt CMEA o m Ge Ge Ee Er ICE_IPE B Brent 1st line Eq ICE_IPE B Brent 1st In Sp El ICE_IPE B Chicago Basis E ICE_IPE B Cin Hub NI Hub ICE_IPE B Cinergy Hub i ICE_IPE B Cinergy Hub Spd ICE_IPE 8 FP for Alberta ICE_IPE B FP for Chicago ICE_IPE B FP for Malin ICE_IPE B FP for PG amp E Instrument Types Ge Ge H H H RE EE E A There are 83 products The ICE exchanges use a 4 tier structure to define a market They are defined by the following parameters s Market Type Defines the product grouping e g ICE Financial Gas Brent Futures s Product Name Equivalent to instrument e Hub Defines delivery location e Strip Defines delivery period Because X_TRADER uses a 3 tier structure in Market Explorer it combines the ICE exchange Product Name and Hub to form the X_TRADER Product Name Trading Technologies
442. ructed ask is less than the current market bid Inside Check The quote is not sent to the market if the constructed bid is greater than the current bid or the constructed ask is less than the current ask This check does not apply when the Dime Quote Type is selected At Mkt Check The quote is not sent to the market when the constructed bid and or ask are equal to the current market price Price Check The quote is not sent to the market if there is no current bid or ask price Trading Technologies 75 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Adding a Product Group b To add a product group 1 76 From the Control Panel click the Settings menu and choose Product Group Setup The Product Group Information dialog box appears In the Product Group Name field enter your product group name In the Quote Type field click one of the following e Dime A tick better on both bid and ask e Join Current price of both bid and ask s Mkt Ave The average between bid and ask is the mid point for calculating the spread The Maximum or Percent spread is divided by 2 This figure is added and subtracted from the Market Average to define the upper and lower limits s Theo Similar to the Mkt Ave except the theoretical price is used as the mid point for calculating the spread e Theo Bid Ask Current theoretical bid and ask In the Spread Table field associate the pr
443. ry information moves to the Summary pane Avg Pre Product MMMY Account Exch Time Order Ho Exch Date Ord Time 9580 5 GE DECOS ps001003 14 55 38 000 B001AJ 1010 05 09 47 28 41 Column Name Description Row Numbers Row number Exch Exchange B S Buy Sell O C Open Close a position Filled Qty Order quantity filled Avg Pre Average price of the fill Cur Currency Product Exchange symbol for displayed product C P Call Put MMMYY Expiration month year Strike Exercise price of an Option Version Version Account Back office account number or account name FFT2 Free form text field 2 FFT3 Free form text field 3 Clr Mbr Clearing member Exch Mbr Exchange member ID Exch Grp Risk Manager direct user s group ID Exch Trd Risk Manager direct user s trader ID Trd Mbr Trader s or Risk Manager s proxy user s member s ID e g Broker s client TTORD 408 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trade Book Column Name Description Trd Grp Trader s or Risk Manager s proxy user s member s ID e g Broker s client SIM Trd ID Trader s or Risk Manager s proxy user s member s ID e g Broker s client 666 Acct Agent Market Maker Principal Give up Unallocated Exch Time Transaction time at the exchange Type Limit Market GU Give up member ID PF Partial fill Rstr Disc Qty FOK IOC MOO MV STOP Restri
444. s Set Lock for Provides a confirmation step in all Order Entry panes when using new windows by X_TRADER to submit orders default To use the option within a single Order Entry pane disable it here Then click in the Lock checkbox in the pane This box is located to the right of the Sell button Auto Mouse Increases the speed at which you can submit orders by automatically Move moving the mouse to the Sell button in the Order Entry pane if you click on the bid side of a contract in the Market Grid It will move to the Buy button if you click on the ask side of a contract Post Trade Qty Clears the Quantity field after you submit an order Clean Up Note If the Use Default Qty is enabled at the same time as Post Trade Qty Clean Up is enabled the quantity does not clear after the order is submitted Broker Mode Provides an increased Buy or Sell button that relates to the order side you selected in the Order Entry window Use Default Qty Sets a default quantity that displays for order entry Note If the Use Default Qty is enabled at the same time as Post Trade Qty Clean Up is enabled the quantity does not clear after the order is submitted Default Diming Specifies the diming offset used Offset 108 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Fill Tab The Fill tab allows you to set default properties for the Fills pane th
445. s control how quotes are calculated Auto quoting is also controlled using this dialog box Spread Table Setup Displays the Spread Tables dialog box Allows you to create a spread table to use with the quoting tool You create spread tables to detail the maximum spread in ticks based on the number of days to expiration and the bid price Customer Defaults Displays the Customer Defaults dialog box Allows you to create or view customer defaults and customer list information Toolbar Allow you to change the size of the icons on the toolbar Properties Displays the Properties dialog box Allows you to customize X_TRADER features for the Market window Trading tab Secs Window Help v X_TRADER Pro Product Group Setup Spread Table Setup Customer Defaults Toolbar Properties X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Help Menu The following options are available from the Help menu e What s New Opens the What s New section of the Online Help veera acs NeW e Help Topics X_TRADER Online Help Topics Help user documentation Software License Agreement Note Alternatively press F1 to see About X_TRADER help related to the X_TRADER screen you are on s Software License Agreement X_TRADER Software License Agreement About X_TRADER X_TRADER version and copyright information Adding Hi
446. s only valid to copy from Excel to the Market Grid e Links Opens a dialog box listing all applications that have links to the Market Grid e Delete Link Removes an established link s Create Strategy The Spread Trading section provides detailed information s Generate Spread Matrix The Spread Matrix simplifies the tasks of monitoring and trading calendar spreads s MD Trader Opens an MD Trader window for every row that is selected in the Market Grid e Autospreader Opens the Autospreader Configuration window the legs assigned for every row that is selected in the Market Grid s Autotrader Opens one Autotrader window with rows for every row that is selected in the Market Grid e Order Block Opens one Order Block window with rows for every row that is selected in the Market Grid s Quote Board Opens one Quote Board window with panes for every row that is selected in the Market Grid s Rename Contract Rename a strategy by clicking one of the Market Grid cells in the spread s row and entering the name of your choice s Rename Window The default window name lists exchange and product names Use this option to enter a name you have selected e Resize Use this option to automatically resize your Market Grid window It quickly widens or narrows your window after adding or deleting columns or rows Trading Technologies 209 Trading Technologies International Inc Proprietary and Confidential Informatio
447. s detailed information about the current day s trades X_TRADER displays fill information immediately upon receipt from the exchange However each exchange implements the dissemination of fill information differently Some exchanges provide the information faster than other exchanges Pa TT FL 1 Exch CME CME CME CME CME CME CME CME CME CME CME 00 0000000000 Exchange Product MMMY P To open the Fill window Price 9536 0 GE 9537 5 GE 9521 0 GE 9507 0 GE 9560 5 GE 9535 0 GE 9525 0 GE 64600 RS1 4 0 GE 13 6B 13 6B BuyOty 19711 Product SellOty OO Bee Cnr MMMYY Account Exc A JUNO6 19 2 JUNO 20 3 JUNOS 19 5 SEP10 18 4 DECOS 19 3 DECO6 19 1 DECOS 153 DECOS 19 5 Calendar 1xGE MAROS 1xJ ps001003 20 5 Calendar 1x6B MAROS 1xD Hello 22 0 Calendar 1x6B MAROS 1xD Hello 22 0 4 gt HetOty AvgBuy AvgSell Open PL PL Last 94 63 From the Control Panel click the Window menu and choose Fill Window OT From the Control Panel click the icon You have successfully opened the Fill window Trading Technologies 381 Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 382 The Fill window is composed of three panes Fills pane Position pane and Fast Fills pane o Fills Pane The Fills pane reflects the exchange confirmed data about a trade Position Pane The Position pane provides net position infor
448. s eae omnes 56 NR 44 formatting fonts formatting grids hiding rows or columns TTT O NA 42 Movin TOWS Or COUMNS eaea r EE EE EEE E R REEE ERANA EE EARE RRE ey eg E NAR EAE ER 53 populating windows with contracts ae AA NL eer eae naar at E RA Ee ae PER ET 59 PESIZIN II WA A nocd even dunnates soc ves AA E IA 59 restoring hidden TO WS Or CONOS ai rs 55 setting the default visible columns tica 33 using the frame command bar ne Confirming thie status of market orders TTT 199 Gonsolidating Sl Te 300 Context menus audit trail sese e eee butterfly condor matrix fast Fills pam a Ie oi tias RN Trading Technologies 479 Trading Technologies International Inc Proprietary and Confidential Information Index market grid md trader order book POSTON PM ts 394 quote board PAM o a tee A T a HE 258 A O NN RAN 412 Context s nsitve Del ata 37 Contracts A E E Se teen E A A A AA A E ERAR A E E 71 Control Panel sax GSE Product TT TTT adding aspread L TTT al rts mana T associating a product to a product group changing product group settings changing the size OF the tO TTT COPYING Ai IA ROI creating a workspace customer defaults setup deleting a product group Ae deleting a work LTTE disassociating a product to a product UT O 81 STs TTT 61 ICOM ANG menu descripti on mea sess steeds A A A AE 159 opening a functional window TETE T TET 69 T 163 product gr
449. s into a double headed arrow Below the Buy or Sell button 2 Click and hold the mouse button and slide the mouse up until the Order Entry pane is closed You have successfully closed the Order Entry pane by manually sliding it closed Confirming the Status of Market Orders There are three areas in X_TRADER you can go to confirm the status of your orders s Audit Trail The Audit Trail window confirms the status of your submitted order Comprehensive trade information is provided to confirm receipt of order request by the exchange and all details about the order itself ERR indicates that an error has occurred e Order Book A working order displays in the Order Book window When the guaranteed fill information is received from the exchange the order is removed from the Order Book and moved to the Fill window Note Orders which have been put on the Order Blotter appear as line item information in the Order Book window e Fill window If the order is immediately filled assuming that you have not applied any filters and the exchange supports Fast Fills a fast fill will flash in the Fast Fills pane of the Fill window Trading Technologies 199 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Establishing Available Credit If your trading environment uses the Guardian Risk Management tool the Available Credit dialog box displays available credit information in the primary
450. s menu Trading Technologies 15 Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual Position in Queue A new feature called Position in Queue PIQ is in MD Trader and the Market Grid PIQ is a number that estimates how many contracts are in front of yours at any given price s If your PIQ number is 10 there are approximately 10 orders ahead of yours s If three contracts trade your PIQ changes to 7 e If your PIQ number is 0 your order should be the next to fill Note PIQ is not sent from the exchanges X_TRADER calculates an estimated PIQ based on quantity of trades occurring in front of the order and does not account for cancelled orders nor pro rata allocations Refer to Viewing your Position in Queue on pages 219 and 313 Trailing Stops X_TRADER supports a new order type called Trailing Stops Trailing stops are similar to stop orders with the added feature that the price is set a fixed distance from the current market price and moves dynamically Trailing stops can be limit or market orders Notes e Trailing Stop orders cannot be entered via click trading the keyboard entry mode or the Keyboard Validation mode e Trailing Stop orders need X_TRADER to remain open to continue working If you shutdown your Trailing Stop orders are pulled from the market Refer to Trailing Stops on page 348 OCO Order Types 16 You can use the
451. s order at your selected price even if it is not tradable Exchange rejects the order Aggressively Rounds Y4 tick prices towards the market Conservatively Rounds 4 tick prices away from the market Colors and Display Color Code Market Depth by Price Level Color codes the Market Depth by price level For All Levels or From 2nd Level on Enable then go to the Color tab to customize your colors Market Depth Color 1 7 Use Net Change Color Coding Displays color coding of the Net Change column Go to the Color tab to select your customized color e Price Decrease e Price Increase e Price Neutral Use Net Position Color Coding Displays color coding of Net Positioncolumn Use Last Traded Price Background Coloring Uses the Last Traded Price LTP background coloring scheme Highlight Trader s Orders Used for the Market Grid and Spread Matrix panes Highlights your own orders to easily identify them Use top of book coloring Used for the Market Grid Displays the top of book price in a different size font and color X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Colors and Display and Spread Matrix panes Go to the Color tab to select your customized color e Top of Book Ask Background e Top of Book Ask Text e Top of Book Bid Background e Top of Book Bid Text Use Minimum
452. s sent Deselecting this box deletes a quote from the market if one exists To select and activate deactivate strikes expirations right click anywhere in the Quote column to access the context menu From this menu click SelectAll Calls Puts 2 Sided Mkts or Last Pre Then click Activate or Deactivate All checked boxes in the Quote column are active strikes expirations all others are deactivated Refer to Activating a Strike or Expiration on page 249 AQP Ask Quote Price test quote AQQ Trading Technologies Ask Quote Quantity test quote The above test quote columns display when you click Test Quotes or Test Quotes Market quotes display when you click Market Quotes or Send If the Market Quote columns currently display click Test Quotes to automatically change to the Test Quotes environment the reverse is also true When these column headings display only the test quote environment is viewed The quantities always match those set in the product group dialog box immediately after quote generation although they may change if you manually edit them When mass quotes are sent the market quote columns defined below automatically display However sending a single market quote maintains the test quote display provided that the test quote environment was active when the individual market quote was sent The cells for the currently sent market quote are selected in blue to let you know that the quote hit the ma
453. s that appear in a Block Trade window vary depending on the type of product or strategy being traded If the product is a strategy the associated legs for that strategy are listed in a set of fields in the lower half of the Block Trade window The Quantity and Price fields must be filled for each and every leg of the strategy in order for the trade to be accepted Series General Fields Descriptions Name and identification of the contract future series Automatically filled from the product selection in the Market window Maturity month of the futures contract Automatically filled from the product selection in the Market window AMR Auto Market Reference unique exchange specific product identifier Automatically filled with the product selection in the Market window Price Price of the product Quantity Trading Technologies Quantity of the product to be traded 429 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 Trader Exchange identifying number for the trader submitting this trade Account Account code for this trade Can be one of the following H House L Local S Segregated or N Non segregated Open Close Indicates whether this trade opens or closes a given position Default is blank CTI Clearing code Posting Code _ It does not apply to LIFFE For Euronext products only
454. s the data by selecting a customer from the Customer List window e Formatting Allows you to customize fonts colors and borders s Hide Column Hides highlighted cells or multiple columns e Show Hide Cols Allows you to select which columns to hide or show e Show Hide Rows Allows you to select which rows to hide or show e Copy Places selected data on a clipboard You can then paste the data into another program e g Excel e Paste Inserts copied data into a selected cell s Export Data Collects all the data in a csv file whose name and location are configurable e Export Selected Rows Collects the data in highlighted rows into a csv file whose name and location are configurable Trading Technologies 389 Trading Technologies International Inc Proprietary and Confidential Information Chapter 11 Start of Day Fills 390 X_TRADER notifies you if you carry over a position from the previous session This option must be enabled by your Risk Manager If you carry over a position the Fill window displays an S in the Open Close column of the Fills pane T 2 TT FL la Je o Hex Time D Product Account 09 26 01 73 CME A 09 26 01 73 CME A 09 26 01 73 CME A 09 26 01 73 eCBOT 09 26 01 73 eCBOT 09 26 01 73 eCBOT 09 26 01 73 eCBOT 09 26 01 73 eCBOT 09 26 01 73 eCBOT Ina 72 ecRAT 156450 NQ 19001001 19001001 tp001001 tp001001 tp001001 tp001001 tenni nnd E B B B B S B S B
455. sabled specific keyboard functionality locally To disable specific keyboard trading functionality globally 1 From the Control Panel click Settings and choose Properties 2 Click the MD Display tab 3 Click to de select the following specific functions Keyboard functionality To disable this functionality Delete All Delete All Bids Delete All Offers Uncheck the Show Delete Buttons Trade Out Functionality Uncheck the Show Trade Out 4 Click OK You have successfully disabled specific keyboard functionality globally Trading Technologies 321 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Entering a Buy Order using the Keyboard Once keyboard trading has been enabled you can enter a buy order using the keyboard p To enter a buy order 1 Enable keyboard trading locally or globally 2 Press the D and C keys to select the desired limit price 3 Press the Q key to focus keyboard entry on the Order Quantity field 4 5 Press the A key to send the buy order Type in the desired quantity of the buy order on the keypad You have successfully entered a buy order Entering a Sell Order using the Keyboard Once keyboard trading has been enabled you can enter a sell order using the keyboard p To enter a sell order 1 Enable keyboard trading locally or globally 2 Press the K and M keys to select the desired limit price 3
456. save a workspace with one order entry style then create another workspace and change to a different order entry style using the Order Entry tab on the Properties menu the saved and closed workspace retains its original order entry style Changing the order entry style setting on the Properties menu only changes the order entry style for the open workspace X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Creating a Workspace a Warning Close Market Depth before saving the workspace Leaving Market Depth open may render the feature temporarily inoperable when you reopen the workspace A workspace is just a snapshot of your X_TRADER desktop Therefore as you open windows in X_TRADER you are essentially creating a space The procedure below walks you through things you can do to customize your workspace But what is in your workspace is completely up to you P To create a personalized workspace 1 Set your default visible column preferences using Properties dialog box tabs Note If you plan to set up multiple workspaces with the same default columns saving your workspace after your default columns are set can save you time If this is the case skip to step 5 to save your default columns as a workspace Then continue with step 2 and create your second work space with your default columns already set Open the products and win
457. scssesscssssssececssssucessscsusaesessesaesessusassesaesnsetsavsnsavessansaeeses 23 GLOBAL CEIENT SUPPORT CENTER TTT 24 AUTOMATED PHONE MENU sulla cd 25 CHAPTER 1 GETTING STARTED sss ss sss ssssss sss asses asse ananas asses asse 2 IS INTO X TRADERS yc de e elias 28 LOGIN PROCEDURES A ota elas Tokyo nS 29 X TRADER PRO LICENSE honeria a e oc eds ahs Sh 32 CREATING A CUSTOMER PROFILE sese 33 INTRODUCTION TO THE X_TRADER WORKSPACE scsssesscsssesssssscessecerssuceesscussesueasseeisansneases 33 ENTERING A MARKET ORDER 0000 coito arista 34 Naco A 34 ORDER MESSAGES IN THE AUDIT TRAIL see 35 EXITING X_TRADER la dni cea elo nica bici 36 AUTOMATIC SHUTDOWN OF X_TRADER cccscsssssssecesssssececsecseseesecsesucsecarsacecarsuceesarsncaeerane 36 USING CONTEXT SENSITIVE HED TTT 37 CHAPTER 2 COMMON ADMINISTRATIVE TASKS ssssssssssssss ss sss sss DD POPULATING WINDOWS WITH CONTR ACTS 40 WSING THE TE MINIMIZER cusco tooodo sins al cod docs a a ida dida de 42 FILTERING E A O e A e A A oe el 44 EFFECTS OF FILTERS ON X TRADER A tas 44 SAVE FILTERS IN A WORKSPACE cia italia ales 45 FILTERING PROCEDURES s aa TSP TERTARIK ETA RTE datada dnde 45 Setting a Column Filter nesie das 45 Trading Technologies iii Trading Technologies International Inc Proprietary and Confidential Information X_TRADER Version 7 4 User Manual Clearing a Coloma ST CTT 46 LSI TTT TS ara a 46 Setting Auto Filters in IRIN DI D ros Te
458. sederesteets MAPK EE WINdOW sieht A ET OTO TT butterfly condor matrix CHICK AO aida 486 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information COS al TTT 220 diming offset we 238 eurex block trading wee 229 implied prices and quantities 2233 keyboard entry sss 236 keyboard validation mode 237 market grid sese 202 order change dialog box 240 otder entry A a 182 Order types atid TEStriCtlOMS ii A A A at 335 quoting overview AMAIA A aL a Spread ACES A T Match price DNA A RR NANO A AN MD Display tab ay IMB Trader TTT adding sound cds aeeeveds dahon Levecaded tebeh evsayesdeeqsel EE EE E EEE EEEE AE eE Eia CS dees Ea FE EERE NEE EEE CNEAS buy side keyboard mapping centering the mark et TTT Changing Order Quantity ssi ccscccsiscseacconcsuatecqescdensuvncecavuvesanesacecoecenagua ass changing working orders A RO A NO COMO JM A Laa context menu control the Zoom sese eee eee ee creating a user defined price column 302 CUSLOMIZING 12 0 0 cso sesereceschclovarsstusdconsscceennes 314 customizing the default quantity buttons 314 default keyboard T TTT 331 deleting orders sese 323 dime the bid woe 324 dime the offer roZ entera DUY Te n ANN 322 entera sell rd a a a A E VE E AS A ate A R ERS 322 enter order quantity VENAT IEAA
459. ser Manual Trading Technologies International Inc Proprietary and Confidential Information manual eT market explorer market grid md advanced tab md color tab md display tab md trader md trading tab S order Dook erid ONO order 820 0 A o e ENE NE NEN A O RN NON order entry pane pS order O NON orders AD A TTT position pane k PUN a a a el A a DO quoteborrd abra A A Oca spread matrix tab Ss L in A A A sida time and salestab aii dnde trade book detail pane da trade book partial fill Pamesa 408 trade book summary S 406 trade book tab CRAGIN TAD ees RL NN Pl MUA Io DELS File status bar in Time and Sales 426 Flor ci 2 335 Fill tab 109 Fill window 381 fast fills pane 401 fills alert dialog box 383 fills pane overview 384 manual fills 397 position pane 391 Fills Allert dialog Dori ia 383 Fills pane Context MM A A A AAA AAA 389 GKE A A O NS 385 OVCIVIE Wi A Ha aa start of day fills a SLT Oe Peer ere A cova heave Sevens yB SRN 54 cuyseneessebuhescu ees N E E EE OOE clearing all Ms effects on Xe TRADER a idas 44 DIAS a sisi remove auto filters A NRO NN SOU METS A A ceded ts ad elt ied ee ese ata TTT Finding the Control Panel x FIXING a WorkSpace A A E A EAS 71 Flex options trade 440 field descriptions 440 submitting
460. solidation section type in the Prices per line and Offset many ticks each increment stands for Click OK You have successfully consolidated your prices globally 300 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Consolidating Prices Example The right MD Trader window in the following screen shot displays a consolidated price with the increment moved to 3 FOME ER OCTOS C55500 X cme ER ocTo5 c5550 2 US Pal 6 765 304 5 US Pal 6765 304 5 6 772 132 6772 132 Trading Technologies 301 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Creating a User Defined Price UDP Column You can create a User Defined Price UDP column in MD Trader using the MD Advanced tab This column appears to the left of the standard price column and can be set to show the Net Change Price As Yield or Yield To Maturity for a given contract In the following example the Net Change is shown in decimals E cmE A saunos DER For help creating the User a i Defined Price column see the MD Advanced tab on page 155 Note When both the Price Consolidation on the MD Display tab and the Enable User Defined Price Column on the MD Advanced tab properties are enabled the prices are consolidated first The consolidated price is then used to perform any calculations 3333 EI aw
461. splaying the Mid Point of Inside Market Keeping MD Trader on Top One Click Trading Placing Stop Orders Trading Out a Position Using One Click Viewing your Position In Queue PIQ Trading Technologies 297 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Auto Centering When enabled the auto centering feature available in MD Trader automatically centers the grid display There are two ways to set the Auto Grid e Setting Auto Grid Centering locally e Setting Auto Grid Centering globally p To set automatic grid centering locally 1 Open MD Trader 2 Right click anywhere in MD Trader and click Properties 3 Click the MD Display tab 4 Click to select the Automatic Grid Centering option 5 Choose the option that determines when MD Trader recenters e Every _ seconds e Last Traded Price Within _ rows from top bottom e Inside Market Within _ rows from the top bottom 6 If you want MD Trader to flash prior to recentering click to select the Enable Grid Recenter Warning 7 Click OK You have successfully set Auto Grid Centering locally b To set automatic grid centering globally 1 From the Control Panel click Settings and choose Properties 2 Click the MD Display tab 3 Click to select the Automatic Grid Centering option 4 Choose the option that determines when MD Trader recenters e Every _ seconds e Last Traded Price Within _ rows from top bottom
462. style and environment e Across the top e Along the diagonal e Both Default Show Net Position Shows Net Position in the Spread Matrix Choose from one of the following display choices e Across the top Displays a row designated by a P across the top Along diagonal Default Displays a cell at the bottom of each contract Both Displays both the P row and bottom cell Don t Show Setting Description Butterfly Condor Matrix Show Net Position A Net Pos column displays in the Butterfly Condor Matrix Default is ON 132 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Example Spread Matrix Outright Price Display The following screen displays the outright prices of a calendar spread along the top and the diagonal of the matrix To enable this option go to the Spread Matrix tab on the Properties menu In the Display Outright Prices section click Both Fare 05 888 B KISS ASK Prc Ask Qty AskPrc As AskPre A y AskPre A y AskPre Ask Qty Ask Pre Bid Pre Bid City Bid Pre Bid Qty Bid Pre Bid Qty Bid Pre Bid City Bid Pre Bid Qty Bid Pre Bid City 0 JUHOG JUHOG Spread Matrix Butterfly Trading Technologies 133 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Trade Book Tab The Trade Book tab lets you set color codi
463. support use of this feature the message Order Format Invalid displays in the Audit Trail Cross This button displays if Order Crossing is enabled from the Trading tab on the Properties menu By default order crossing is enabled Click the Cross button to perform a cross trade The Order Entry pane will change to display the appropriate fields to perform a cross trade including BUYER and SELLER lists of customer accounts In addition the BUY and SELL buttons will be replaced by BUY FIRST and SELL FIRST buttons Blank field You may manually enter a customer account e g EUREX ACCOUNT back office account or it immediately displays the customer account number specified in the Customer Defaults window Additionally you can select an account from the drop list by clicking the arrow ITX This button displays if Order Crossing is enabled from the Order Entry tab on the Properties menu By default order crossing is enabled Some exchanges require a trader to send an Intention to Cross notification Click ITX to send the intention to cross to the exchange When clicked a 15 second countdown appears on the face of the ITX button This timer is for informational purposes only and does not trigger a cross order when it reaches zero Markets that do not support this announcement will reject the notification The number of seconds can be set between 1 and 300 X_TRADER does not time orders for markets that require a time inter
464. t Click and hold the SL button in MD Trader The cursor and SL button turns yellow The cursor is labeled sTOP Drag the yellow cursor to the price Buy or Sell column opposite the tick value where you want to put the stop Click the mouse button The stop is placed and indicated in the Working Quantity column as a stop You have successfully set a stop limit order 310 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Trading Out of a Position The Trade Out feature allows you to flatten your position Before MD Trader submits an offsetting order it sends delete requests for all working orders for that contract A second trade out request may be required if an existing working order was filled You can trade out of a position using a LIMIT order or a MARKET order If you choose to trade out using a LIMIT order MD Trader determines your position long or short and then calculates the ticks to skew off the inside market price at which your position is flattened If long the bid price is evaluated And if short obviously the ask is key Assigning a specific number of ticks to skew assures that your order once entered not necessarily executed is only a pre determined distance from the inside market at the time you submitted the order Therefore upon selecting the TradeOut button the current inside market is reviewed and MD Trader enters an ord
465. t Over Inactive Windows s Invoke When Hovering Over Inactive Windows It appears when you hover the cursor over a window that does not have your focus This option is only available with a hovering option selected above When the Floating Order Book appears it looks like this Del Contract Chg Price Acct Type Time Stamp v l pA JUNOG 10 7545 GTD asd Limit 20 24 57 000 6A JUNOG 5 7544 GTD tp001001 Limit 19 54 46 000 Notes e You cannot choose which columns appear in the floating order book However columns with no data hide automatically By default orders are sorted in descending order by the Time Stamp column s If more than 10 orders exist a scroll bar appears in the Floating Order Book e The Time Stamp field displays the exchange time X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Book Using the Floating Order Book Note If you make a change in the floating order book the order is resubmitted Use the Floating Order Book to perform the following procedures e Making a change to an order using the floating order book e Sorting orders in the floating order book p To make a change to an order using the floating order book 1 Ensure the Enable Floating Order Book option is selected in the Orders tab on the Properties menu 2 Depending on your property setting hover over or click a cell with a working order
466. t gt Leg B S Oty Contract 1 1 AA NOVOS Add All gt gt 2 1 AA DECOS 1 AA JANOB lt lt Remove All c ue 2 In the first text box click the sign to open the exchange folder and select a product The product is marked with a check and the available contract months are displayed to the right 272 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window 3 Double click a contract month to add contracts one leg at a time or Click Add All to add all the contract months 4 Edit the spread data as appropriate e Click B S to toggle between Buy and Sell s Change the Qty field per leg where permitted s To remove a leg click the number under the Leg column and click Remove 5 Repeat steps 2 4 adding as many legs as you want 6 In the Strategy Name field type a name for the strategy Note If you leave this box blank the name will be the spread type followed by the quantity and contract month for each leg 7 Click the down arrow and select a spread type Available types include the following 2X1 Ratio Box Bundle Butterfly Calendar 1 Call Spread vs Put Combo Condor Conversion Reversion Diag Calendar Diag Strad Calendar Guts Hedged Call Spread versus Put Hedged Call Put Spread Hedged Combo Hedged Ladder Hedged Put Spread versus Call Hedged Straddle Hedged Strangle Iron BFly Iron Condor Jelly Roll Ladde
467. t Grid MD Trader Autotrader and Quote Board Flashing characteristics change depending on which workup phase and functional window you are in e Which workup phase you are in In the Private Phase both the Price and Quantity fields flash for all instruments The duration of the flashing varies and is controlled by BrokerTec In the Public Phase only the Price field flashes e Which functional window you are in In the This field Is MD Trader Price column H added to the left of the price for a sell workup Price column T added to the left of the price for a buy workup Entire MD Highlighted and flashing green for a buy Trader Border workup Entire MD Highlighted and flashing red for a sell Trader Border workup Note If MD Trader is also the Floating Order Entry window the workup border color overrides the yellow Floating Order Entry color X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trading Specialty Exchanges In the This field Is Market Grid Bid Qty and Bid Flashing red during Private workup phase Price when a sell initiates the workup Ask Qty and Ask Flashing green during Private workup phase Price when a buy initiates the workup Bid Price Replaced by the word TAK when being bought Flashing red during Public workup phase
468. t Menu Using the context menu customize the Trade Book to among other things include or exclude any of the columns in the window After customizing the Trade Book save your workspace Refer to Trade Book Context Menu on page 412 Summary Pane Column Descriptions 406 The Trade Book window provides a method to access summary and detailed aggregate fill information about a particular order number Each line of information in the top or Summary pane displays information relating to a unique order number It is possible however that when multiple fills are received for a spread they will continue to show in this window as separate legs Column Name Description Row Numbers Row Number Exch Exchange B S Buy Sell O C Open Close a Position Filled Qty Order Quantity filled Avg Pre Average price of the fill Cur Currency Product Exchange Symbol for displayed product C P Call Put MMMYY Expiration Month Year Strike Exercise Price of an Option Version Version Account Back office account number or account name FFT2 Free Form Text Field 2 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trade Book Column Name Description FFT3 Free Form Text Field 3 Clr Mbr Clearing member Exch Mbr Exchange member ID Exch Grp Risk Manager direct user s group ID Exch Trd Risk Manager direct user s trader ID Trd Mbr Trader s or Risk Manager s proxy user
469. t be cancelled revised or handed to a different trader The following wholesale trading events cause a message to appear in the Audit Trail Order Submission Wholesale order has been submitted to the exchange Fill Message One fill message is sent for the sell side of the order Order Reject Order is rejected by the exchange Note TTORD Traders are permitted to send Block trades X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Wholesale Trading Strategy Wholesale Trades You can trade strategies using the LIFFE Wholesale Trading windows You can trade against actual basis and block trades z Block Strategy Trade Series Buyer Seller Trader Trader AMR Price Account Account Quantity Open Close Open Close EH CTI O Block Posting Code Posting Code O Market Maker Cross E Account Account Guaranteed Crossing Sm Oty Price L MAROS 95000 C x 1 L MAROS 96000 C x 2 Wholesale trades for strategies are supported on the following exchanges e LIFFE exchange e Euronext Paris exchange e Euronext Brussels exchange Trading Technologies 443 Trading Technologies International Inc Proprietary and Confidential Information Chapter 14 b To display the Strategy trade window 1 a PAPER A Log onto the appropriate exchange Open the Market Explorer and select a product Create or drag and drop a strategy into the M
470. tatus inquiry about any open order Fill Window Lists the current day s trades including P L Trade Book Displays an aggregate fill for a single order number Audit Trail Displays data sent to the exchange and the responses received from the exchange Order add delete change inquiry trader and customer detail as well as error messages and all exchange announcements are detailed in this window Time and Sales Provides the ability to track record and save time and information for products traded through X_TRADER Customer List Displays all accounts by customer name based on information obtained from the Customer Defaults Settings window Create Strategy Creates multiple legged spreads strips packs and bundles Quote Audit Trail Monitors addition deletion and related error messages for both manual and autoquoting for Market Makers You can also monitor both inbound and outbound RFQs Autospreader Sets up two sided spreads that trade automatically in a three pane window Note To use Autospreader you must obtain an X_TRADER Pro license Autotrader Creates and maintains a two sided market for selected sets of contracts and allows automatic bids and offers Note To use Autotrader you must obtain an X_TRADER Pro license X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trading Technologies Control Panel Order B
471. te Deletes mass quotes sent to market Test quotes are still retained Use this button to pull all live quotes If any unusual occurrence causes your workstation or X_TRADER to unexpectedly shutdown immediately after restarting click Delete Test Quotes Generates test quotes wherever possible Pull All Quotes Pulls all live quotes from the market Tick Up Moves the bid offer up or down by one tick Test Sends test quotes to the market Market 242 Sends market quotes to the market X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window If the quoting bar is in Test mode the default the additional columns are octos STT Decos __MARo6 _ QAct Column Description arket Contract OAct Sends a quote for a single strike expiration If the strike expiration is activated a confirmation dialog box appears and you can edit the quote information or accept the generated quote Click Add to send the quote Delete to delete the quote or Cancel to cancel the action BQQ Bid Quote Quantity test quote BQP Bid Quote Price test quote Quote The quote column box indicates the active checked or inactive unchecked status of the strike expiration You must check this box to send a quote to market An unchecked box denotes an inactive strike expiration therefore no quote i
472. te it will not be quoted Best Price Highlight When enabled the highlighting surrounds the best Bid Ask Quantity and best Bid Ask Price columns As the market changes and the bid or ask prices changes the highlighting moves to the row with the new best price Click Trade On Enables Click Trading Refer to Click Trading on page 225 Order Entry If enabled the Order Entry window is automatically displayed with the Market Grid To remove the Order Entry window deselect this option 207 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 s Floating Order Entry Displays a Floating Order Entry window If you enable the Use MD Trader as Floating Order Entry in the Trading tab on the Properties menu when you click this option MD Trader appears as your Floating Order Entry window s Layouts The Market Grid provides five pre formatted layouts that display different data Select multiple layouts to combine information For more information the Market Grid Field Descriptions section defines these layouts Each layout includes the following columns Market Default layout Displays WrkBuys BidQty ThrshBid BidPrc AskPrc ThrshAsk AskQty WrkSells Ask Mbr NetPos FFNetPos LastPrc LastQty Total and Expiration Range Adds High Low Open Close and Chng Change pricing data Depth Adds the Market Depth feature to list the next best prices Implieds
473. the Default profile to trade with From the Market Grid click in the appropriate expiration strike row on the bid or ask side of the screen If you click the BidQty or AskQty cells the Quantity and Price fields display the current quantity and price information The contract information appears in the Order Summary field Or If you click the BidPre or AskPrc or LastPre cells the Price field displays the current price but the Quantity field remains zero 0 The contract information appears in the Order Summary field To toggle the order type click the Limit button The Order Type button toggles between Limit and Mkt when clicked Click the IT If Touched tab Click Send if Touched In the Trigger Pre field type the price To select the order type click the Order Restriction menu The order is prepared to go to market Click Buy or Sell You have successfully sent an MIT or LIT order 340 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Types and Restrictions b To place an MIT or LIT order using Order Entry Style 5 1 SS APA 9 Click on the BidPre or AskPre column of the contract you want to trade The order price populates the Price field and the Order Summary field Enter the quantity by clicking one of the Preset Quantity buttons or typing the quantity in the Quantity field Select the account from the Account Name field
474. the Limit order becomes Passive Orders sent with different order types are rejected Trading Technologies 457 Trading Technologies International Inc Proprietary and Confidential Information Chapter 16 Pricing Format Prices for BrokerTec products display in the following manner e 2 3 and 5 year Actives trade at a quarter of 1 32 For example 100 002 100 022 100 02 100 026 etc s 10 and 30 year Actives trade at half of 1 32 For example 101 00 101 00 101 01 101 01 etc e 2 3 5 10 and 30 year When Issued contracts trade in yield Note No trailing zeroes display for Actives pricing formats Notations BrokerTec uses the following notation e 0 gt 0 8 0 s 2 gt 2 8 0 25 s gt gt 4 8 0 5 s 6 gt 6 8 0 75 The CBOT and EurexUS use the following notation for futures s 0 0 00 e 2 gt 0 25 E 99 01 lt 2505 99 012 10 99 01 s 7 gt 0 75 99 006 99 00 99 002 99 00 The two notations are equivalent Bete Trade Out 98 31 U S Pat 6 766 304 26 772 132 Market Grid When depth is displayed for When Issued products in the Market Grid the depth is sorted with the prices in ascending order i e lower numbers at the top and the higher numbers on the bottom This is because When Issued products trade in yield which is inversely related to price 458 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confide
475. the Spread Tables dialog box click the Close button You have successfully saved a spread table Removing a Spread Table p To remove a spread table 1 Click the name of an existing spread table 2 Click the Remove button You have successfully removed a spread table 84 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Customer Defaults Setup You define profiles on the Customer Default dialog box to establish all of the most common order variables by customer name These variables include but are not limited to market vs limit order and FOK IOC among others Customer Defaults JE A M Default 2 JOHN DOE CME FUTURE 12345 Al 3 JANE DOE eCBOT ZB SPREAD b67890 M1 Bp Click the SEL box to add a customer to the Customer List and make them selectable from the Order Entry screen Refer to Order Entry Customer Selection Overview on page 91 Use the following procedures to manage your Customer Defaults profiles e Creating a profile e Changing a profile e Deleting a profile e Sharing your profiles Refer to Customer Defaults tab on page 137 In addition once a customer is created you can use them from the Customer List Refer to Using the Customer List on page 90 p To access the Customer Defaults dialog box From the Control Panel click the Settings menu and choose Customer Defaults You have successfully accessed the C
476. the filters have been removed You have successfully deleted all visible orders and orders hidden by filters P To enable or disable the Delete All button Note The Delete All button is enabled by default 1 Right click anywhere in the Order Book grid to access the Context menu 2 Left click Allow Delete All Bids Asks to enable disable this feature A checkmark indicates the feature is enabled You have successfully enabled or disabled the Delete All button Trading Technologies 377 Trading Technologies International Inc Proprietary and Confidential Information Chapter 10 Floating Order Book Overview 378 The Floating Order Book is a new function visible in MD Trader and the Market Grid When activated the Floating Order Book appears when you hover over or click on a product for which you have orders Set the Enable Floating Order Book property in the Orders tab on the Properties menu to activate the function The following options are available for displaying the Floating Order Book e None Floating Order Book is inactive Enable Floating Order Book s Half Second Hover It appears when you hover the O None cursor over a product for half a second Half Second Hover s One Second Hover It appears when you hover the O One Second Hover cursor over a product for a second O Middle Mouse Click s Middle Mouse Click It appears when you middle loka ben eros click your mouse while hovering over a produc
477. the icon The Customer List window appears 2 From the Customer List window click the customer you want to use The customer name populates all of your Order Entry windows 3 Make your trades 4 Select another customer or revert back to the lt Default gt You have successfully used the customer list 90 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Displaying Customer Names in the Customer List The Customer List displays unique Customer names once Even if the same Customer name has multiple profiles on the Customer Defaults dialog box When the customer name is selected in an Order Entry window X_TRADER automatically maps the proper account based on the following criteria Customer name Market Product Product Type aoe oN E Account Order Entry Customer Selection Overview The Order Entry Customer Selection list contains all the customer profiles with the SEL box marked in the Customer Defaults dialog box Use the Order Entry Customer Selection drop down as an alternative to using the Customer List Si CME 6A 1 Sigs l Dil Limit lt None gt v a vat y lt Default gt Sel vs oo gas Hold Sei ian DOE K alaz H DUE The Customer Selection list is available to e Simplify switching from one customer profile to another when the Customer List is not displayed on your screen e Switch to a diff
478. the icons on the toolbar You have successfully changed the size of the icons on the toolbar Trading Technologies 65 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Workspace Setup Your X_TRADER workspace is a file that holds a snapshot of your X_TRADER Desktop This file records all your open and minimized windows their spatial relationships color font column row sizing placement selection and save them so that each time you launch X_TRADER S it looks the way you want it to Create one or more workspaces to fully customize X_TRADERC to fit your trading style and environmental requirements Use these workspace procedures in X_TRADER Creating a Workspace Opening a Workspace Saving a Workspace Managing a Startup Workspace Fixing a Workspace Deleting a Workspace Multiple Workspaces 66 You can create as many workspaces as you want Each workspace is saved on your workstation s hard drive These files are retained even if your X_TRADER software is upgraded Workspace files are saved in folder as a sub directory of lt root drive gt tt x_trader ttconfig The workspace folder is named the same as your workspace Use multiple workspaces to e Create separate workspaces for different markets e Reflect your changing trading environment e Create a workspace that has a preformatted Fill window set to print specific information Note If you create and
479. tial fill before balance is cancelled Trading Technologies 185 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 e Market On Open Order MOO Orders only valid during the pre opening period on all exchanges and are intended for execution at the opening market price Because the order is intended to execute at opening market prices MOO orders must be Market orders and cannot be Limit orders You can only specify a quantity not a price Therefore the Price field in the Order Entry pane becomes unavailable when you select MOO from the Order Type menu e Minimum Volume MV Used to determine the minimum acceptable order quantity If it cannot be met the order is cancelled When clicked the Min Vol field appears Type the minimum volume quantity and place the order X_TRADER does not allow you to send MV orders with a minimum volume quantity greater than the order quantity to market For example you want to trade 100 lots with at least a minimum volume of 25 lots If at least 25 cannot be executed the entire order is cancelled The Audit Trail will display a message provided by the exchange The Minimum Volume order type is not supported by all exchanges i e LIFFE supports MV Eurex does not e Stop Establishes a trigger price for a market buy or sell order You can perform all normal operations hold submit change cancel replace and delete on a stop order When
480. tional Inc Proprietary and Confidential Information Market Window Viewing Your Position In Queue PIQ You can view your Position in Queue PIQ in MD Trader and the Market Grid PIO is a number that estimates how many contracts are in front of yours at any given price e If your PIQ number is 10 there are approximately 10 orders ahead of yours e If3 contracts trade your PIQ changes to 7 e If your PIQ number is 0 your order should be the next to fill Note DIO is not sent from the exchanges X_TRADERO calculates an estimated PIQ based on quantity of trades occurring in front of the order and does not account for cancelled orders nor pro rata allocations Market Grid In the Market Grid new columns called PIQ Buys and PIQ Sells are hidden by default When shown PIQ Buys appears next to BidQty and PIQ Sells appears next to AskQty 12762 0 12766 0 54 Find Control Panel To show the new PIQ columns right click the Market Grid and from the context menu Send RFQ Quoting gt Best Price Highlight Click Show Hide columns and select them Click Trade On v Order Entry Floating Order Entry or i A Range Hover over Layouts and click PIQ Formatting Depth Hide Column s Tiek Show Hide Cols H Hide Rows Indicative Show Hide Rows Trading Technologies 219 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6
481. to establish all of the most common order variables by customer name b To create a Customer Defaults profile 1 From the Control Panel click the Settings menu and choose Customer Defaults The Customer Defaults dialog box appears Customer Defaults Al 1 lt Default gt 2 JOHN DOE CME FUTURE at2345 Al 3 JANE DOE ecBoT ZB SPREAD b67890 M1 2 In the next available row in the Customer field type the customer name Note The first profile has a customer name of Default which you cannot change 3 To add the customer to the Customer List and make them selectable on the Order Entry screen click to select the SEL box 4 Fill in the rest of the customer profile information in the remaining fields Note When changing data on the Customer Defaults dialog box make sure that you press Tab Or ENTER to advance to the next field This saves your changes 5 Close the Customer Defaults dialog box You have successfully created a Customer Defaults profile Changing Customer Defaults Profile p To change a customer profile 1 From the Control Panel click the Settings menu and choose Customer Defaults The Customer Defaults dialog box appears 2 Change the customer profile information in the Customer Defaults dialog box Notes e The first profile has a customer name of Default and cannot be changed e When changing data on the Customer Defaults dialog box make sure that you press T
482. to hide or show e Copy Copies selected data to a clipboard You can then paste the Export Data data into another program e g Excel adi bi e Auto Filters Enables Auto Filters which filter the Order Book data by selecting a customer from the Customer List window e Clear Filter Clears filter applied to the selected column e Clear All Filters Displays all available data in the Order Book e Rename Contract Allows you to change the name of the selected product s Inquire Block amp Vola Order Displays the Inquire Order Block dialog box for accepting Eurex block trades e Export Data Collects all the data in a csv file whose name and location are configurable s Export Selected Rows Collects the data in highlighted rows into a csv file whose name and location are configurable Trading Technologies 367 Trading Technologies International Inc Proprietary and Confidential Information Chapter 10 Order Status Inquiries S Order Book1 a a BBB OBS Sy a Je 5 x 17578 6B Limit BO01L C Acct cubs lt 500 v C Lock B lt y S R E wa e gt To inquire about the status of an order 1 Select the order by clicking a cell in the appropriate row to highlight it 2 Click the Ing button The Audit Trail window displays two messages The first confirms that an inquiry request was received by the exchange The second message confirms that the order status information has been provided
483. to trade with From the Market Grid click in the appropriate expiration strike row on the bid or ask side of the screen If you click the BidQty or AskQty cells the Quantity and Price fields display the current quantity and price information The contract information appears in the Order Summary field OF If you click the BidPre or AskPrc or LastPre cells the Price field displays the current price but the Quantity field remains zero 0 The contract information appears in the Order Summary field 3 Modify order information as necessary 350 Click the Timed tab X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Order Types and Restrictions Click the On button The Date and Time fields are enabled Click the down arrow A calendar appears 7 Select the date and time 8 Click the Order Restriction menu to select the order type 9 Click Buy or Sell 10 Locate the order in the Order Book Timed orders display a Pending time status If your timed order has a trigger like Stop Limit Stop Market or If Touched orders a Pending trigger status is displayed as well Once the time or trigger occurs the status displays Working You have successfully added the Timed Order restriction P To add the Timed Order restriction using Order Entry Style 5 1 Click on the BidPre or AskPre column of the contract you want to trade The order price
484. tract Disabled by default gt To access the Quote Board tab 1 From the Control Panel click Settings and choose Properties 2 Click the Quote Board tab You have successfully accessed the Quote Board tab on the Properties menu Quote Board Color Properties On the Color tab on the Properties menu you can define different colors for the Quote Board The color properties are Quote Board Background Color White Quote Board Barometer Bottom Color Blue Quote Board Barometer LTP Color Yellow Quote Board Barometer Top Color Quote Board Net Change Text Color When Higher Quote Board Net Change Text Color When Lower Quote Board Net Change Text Color When Same Quote Board Net Position Text Color When Long Quote Board Net Position Text Color When Neutral Quote Board Net Position Text Color When Short Quote Board P L Text Color When Even Quote Board P L Text Color When Negative Quote Board P L Text Color When Positive Dark Green 358 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Quote Board Using the Quote Board Context Menu Right click on the Quote Board to access the context menu The Quote Board context menu contains the following options Find Control Panel e Find Control Panel Displays Control Panel Pre Markat Esper s Find Market Explorer Displays Market Explorer Formatting Show Hide Rows Clear s Formatting Displays a dialog
485. trategies are for commodities markets that incorporate a futures leg and an underlying commodity leg Use the Against Actuals window to submit an against actuals trade For Against Actual trades only the future leg is traded at the exchange The cash leg is traded on a separate exchange which may be executed through X_TRADER or another method Therefore the exchange sends trade fill information for both the buy and sell side of the futures leg A fill is not sent for the cash leg The details of the actual buyer and seller are resolved between the exchange and the executing member via a phone call m Against Actual Trade Sinise Buyer Seller Trader Trader Month Account Account AMR Open Close Open Close IN Price SIR i Cash Pre Cash Pre Quantity HR HR Reference Reference CTI Jif etl Send Cancel Posting Code Posting Code Account Account Against Actuals Trade Window The window and associated fields that appear in an Against Actuals Trade window vary depending on the type of product or strategy being traded If the product is a strategy the associated legs for that strategy are listed in a set of fields in the lower half of the Against Actuals Trade window The Quantity and Price fields must be filled for each and every leg of the strategy in order for the trade to be accepted Series Name and identification of the contract future series Automatically filled from the product select
486. ty and the order is sent to the exchange Switching between Contracts and Flow You can use Autotrader to trade energy products on the ICE exchange If you use Autotrader or Excel links switching between Flow and Contracts may cause equations to be incorrect If you try to switch between Flow and Contracts while Autotrader is active a dialog box displays that states Warning Changing this property may impact Excel amp Autotrader formulas Are you sure you want to continue If you click Yes X_TRADER deactivates Autotrader and Autotrader orders are pulled from the market However Excel links remain active Trading Technologies 473 Trading Technologies International Inc Proprietary and Confidential Information Chapter 16 Contracts v s Flow Screen Examples The following screens display products with multiple delivery periods first as Contracts and then as Flow El ICE_IPE B Henry Nat Gas 9 B l a CA f1 5 10 A 5x0 000 Henry Nat Gas Mard GTD Limit lt None 100 500 ae 0 000 GID Lmt Nane Open vial Clear Clear v Y lt Default gt lesse A 12500 0 000 Henry Nat Gas Mar06 GTD Limit lt En T T Saal Coro Y Open vial vw Del Srs WrkBuys BidOty WrkSells s a 25000 27500 8 612 8 722 27500 25000 40000 6 Apr06 Oct06 Quantities as Flow Note When quantities display in Flow for products with multiple deli
487. ucts 1 From the Control Panel click the Window menu and choose Market Explorer OF From the Control Panel click the icon If you are logged into more than one exchange in the Exchanges box click the exchange whose product you want to find 3 In the Products section click the down arrow and choose your search filter 4 Click Find 9 Products display in the Instruments field If you want to trade another product type besides a Future from the Instrument Type box click to toggle between Future Spread and Strategy Press and hold the CTRL key and from the Instruments box click the products you want to open or To open all products in the Instruments box click the gt gt button and skip to Step 8 Click gt to transfer the products from the Instruments box to the Selected Instruments box In the Function box click to select the functional window in which you want to open the product Click Start to open the functional window and populate it with the selected products You have successfully opened a functional window with multiple products 180 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Chapter 6 Market Window The Market window is the primary tool that allows you to monitor the current market and place orders Open the Market window by selecting a product from the Market Explorer window and choosing Mark
488. ursor will increase one price level K Decrease Sell Side Cursor Cursor will decrease one price level M Center Sell Side Cursor Moves sell side cursor to best offer in market if no offers I cursor will move to center of MD Trader grid Bring Focus to Order Qty Focus will be applied to the Order Qty field in Q Entry Field MD Trader Load Net Position in Order Loads the trader s current net position into the Order Qty Entry P Qty Entry Field field Center the Market Trading Technologies The MD Trader grid will be centered based on the inside market 331 Trading Technologies International Inc Proprietary and Confidential Information SPACE BAR Chapter 7 Hot Function Key Mapping The following Function F1 F12 keys are mapped to specific MD Trader functions X_TRADER Functionality Definition of Functionality Default Function Key Delete All All of the working orders will be deleted from the market ESC Join the Bid A buy order will be entered the best bid price in the F4 market Dime the Bid a k a Best Better A buy order will be entered one tick above the best bid F3 the Bid Lift the Offer a k a Take the A buy order will be entered the best offer price in the F1 Offer market Delete the Bids All of the working bids will be deleted from the market F5 Combo join both the Bid amp Offer An buy and sell order will be e
489. ustomer Defaults dialog box Trading Technologies 85 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 Features of the Customer Default Profile include s Use the same name in the Customer field to create multiple profiles for different exchanges product types and accounts When the customer name is selected in an Order Entry window X_TRADER automatically maps to the proper account based on the following criteria 1 Customer Name 2 Market 3 Product 4 Product Type 5 Account e Choose a customer account in an Order Entry window and automatically see the associated account type Customer Defaults Dialog Box Field Descriptions You define a profile on the Customer Defaults dialog box to establish all of the most common order variables by customer name for each customer You can add a new profile or change the profile of a current customer at any time By changing the Customer Defaults profile all subsequent orders for that customer are affected Customer Defaults 1 sDefault gt A 2 JOHNDOE CME FUTURE 12345 Al 3 JANE DOE O eCBOT ZB SPREAD b67890 M1 Note An asterisk represents all available options The fields in the Customer Defaults dialog box are defined as follows Field Description Customer Indicates the name of your choice SEL Adds the customer to the Customer List window when checked This action ma
490. ustomize how Spread Matrix looks and acts e Trading tab on the Properties menu to set the following properties which were previously under the Spread Matrix tab Use Top of Book Coloring Highlight Own Orders Use Minimum Highlighting Mode e Color tab on the Properties menu to customize your Spread or Butterfly Condor Matrix windows Trading with the Spread Matrix There are four ways to trade with the Spread Matrix e Using the Floating Order Entry Refer to the next page e Using Click Trading Refer to the next page e Using the Floating Order Book Refer to page 378 e Using the Order Change dialog box Refer to page 240 p To trade with the Spread Matrix 1 Click any of the price or quantity cells to populate data in the Floating Order Entry window The Floating Order Entry window appears M eCBOT A 7B 5 BB BBB IRIS a Order Destination 114070 lt None gt iv Open IM Grossi ities Cix Rouen Bas Y Short Sell Exempt vV C Hold Clear Ted 2 Use the Floating Order Entry window to submit your order You have successfully traded with the Spread Matrix 256 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window b To Click Trade in the Spread Matrix 1 Right click in the Matrix to access the context menu and click Click Trade The Click Trade bar appears above the
491. ustomize these colors in the Color tab on the Properties menu e Click trading quantity and offset apply e Arrow buttons allow you to open and close columns to disclose more information 2 Click the icon to close the Depth feature When closed all the working buy and sell quantities represent the sum of all price levels You have successfully viewed the Market Depth information This layout can be used in tandem with the Implieds pricing feature Refer to Implied Prices and Quantities on page 233 Trading Technologies 213 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 p To add Bid and Ask Price Averages and Accumulations to the Market Grid 1 Right click on the Market Grid to access the context menu Adding Price Averages and Accumulations to the Market Grid Use the Accumulation columns to take all the outstanding bids offers at the specified price or better BidQty Accum EEE Note If Click Trading is enabled do not click in the Bid Ask price i l columns 2 Click Show Hide columns and select the BidQty Accum BidPre Avg AskPre Avg and AskQty Accum columns to display these columns 3 Save your workspace with Market Depth option turned off to retain customized settings You have successfully added Bid and Ask price averages and accumulations to the Market Grid 214 Market Depth Color Coding For exchanges that support market depth X_TRADER
492. val between sides of the cross being submitted You must manage this manually Note Do not confuse Intention to Cross with a cross order per se or with the LIFFE ITX function Intention to Cross is an announcement of the desired intention to cross The LIFFE ITX is a cross order not an announcement Trading Technologies 189 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 e 11 Clear section C Hold C Lock Description Clear Clears all contract price and quantity data without sending the order to market Note The Quantity Clear button is located below the quantity buttons This button will change the quantity to zero without impacting the other fields Hold When checked the order is retained in the Order Book and not sent to market The Order Book acts as a location to hold the order until you send it on to market or delete it at a later time The change to the order is reflected in the TTStatus column in the Order Book Refer to Hold feature on page 373 in the Order Book for more information Lock When the Lock box is checked a buy or sell confirmation is requested before sending an order to market After choosing the buy or sell button the appropriate button title will change to Apply Buy or Apply Sell Use the Trading tab on the Properties menu to enable this feature for every Order Entry window e 12 Destination section
493. ve successfully changed the order quantity or price using the mouse Customizing the Quantity buttons You can customize the quantity buttons on the Order Entry pane to numbers that better suit your trading style b To customize the quantity buttons 1 Press the CTRL key and click the button you want to customize 2 Type the number you want the button to represent 3 Press Enter 4 Repeat Steps 1 3 for each button you want to customize You have successfully customized the quantity buttons The edited quantity button is saved with your workspace Trading Technologies 197 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 Changing the Order Entry Style El eCBOT A ZB 5 86 005 a liek a Order Destination Short Sell Exempt 114070 lt None Open w a1 lt Cross Witt Cross 211 dona EE y Hold Lock Clear Five Order Entry pane styles are available Style 1 is pictured above Order Entry Style 1 The default for installs prior to version 7 1 Order Entry Style 1 is pictured throughout this documentation The order entry window does not display the Cross Trading buttons unless you have enabled Cross Trading via the X_TRADER Properties dialog box OpenVMS product Keyboard Validation Mode Keyboard Validation Mode enables a new Order Entry Style Order Entry Style 4 The defau
494. very periods the letter K displays in the Quantity buttons to represent 1000 Orders Types and Restrictions You can submit orders to the ICE exchange using the following order types s Market ICE Futures only e Limit both ICE and ICE Futures e Iceberg e Fill or Kill FOK e Immediate or Cancel IOC You can also set the Good til Day GTD Time in Force restriction 474 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Trading Specialty Exchanges Trading States Trading states for ICE Futures products include e Pre open e Open e Pre close e Close Trading states for ICE products include e Open e Close All changes in trading states are reflected in X_TRADER Trading in all products that TT supports closes between 6 30 PM EST and 7 30 PM EST Trading in all ICE products that TT does not support may occur 24x7 Fill Window and P L To accurately express your position and P L for all products that have multiple delivery periods a new column called Lots is available in the Position Pane of the Fill window The column is hidden by default and can be shown using the Position Pane context menu Notes e Contract size and number of lots may affect your P L in ticks versus your P L in currency Your P L in ticks may display positively or negatively when your P L in currency may actually be flat e For all ICE Futures products that have only one d
495. vl DING HNOLOGIES X TRADER USER MANUAL Version 7 4 Documen t Version 7 4 X DV6_6 15 2007 Trading Technologies International Inc pr RADING ECHNOLOGIES Legal Notices This document and all related computer programs example programs and all TT source code are the exclusive property of Trading Technologies International Inc TT and are protected by licensing agreements copyright law and international treaties Unauthorized possession reproduction duplication or dissemination of this document or any portion of it is illegal and may result in severe civil and criminal penalties Unauthorized reproduction of any TT software or proprietary information may result in severe civil and criminal penalties and will be prosecuted to the maximum extent possible under the law Information in this document is subject to change without notice Companies names and data used in examples herein are fictitious unless otherwise noted No part of this document may be reproduced or transmitted in any form or by any means electronic or mechanical for any purpose without the express written permission of TT All trademarks displayed in this document are subject to the U S trademark rights of TT or are used under agreement in the U S by TT These trademarks include but are not limited to service brand names slogans and logos and emblems including but not limited to Trading Technologies the Trading Technologies
496. w Mapped Keys in MD Trader P To open MD Trader From the Control Panel click the 173 07189 Windows menu and choose MD Trader 51 07155 OT Click the icon from the toolbar You have successfully opened MD Trader U S Pat 6 766 304 amp Trading Technologies 279 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 MD Trader Field Descriptions The MD Trader window maintains default settings that can be modified in the MD Trader Properties menu Enabling the Show Tooltips property provides a small text description of certain fields in the MD Trader window when the cursor is held over the field r eCBOT A ZN MARO7 B Although certain columns and options boxes do not appear in the MD Trader window by default for illustration purposes this diagram displays all available options and columns 173 07160 51 07155 Note MD Trader is protected by U S Patents Numbers 6 766 304 and 6 772 132 U S Pat 6 766 304 amp Column 1 System Clock Displays the current time according to the system clock Net Change Displays only when a net change occurs Difference between last traded price and settlement price Customer List Displays all customers from the customer list 280 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information MD Trader Total Contract V
497. w buttons allow you to page up or page down to view more prices A e To move the market view upwards click the up arrow mu e To move the market view downwards click the down arrow EA A yellow line indicates the highest price of the day A red line indicates the lowest price of the day A darkened background indicates that the prices fall between the high and low Note If no other price is available but you still want to scroll up and down use the arrow keys on your keyboard Column 7 Sell Column Displays current market offers Displays current implied offer outright prices implied offer spread prices and implied from implied offer values When you enable Keyboard Trading feature is enabled a colored cursor appears in the Sell column that indicates the current price level for an order Refer to Enabling Keyboard Trading on page 320 Column 8 Ask Indicator Column Indicates price settings when the Show Ask Indicator Column option is selected A value may be pasted in the column from an Excel spreadsheet using copy and paste The Excel Spreadsheet value displays in the Ask Indicator column as a white box Trading Technologies 283 Trading Technologies International Inc Proprietary and Confidential Information Chapter 7 Column 9 Last Traded Quantity Indicates the last traded quantity at that price Also you can configure this Column column to display V
498. when a sell initiates the workup Ask Price Replaced by the word HIT when being sold Flashing green during Public workup phase when a buy initiates the workup WrkBuys Flashing Purple when you are the workup owner and are taking the offer using the WrkBuys quantity WrkSells Flashing Purple when you are the workup owner and are hitting the offer using the WrkSells quantity Title Bar Labeled Owner to the right of the product name when you are the workup owner Quote Board BQ and BP Shaded and flashing red during a sell AQ and AP Shaded and flashing green during a buy Autotrader mBidQty and Flashing red when during Private workup mBidPre phase a sell initiates the workup mAskQty and Flashing green when during Private workup mAskPre phase a buy initiates the workup mBidPre Flashing red during Public workup phase when a sell initiates the workup mAskPrc Flashing green during Public workup phase when a buy initiates the workup Trading Technologies Trading Technologies International Inc Proprietary and Confidential Information 463 Chapter 16 Send Quote Order Property In the Order Entry tab on the Properties menu a new property called Send Quote Order exists for BrokerTec E Set Lock for new windows When enabled a new order you send to the market replaces the previous order for that contract on the same side of the market C Auto Mouse Move Post Trade Oty Clean Up C Broker Mode If this property is not enabled
499. wide quote spreads should be based on a product s time to expiration and price Multiple spread tables provide flexibility within the X_TRADER quoting system You may create any number of strategies which are then maintained in a file and are available from a drop down list After creation you can then use the new strategy in the course of your trading r Spread Tables Spread 1 Add Remove Spread Tables Setup Spread Table Spread 1 Days to Expiration Ear expiration between 0 and 2 days Spread 2 lt A Bid Up To Maximum Spread Ticks Percent Add 999 99 4 oe emove Delete Row Use the Spread Tables dialog box to perform these procedures e Adding a Spread Table e Copying a Spread Table e Saving a Spread Table e Removing a Spread Table p To access the Spread Tables dialog box 1 Ensure Quoting is enabled in the Trading tab on the Properties menu 2 From the Control Panel click the Settings menu and choose Spread Table Setup You have successfully accessed the Spread Tables dialog box 82 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Control Panel Adding a Spread Table P To add a Spread Table 1 From the Control Panel click the Settings menu and choose Spread Table Setup The Spread Tables dialog box appears 2 In the Add Remove Spread Tables section type a name for your table 3 Clic
500. xchange CTI Clearing Code Posting Code For Euronext products only Account Optional free form text field Type an account number in this field up to 8 digits Optional with Strategies Name of the strategy leg Quantity of the strategy leg to be traded Price of the strategy leg to be traded Submitting a Basis Trade Basis trades are strategies that incorporate a futures leg and an underlying cash leg Basis trading is not subject to normal X_TRADERC credit risk limitations The trader submitting the order will be notified by the exchange if it is approved Wholesale orders appear in the Audit Trail the Total Traded Quantity column of the Market Grid and the Fill window Wholesale orders do not appear in the Order Book To submit a basis trade 1 2 3 4 5 6 434 Log onto the appropriate exchange Open the Market Explorer and select the product to be traded Open a Market window for the selected product In the Market window click in the row containing the futures product Right click in the product row to display the Market Grid context menu Point to Wholesale and select Basis The Basis Trade window appears The Series Month and AMR fields display data from the Market window In the Priceand Quantity fields type the appropriate values X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Wholesale Trading Compl
501. xecuted through a source other than X_TRADER to calculate your true position and profit and loss P L by using the Add Manual Fills feature 400 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Fill Window Fast Fills Pane Overview Fast fills are orders in which only partial information about the order is supplied Only some exchanges offer fast fills Note The Fast Fills pane is turned off by default X_TRADER provides fast fill information to mitigate the potentially significant delays that may occur while waiting for a guaranteed fill For example fast fills for Eurex are composed of two items Immediate executed quantities resulting from an order entered via X_TRADER e Eurex Trade Confirmations sent to X_TRADER for resting orders which are typically sent immediately after a match occurs b To access the Fast Fills Pane 1 Right click either the Fill pane or the Position pane to access the context menu 2 Click Show Fast Fills The Fast Fills pane opens on the bottom of the Fill window You have successfully accessed the Fast Fills pane P To remove Fast Fills from a position 1 Right click a cell in the Position pane to access the context menu 2 Click Remove Fast Fills from Position You have successfully removed Fast Fills from a position Trading Technologies 401 Trading Technologies International Inc Proprietary and Confid
502. xt color for Sell orders is red e Confirmed fill text background is gray Enabled by default To customize colors go to the Color tab Note When you enable color coding color formatting of the individual grids is disabled Only the colors you select via the global Properties Color tab are applied Displays a dialog box on the desktop when a fill arrives from an exchange Only Alert on Own Fills Displays a dialog box on the desktop when a fill arrives from an exchange Using this feature you do not need to enter a Trader ID to display your fills Display Strategy Positions Display Spread Strategy Positions Spread Positions display in the Fill pane and the Position pane of the Fill window the MD Trader Net Position field and the Market Grid NetPos column Save Manual Fills Saves all manual fills to your hard drive Enabled by default If you close X_TRADER and have manual fills on multiple exchanges they are saved When you reopen X_TRADER you are prompted to log into all exchanges where you have manual fills When disabled X_TRADER does not automatically save manual fills or prompt you to log into exchanges where you had manual fills Default Visible Columns Displays columns in the Fill window You select the default columns X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information
503. y The Quote Audit Trail displays messages related to quoting from the exchanges You can also use this message window to monitor incoming and outgoing RFQs as well as manual and autoquoting responses to RFQs P To open the Quote Audit Trail From the Control Panel click the Window menu and choose Quote Audit Trail 0r 49 From the Control Panel click the icon You have successfully opened the Quote Audit Trail 248 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Activating or Deactivating a Strike or an Expiration You must activate the strike expiration before sending the quotes to market If a quote is not activated test quotes are generated but are not sent to market In the Market Grid the Quote column indicates the status of the strike expiration e A checked box in the Quote column indicates an activated strike expiration Generated or manually entered quotes are sent to market e An unchecked box in the Quote column indicates a deactivated strike expiration Generated and manually entered quotes are NOT sent to market gt To manually activate or deactivate an individual strike or expiration Click to select activate or deselect deactivate the box in the Quote column Note Deselecting deactivating a strike expiration deletes a quote from the market if one exists You have successfully activated or deactivated an i
504. y Background Doe RSD Held Order Status Background Color BS Held Order Status Text Color Link Type Background gt Market Depth Color Level 1 Market Depth Color Level 2 Market Depth Color Level 3 Market Depth Color Level 4 Preview Market Depth Color Level 5 Market Depth Color Level 6 Market Depth Color Level 7 Message Background Message Text Net Change Down Background Color Net Change Down Text Color Net Change Unchanged Background Color Net Change Unchanged Text Color Net Change Up Background Color Net Change Up Text Color Non Tradable Background Non Tradable Text Opportunity Order Deleting p To access the Color tab 1 From the Control Panel click the Settings menu and choose Properties 2 Click the Color tab You have successfully accessed the Color tab 122 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Color Tab Properties Control Panel Setting Default Colors ALERT WARN Background Message default background color is Yellow ALERT WARN Text Black Best Ask Price Highlight Blue Best Bid Price Highlight Red Buy Background and Text Excel Link Held Order Status Background Color Held Order Status Text Color Link Type Background Market Depth Color Levels 1 7 Message Background Message Text To help you quickly identify buy orders the default text color is Blue and the background is Gray This setting affects
505. y executed a Mutual Offset Order 194 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window Using the Floating Order Entry Window The Floating Order Entry window opens independently of the Market Grid allowing you to further customize your workspace Because the Floating Order Entry window is detached from the Market Grid you can place it anywhere on your screen This is useful when you have multiple Market Grids open to monitor several products and exchanges The Floating Order Entry window can be appear in two ways s The Order Entry you find in the Market window El eCBOT A ZB 5 l 1 Il 5 II UI E a Order Destination 500 10 114070 ae lt None gt Open IA vw Cross Witt Cross 11 Route to Best Clear W ow koeru v a dl Short Sell Exempt Clear Del All Delete 0 Delete 0 Trading Technologies 195 Trading Technologies International Inc Proprietary and Confidential Information Chapter 6 You may use the standard Order Entry window opens with the Market Grid the Floating Order Entry or a combination of both By default both the Order Entry and Market Grid open as one window and the Floating Order Entry window is disabled The Floating Order Entry window is populated with data from any and all active windows For example if you have both the standard Order Entry window a
506. y using the value of this field After the price field is populated the contents of the Default Qty field are used to populate the Quantity box The Diming Offset is added to the price when the Keyboard Validation Mode Order Entry pane is populated from the Market Grid using the middle mouse button e Fora value in the Bid Pre column the offset is added to the price if the offset is positive and subtracted from the price if the offset is negative Click the middle mouse button in the Bid Pre cell to activate this feature e Fora value in the Ask Pre column the offset will be from the price if the offset is positive and added to the price if the offset is negative Click the middle mouse button in the Ask Pre cell to activate this feature The value that is added or subtracted is based on the tick value of the product being traded 238 X_TRADER 7 4 User Manual Trading Technologies International Inc Proprietary and Confidential Information Market Window b To set the Diming Offset value for new instances of the Order Entry pane 1 2 On the Control Panel click the Settings menu and choose Properties In the Properties dialog box set the Order Entry Style to Keyboard Validation Mode When Keyboard Validation Mode is selected the Default Diming Offset is enabled in the Properties dialog box 3 Enter a value for the Diming Offset 4 Click OK to exit the Properties dialog box and save the settings You have succ
507. ypes and Restrictions Chapter 8 Order Types and Restrictions Order types are different ways of executing an order in X_TRADER Order restrictions are ways to further define how your order is executed The order types and restrictions are managed on the Order Entry tab and MD Trading tab on the Properties menu Note If the order type is natively supported by the exchange X_TRADER does not manage it The system allows the exchange to handle the order execution This provides optimal speed in executing your orders Order Types You can execute the following order types using the Market Grid or MD Trader windows e Block Available when sending Eurex Block trades For Block trades on LIFFE refer to the Wholesale Trading section of the Help Block trades are product trades that involve high volume The traded price has been separately agreed to by both parties outside of the normal exchange trading methods e Fill or Kill Immediate fill of the entire order or immediate cancellation of the entire order e Iceberg orders Also known as a disclosed quantity Iceberg orders execute a large order by splitting the order into smaller quantities disclosed quantities When one disclosed quantity order is filled the next disclosed quantity order is sent until the entire order quantity is filled Characteristics of an Iceberg order include 1 each disclosed order quantity is equal 2 you can set the disclosed quantity as a number
508. ze of the typeface displayed in your windows s Changing Grid Text and Background Colors Change the color of text and window backgrounds Change the color of rows columns or individual cells Changing the Font Text Style Change the font outline and size of the typeface displayed in your windows p To change the font style 1 Select the area you want to change or click the top left hand column heading to select the entire grid 2 Right click in the window to access the context menu Note If Click Trading is enabled do not click in the Bid Ask price columns 3 Click Formatting The Grid Styles dialog box appears Grid Styles Font Color Borders Font Outline mA ars Tr Arial ee i Bold Tr Arial Black Bold Italic Preview AaBhCcxXxYyZz 4 Click the Font tab and make your changes The results display in the Preview box Trading Technologies 49 Trading Technologies International Inc Proprietary and Confidential Information Chapter 2 5 Click OK The new font options are applied to your workspace 6 To retain these font style changes save your workspace You have successfully changed the typeface characteristics Changing Grid Text and Background Colors Change the color of text and window backgrounds Change the color of rows columns or individual cells Notes e Inthe Market Grid window when you have enabled Use Last Traded Price Background Coloring the

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