to KAROLL DIRECT users manual
Contents
1. KAROLL DIRECT User Manual January 2006 Version 1 0 1 0 LOGIN User Agreements 2 0 BALANCES 2 1 CASH BALANCE 2 2 MARKET VALUE 2 3 TOTAL EOUITY 2 4 MAINTENANCE EXCESS 2 5 OVERNIGHT BUYING POWER 2 6 BUYING POWER 3 0 TRADING CENTER Stocks 3 1 Transaction types Stocks 3 2 Order types Stocks 3 3 Duration Stocks 3 4 Route Choices 3 4 1 Route AUTO 3 4 2 Route INET 3 4 3 Route ARCA 3 5 Market restrictions Stocks 4 0 TRADING CENTER Options 4 1 Transaction types Options 4 2 Order types Options 4 3 Duration Options 5 0 TRADING CENTER Futures 5 1 Transaction types 6 0 TRADING CENTER Order status Executions Positions 6 1 TRADING CENTER Order Status 6 2 TRADING CENTER Executions 6 4 TRADING CENTER Positions 7 0 YOUR ACCOUNT 7 1 YOUR ACCOUNT Balances 7 3 YOUR ACCOUNT History 7 4 YOUR ACCOUNT Messages 7 5 YOUR ACCOUNT Account Settings 8 0 TRADING 9 0 MARKET DATA 9 1 Quotes 9 2 Charts 9 3 Options Chain 9 4 Symbol Lookup 10 0 LOGGING OUT o N N 0 0 FR A HP A A WO O 1 0 LOGIN To access your Karoll Direct account go to http www traderlogin com karoll where you will find Karoll Direct s main page Once the access page is displayed your USER ID and PASSWORD will be reguired Enter the corresponding information and click on LOGIN The account BALANCE information will appear once you have successfully logged in Possible problems and solutions If you are unable to access you2. If stocks are above 5 00 they are considered marginable and the full ONBP can be used when purchasing new overnight positions Stocks below 5 00 are non marginable If you want to purchase and hold a new stock position under 5 00 overnight you can only use half of your ONBP 2 6 BUYING POWER The BUYING POWER BP is the amount of money that you may use to daytrade stocks BP is equal to 1 to 4 times maintenance excess depending on your account settings A common mistake is to purchase stock based on your BUYING POWER to hold overnight All new overnight purchases must be based off your OVERNIGHT BUYING POWER THE TRADING CENTER 1 hes kd The TRADING CENTER is found at the top left hand side of the site This page of the site is composed of several sub sections within the box k stocks SIOCKS OPTIONS FUTURES ORDER STATUS EXECUTIONS and k options POSITIONS k futures order status The TRADING CENTER is composed of different elements enabling you t executions to trade and manage your account efficiently This page is divided into positions three sub pages The upper part of the page displays the market quotes the right part of the page is the order entry panel to place your stock futures and option orders and finally the bottom displays the different account management options Choosing stocks options or futures from the TRADING CENTER menu will change the right order entry panel Choosing order status executions or pos
3. The RTQ button will display the window with the REAL TIME QUOTES 20 7 0 YOUR ACCOUNT k YOUR ACCOUNT The YOUR ACCOUNT section is located in the menu on the left In this PR Dose uite ERE section the BALANCES pag ie found This is the same as ihe N diee welcoming page seen when logging in and is explained in the prior hame sections of this manual K messages k account settings 7 1 YOUR ACCOUNT Balances Please see section 3 0 Balances for more information 7 2 YOUR ACCOUNT Positions Next there is the POSITIONS section which is similar to the POSITIONS section in the TRADING CENTER The information in this section is the same but shown on a complete page 7 3 YOUR ACCOUNT History t YOUR ACCOUNT In YOUR ACCOUNT section the HISTORY section is found In this B HOBOEOHOHOE BOE HOB BOB HOE BOE HOS nunna BOE HONO HOB HO HOS HONO HOS HO BOE HONO HON HONOR section your security history can be viewed k balances k positions The transaction history displays the summary of all trades within a t messages selected period Clicking Executions will only display orders that have t account settings been executed Clicking Executions and Orders will display all orders including cancelled and rejected orders Click on the D button will provide you details of the order in question GET HISTORY VIEW 1 Month v includes execution order JC ON K It K 01 27 2005 14 20 42 Buy Margin 1000 of MSFT 25 33 i Exec
4. it is important to click on the LOGOUT button which is located on the top right corner left to the index box This will send a logout signal to our servers and it will prevent login errors on your next session COMP DITA 1 180 38 2 061 350 10 492 24 LOGOUT E 26
5. ACCOUNT section If you manage more than one account the desired account BALANCE can be selected by using the drop down menu on the top of the page The items that make up the BALANCE page are as follows 2 1 CASH BALANCE In the BALANCE section the first row represents the CASH BALANCE of your account according to the most recent closing date the date on top of the table 2 2 MARKET VALUE The second row shows you the MARKET VALUE of the securities you possess according to the most recent closing date the date on top of the table The evaluation of the securities is done via a conservative method using the last closing bid price 2 3 TOTAL EQUITY The third row shows you the TOTAL EQUITY VALUE of your account This number represents the sum of the cash and market value of the positions MINUS any debit balance in the account as of the last closing date of the markets 2 4 MAINTENANCE EXCESS The MAINTENANCE EXCESS is based on the market value and cash balance of your margin account A portion of the market value of the stock you possess will be eligible for margin When your MAINTENANCE EXCESS is showing as negative you will have a margin call and subsequently will have 0 BUYING POWER 2 5 OVERNIGHT BUYING POWER The OVERNIGHT BUYING POWER ONBP is the amount of money that you may use to buy new margin positions to hold overnight Generally ONBP is 2 times the MAINTENANCE EXCESS Each new position you purchase uses up your ONBP
6. CENTER box ORDER STATUS EXECUTION and POSITIONS 6 1 TRADING CENTER Order Status By choosing ORDER STATUS in the TRADING CENTER box from menu on the left the lower section of the page will display the status of all active and non active orders in your account placed during the current day The Order STATUS section is not dynamic Therefore you must click on the REFRESH button to view the new date and time of the order TRADING CENTER k stocks k options k futures status on top of the list k executions k positions The first column of the order status displays the date and time the order is placed The following columns display the security symbol the number of shares the order type and the price entered The STATUS column displays the status of the order to verify if your order is executed or if it is accepted ETT R NNN 01 31 2005 14 06 08 CSCO 1500 Buy 25 00 D RTu 01 31 2005 13 16 26 MSFT 19000 Buy D RTG 01 28 2005 05 13 33 BIIB 100 Buy f63 38 D RTG Cancel Order status meaning Order status The order is executed Open The order has been sent to the market but not yet executed The order is partially executed on the market Access Refused The order has been refused by the system or by the broker Cancelled You personally cancelled the order 17 The next columns display the buttons that enable you to perform certain tasks and to obtain additional information regarding
7. GTEM w Stop Target Frice Preferred ECN ARCA w ALL OR NONE PREVIEW ORDER GET REAL TIME QUOTE Account Summary USD Total Equity Buying Power 422 621 06 43 360 289 57 22 9 0 MARKET DATA k MARKET DATA k quate k chart k option chain k symbol lookup 9 1 Ouotes The QUOTES selection will give you the opportunity to view detailed quotations When you click on QUOTES enter the stock symbol for which you want to obtain information The QUOTES selection will bring you to the REAL TIME FINANCIAL INFORMATION Here all the related financial data of the stock symbol is found This data is not dynamic The time of the data is found in the timestamp line on the top right side e Ik MICROSOFT CORP MSFT NasNM Last Trade 12 28 2004 15 15 06 EDT L ast Sale 26 88 HSFT Hinute m i Change USD 0 03 jh 27 00 I 26 5 Bid Tick t TUM n W Change 36 0 11 96 26 55 246 50 volume 45 472 048 Open 26 50 Day High 27 05 Previous Close 46 05 Day Low 26 50 Bid 26 0 Ask 26 55 52 Week High 30 20 Market Cap 145 40526 52 Week Low 2401 shares Outstanding 5 46 9 2 Charts When you click on CHARTS enter the stock symbol for which you want to obtain information The CHARTS selection will bring you to the REAL TIME FINANCIAL INFORMATION To change the settings of the chart enter the desired settings and click on the REFRESH CHART button at the bottom of the page These charts are not
8. are technical analysis tools that are displayed below the main chart By default the VOLUME is selected for the lower indicator To deploy another lower indicator the volume indicator will disappear In the CHART TYPE drop down menu you may select the type of chart desired Depending on your selection the general appearance of the chart will change Menu of Chart Types selection Selection Description O This option will hide all the information related to the prices of the stock Thus you Hide price will only see the upper indicators and other activated parameters in the main chart 24 High Low Close This is a vertical bar type chart displaying the price variations for HLC the covered period You will also see a horizontal bar representing the last closing price for that period Open High Low Close This is a vertical bar type chart displaying the price OHLC variations for the covered period You will also see two horizontal bars The left one is the opening price of the period and the right one is the closing price of the period This chart type is represented by colour sticks candles and vertical lines at each extremity The candlesticks represent the difference between the opening and Candlestick closing of the period the vertical lines are the high and low of the period The white candlesticks mean that the period is a high whereas the blue candlesticks mean that the period is a low Area This chart
9. on the SEND ORDER button If you do not want to send the order click on the EDIT ORDER button to return to the TRADING CENTER The Get Real Time Quote button below the OPTION ORDER ENTRY PANEL will give a detailed quote of the option in question MSFTJAN 24 50 CALL Microsoft Corporation MSGAR OPRA Last Trade 11 20 2005 18 28 51 EDT Last sale 1 4 strike Price 24 50 Change USD 0 05 Expiration Date 01 22 2005 Change 55 3 45 Open Interest 202 408 Volume 1 573 pen 1 3 Day High 1 6 Previous Clase 1 45 Day Low 1 3 Bid 1 35 Ask 1 4 Market data provided by S amp P Comstock REFRESH 15 5 0 TRADING CENTER Futures By clicking on FUTURES in the LINES TRADING CENTER box located to the left of the screen the right part decor of the TRADING CENTER will change to FUTURES ORDER ENTRY PANEL This panel will E allow you to place option orders k positions k stocks Similar to stock and options transactions if you manage more than one account it is Important to select the account you wish to trade in Your account must have special permissions to trade futures Choose the futures symbol expiration month and expiration year you wish to trade from the pull down menu Once the symbol is entered select the desired TRANSACTION among the choices in the dropdown menu The number of contracts you wish to trade must be indicated in the CONTRACTS section and the ORDER TYPE must be selected among the proposed choice
10. security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price Stop Limit Order Example 1 Current NBBO 19 85 20 05 2 Stop Limit Order to Buy 1000 shares with a stop price of 20 07 and a limit price of 20 07 3 Stock prints at 20 07 4 Stop limit order is elected Limit order for 1000 shares at 20 07 is activated Order Type Virtual Trailing Stop Order When you want to sell a stock you must specify a spread in the STOP PRICE The Stop price will follow the stock price as it rises The trigger price is recalculated each time a new high is reached You have to define the dollar difference instead of a trigger price If the stock trades beyond the last stop price the order will be triggered as a market order The opposite applies in the case of a short position Virtual Trailing Stop Order Example 1 Virtual Trailing Stop Order to Sell 1000 shares of MSFT with a stop price of 0 50 Stock initially prints at 20 05 Stop order is automatically set at 19 55 2 MSFT continues to rise during the day and prints a high at 20 75 Stop order is automatically set at 20 25 3 MSFT then drops and prints 20 25 4 Stop limit order is elected Limit order for 1000 shares at 20 25 is activated When a LIMIT or STOP LIMIT order type is selected a price must be indicated in the LIMIT PRICE section It must be specified if the order is for
11. the day or longer in the DURATION section refer to the ORDER VALIDITY DURATION table below If a STOP STOP LIMIT or VTSO type of order is selected a STOP PRICE must be determined Finally to apply the ALL OR NONE restriction to your order a checkmark must be indicated on the AON in the transaction panel If this is not checked the order will be sent with no restriction Make note that not all exchanges accept AON orders refer to the MARKET RESTRICTIONS table below 3 3 Duration Stocks This order is cancelled at market close DAY Day order of the regular market session 4 00 EST This order is cancelled at the end of the after markets session 8 00 EST Good Till Extended Market Order NOTE GTEM orders cannot be used with the AUTO route This order remains open until cancelled GTC Good to Cancel on the date you specify on the pop up calendar when the order is placed ROUTE 3 4 Route Choices You have three choices on how your stock order is routed to the market place AUTO ARCA ECN and INET ECN formally ISLAND INCA ECN An ECN Electronic Communication Network is an electronic system that brings buyers and sellers together for the electronic execution of trades It disseminates information to interested parties about the orders entered into the network and allows these orders to be executed 3 4 1 Route AUTO Trading Hours 9 30 a m to 4 00 p m EST The AUTO route is a smart routing system that sends y
12. type displays the information for the closing periods connecting various data points Bar Charts The values in this chart type are represented by rectangular bars The closing prices of each period is represented by a dot The closing prices of each period is connected to each other with a line Close Logarithmic This is the same chart type as the OHLC but this one puts more weight on the recent data In the QUOTES AND CHARTS page if you select OPTIONS the option chain for the stock in guestion will be obtained The information is not dynamic you can see the timestamp on the top right hand corner On the top of the option chain the real time guote of the underlying asset is found 9 3 Options Chain To obtain the option chains enter the stock symbol In the right drop down menu select the desired option The option chains are separated by expiry date Thus it is important to start by selecting the expiration month in the FOR drop down menu By clicking on the SUBMIT button the option chain you want will appear Select the SHOW drop down menu to view only the calls puts or both of them together If the CHART checkbox is checked it will show a chart displaying the evolution of the stock during the current day When viewing both calls and puts in the menu the calls will be on the left side and the puts will be on the right side of the screen In between them is a dark column this shows the different strike prices available for the
13. 3 32 50 t executions Trade MSOBL 0 00 0 00 D 0 00 0 05 D 35 00 J MARKET DATA k quate k char k symbol lookup 13 4 1 Transaction types Options Buy to Open Buy order of an option contract that you do not possess Sell to Close Sell order of an option contract that you presently possess Sell order of an option contract that you do not possess This Sell to Open transaction can either be covered by the eguivalent underlying asset or not Buy back an option contract that you sold without possessing it If you select a STOP or STOP LIMIT order you must enter a trigger price in the STOP PRICE section Just like stocks you can apply the ALL OR NONE restriction if you wish to Finally take note that the SELL TO OPEN orders are sent to the system as being covered transactions with the underlying assets Therefore it is important to assure that the equity is available to be granted to cover the position No open sell orders should be active on these stocks this includes stop or stop limit orders These shares must not be allocated for other transactions If you wish to send an uncovered order naked click on the UNCOVERED box before sending your order Uncovered option trading is subject to special approval only When all the information is entered click on PREVIEW ORDER 4 2 Order types Options Drop down menu Definition Details O This order will be filled at the best Market Order at market price possible price
14. 5 96 35 96 35 297 11x15 6877 6k Jawa 4 The dynamic real time guote feature is an additional feature To access the streaming guote window click on the Java button at the bottom of the quote window as shown in the graphic above When using this feature the quotes will change without the need to refresh the page and will always be real time market quotes The quotes can be changed by clicking on an existing symbol and replacing it with the symbol you wish to consult It is important to click on ENTER on your keyboard to complete the entry process SYMBOL CHANGE CHANGE 25 53 0 25 10131 24 Nasdaq 4 02 0 24 1665 20 Change Symbol SYMBOL CHANGE CHANGE AS j ASK SIZ VOLUME LEAN 0 71 1 36 52 90 53 40 52 00 10x1 5240 1k n 0 00 0 00 18 18 16 48 15 90 19x40 48847 Ok Cleoos gt 030 40 16 188 20 0 00 0 00 0 40 0 0k IBN 0 35 0 42 33 80 83 84 83 88 1035 1280 6k TSAR 15 51 59 90 0 01 0 00 0 00 0 40 D Uk H 0 25 1 19 21 29 21 28 21 30 41 243 73 1k NT 0 01 0 37 2 72 2 72 2 73 2x55 1443 Bk INTC 0 39 1 34 20 48 20 57 28 80 10x7 11377 7k SIRI 0 13 3 07 4 09 4 10 4 00 1x22 154 3k MER 0 90 2 04 42 95 42 93 42 95 5x113 2082 Bk Connection H Netwok Quotes 3 0 TRADING CENTER Stocks The ORDER ENTRY PANEL is MiMiudxudisbllaE located to the right of the TRADING CENTER Security ST This panel changes from a Transaction k futures p g k order status STOCK FUTURES or OPTION k executi
15. Quote button below the ORDER ENTRY PANEL will give a detailed quote and chart of the stock in guestion Microsoft Corporation MSFT NasNM Last Trade 01 31 2005 12 48 53 EDT Security Imsft Hinute m Transaction Ax Last Sale 26 41 T rint E Kai Tn 8 8 Change USD 0 23 26 50 KAL 26 45 Order Type Bid Tick A Http l 26 40 E LUN Lu J Change 95 0 88 26 35 Duration 26 30 Volume 33 325 330 Stop Price Seo ae eel aes Preferred Open 26 38 Day High 26 52 L Previous Close 26 15 Day Low 26 30 AON M Bid 26 40 Ask 26 41 52 52 Week High 30 20 Market Cap 204 44575 52 Week Low 24 01 shares Outstanding 10 8B GET REAL TIME QUOTE Market data provided by ITS 12 4 0 TRADING CENTER Options By clicking on OPTIONS in the TRADING CENTER box located to the left of the screen the right k stocks part of the TRADING CENTER will change to OPTIONS ORDER k futures ENTRY PANEL This panel will k order status allow you to place option orders k executians k positions TRADING CENTER Similar to stock transactions if you manage more than one account it is important to select the account you wish to trade in Next the option symbol you wish to trade must be entered Once the symbol is entered select the desired TRANSACTION among the choices in the dropdown menu The number of contracts you wish to trade must be indicated in the CONTRACTS section and the ORDE
16. R TYPE must be selected among the proposed choices In the case of a LIMIT or STOP LIMIT order you should enter the price in the LIMIT PRICE section Then the DURATION of the OPTIONS ORDER ENTRY Security Transaction Contracts Order Type Limit Price Duration Stop Price Uncovered AGM GET REAL TIME QUOTE validity of your order must be determined If the exact option symbol is not known go to the MARKET DATA section on the menu to the left of the page and click on option chain Type in the symbol of the underlying security and choose the expiration month This feature will list all options currently available on the underlying security TRADING CENTER OPTIONS CHAIN k stacks ee k options MSFT SUBMIT Options k futures summ _ Options V k arder status Microsoft Corporation MSFT NashM k executians Last 26 43 Change 0 25 k positions 2005 February Both v gt YOUR ACCOUNT id 2 oun k balances Calls k positions Acti T Chg Vol Bid Ask Interest Strike UI Trade MOFBW 0 00 0 00 0 8 80 9 00 o BE x HE Trade MOFBD 0 00 0 00 0 6 30 6 50 614 20 00 Trade MSOBX 3 90 0 15 4 3 90 4 00 1574 22 50 TRADING Trade MSQBJ 1 50 0 25 3623 1 45 1 50 40969 25 00 ee s cr Last as of 01 21 2005 12 50 13 EDT TT nS Trade MSQBY 0 09 0 01 148 0 05 0 10 93511 27 50 k futures Trade MSOBE 0 00 0 00 0 0 00 0 05 4046 30 00 k order status Trade MSOBZ 0 00 0 00 0 0 00 0 05 5
17. TER box you will access all trades executed on the markets during the current day The P stocks EXECUTION STATUS section is not dynamic Therefore you must click k options on the REFRESH button to view the new date and time of the order t futures status on top of the list k arder status The first column shows the date and time of the execution and the positions second shows the net amount generated by this transaction A negative amount means that you have used liquidity for this execution buy A positive amount means that you have received liquidity from this execution sell TRADING CENTER The TRANSACTION column shows the details of the execution the type of transaction the guantity filled the symbol and the price at which the order was executed It is important to note that if the order was executed separately the execution of the order will appear on different lines showing a clear picture of the executions and information necessary kHecutions as of 01 31 2005 14 16 55 ED es 01 31 2005 13 16 26 23 760 00 Bought 900 of MSFT 26 40 Account DD293974 01 31 2005 13 16 26 2 640 00 Bought 100 of MSFT 26 40 D By clicking on the D button a window will display the ORDER DETAIL Once a transaction is executed and it is seen as EXECUTED the POSITIONS section of your portfolio will be adjusted The stocks purchased will be added and those sold will be removed ORDER DETAIL Security 15 Quantity 900 Sha
18. arket Hours 4 00 p m to 8 00 p m EST Stop Orders e Only available through ARCA during Pre and Post Market Hours e Only available through ARCA during Pre and Post e Notavailable through INET Odd Lots e Orders not divisible by 100 must be traded through INET or ARCA Click on the PREVIEW ORDER button below the entry panel once the order is ready to be sent By clicking on PREVIEW ORDER a CONFIRMATION window will appear in order to verify the order and ensure that it is what you want To avoid errors it is also important to verify the company name and the market the stock is trading on When you are satisfied with the displayed order you may transmit it to Karoll Direct by clicking on the SEND ORDER button If you do not want to send the order click on the EDIT ORDER button to return to the TRADING CENTER CONFIRM ORDER Date 12 28 2004 status Time 12 52 37 EDT Destination Real Time Quote Bid 53 40 Ask 52 08 SEND ORDER EDIT ORDER NOTE Only click the Send Order button once and do not use your browser s back button 11 After having sent your order a message will appear in the lower part of the TRADING CENTER confirming the order is properly sent It is important to note that this does not mean the order is accepted it simply means it is sent to the market The Get YOUR ORDER HAS BEEN SENT Date 12 28 2004 Order Status Time 13 15 34 EDT Destination CLOSE Real Time
19. available on the market at the time that the order is sent W This order will not be filled if it does not Limit Order with a limit price Me l reach the specified price or better This order will not be triggered if the Stop Stop loss order at market STOP PRICE is not reached If it is price triggered the order will be filled at market price This order will not be triggered if the Stop Limit Stop loss order at limit price r ROE hol reached L ICT triggered the order will be filled at the limit price or better 4 3 Duration Options Drop down menu Definition Dels 0 This order is cancelled at market close DAY Day order of the regular market session 4 00 EST TC This order remains open until cancelled G Good to Cancel on the date you specify on the pop up calendar when the order is placed By clicking on PREVIEW ORDER a CONFIRMATION window will appear in order to verify that it corresponds exactly to what you want Also in order to avoid errors it is essential to verify the details of the option order name of the company expiry date strike price and the market the option is traded on 14 CONFIRM OPTION ORDER Date 012202005 Status Time 13 31 55 EDT Destination Detail Buy to Open MEQAR EACUS Covered Real Time Quote Microsoft Corporation MS QAR OPRA Bid 1 35 Last 1 40 SEND ORDER EDIT ORDER Once you are satisfied with the displayed order submit the order by clicking
20. dynamic To obtain new data for the charts click on the REFRESH CHART button The FREQUENCY of the chart represents the duration covered by each point or bar of the chart The TIME represents the duration covered by the entire chart To obtain a MOVING AVERAGE select the desired type of moving average and then specify the evaluating parameters number of periods composing the average in the right blank space To obtain several moving averages separate your evaluating parameters for each moving average with a comma e g 20 50 200 By 23 refreshing the chart your moving averages appear in different colours On the top left part of the chart the legend identifying the different elements of the chart is seen CHANGE CHART PARAMETERS REAL TIME CHART MICROSOFT CORP MSFT NasNM eal Last Sale 26 87 Change USL 0 02 Frequency Bid Tick 4 BEES Change 96 0 07 Tir Volume 45 557 870 Compare Ta Index MSFT 15 Minute Bollinger Bands t20 EM G60 27 15 27 10 i 27 05 27 00 26 95 idi ud lor The 26 90 Upper Indicator Bollinger Bands Lower Indicator volume v Chart Type Candlestick i EE ud E a do H 11 12 1 z 3 T 11 12 1 z 3 256 929 26 50 Vo Ume EM D n wom oon Hil lions Menu of Moving Average Selections Selection Description 1 The UPPER INDICATORS are technical analysis tools that superimpose on the chart itself The LOWER INDICATORS
21. er will not be triggered if the Stop Stop loss order at market STOP PRICE is not reached If it is price triggered the order will be filled at market price This order will not be triggered if the Stop Limit Stop loss order at limit price LM ER GE S RON SI AUTA triggered the order will be filled at the limit price or better When you want to sell a stock you must specify a spread in the STOP PRICE The Stop price will follow the stock price as it rises The trigger price is recalculated each time a new high is VTSO Virtual Trailing Stop Order reached You have to define the dollar difference instead of a trigger price If the stock trades beyond the last stop price the order will be triggered as a market order The opposite applies in the case of a short position Order Type Stop A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transaction in the security occurs at or below the stop price The transaction must occur between at or between the bid and offer for the order to be triggered Stop Order Example 1 Current NBBO 19 85 20 05 2 Stop Order to Buy 1000 shares with a stop price of 20 07 3 Stock prints at 20 08 4 Stop order is elected Market order for 1000 shares is activated Order Type Stop Limit A stop limit order to buy becomes a limit order when a transaction in the
22. expiration of that month For each available strike price on each call or put side you will see a TRADE button the SYMBOL of the option and the guotation information of the option You can also see if the option is in the money or out of the money The in the money information is presented on a light gray surface whereas the out of the money information is shown on a white surface The in the money and out of the money blocks are separated with a dark grey line showing the last traded price of the underlying asset By clicking on the TRADE button the OPTION ORDER ENTRY PANEL will appear The option symbol is entered automatically Otherwise it can be entered manually in the TRADING CENTER or in the OPTIONS section in the TRADING menu The option guotes are similar to the stock guotes Available is the last traded price the change since the last closing and also the number of contracts traded during the day The buyers and sellers are represented by the showing bid and ask The INTEREST column displays the actual number of open contracts on the markets for this particular option 25 9 4 Symbol Lookup The SYMBOL LOOKUP option in the MARKET section enables you to look for the stock symbol of the company that you want to trade If you are not sure about the spelling of the company name type in only the first few letters of the name and the system will retrieve a list of possible matching names 10 0 LOGGING OUT When closing KAROLL DIRECT
23. f the order status on top of the list Account DD293974 arnet vaa Positions as of 01 31 2005 13 45 59 EDTA AMAT 2000 13 67 16 09 4740 00 17 34 422 080 00 T D RTG CSCO 1000 419 40 18 21 1200 00 6 2896 17 900 00 TD RTO GOOG 300 197 00 193 87 1998 00 3 38 57 102 00 T DTD JNPR 200 426 00 25 11 1160 00 5 58 19 640 00 T D RTQ MSFT 11100 26 0776 26 40 1137 00 0 395 290 598 00 T D RTO The next column displays the last transaction price on the market at the evaluation of the portfolio The difference between the AVERAGE PRICE opening of the position and the CURRENT price results in the P amp L column It is important to note that the profit loss includes the paid commission when the position was opened but it does not include the commission for closing the position The P amp L column is also converted in the percentage form in the P L column for profit or loss in percentage values for the opened positions The MARKET VALUE column displays the value of the QUANTITY owned by the LAST market price which permits to see the value of each of your positions To rapidly close a position click on the T button This will automatically bring your stock to the order entry panel with the SYMBOL TRANSACTION and QUANTITY all entered in their respective cases The D button will give you the details of the position including the different buying prices and the timestamp of the opening of the position
24. itions from the TRADING CENTER menu will change the bottom display MSFT za Change 1744 x1710 106x6 2094x543 544x459 41x153 1077x1176 2680x2582 x 18038 1k Security 14044 9k Transaction OL 16450 6k Quantity Order Type 10x7 x ELA Limit Price Duration Dos v Stop Pric B Eu 7 Java Preferred g pm Account E5250 Orders as of 12 28 2004 12 14 05 EDT ECN REFRESH PREVIEW ORDER Mme ED SE Quantity Action Price stata J py 2 004 12 04 04 Coca 200 Buy Market Executed D RT GET SEAL TIN The QUOTES SCREEN is located at the top of each sub page in the TRADING CENTER By default this panel is a non streaming snapshot guote window This will provide you a real time guote when you first load the page but does not update automatically To change or add a symbol simply click in the symbol box on the left of the screen and type in a new symbol There is space for ten symbols available E ES NEM KU MSET 0 2 0 95 26 43 26 43 972x30 31141 9k 0 47 1 49 31 99 31 99 31 99 1x20 4442 8k 0 32 1 79 12 22 12 22 18 23 1695x798 24311 2Lk AMAT 0 00 0 00 16 04 16 03 16 04 380x29 19602 1k 0 27 1 21 22 51 22 50 22 51 2378x346 30120 9k 0 15 1 10 13 82 13 83 13 84 734x818 16995 7k sunw 0 12 2 82 4 38 4 38 4 38 278x2941 26604 2k 0 81 0 87 23 70 23 69 23 70 4x53 2164 5k AAPL 3 17 4 28 77 15 77 22 77 23 3x5 18271 4k GE 0 21 0 529 3
25. k ARCA book If orders are not matched on the internal order book they are routed to other pools of liquidity ECNs Market Makers etc for execution ArcaEx is the first totally open fully electronic stock exchange to trade in all NYSE Nasdaq AMEX and Pacific Exchange securities ARCA is known for its liquidity and smart routing ability Size ArcaEx handles approximately 20 25 of Nasdaq OTC orders In early 2004 ArcaEx averaged over 100 million listed shares daily 10 How does ArcaEx determine when to match or route an order ArcaEx looks for the best price for an order internally or externally When routing externally ArcaE x will route to the Market Participant that has the best order execution ratio based on fill history time and size shown For example Market Participant 1 MMID1 is bidding 50 625 for 1000 shares Market Participant 2 MMID2 is bidding 50 625 for 1000 shares ARCA is bidding 50 for 900 shares An order to sell 500 shares at 50 is entered into Archipelago This order will automatically be routed to MMID1 or MMID2 depending on which Market Participant has a better fill history 3 5 Market restrictions Stocks Orders Restrictions Only available through the ARCA and INET routes Orders can be entered at 7 30 a m but will not be Pre and Post Market Trades posted until start of pre market hours 8 00 a m EST Pre Market Hours 8 00 a m to 9 30 a m EST Post M
26. lete and suggests matches for you gt Microsoft Profile Assistant shores WOU My Profile personal information User Agreements Upon your first visit to your account certain User Agreements for various markets and organizations may be displayed These documents must be accepted in order to use Karoll Direct Please read them and fill in the required sections Certain documents will require check marks your initials or your entire name Once these forms are completed you will have access to your account BALANCE 2 0 BALANCES When accessing your account by default you will land on the BALANCE page This page displays your account s portfolio balance in USD dollars as well as all new messages sent to you To view new messages click on view messages k opt n N rns Messages You have 1 new n KK as Click here to view k executions Account Summary in LISD new messages k pasitians 01 30 2005 YOUR ACCOUNT Cash Balance 110 389 39 Teren Market Value 0 00 history Total Eguity 110 389 39 K messages k account settings k TRADING ridic ON e Nae E MN ENT 01 30 2005 01 31 2005 11 29 27 EDT stocks Maintenance Excess 110 389 39 110 383 39 k options k futures Overnight Buying Power 220 778 78 220 778 78 k order status k executions Buwing Power d41 557 56 441 557 56 The BALANCE is also accessible from the left hand side menu of the page under the YOUR
27. ons ORDER ENTRY PANEL k positions depending on your choice in the Order Type TRADING CENTER box TRADING CENTER Quantity Limit Price By selecting STOCKS in the TRADING CENTER box the STOCK ORDER ENTRY panel will appear to the right of the page and will accept your stock orders Stop Price Duration It is important to verify that your orders are placed in the Routing correct account If you manage several accounts select the desired account from the drop down menu located at the top of the STOCK ORDER ENTRY panel PREVIEW ORDER To place an order simply enter the stock symbol of the security in the SECURITY section The TRANSACTION section allows you to select the type of transaction you wish to execute The number of shares desired must be entered in the QUANTITY section and the desired type of order must be selected in the ORDER TYPE section 3 1 Transaction types Stocks Drop down menu Definition Dems Buy stock Sell stock hat you posses Short Selling Sell stock that you do not posses Cover a Stock Position Buy back the stocks that you shorted 3 2 Order types Stocks Drop down menu Definition Details O This order will be filled at the best Market Order at market price possible price available on the market at the time that the order is sent ae SN This order will not be filled if it does not Limit Order with a limit price ive reach the specified price or better This ord
28. our order to market through an ECN or market marker depending on the order type and market This route can be used for all OTC OTCBB and listed securities This route is only accessible during regular market hours Any trades placed after the regular market hours using the AUTO route will be rejected Use either ARCA or INET for after hours trades 3 4 2 Route INET Trading Hours 9 30 a m to 4 00 p m EST m Pre Market Trading Hours 8 00 a m to 9 30 a m EST ALT EE Post Market Trading Hours 4 00 p m to 8 00 p m EST About In 2002 the largest US ECN lnstinet purchased the second largest US ECN Island These two ECNs have been merged to create the INET ECN Orders through INET are only matched against other INET orders and are not sent to other pools of liguidity for executions INET is known for its liquidity and speed Generally an order matching on the INET book will be faster than an ARCA or AUTO smart routing order Size INET handles approximately 25 of Nasdag OTC orders In several securities such as the QQQs INET regularly represents over 30 of all orders 3 4 3 Route ARCA Trading Hours 9 30 a m to 4 00 p m EST Pre Market Trading Hours 8 00 a m to 9 30 a m EST N archipelagd Post Market Trading Hours 4 00 p m to 8 00 p m EST Archipelago ArcaEx About The ArcaEx exchange features a trading system that searches for the best execution for each order ArcaEx has an internal order boo
29. r account it is important to verify that you are at the correct URL link you may be on the demo site The correct URL link displayed on the browser address bar should be https www pentrader net webtrader If you are already at the correct URL link the problem may be associated to MS Explorer Auto Complete settings This function can be deactivated by going to the TOOLS menu of your browser and then selecting INTERNET OPTIONS An option window will appear Click on the CONTENT tab and click on AUTOCOMPLETE in the Personal Information section Simply remove the stored passwords by clicking on CLEAR PASSWORDS Now try logging on again Internet Options f fx General Security Pivo Content neci Programs Advanced Content Advisor i Ratings help you control the Internet cantent that can be viewed on this computer Certificates Use certificates to positively identify yourself certification authorities and publishers Clear SSL State Certificates Publishers Personal information AutoComplete Settings AutoCZomplete lists possible matches from entries you ve typed before Use AutoComplete For Web addresses Forms Lal and passwords on Farms Clear AutoComplete history pm lt lt Clear Forms df lear Password Eu To clear Web address entries on Ehe General tab in Internet Options click Clear History AutoComplete stores previous entries uteComp
30. res Date MRR eine Action Time 13 05 45 Type Order Id 1049832 Executed Price 76 90 Commission 0 00 Total for this Execution 24 210 00 CLOSE Take note that the value in the POSITIONS section comes from the evaluation of the last traded price whereas the value for the BALANCES is based on the last visible bid price on the last closing date of the markets 19 6 4 TRADING CENTER Positions By selecting POSITIONS in the TRADING CENTER box from the left hand side menu the lower part of the screen changes and displays the positions in the portfolio The positions include the stocks you possess long and those that have been are shorted short The time stamp of your positions will appear on the top of each list In the POSITIONS section the SYMBOL and the QUANTITY of shares or contracts for options futures of different positions in your account will options appear The AVERAGE PRICE from the opening of the position is boues calculated automatically depending on the purchases and sales that you k order status perform by conserving only the recent positions in the account The k executians stock inventory is calculated using the First In First Out method FIFO k po l Positions that you close will be those that were opened prior to those opened at a later time TRADING CENTER The POSITIONS STATUS section is not dynamic Therefore you must click on the REFRESH button to view the new date and time o
31. s In the case of a LIMIT or STOP LIMIT order you should enter the price in the LIMIT PRICE section Then the DURATION of the validity of your order must be determined 5 1 Transaction types ENTER FUTURES ORDER Commodity E M Ini w Expire Month March H m Order Type Limit Price 1100 00 Duration Stop Price PREVIEW ORDER GET REAL TIME OUOTE Drop down menu choice Detals Buy future contract or cover existing short Sell future contacts or short If you select a STOP or STOP LIMIT order you must enter a trigger price in the STOP PRICE section By clicking on PREVIEW ORDER a CONFIRMATION window will appear in order to verify that it corresponds exactly to what you want Also in order to avoid errors it is essential to verify the details of the futures order contact type and month price order type Once you are satisfied with the displayed order submit the order by clicking on the SEND ORDER button If you do not want to send the order click on the EDIT ORDER button to return to the TRADING CENTER The Get Real Time Quote button below the ORDER ENTRY PANEL will give a detailed quote of the future in question 16 6 0 TRADING CENTER Order status Executions Positions The lower part of the TRADING CENTER page displays different informational account management functions This part of the screen changes and is affected by the choices made in the TRADING
32. uted 01 27 2005 14 20 42 Bought Margin 900 of MSFT 25 93 4 23 337 00 D 01 27 2005 14 20 42 Bought Margin 100 of MSFT 25 93 2 593 00 Executed D 01 27 2005 13 51 06 Buy 10 of ESMS 0 00 t D 01 27 2005 13 47 48 Buy Margin 1000 of MSFT 25 93 t Executed D 7 4 YOUR ACCOUNT Messages In the YOUR ACCOUNT section is the MESSAGES section These messages are sent automatically by the system These messages will remain intact until they are no longer pertinent 7 5 YOUR ACCOUNT Account Settings In YOUR ACCOUNT section you will find the Account Settings option This feature will provide you account details and the ability to change your login password 21 8 0 TRADING The TRADING section on the menu to the left displays the trading panels for STOCKS OPTIONS and FUTURES These panels are the same as those in the TRADING CENTER but appear over a full page These pages display your total eguity and your buying power on the bottom The other selections of the TRADING section are also repetitions of the options that can be found in the TRADING CENTER box The ORDER STATUS displays the orders of the day and the EXECUTIONS display all the filled orders of the current day k TRADING k stocks k options k futures k order status k executions Below is the Stocks Order Entry Screen when accessed from the TRADING section Order Entry Security Transaction Quantity 1000 Order Type Limit Price 125 75 Duration
33. your order The D symbol shows the DETAILS OF THE ORDER This window displays all the data of the original order and will also show the reason why the order is refused if a REJECTED message is in the STATUS column The reason will appear in the NOTES section Time EDT vecurity Quantity Action Pre statue 12 28 2004 13 23 01 MSFT 1000000 Buy Market CRejectedXC RTO ORDER DETAIL Date of Order Mikka UE Order Status Rejected Time of 2 9407 i 149247 Order 13 23 01 EDT Order ID 1049542 Market Wie AY Mates Insufficient buying power CLOSE The RTQ button will display a new window showing the REAL TIME QUOTE of the stock in question The CANCEL button will be visible as long as the order is still active Therefore any active order may be cancelled by clicking on this button This will bring you to an ORDER CANCELLATION CONFIRMATION window Click on the CANCEL ORDER button to confirm the cancellation of the order The order status will then display CANCELLED Time EDT security Quantity Action Pre states 12 28 2004 13 04 56 MSFT 1000 Buy 25 75 Open D RTQCCancel CONFIRM CANCEL Date 12 28 2004 Status Time 13 04 56 EDT Order Id 10498330 Detail Mates Once the status is EXECUTED or PARTIAL all the information concerning the execution is found in the EXECUTION section for the current day 18 6 2 TRADING CENTER Executions By selecting EXECUTION in the TRADING CEN
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