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Trade Route SDA™ User Manual

1. FEBO625 00 0 10 5 45K Ise 0 20 005 0 15 DISBY FEBO627 51 ee ee AE ee eee ee Routing Option Orders Users can route their option orders to all the regional option exchanges including AMEX CBOT ISE BOX and PHLX through our various vendors Some vendors even offer a smart route 34 for options Option Limit orders From the stockbox simply set your contract quantity in the quantity edit 1 price in the price edit 2 and route in the route dialog 7 and click the appropriate action key Double clicking a price in the regional options montage or option chain in eSignal will load a price and a limit order type Option Market orders From the stockbox simply set your contract quantity in the quantity edit 1 and route in the route dialog 7 To designate a market order leave the price edit 2 blank or choose market from the order type dialog 6 Next click on the appropriate action key to send the order Users may also design their own hotkeys or hot buttons to send option orders Canceling orders Due to the various workflow types which traders are accustomed too the Bon Trade front end offers many different ways to cancel orders Users are able to cancel single orders or entire groups at a time from the mouse hotkeys or hot buttons Canceling Orders from the Bon Trade stockbox To cancel orders from the Bon Trade stockbox users must either have cancel buttons or hotkeys There are four types of cancel functions su
2. Next hold the ALT key on your keyboard in conjunction with arrow up or arrow down keys to move the routes up or down You have now set the default routing order for both your stock boxes and your basket windows Quote Size 100 click this if you want your quote size display quantity in the stock box to be divided by 100 This will make the size consistent throughout the stockbox Inc Dec allows the user to customize the mouse and scroll mouse quantity and price increments in the stockbox General Stockbox Settings Settings BEE General MWK MWX Quote Size 100 ies M INET DOTI Em INET DOTA Inc Dec HEE ARCA Oty 500 AA e ARCA EDGE BELZ DOT Price 0 01 BRUT BELZ NYX CSFB VWAP ITS NYSE CSFB WORKIT ITS NX MULTI Route CSFB PATHFI CSFB VWAP BEAR ARCA BEAR INSM CSFB TWAP CSFB FLOAT TET Locate Shorts with Prime Brokers CSFB RESRY EAEBIBS las SHTLST BOFA BCAP BEST SBSH CSFB DBPC CSFB TWAP ITS CSFB FLOAT GSCO LEHM JEFF MSCO RBCM SLKP UBSSA ITS BRUT CSFB RESRV INET DOTI TRICT FT Apply 11 Multi Route The MULTI route is a customized route that traders can design themselves in order to send multiple orders to multiple routes To set up your MULTI route just type in the routes you wish to use and separate them by commas In the example above the user has defined his MULTI route to send orders to ARCA INET BRUT and Super Montage Locate Shorts with Prime Brokers Use this edit box to in
3. volume weighted average price or TWAP time weighted average price are the most commonly used benchmarks e VWAP algorithm attempts to buy or sell at the average price determined by weighting the number of shares traded at different prices over a specified period of time TWAP algorithms attempts to buy or sell at the average price over a specified period of time without regards to volume HOW THEY WORK The algorithms determine volume profiles based on historic trading patterns and proprietary research By continuously re evaluating and re estimating remaining intra day volume based on observed tick data the algorithms seek to create an optimal trading schedule while randomizing the size and timing of orders in the market Required Input Fields Start Time amp End Time Optional Inputs Fields Max Pct Volume sets a maximum percentage limit on the volume of shares to be traded Example Client wants to limit trades to less than 1096 of the trading volume from the start time to the end time This constraint may prevent the algorithm from completing the order MOO Indicator indicates market on open order MOC Indicator indicates market on close order Avg Px Limit sets a maximum average price for buy orders and a minimum average on sell orders The algorithm will not execute any trade that will cause the average price of all executions to be above below the limit price for a buy sell order Max Pct Deviation The allowable devia
4. Optional Inputs Fields Opportunistic Trade Sets whether or not the algorithm can respond to volume and price movement Take Liquidity Sets whether or not the algorithm can respond to limit orders MOO Indicator indicates market on open order MOC Indicator indicates market on close order Avg Px Limit sets a maximum average price for buy orders and a minimum average on sell orders The algorithm will not execute any trade that will cause the average price of all executions to be above below the limit price for a buy sell order Entering SOR SMART ORDER ROUTER orders NOTE When choosing the SOR route from the Bon Trade Stockbox and executing the desired action Buy Sell or Short the order will automatically be entered at the default parameters Post and a speed of 2 If an Algo window is desired user must set up a hot button or hotkey in the command section of the settings area of the Bon Trade Application using the command prompt Example PROMPT BUY ASK PTD SOR would tell the software to bring up an Algo window for the SOR route The Smart Order Router creates a virtual central limit order book by consolidating all bids and offers for each security regardless of trading venue The SOR continuously updates the full depth of book for each venue piped from an in house rapid tick broadcasting infrastructure In addition to consolidating posted liquidity the SOR uses proprietary algorithms to estimate non displayed order volume at
5. Orders To send a market on open order through the Bon Trade system follow these steps First set your quantity in the quantity edit 1 price in the price edit 2 and route in the route dialog 7 Next choose a route that supports market on open close orders For stocks listed on the New York Stock Exchange any super dot NYSE DOT route on the system supports these order types Direct plus NX NY X does not support market on open close orders For Over the Counter stocks the only routes which support market on open close are INET NITE SCHB and market makers through BRASS To access the NASDAQ cross use the INET route Once you have chosen the appropriate route click in the order type dialog 6 and choose market on open close If you do not see the words market on open or market on open then you have chosen a route which does not support market on open close orders Important NOTE DO NOT double click on a price in the market depth 14 after you choose the market on open close order type this will change the order type to limit Next click the appropriate action button to send your order Custom hotkeys or buttons may also be created to load market on open orders or send them please refer to the hotkey section of this manual Summary of NYSE rules for entering canceling modifying market on close MOC gt All MOC orders must be received at NYSE and at AMEX by 3 40 ET unless entered to offset a published imbalance After 3 40 ET you may
6. actual script or command of the hotkey To enter a command on this line you may right click anywhere in the window and left click Add Action At the bottom of your list you will now see the word undefined By double clicking on the word undefined it will allow you to edit the command you can double click on any command to edit it Once you are done typing your command hit ENTER to set There are many different components you may use to create a command Please refer to the hotkey documentation section of the 7 manual Commands can be simple or complex depending upon what action should take place Here are 2 examples First example BUY This command will send an order to buy based upon the parameters in the stock box such as quantity price order type and route This is the most striped down version of a command Think about it this way whatever is omitted from the command will be obtained from the stock box order bar Second example BUY BID 01 INET Hidden This command will place an order to buy a penny above the best bid on the Instinet route and hide the order Hotkey This column is only used for the actual assignment of a keystroke It is not needed if you wish to create a point and click button Double click in the hotkey column and a hotkey field will open up on the bottom of your window Press your desired key on your keyboard and click OK To unassign a hotkey press ESC on your keyboard when the hotkey field is open this will ente
7. amount of your order or AON All or None An order in which the trader is restricted to executing the total number of shares specified on the order at one time or none at all 11 Minimum Quantity Edit Use this field to place a minimum quantity on discretionary limit orders Use the scroll wheel on your mouse the arrows to the right keystrokes and hot buttons to adjust the quantity 12 Preference Edit Use this free text field to preference various sub routes market makers or floor brokers 13 Prime Locate Menu Use this drop down menu to access your customizable prime broker list when shorting stock 15 14 Market Depth Where the price levels are displayed Users may left click on a particular exchange market maker to highlight and track The software allows the user to highlight up to 3 for OTC and 3 for listed Right clicking in the market depth brings up a dialog menu of functionality Level 2 Functions gt To change share quantity and price in the Bon Trade level II stockbox There are multiple ways to change share quantity and price in the level II stockbox MOUSE users may change the quantity or price in the stockbox by left clicking on the appropriate arrows buttons next to the appropriate field with the mouse For users who have a scroll mouse they may use it to scroll quantity and price up or down The price and quantity will increase or decrease by whatever increments the user defines in the stockbox settings window In
8. contains an under ride quantity field and default route list boxes for OTC and Listed Basically the under ride fields are used when individual entries do not have a quantity or route associated with them There are six buttons on each Trade Script Manager window Selected orders are highlighted in dark blue To select multiple orders hold down the left mouse click and drag or hold down the CTRL key and left click on each order entry you wish to select To un select an entry click on one which is already selected Launch Sel Launches only the selected entries in the window Launch ALL Launches all the entries in the window 3 Liq Sel Liquidates only the selected entries in the window If you try to liquidate an entry for a symbol which you do not have a position in no order will be sent 23 4 Liq ALL Liquidates all the entries in the window Orders will not be sent for positions that do not exist 5 CxI Sel Cancels only the open orders on the symbols selected in the window 6 Cxl ALL Cancels all the open orders on the symbols in the window THIRD PARTY ALGO SERVICES Using Credit Suisse First Boston s Advanced Execution Services Broker Dealer Plus CSFB s AES offers six strategies These are trading engines designed to work orders to meet different execution benchmarks or to follow particular trading styles A number of competitors also offer algorithmic trading designed to meet these benchmarks such as volume weighte
9. edit 2 now becomes the trigger price of the stop order Important NOTE DO NOT double click on a price in the market depth 14 after you choose the stop order type this will change the order type to limit Next click the appropriate action button to send your order Custom hotkeys or buttons may also be created to load stop orders or send them please refer to the hotkey section of this manual Stop Limit Orders To send a stop limit order through the Bon Trade system follow these steps First set your quantity in the quantity edit 1 price in the price edit 2 and route in the route dialog 7 Next choose a route that supports stop limit orders For stocks listed on the New York Stock Exchange any super dot NYSE DOT route on the system supports these order types Direct plus NX NY X does not support stops or stop limits For Over the Counter stocks the only routes which support stop limits are NITE SCHB and market makers through BRASS For option orders you must use the IBKR Interactive Brokers route Once you have chosen the appropriate route click in the order type dialog 6 and choose stop If you do not see the words stop limit then you have chosen a route which does not support stop limit orders Note that the price in the price edit 2 now becomes the trigger price of the stop limit order To set the limit price of the order you must use the offset price edit 9 This will indicate the price you are willing to pay above or below
10. in reserve For example the user wishes to buy 10 000 shares of ABC stock however he only wants to display that he wishes to buy 1 000 shares Start by choosing either an INET or ARCA route Then you must set a display quantity in the display size edit 5 This quantity must be less than the total quantity of the order Only the display quantity will be apparent to the street The display size edit 5 is located to the left of the route field on the stockbox In the prompt box it is the field that says RSV underneath it Users also have a preference on which type of reserve feature they wish to use From the reserve order type dialog 4 on the stockbox choose between 4 different types Users may also send reserve order types from hotkeys or hot key buttons Sending Discretionary Orders Types To send a discretionary order on the Bon Trade system choose ARCA in the route dialog 7 Next choose which discretionary order type you wish to use from the discretionary order type dialog 8 Then in the offset price edit 9 choose a price increment for discretion e g 01 will adjust the price by 1 penny The increment used will be added or subtracted from the limit price depending on whether it is a buy side order or a sell short side order Users may also send discretionary order types from hotkeys or hot key buttons Discretion can be combined with reserve Sending Pegged Order Types Pegging allows clients to price orders relative to the current m
11. option r OpenClose Indicates whether an option order is to open or close s DoneAwayType Indicates whether the transaction was done away or allocated to or from a different account t AccRef Refers to the source account and destination account on an allocation u Memo Free text menu from the order lobby used for parent child orders v ClId Refers to Client Order Id from the order lobby used for parent child orders BTS Settings Window By clicking Settings in the quote application menu window users can customize their stock box order entry with hotkeys or hotkey buttons default routes and baskets They may also filter out certain market makers ECN s and regional exchanges from the stock box and prints window There are five sections in the settings window They are 1 General 2 Commands 3 Baskets 4 LV2 Filters 5 Print Filters Commands This section allows the user to view edit or remove their current hotkeys or point and click hotkey buttons Creating your own hotkeys and or point and click hotkey buttons In order to access your hotkey configurations go to the Bon Trade taskbar and click settings or right click in the Level II window This will bring up the settings window Under the command tab is a listing of your current hotkey commands This section allows the user to view edit or remove their current hotkeys or point and click hotkey buttons This window is divided into four symbol headers 1 Command The
12. our traders and clients enhance the algorithms performance Each trading engine in the BEST suite of algorithms is transparent customizable easy to use and delivered over multiple channels Objective Clients can select the most appropriate strategy based on their benchmarks VWAP TWAP Implementation Shortfall Participation Rate Slicer Market Touch Smart Order Router Entering Algo orders from the Bon Trade Stockbox By default choosing a JP Morgan Algo route in the stockbox and executing an action like Buy or Sell will automatically bring up an ALGO parameters window The exception to this is the SOR Smart Order Router route By default SOR will automatically send the order unless otherwise specified in the Bon Trade Settings window under the commands TAB see below under How to send a Smart Order End users can designate whether the wish to use the mouse or keyboard to bring up an Ago parameters window Once the window is up they can change the parameters associated with the order before sending it Users may also change the algorithm strategy on the fly When a different Algo route is chosen only the required and optional input fields associated with that strategy will be present 26 Entering Start Times and End Times Each of the EAST algorithms except for SOR requires a valid start time and end time in order to be accepted By default the Bon Trade Algo window will have a start time of Now and an end time o
13. 00 CSCO at 21 10 or better spread it out evenly from 3 to 3 40 RESERVE Displays the size you want shown at your price instruction market or limit Upon getting filled it sends out the next piece until completion Example Sell 25 000 DIS Price 17 Display Size 1 000 Sell 25 000 DIS with a 17 low put out 1 000 at a time until done Execution Style To change the execution style just left click in the execution style filed to access a drop down menu The styles range from patient to aggressive 25 Volume Min and Max simply type in the amount you wish to set Time Start time and End times Type in the time range in which you wish to your order to be worked To designate A M type an a or am To designate P M type a p pm or do not type anything at all since P M is the default Examples 9 30 am 9 30 A M 10a 10 00 A M 2p 2 00 P M 4 4 00 P M Using Bon Trade Solutions to access JP Morgan Algorithms JP Morgan Equity Analytics and Systematic Trading E A S T group combines the acumen and vision of our traders the experience and high standards of our large world class quantitative research team along with state of the art technology into a robust set of algorithms that provides clients with a suite of tools for efficient trade execution The E A S T group continuously monitors all algorithmic trades to ensure that the applied research provided by our quantitative research group and heuristics provided by
14. BUY SELL SHORT IOC AON FOK OPG MID LMT STOP STPLMT LMTOC LMTWOW NO NO NO NO use any price inc use any price inc use dollar amt use any price inc use any price inc use any price inc use any qty use any qty use any qty use any qty use any qty NA use any qty use any qty use any qty use any qty X No Reserve D Reserve H Hidden R Random S Sweep X No Discretion D Discretion P Passive A Proactive OFFER NO Market NO NO NO NO NO NO NO NO SELL SHORT NO NO NO NO NO NO NO NO NO NO Use to cancel all orders in all stocks Use to toggle through stockboxes Use to reverse toggle through stockboxes Use to display live orders only Use to inc price by set increment in SB price field Use to dec price by set increment in SB price field Use to load a price in SB price field Use to load a price in SB price offset field Use to inc price in SB price offset field Use to dec price in SB price offset field Use to inc qty by set increment in stockbox Use to dec qty by set increment in stockbox Use to inc min qty by set increment in stockbox Use to dec qty by set increment in stockbox Use to load fixed qty in stockbox Use to load position qty in stockbox Use to associate your position quantity with an order Use to load fixed qty in SB quantity field Use to designate a fixed quantity with an order Use to load fixed qty in SB display quantity field Use to d
15. CHOICETRADER SELECT Powered By BON TRADE SOLUTIONS User Manual Oct 2009 Table of Contents e System Introduction Page 2 e Bon Trade and eSignal Page 2 3 amp 4 o Internet Connectivity amp Firewall users o System Requirements o Running BTS with eSignal and logging on e Bon Trade Screen Functions Pages 5 thru 12 o BTS orders window and BTS menu window o BTS Settings Windows setting up hotkeys hot buttons default routes and baskets o Filtering Level II and time and sales info e Order Entry Pages 12 thru 30 o Level II order entry o Fully scriptable customizable hotkeys hotkey point and click buttons o Advanced Order Types Pegged discretionary and reserve types On close on open stops and stop limits o Entering Basket Orders Using the Trade Script Manager o 3 Party Algorithms CSFB s AES Broker Dealer Plus JP Morgan E A S T e Order Management Pages 30 thru 33 o Order window functions o Using the order lobby and managing Parent child orders e Entering Option orders Pages 33 thru 35 e Canceling Orders Pages 35 amp 36 e Account Management Page 37 o Viewing real time account amp position management o Liquidating percentages of open positions e Risk Manager rejects Page 38 e Saving your layout Page 38 e Alerts Page 38 Introduction The Bon Trade front end system is designed to add powerful direct access order routing capability to the most popular quote vendor package eSignal This design allows the indi
16. Hide Add Update Remove Order Entry There are multiple ways to enter orders on the Bon trade system The most common way is by utilizing the Bon Trade Level II montage screen or stockbox In order to open up a level II screen go to your Bon Trade taskbar trading application menu box this comes up when you first log on left click on stockbox to open up a level 2 stockbox Users may open up as many level II screens as there CPU resources will allow Located on each stockbox there are 2 order bars see below an order parameter bar and a hot button bar Depending on your preference you may decide to open or close these bars To open or close them use the depress arrows located on the left and right of the stockbox Left is for the order parameter edit bar and right is for hot buttons we Eae mA Stocks MLCO 99 MERRILL PRIME IDC 4 thange 0 13 0 58 Volume 3 900 Last 22 36 Open 22 52 Hi 22 53 BxA 6x3 1000 P Close 22 49 Lo 22 36 Spread 0 08 pz 2253 WP MLCO NYSE a gt pav DORs Limit D Disc PART 250 500 1000 CXLLAST CXLALL CXLALLOrdrs Left depress arrow opens and closes order parameter edit bar Right depress arrow opens and closes hot button bar 13 The following diagram is referenced throughout this manual Use it as your guide to understanding the many functions BTS has to offer BON TRADE STOCKBOX Color coded linking to other windows in both eSignal and Bon P
17. Open SIDE QTY 4 SYMBOL PRX 4 CLIENT MEMO LOCATED Ticket Account DMA 383 DMA ACCT Clear Fields HOMI MM OnStreet NotOnSt Client 25000 JENNA 74000 LYNN 11 00 56 11 03 48 25000 CSCO 1725 Shori 75000 GM 225 75000 1000 Choose Parent Font Right click in Choose Child Font the window Fit columns view to pull up this menu Collapse All dialog Expand All Display New Orders as Collapsed v Live orders only Show All Show Selected Only Hide Selected Add Child Doneaway Modify Ticket CTRL DOUBLE CLK Cancel children Cancel children AND Close Ticket 3l Summary of Column Headers a b c d e f g h i p k y m n 0 Entry Time Time when order was entered by user If the user is viewing their orders in the expanded mode they will see all of the timestamps associated with the order Time the order was submitted accepted and executed or cancelled Side Indicates whether the order is to buy sell or short Quantity Indicates quantity of the order Symbol Indicates ticker symbol of instrument Prx Indicates limit price Leave blank for market orders Cum Qty Th
18. arent Ticket from Order Lobby Tre MSFT Short 50000 27 68 LOI 1759 AEE ds Account Drop Down DMA 383 DMA ACCT MSFT T Change 0 0014 0 01 Volume 28 188 090 Last 27 6914 Open 27 71 Hil 27 83 BxA 1455x 1485 O 10000 4 Close 27 69 Lo 27 64 Spread 0 01 Cm eS ENS ARCA 7 om 9P 1011 seco is Rsv Limit A Proactive PART 12 YT 1000 Oo 5000 s 15 10 SELL SHORT CXL Last CXL All Load MoC Nasdaq Design up to 20 of your own unique hot buttons 10K Dsp 500 Dsc 01 Min 100 Load MoC NYSE 27 7 27 691 300 NMS 21 7 ArcaEx Island Sree 40 9 HasdRegn Q9 Island agr Arca agr Integrated Market Depth Bar Left click to view full market depth of ECN s market makers and regional exchanges Opt to view market depth aggregated or not by clicking agr Bon Trade Level 2 with Order Entry 1 Quantity Edit Use this edit field to adjust the quantity of your order Use the scroll wheel on your mouse the arrows to the right keystrokes and hot buttons to adjust the quantity 2 Price Edit Use this edit field to adjust the price of your order Use the scroll wheel on your mouse the arrows to the right keystrokes and hot buttons to adjust the price Users may also load a price by double clicking on a bid or offer in the market depth using a keystroke or a user defined hot button Leaving the price edit blank will d
19. arket price for a security To Peg an order using the Bon Trade system choose INET in the route dialog 7 Next in the order type dialog 6 drop down and choose which type of pegged order you wish to use Then in the 19 offset price edit 9 choose a price increment that you wish your order to adjust by e g 01 will adjust the price by 1 penny Users may also send pegged order types from hotkeys or hot key buttons Various types of Pegged Orders There are 3 different types of pegging orders that can be done on the Bon Trade system through the INET Route Below is a list and description of each one Pegged Orders on INET route Pegging allows clients to price orders relative to the current market price for a security INET offers three types of pegged orders Best Peg Best Peg will peg an order to the same side of the NBBO 1 e a buy order at the bid and a sell order at the offer Mid Peg Mid Peg will peg an order to the mid point of the NBBO Market Peg Market Peg will peg an order to the opposite side of the NBBO i e a buy order at the offer and a sell order at the bid In addition pegged orders can have a pegging increment or offset Offsets allow a client to peg an order with an incremental difference in 0 01 increments from the NBBO and can be either positive higher price or negative lower price gt To highlight a Market Maker Exchange or ECN Left clicking on a market maker exchange or ECN in the market dep
20. ature in the menu Summary of Column Headers a Entry Time Time when order was entered by user If the user is viewing their orders in the expanded mode they will see all of the timestamps associated with the order Time the order was submitted accepted and executed or cancelled b Side Indicates whether the order is to buy sell or short c Quantity Indicates quantity of the order d Symbol Indicates ticker symbol of instrument e Order Type Indicates what type of order it is such as market limit stop etc f Cum Qty This refers to the cumulative quantity that has been executed g Leaves Qty This refers to the quantity that has NOT yet been executed h Average Price This is the average price of all partial executions associated with the order 6 i Route The ECN or exchange where the order was placed p SOLThis is the System Order ID Used to specify an order on the Bon Trade System k LOL This is the Lobby Order ID This is used to see which orders are child orders of a parent opened in the order lobby MPID Market Participant ID of broker dealer where account resides Useful when using the platform with multiple BD s m Account Account number and short name Useful when trading multiple accounts n execs Indicates the number of partial executions tied to the transaction o Total Price This is quantity multiplied by average price p Username Bon Trade Username q SecType What type of instrument the order is for equity or
21. bs in your Account manager They include status general info portfolio risk settings and billing Status view real time buying power total dollars used total volume PNL total realized and unrealized and open exposure all in real time General Info view account information such as account numbers and types Portfolio this is where users can view all of their open positions and closed positions Monitor average prices three types of profit and loss volume and many others all broken done by individual equity or option tickers These columns can be manipulated by left clicking and sliding the headers left or right Users can also use the account manager to enter orders Simply double click on a position and the opposite side will load in the BTS order manager bar Users can also LIQUIDATE specific percentages of their open positions Just left click and drag to select specific open position hold CTRL and left click to select deselect Then right click and choose between your liquidation options Risk settings Users can use this to view risk parameters that are set on their particular account Billing Users can use this to view commission billing for their particular account Account Manager Columns OpenPos All Fit columns Show All Show Selected Only Hide Selected LIQUIDATE Selected LIQUIDATE 25 Selected LIQUIDATE 75 Selected Order Handling Rules Risk management rejects When an order does no
22. cking the order you wish to select To deselect a highlighted order left click it again while holding the CTRL key Once you have selected the orders in which to cancel right click anywhere in the window view This will pull up a dialog menu Left click on cancel selected orders and all selected orders will cancel see diagram below 3 Cancel Bar another method to cancel single orders is by double clicking anywhere on the order except in the order status column see one click cancel above This will select the order and simultaneously attach a cancel bar to the bottom of the orders window Four buttons are present on the bar 35 a Cancel Click Cancel to cancel the selected order The selected order is also displayed directly above these buttons b Cancel amp Replace By clicking Cancel amp Replace the order in question will be canceled and the exact ticker symbol quantity and price and route will be loaded into a stockbox for adjusting and replacing Users can specify which order entry stockbox they want the parameters to load in by using the linking mechanism to the right of the cancel amp replace button If your cancel and replace feature is not linked to a stockbox the software will look for an open stockbox with the same symbol If a stockbox is not open with the same symbol anew stockbox will open up This type of cancel and replace is more flexible than the traditional cancel and replace on the street It allows the user to actua
23. column is used for the placement of hotkey buttons in a particular column The most columns point and click buttons per row are six The buttons will fit to size so that 1f you have 2 or 3 buttons on a row they will be bigger than if you had 5 or 6 Once again you do not have to use a fixed number the software will go by numerical value For example if you want 3 buttons on your first row you need not specify 1 2 or 3 You may choose any set of numbers the lowest being the first row and the highest being the last In this case lets double click in the Col column on the corresponding row Now type the number 1 and hit the enter key on your keyboard to set Hotkey Settings Here is an example of the hotkey we created Settings EER General command Baskets LV2 Filters Print Filters Command Name Hotkey BUY MKT ARCA F10 BUY ASK BELZ NYX Fll B DIR l 6 PROMPT BUY ASK ARCA FLS BUY ASK INET F9 BUY MKT BELZ DOT ShfttFll B MET NY BUY BID 01 INET BUY BID 01 INET NUMPAD4 ShfttFl BIDt 01 HIDDEN HIDE BID 01 SELL OFFER INET HIDDEN HIDE OFFER SELL ASK 01 INET NUMPAD6 SELL BID ARCA Fl Add Action SHORT SELL BID ARCA srun pr suia x n EEE Hotkey Shft F1 ok Cancel Removing a hotkey The simplest way of removing a hotkey is to select it by left clicking Next right clicking and choose remove selected You can remove multiple hotkeys by selectin
24. d average price VWAP but it is the volume of historic data the calculations of real time price correlations the advanced trade scheduling and the ability for users to layer their constraints that makes CSFB s product stand out As well as offering clients a number of benchmark strategies AES also allows users to layer additional restraints such as minimum and maximum percents of volume start and end times price limits as well as how aggressively they want to trade These strategies and restraints can be sent via the BTS system by using the Broker Dealer Plus window Broker Dealer Plus met nm LE Stocks MSFT T thange 0 32 1 3195 Volume 39 745 160 Last 24 78 Open 24 45 Hi 24 83 BxA 1241 x 1648 al 400000 pl Close 24 46 Lo 244 Spread 001 2474 M CSFB VWAP SELL SHORT m PART Limit pav ArcaEx 24 78 By choosing a CSFB 9 Po Cancel Cancel Al ArcaEx 24 79 357 route in the stock box Broker Dealer Plus I and clicking an H B 400000 MSFT 2474 5000 execution button the SIDE QTY 4 SYMBOL PRX 4b RSV 4 Broker Dealer Plus DAY PART Limit order box will appear loaded with the exact RAT 566 FIRST BOSTON parameters Traders can then change their orders to satisfy a specific workflow Choose from 6 different tactics and 9 different styles of execution Traders may also set min and max of volume and start and end tim
25. dicate which prime broker relationships you wish to appear on your prime locate menu in the stockbox and order lobby windows Type in the respective MPID s of your prime broker with a space separating each one Click the apply button when finished Baskets To edit your current baskets or create new ones Click on the baskets tab in your settings window In the Name column there is a listing of baskets By double clicking on a basket name the stocks that make up the basket will appear To create a new basket simply right click in the Name column and choose add basket or left click the Add New Basket button This will prompt you to type in the name of your basket in the basket name field Type the name and hit enter on your keyboard To add symbols type a symbol quantity in the Symbol Qty field For example if you want to add 1000 shares of IBM to your basket type IBM 1000 in the field Next click Add Update or enter on your keyboard To edit the quantity just retype it with a new quantity after the comma If the symbol already exists it will adjust the quantity To remove an entire basket or one or more symbols left click to highlight the basket name or symbol you may left click and drag to select multiple items then right click and choose remove selected You may import an existing list of baskets if it is in a comma delimited excel file or text document Simply stated the stock list should be symbol quantity To do this highlight your personal
26. e that will cause the average price of all executions to be above below the limit price for a buy sell order Entering SLICER orders Required Input Fields Start Time amp End Time Optional Inputs Fields Max Pct Volume sets a maximum percentage limit on the volume of shares to be traded Example Client wants to limit trades to less than 1096 of the trading volume from the start time to the end time This constraint may prevent the algorithm from completing the order MOO Indicator indicates market on open order MOC Indicator indicates market on close order Entering MARKET TOUCH orders Market Touch MTOUCH allows the client to directly access the Limit Order Pool Manager Objective To trade using intelligent placement of limit orders MTOUCH works a trade in the 29 limit order book for a specified period of time Typically MTOUCH is used to execute a small portion of a large order within a short time frame for example buying or selling 10 000 shares of a 100 000 order over a 15 minute period Required Input Fields Start Time amp End Time Execution Style Aggressiveness An integer from 1 to 5 1 being not very aggressive and having a low probability of executing the maximum number of shares 5 being very aggressive and having a high probability of executing the maximum number of shares Minimum to Execute Size Low Minimum share amount to execute Maximum to Execute Size High Maximum share amount to execute
27. each venue Optional Inputs Post No Post tells the SOR to post the remaining balance at the limit price or not post anything following a walk and or a sweep Default is POST Speed zero to 5 indicator of how much time to give the SOR for walking an order At zero the SOR sweeps and posts At 5 the SOR has time to walk the book and expose all hidden limit orders Order management Bon Trade Order Lobby The BTS order lobby window is a unique window which allows the user to stage an order from a client These staged orders are called parent orders The orders that are placed on the 30 street which correspond to the parent are called child orders For example a client sends an order to Buy 25000 MSFT at a limit price of 26 01 The trader may then type the order into the order lobby and open a ticket The trader now has a visual on his screen letting him know that he needs to work an order for that particular client By left clicking on an open ticket and right clicking traders can close a ticket place a child order modify the parent or cancel children Users may use the linking mechanism to link their order lobby to a stockbox When doing so double clicking on the open ticket will load the corresponding stockbox BON TRADE ORDER LOBBY Left click once in the On Street column to cancel all children of that parent order Order Lobby Open Executed All ShowBar HideBar S 15250 MSFT Sack N HELD
28. ementation Shortfall algorithm attempts to manage the tradeoff between the risk of execution away from the arrival price and market impact cost Objective To realize an average price across all executions as close to the arrival price while trying to find the most efficient tradeoff between market impact and opportunity cost The user specifies a risk tolerance for shortfall execution style between 1 and 5 1 Very Risk Tolerant Patient 2 Slightly Risk Tolerant 3 Average Risk Tolerance 4 Slightly Risk Averse 5 Very Risk Averse Aggressive If the user specifies a risk tolerance of 1 then the algorithm would trade smoothly throughout the time period Higher numbers lead to faster trading earlier in the time period less trading later in the time period and a higher expected market impact Required Input Fields Start Time amp End Time Execution Style Risk Tolerance An integer from 1 to 5 1 being very risk tolerant and having a low probability of executing the maximum number of shares Optional Inputs Fields Opportunistic Trade Sets whether or not the algorithm can respond to volume and price movement Take Liquidity Sets whether or not the algorithm can respond to limit orders MOO Indicator indicates market on open order MOC Indicator indicates market on close order Avg Px Limit sets a maximum average price for buy orders and a minimum average on sell orders The algorithm will not execute any trad
29. es for an order Tactic Execution Style 1 Patient Volume Mint 1 Max9e 12 Send 10 00am 3 25pm Close 24 To access the Broker Dealer Plus window on the BTS system simply load your order parameters in the stock box and click an execution key This will bring up the Broker Dealer Plus window Initially the window will have the same parameters as your stock box such as side quantity symbol and price Users can change price and quantity with either the scroll wheel on their mouse or by clicking on the appropriate arrow keys next to QTY and PRX To change the side click on the execution key in the stock box that corresponds to your anticipated action Users may also type in a different symbol or side Tactics To change your tactic simply left click in the Tactics filed to access a drop down menu TACTIC DESCRIPTIONS VWAP System attempts to match the VWAP volume weighted average price from the start time to the end time A unique and powerful feature is the ability to accept a maximum percent volume limit don t be more than 20 of the volume The system trades over your time period subject to your price and volume constraints Example Buy 300 000 WYE Limit 37 25 Start 9 30AM End 3 00PM Max volume 10 Buy 300 000 WYE from the open to 3PM with a 37 25 top try to match VWAP and don t be more than 10 of the volume WORKIT System works with a goal of getting the trade d
30. esignate a display qty for a reserve order type Use to increase rsv qty by set increment in stockbox Use to decrease rsv qty by set increment in stockbox Use to designate a reserve order type Use to designate a discretionary order type Use to designate limit price on offer Use to designate limit price on bid Use to designate market order Use to designate limit price at last print Put in front of command string to load SB parameters Put in front of command string to pull up an order box Put in front of command string to pull up an EZ Pref box Use to hide orders on the INET route Use to send a stop order Designates the order as a BUY Designates the order as a SELL Designates the order as a SHORT SALE Designates the order as an Immediate or Cancel Designates the order as an All or None Designates the order as a Fill or Kill Use on listed routes for Opening orders Use to designate limit price between the bid and offer Use to designate a limit order Use to designate a stop order Use to designate stop limit order Use to designate limit on close order Use to designate a limit with or without order Cancel All all stocks Next Stockbox Prev Stockbox Live Orders PRX 01 PRX 01 PRX ASK PRX BID QTY 1000 QTY 1000 MINQTY 1000 MINQTY 1000 MINQTY 200 QTY POS QTY POS BUY ASK ARCA QTY 200 QTY 5000 BUY 05 SOES RSV 500 RSV 100 RSV 100 RSVTYP X Qty 500 Rsv 100 Rsvtyp D DSCTYP X Load Dsctyp A M
31. esignate a market order 3 Time in Force Edit Use this to specify the time in force of an order such as day immediate or cancel at the open etc 14 4 Reserve Order Type Dialog Click in here with your mouse to choose different types of reserve orders Options include a X NotRsv Indicates no reserve order type b D Rsv Indicates a reserve order A reserve order that replenishes the displayed order size as executions are received up to the total order quantity away markets are routed at their quoted size or larger if applicable when hitting the bid or taking the offer ce H Hidden Indicates a hidden order d R Random Vary your display size on a reserve order using Random Reserve e S Sweep Place oversize reserve orders with the ARCA Sweep Reserve The ARCA Sweep Reserve executes your order using the reserve quantity and posts the balance using the show amount If multiple market participants are on the inside bid or offer ARCA splits up the reserve quantity and sweeps the inside market simultaneously 5 Display Size Edit Use this field to enter your display size for reserve order types If you enter a value of zero when using Random Reserve you automatically assign a randomness of 20 to the order 6 Order Type Dialog Use this drop down to change your order type Users may also use hotkeys or hot buttons to load specific order types and routes 7 Route Dialog User can click in here to change their specified rou
32. exibility Each order in the window can have its own independent parameters whether it is side route order type or any combinations supported on the street Users can also modify orders on the fly as well as delete particular orders Traders can also be selective of which orders they wish to launch or they can launch the entire spreadsheet 21 STRATEGY 1 STRATEGY 1 DMA 383 DMA ACCT DPTR AT w LL E OTC INELSTGY LaunchSel LiqSel CxlSel zm un Listed OESO DOT Launch ALL Liq ALL Cxl ALL ee j Pg nues Side Qty Symbol OrdPrx OrdTyp Bid Route OESO DOT LMT INET STGY MKT BEAR NYSE LMT ARCA LMT ARCA LMT INET DOTI STPLMT X OESO DOT STOP CITI je i 22 95 LMT MLCO NYSE Choose Font Add new entry Delete Selected Save Save As OESO NYX l LMT OESO DOT Import CSV file ARCA Eon as a CSV file H Add Entry x e AER y UY Opening a TSM window To open a new window or to load an existing spreadsheet simply click on the word Trade Script Manager from the Bon Trade menu bar Once a window is open traders can load a previously saved basket or create a new one Creating a basket of orders From a blank TSM window left click the Add Entry button on the lower left hand side of the window and an order bar will appear To the left of this button is an order bar t
33. ext click Login These fields are not case sensitive Before placing order check to make sure all connections are up On the Bon Trade Taskbar there are 3 light indicators 1 Host Green indicates that a connection is established to Bon Trade server for order entry 2 LV1 Indicates Bon Trade is receiving Level 1 quotes from eSignal s Data manager 3 LV2 Indicates Bon Trade is receiving Level 2 quotes from an eSignal quote server through the local data manager If you do not connect properly check to make sure that you are connected to the Internet Bon Trade Screen Functions BZN TRADE SOLUTIONS EN x Click here to exit and save your current layout e NEUE Click here to reconnect if you lose connectivity e UEM Disconnect front end application from Bon Trade servers Stock Box Click here to open a new stockbox it Basket Click here to open a basket trading window CE Gales Opens up a Bon Trade orders window B Order Lobby Click here to open up an order lobby window Fi Account Mgr lick here to open up an account manager Settings lick here to access the settings window E Message Log sed to access message detail for technical support Min Max lick here to minimize maximize the entire application ie ne Connectivity status lights os Use this taskbar to access the various Bon Trade windows you will utilize in your layout Click on stock box to open up your BTS level IT montage boxes Click on setti
34. f Close However users can define their own values in these required fields The Bon Trade Application will pick up the local time zone off of your computer and convert it to GMT 5 00 Eastern Time Therefore if your computer is set for Central time and you want to enter a VWAP order with an end time of 3 15 EST you will enter 2 15p in the End time field NOTE you must type a p not case sensitive at the end of the time if you wish to indicate P M Central time examples N Now C Close 4pm EST 10 11am EST 10 15 11 15 am EST 2p 3PM EST 2 45p 3 45 EST As long as you are aware of what time zone your computer is in and you utilize it the conversion will be correct Below is a visual reference of entering an EAST order from a Bon Trade Stockbox TWX Stocks PTD 11 PTD ACCT m t Change 0r 0 06 Volume 9 760 700 Last 17 44 Open 17 38 Hi 17 57 BxA 906x707 taj 200000 4 Close o 17 38 Spread 001 M744 4 D v D Rsv PTD VWAP 10K 25K 50K Cancel CXLA BUY 200000 TWX 17 44 SIDE QTY SYMBOL PRX 4b RSV 4 pay PART Limit D Rsv dis EXE StartTime N VWAP EE EndTime 3 15 MaxPctVolume 100 C moo C moc AvgPxLimit 0 15 MaxPctDeviation 35 Reset Fields Close 2 To change parameters use the left mouse click and type or left mouse click and scroll wheel Entering VWAP TWAP orders VWAP
35. f the stocks in basket for indicated quantity or override quantity Short This will send orders to short all of the stocks in basket for indicated quantity or override quantity Sell This will send orders to sell whatever symbols you are long from particular basket up to the quantity you are long but not exceeding the indicated quantity Sell Rev This will send orders to sell any long positions up to the indicated quantity or override quantity It will then send orders to short the symbols with remaining quantities Example If every stock in your basket has an indicated quantity of 100 shares and you are currently long 100 shares of each by typing 200 in the override quantity field and clicking Sell Rev it will send orders to sell long 100 shares and go short 100 shares for each symbol Liquidate This will liquidate entire positions for all the stock symbols in that particular basket even if you didn t use the basket to initiate the trade Cancel This will send cancels on any orders for the stocks in that particular basket TRADE SCRIPT MANAGER Using the BTS Trade Script Manager The Trade script manager window can be utilized by many different types of traders because it can be used in many different fashions Basically the TSM is a market minder window with the ability to launch orders Think of it as a spreadsheet where a user can copy an entire basket strategy into the window and then monitor that strategy What makes the window unique is its fl
36. g more than one Either left clicking and dragging to select or using your left mouse click in conjunction with the CTRL key on your keyboard Hotkey Commands Terms and Formats It is important to know that when you are creating a command string you should follow some very important guidelines One very simple rule to remember is that you must use a space between words The only time you do not use a space is when you are using or Use the following documentation to assist you in creating command strings Type space Price space Route space Special Examples of Type Buy Sell Short Buy Stop Sell Stop Examples of Price Bid Bid 05 Ask Ask 05 LST last MKT market Examples of Route Arca Isld Inca Auto multiple routes can be separated by commas Examples of Special Hidden AON all or none FOK fill or kill HOTKEY DOCUMENTATION Commands Variations NOTES Example of command string Cancel Last NO Use to cancel last order for active stockbox Cancel Last Cancel All NO Use to cancel all orders for active stockbox Cancel All Cancel Last all stocks NO Use to cancel last order you placed Cancel Last all stocks 9 Cancel All all stocks Next Stockbox Prev Stockbox Live Orders PRX 01 PRX 01 PRX PRXOFF PRXOFF PRXOFF QTY 1000 QTY 1000 MINQ MINQ MINQ QTY POS QTY RSV RSV 100 RSV 100 RSVTYP DSCTYP ASK BID MKT LST LOAD PROMPT PromptEZ Hidden STOP
37. inQty 100 BUY ASK ARCA BUY BID 01 INET SHORT MKT ISI BUY LST 05 MULTI Load Qty 1000 Rsv 100 PROMPT BUY ASK PromptEZ Buy Ask BUY BID 01 INET HIDDEN PROMPT BUY STOP ASK 25 BUY MKT INET SELL MKT ARCA SHORT MKT NYX BUY ASK ARCA IOC SHORT BID INET AON BUY OFFER ARCA FOK BUY MKT NYSE OPG BUY MID DOT Buy Lmt Buy Stop Ask 25 Load Stplmt Prxoff 10 Sell LMTOC Nyse Load Prx Bid 05 Lmtwow 10 WOW NO Use to wem a with or without order BUY WOW DOT ONCLOS NO Use to designate an on close order Buy Onclos NYSE MKTOC NO Use to designate a market on close order Short MktOc NYSE PEGMKT NO Use to designate market pegged order Short Pegmkt INET PEGLST NO Use to pue last in iniu order vn RN INET PEGOPG NO Use to designate an opening pegged order SS PegOpg INET PEGPRM NO Use to designate primary pegged order Buy Bid PegPrm INET General Setting up Default Routes To change your route and the order in which they are displayed By left clicking on the General tab from the Settings window users can access there default route settings There are two columns present OTC and Listed By right clicking in the appropriate column a dialog box will come up with all of the routes that the user has permission for Left click these routes to add them to the column Routes that are highlighted in white signify that the user has permission to use that route To put your routes in a particular order simply left click to highlight the route
38. is refers to the cumulative quantity that has been executed Leaves Qty This refers to the quantity that has NOT yet been executed OnStreet This refers to the quantity that is still live on the street NotOnSt This refers to the quantity that has NOT live on the street Client Free text field used for client short name reference Account Account number and short name Useful when trading multiple accounts LOI This is the Lobby Order ID This is used to see which orders are child orders of a parent opened in the order lobby VWAP The average price of your executions Memo Free text field used to tag order with any notation trader may need Order Status Refers to the status of the Parent ticket Can be New Partial Fill or Filled Order Lobby basics When traders receive an order from a client they may opt to use the order lobby to open an electronic ticket Follow these simple steps Creating a NEW Parent Ticket 1 First if you wish to place the order directly into the clients account choose the correct account from the account drop down If you are trading in an average price account and allocating later there is no need to change the account 2 Nexttype in the parameters of your clients order side qty symbol price etc Use the client field to type the short name of the client Use the memo field to type any required notation you may need such as Not Held The located field is used when the trader needs to mark a short sale ticket
39. list and press CTRL C Next right click in the symbol list of your basket settings window Basket Settings Settings Lo s General Commands Baskets Add New Basket Mame STORAGE CABLE INTERNET BANKING COMPUTERS BROKERAGE COMMUNICATIONS RETAIL AIRLINES NETWORKING 10000 Remove Selected BANKING P BANKING Add Update Basket Name Symbol Gty C By Percent o Apply 12 Filtering out Level 2 and Print info First users must access the settings window There they will find an LV2 filters TAB and a Print filters TAB To hide type in the MMID you wish to hide you must type it in the way it appears in the quote click hide and enabled then click add update or hit enter on the keyboard By not typing in a stock the program will assume you wish to hide on all stocks To show you may wish to hide a certain exchange or market maker on all stocks but some Use the show feature to accomplish this Just type the MMID and the stock then click show and enabled You may also set a min size that must be present in order for the MMID to show e Settings f m px General Commands Baskets y2 Filters Print Filters i Stock i MinSize i Enabled All Stocks Hide Show i MMID CINN All Stocks All Stocks Hide Gimmes ENABLE DISABLE Selected Cube Hide PSE All Stocks Hide THRD All Stocks Remove Selected Delete MMID ide Show MinSize C Enabled k C Show SED C
40. lly change parameters that normally could not be changed such as routes and order types c Status Used for DOT orders only clicking this button will give you a status how much quantity ahead of your order report in your trade detail Note This is not supported with all DOT vendors d Close This closes the cancel bar and brings you back to the full window view e Cancel Functions from the Orders Window Orders Columns Live Executed All Current Acc Pending AB Left click and drag to Gat hut ng AA select order s Right A MU Rea A click to pull up this l i Choose Transaction Font ng 0 dialog menu 1 Fit columns j LIMIT 8 Jd dnd drm GEG Collapse All RARER ERR ER RR ER a TLLA i Expand All soi 4829 Sell 1000 of IBM at LIMIT 83 88 Display New Orders as Collapsed Close v Live orders only Cancel Cancel amp Replace Eig Status Show All Show Selected Only Hide Selected STATUS selected orders Double clicking on an order will bring up this cancel bar Click cancel to cancel the order or cancel and replace to cancel and load parameters back into a stockbox via color coded linking One Click Cancel Left click once to cancel corresponding live order Account Management Bon Trade Account Manager 36 By clicking on views in your BTS order manager you can select account manager and manage your portfolio in real time There are five ta
41. ngs to create your own hotkeys Make sure your connected and you are receiving Level I and Level II quotes Bon Trade Orders Window Orders 28 Ln Columns Live Executed Al Current Acc i EntryTime i Symbol i OrderType iOrderStatus CumQty i LeavesQty AveragePrice 10 21 11 Short 5000 IBM LIMIT 83 4 Filled Choose Order Font Choose Transaction Font LIMIT 19 58 Pending Fit columns Collapse All Expand All v Display New Orders as Collapsed s fa Ez E gl iT Left click once in the order status column to cancel that order i v Live orders only Show All Show Selected Only Hide Selected STATUS selected orders CANCEL selected orders 4 The BTS order window is a powerful tool that users can use to view all of their orders trades or specific orders trades The Bon Trade Orders Window has various filtering capabilities a Live Shows only live orders in the window view b Executed Shows live orders and executed orders only in the view c All Shows live executed and cancelled rejected orders in the view A drop down menu is used to configure the view and settings To access the menu simply right click in the orders view By defaults orders will appear in there collapsed mode meaning all specific trade detail is hidden however users can left click on the to the left of the order to expand There is also an expand all fe
42. one at or better than the price at the time the order was entered Participation rates will vary based on price and other factors You can control the participation rate using minimum and maximum volume constraints The order may finish before your end time if there is sufficient liquidity Example Sell 25 000 AMGN MKT Start 10 30 AM End 12 00 PM Min volume 5 Sell 25 000 AMGN not held Be at least 5 of the volume and be done by noon FLOAT This tactic displays only the size you want shown and floats on the bid midpoint or offer until completion Enter a display size and choose a patient normal or aggressive execution Example Buy 100 000 KO Limit 48 Style Patient Display Size 3 000 Buy 100 000 KO with a 48 top show 3 000 shares at a time on the bid until done PATHFINDER Direct market access via CSFB s smart order routing infrastructure Pathfinder routes your order immediately to the ECN or Exchange with the best price and liquidity Example Buy 5 000 MSFT Price 24 50 Buy 5 000 MSFT take the 24 50 offer TWAP System trades based on the clock i e on a 2 hour order the system is 25 done after 30 minutes 50 done after an hour etc Unlike VWAP TWAP time weighted average price does not speed up slow down based on projected volume or price moves However it does use smart limit order placement strategies throughout the order Example Buy 250 000 CSCO at 21 10 Start 3 00PM End 3 40PM Buy 250 0
43. only enter MOC orders on the contra side of the last imbalance published regardless of size Example If the 3 50 ET published imbalance reverses the prior published imbalance only orders that offset the 3 50 imbalance publication will be accepted 18 gt Exception On expiration days you cannot enter MOC orders after 3 40 ET to establish or liquidate positions related to a strategy involving derivative instruments even if these orders would offset a published imbalance gt New York Stock Exchange NYSE rules also prohibit the cancellation or reduction in size of any market on close MOC order after 3 40 ET Summary of NASDAQ rules for entering canceling modifying market on close MOC gt All MOC orders must be received at NASDAQ by 3 50 00 EST and cannot be cancelled after 3 50 EST Hiding an Order On the Bon Trade system orders can be hidden using the INET Route To hide an order the user need to choose an INET route in the route and choose hidden from the reserve order type dialog 4 User can also send hidden orders by designing a hotkey to do so For example in the hotkey settings window add command and type Buy bid INET hidden This particular key will send out a bid on the INET route and hide it from the public Users can also send a hidden order from a prompt box by clicking hidden or pressing CTRL H on their keyboard Sending a Reserve Order Types A reserve order is an order in which the actual quantity is hidden
44. order to change the price you can first double left click on any particular price within the stockbox to load that price then adjust it accordingly Users may also type in a quantity or price if they choose too KEYBOARD users may change the quantity and price in the stockbox with their keyboard by assigning hotkeys from their hotkeys settings window Users can assign multiple keys for different increments or assign keys to load their stockbox with specific quantities or prices gt To send an order using the Bon Trade stockbox There are many ways to launch an order from the stockbox Obviously the end user must first make sure that the appropriate ticker is loaded in the stockbox of choice To accomplish this simply click in the stockbox if you are using the mouse or toggle to it if you are using hotkeys An active stockbox will have its title bar highlighted white Typing the ticker symbol and hitting the enter key on your keyboard will load that tickers quotes allow you to place orders on that ticker When clicking on a stockbox to activate it be sure NOT to click in a specific field on the order parameters edit bar By doing so the software will think you are trying to change a parameter If this happens simply click in the symbol field in the upper left hand corner to change the focus gt Tosend a limit order using the stockbox From the stockbox simply set your quantity in the quantity edit 1 price in the price edit 2 and route in the rou
45. pported by the stockbox They are 1 Cancel Last This will cancel the last order for the symbol associated with the active stockbox Once the last order is canceled the previous live order becomes the last 2 Cancel Last All Stocks This will cancel the last live order for any symbol Once the last order is canceled the previous live order becomes the last 3 Cancel All This will cancel all the live orders for the symbol associated with the active stockbox 4 Cancel All All Stocks This will cancel all your live orders on the system These cancel functions can either be set up as hot keys or hot buttons Please see the hotkey section of this manual to set these up These settings are global and apply to each stockbox Canceling Orders through the Bon Trade orders window To cancel orders from the Bon Trade orders window users must either have cancel buttons or hotkeys There are four types of cancel functions supported by the orders window They are 1 One Click Cancel The quickest way to cancel a single order in orders window is to left click once in the order status column and corresponding row of the order you wish to cancel see diagram below 2 Canceling Selected By left clicking on a order in the orders window that order will be turn dark gray in color Users may left click and drag to select multiple orders To select multiple orders which are not in time sequence hold down the CTRL key on your keyboard while left cli
46. primary linking mechanism Therefore when a trader changes the symbol in the stockbox it changes the underlying symbol in the option chain Now if the trader has a different Bon Trade stockbox open as well as an options montage in eSignal which are linked to the option chain via the secondary link they can double click on an actual contract or price of one and load the respective windows Option Order Entry Name DIS 18Feb06 22 5 Call ASize 105 CBOEc 3 20 PHILc 3 20 86 ISEc 320 64 BOXc 3 20 31 eSignal Regional Options Montage is ex DESK 42D DESK ACCT Stocks Link your eSignal bisex Change 0 0 00 Volume 10 option chains and EE gremsem es regional montages to Last pen t se Hi Bon Trade Order Entry a customized order a 50 49 Close 32 Lo entry window in T WI EAI nq a gt BEAR Bon Trade 3 2 4 DAY D Rsv Limit D Disc PART 10 50 100 CXLLAST CXLALL CXL ALL Ordrs DIS 25 46 Ask 25 47 25 46 ASize 75 WALT DISNEY CO Vol Bid BSize XB Ask Change Last Symbol short Symbol 0 00 0 PHIL 0 05 0 00 0 05 DIS AH NOG 10 40 900 cBoE 10 60 0 00 0o00 pisec FeBoG15 00 eSignal Option Chain ieu 7 90 2 05K cBoE 8 10 0 00 ooo T RAE EIC cBoE 5 60 0 00 470 DISBD 3 20 0 10 340 DisBx FEBOG 22 51 1 00 3 E 1 10 018 100 DSBE
47. r NO KEY in this field For example if we wanted to assign a keystroke to the command we just set up we would double click in the Hotkey column on the same row This will prompt the hotkey field to come up Next just type the key on your keyboard you wish to assign If it is a combination of keys like SHIFT F1 hold the shift key first then press the F1 key Next click OK and the keystroke is assigned Name This column is used to designate a name to a hotkey point and click button You may name the buttons what you wish however most traders tend to use shorthand Simply double click on the corresponding row under the name column and type the name that you wish Hit enter to set the name Let s take the example that we have been working on Double click in the Name column and type HIDE BID 01 hit enter key to set Row This column is used for the placement of the hotkey button on a particular row The most hotkey buttons you may create is twenty To designate what row you want a hotkey button to appear on just type a number and hit the enter key You do not have to use a fixed number the software will go by numerical value For example if you want 3 rows of buttons you need not specify 1 2 or 3 You may choose any set of numbers the lowest being the first row and the highest being the last In this case let s double click in the Row column on the corresponding row Now type the number 1 and hit the enter key on your keyboard to set Col This
48. re are two quick ways to do so from the Order lobby window itself a Left clicking once in the OnStreet column for the corresponding parent order will cancel all the child orders for that parent b Orleft click the parent order then right click to pull up a menu list Next left click on cancel children and all the child orders for that parent will cancel Closing a Parent Ticket 1 To close a parent ticket from the order lobby window left click on the parent order then right click to pull up a menu list Next left click on cancel children and close ticket and all the child orders for that parent will cancel and the ticket will be marked closed Modifying a Parent Ticket 1 To modify a parent ticket from the order lobby window left click on the parent order then right click to pull up a menu list Next left click on modify ticket and all the parameters for that parent will populate in the order lobby edit fields Users may also hold CTRL on their keyboard and double click the parent order for the same results 2 When modifying an order traders do not have access to edit all the parameters They may only change quantity and price The client memo and located fields may also be changed since they are free text edits 3 Once the parameters are changed the trader may click the modify ticket button To quit and NOT make any changes simply click the quit modify button 4 When the trader modifies a ticket he must then associate the modified ticke
49. s not support limit on open close orders Important NOTE DO NOT double click on a price in the market depth 14 after you choose the limit on open close order type this will change the order type to limit Next click the appropriate action button to send your order Custom hotkeys or buttons may also be created to load limit on open orders or send them please refer to the hotkey section of this manual Summary of NYSE rules for entering canceling modifying limit on close LOC orders 17 gt All LOC orders must be received at NYSE by 3 40 pm unless entered to offset a published imbalance gt After 3 40 pm you may only enter LOC orders on the contra side of the last imbalance published regardless of size Example If the 3 50 P M published imbalance reverses the prior published imbalance only orders that offset the 3 50 imbalance publication will be accepted Exception On expiration days you cannot enter LOC orders after 3 40 PM to establish or liquidate positions related to a strategy involving derivative instruments even if these orders would offset a published imbalance New York Stock Exchange NYSE rules also prohibit the cancellation or reduction in size of any limit on close LOC order after 3 40 P M Eastern Time Summary of NASDAQ rules for entering canceling modifying limit on close LOC gt All LOC orders must be received at NASDAQ by 3 50 00 EST and cannot be cancelled after 3 50 EST Market on Open Close
50. sider a broadband connection such as DSL or Cable modems Consult your data vendor for their specifications LAN users should consult their network administrators Firewall Users Specific ports need to be open in order to access both eSignal and Bon Trade To obtain these ports for eSignal go to www esignal com and click on technical support To obtain these ports for Bon Trade please call 973 429 3741 or email for firewall info Once both applications are running the BTS application will automatically establish the necessary integration with eSignal Running Bon Trade and eSignal There are two ways to launch your trading application in conjunction with eSignal By launching your BTS trading application it will automatically launch your eSignal client To launch the BTS application go to your desktop and open the folder titled Bon Trade eSignal We recommend creating a short cut for your desktop a BonTrade eSignal Double click the ICON to Launch Bon Trade If your eSignal platform is already running there is no need to exit To launch eSignal separately Double click the ICON z To Launch eSignal eSignal Once BTS is launched a logon screen will appear Login Screen x ser BTSUSER Password Once a user launches the front end trading platform his or her signal layout will appear on the screen However before a user may enter an order they must type in their assigned User Name and Password N
51. t comply with exchange order handling rules or other compliance issues it is rejected A message detailing the reason the order was rejected will pop up on your screen Click OK to continue using the system 37 OrderServer message x IN Submitted order FAILS risk manager verification Reason Cost of trade 21125 00 exceeds account buying power 12725 0 OK Exiting and saving your layout Upon exiting the Bon Trade front end application your current layout and setting will automatically save The correct way to exit the application is to click the Ei in the Bon Trade Taskbar this is the menu window otherwise known as trading application To exit eSignal it is recommended that the user choose file on the main menu bar then click Exit All amp Save Alerts Users can set a full array of alerts through their eSignal quote package By going to your eSignal menu bar and choosing view and then alerts it will pull up an Alert Edit Status window If you select an alert and double click it will bring up an Add Alert window Next set your parameters Users can also right click on a particular stock on an eSignal quote board and choose set alert Users can set their alerts and then chose execute trade this will load the BTS order bar when the parameters are hit For fast execution preset your quantity and route defaults LA NITAIATTASTAG GN TRADE SOLUTIONS 38
52. t with a stockbox Entering Option orders In order to enter option orders on the Bon Trade system users must first open up an option chain on eSignal To open up an options chain locate your main menu bar on eSignal click File gt New gt Option Chain To learn how to use and customize an eSignal option chain please visit the following link eSignal Product Training Once you re familiar with an eSignal option chain users should become familiar with the regional options montage To open up an options montage right click on a contract in your options chain and a small dialog box will appear Left click on Regional Options It is important to note that whether you have access to these options windows depends upon your quote vendor eSignal entitlements Option traders can link their option chains directly to a Bon Trade stockbox using the secondary link on the eSignal window Using this method simply double click on the contract you wish to trade and it will load the price it last traded and the contract in your Bon Trade window More advanced option traders should use the recommended approach of linking both a Bon Trade order entry and an eSignal regional options montage to the 33 secondary link in an eSignal options chain With this method a trader can link to the options chain with the primary link to other eSignal windows and Bon Trade stock boxes For example a trader can have his Bon Trade stockbox linked to an eSignal option chain via the
53. te Only routes that accounts are permissioned for will be included in the dialog menu 8 Discretionary Order Type Dialog Click in here with your mouse to choose different types of discretionary orders Options include a X NotDisc Indicates no discretionary order type b D Disc Indicates a discretionary order Discretionary orders attempt to hit take any bid offer that falls within the discretionary range and accept any preference order coming in to it c P Passive Passive Discretionary Orders Trade with the street at the show price and trade with the book at the discretionary price For example a bid of 71 10 with a discretion range of 05 displays a bid of 71 10 to the street but if an ARCA offer for 71 15 or less is posted your order attempts to take it When a bid or offer appears in the ARCA Book at or within your discretionary price range it will be executed against the ARCA book even if the book order is outside the NBBO d A Proactive When a bid or offer appears at or within your discretionary price range your order will be matched in ARCA or routed to market participant at the NBBO 9 Offset Price Edit Use this feild to associate an offset price onto a stop limit order a pegged order or a discretionary order The offset is automatically added for the buy side and subtracted for the sell side 10 Execution Condition Dialog Choose between Partial Fill you agree to accept as much stock as can be obtained up to the full
54. te dialog 7 and click the appropriate action key Double clicking a price in the market depth 14 or in an eSignal window such as a quote window linked to the stockbox in question will load a price and a limit order type gt Tosend a market order using the stockbox From the stockbox users can simply leave the price field blank choose your route and press the appropriate action button Buy Sell Short etc Or set up hotkeys or specific hot buttons to send your market orders If the price field is populated users can select market from the order type field in the stockbox below the route field Advanced Orders 16 Stop Orders To send a stop order through the Bon Trade system follow these steps First set your quantity in the quantity edit 1 price in the price edit 2 and route in the route dialog 7 Next choose a route that supports stop orders For stocks listed on the New York Stock Exchange any super dot NYSE DOT route on the system supports these order types Direct plus NX NY X does not support stops or stop limits For Over the Counter stocks the only routes which support stops are NITE SCHB and market makers through BRASS For option orders you must use the IBKR Interactive Brokers route Once you have chosen the appropriate route click in the order type dialog 6 and choose stop If you do not see the word stop then you have chosen a route which does not support stop orders Note that the price in the price
55. th 14 once will highlight that particular MPID You may highlight up to three in yellow blue and orange for listed and OTC stocks To clear highlighted MPID s simply click them once more To clear all right click in the market depth 14 This will bring up an option to clear selected MPIDs gt To change the fonts in the stockbox and time and sales window Simply right click in market depth 14 and left click choose montage font or time and sales font then choose your desired font gt To add exchange prints in the time and sales window Right click in the market depth 14 and left click to check show exchange in prints Sending Basket Orders To open up a basket simply click basket on the BTS Quote Application Window toolbar Next left click in the basket name field A drop down menu will appear with all the baskets that you the user has created Upon install there are 11 preset baskets These can be removed or edited Once you choose a basket the stocks associated with that basket will appear in the level I quote board Stocks that that are highlighted green are up ticking and stocks that are down ticking appear in red To change the font rights click in the quote board 20 Sample of a Basket NETWORKING E ell Basket Name NETWORKING wi Override Qty p orc ARCA Listed ISI NYX Symbol Qty Percent Last Chng Bid Ask LevelI Basket Quote Board Basket Actions Buy This will send orders to buy all o
56. the trigger price e g 08 will indicate you are willing to pay 8 cents above or below the trigger price by 1 penny The increment used will be added or subtracted from the trigger price depending on whether it is a buy side or a sell short side stop limit order Important NOTE DO NOT double click on a price in the market depth 14 after you choose the stop limit order type this will change the order type to limit Next click the appropriate action button to send your order Custom hotkeys or buttons may also be created to load stop limit orders or send them please refer to the hotkey section of this manual Limit on Open Close Orders To send a limit on open order through the Bon Trade system follow these steps First set your quantity in the quantity edit 1 price in the price edit 2 and route in the route dialog 7 Next choose a route that supports limit on open close orders For stocks listed on the New York Stock Exchange any super dot NYSE DOT route on the system supports these order types Direct plus NX NY X does not support limit on open close orders For Over the Counter stocks the only routes which support limit on open close are INET NITE SCHB and market makers through BRASS To access the NASDAQ cross use the INET route Once you have chosen the appropriate route click in the order type dialog 6 and choose limit on open close If you do not see the words limit on open or limit on open then you have chosen a route which doe
57. tion from the optimal percentage execution At 5 the order could be 15 or 25 executed when the optimal amount would be 20 Entering POV Participation Rate orders Strategies that execute trades based on current market volume Participation rate algorithms enable a client to trade in direct proportion to the volume of shares traded in a particular security Objective To reduce the market impact of large orders and the likelihood that the user is the sole buyer or seller during a specified time period Required Input Fields Start Time amp End Time Target Participation Rate target percentage rate of order based on current volume of a particular security Optional Inputs Fields Min Pct Volume sets a minimum percentage limit on the volume of shares to be traded Max Pct Volume sets a maximum percentage limit on the volume of shares to be traded Example Client wants to limit trades to less than 1096 of the trading volume from the start time to the end time This constraint may prevent the algorithm from completing the order MODO Indicator indicates market on open order MOC Indicator indicates market on close order 28 Avg Px Limit sets a maximum average price for buy orders and a minimum average on sell orders The algorithm will not execute any trade that will cause the average price of all executions to be above below the limit price for a buy sell order Entering IMPLEMENTATION SHORTFALL ARRIVAL PRICE orders The Impl
58. to correctly do these follow the example below in exact order note that bold denotes a necessary entry 22 Side Quantity Symbol Price Route Practice Copy the following example into a BTS Trade Script Manager Highlight the example below and right click gt copy ctrl c Next right click in your TSM window view and choose Add Entry s from Clipboard BUY 100 ZVZZT MKT R ARCA SS 100 ZWZZT 99 R INET BUY 100 ZXZZT 15 68 R ARCA Important Notes v To designate a route use R Y Ifa route is not designated the defaults routes drop down selection will be used v Ifa price is not designated a market order is assumed Y Ifa quantity is not selected the quantity field in the TSM window is used Modifying Individual Basket Orders Entries To change an entry in the TSM window simply double click on the entry you wish to modify An order window will appear where the end user may edit the parameters of his or her order Once the appropriate changes are made click the Modify Entry button at the bottom of the order bar Order Bar DMA 383 DMA ACCT a Buv 100 ZVZZT 42 50 SIDE QTY 4 SYMBOL PRX RSV 4 pay PART Limit D Rsv ARCA D Disc ETB CO E 48 MOD tocate Modify Entry Reset Fields Close Launching and Canceling Orders Each TSM window has an order bar attached to it which can be opened or closed using the depress arrow to the left of the DPTR drop down menu upper right hand corner The order bar
59. vidual the flexibility to choose the quote package and level of service that best suits the individual s trading style The Bon Trade front end system empowers retail proprietary and institutional traders with the ability to choose the best route to send an order Execute orders through point and click one touch customizable hotkeys hot buttons or on the fly customizable two step hotkeys Bid for a stock on an ECN in between the spread or take the stock offered by a market maker You have the power to choose There are many different order types that can be sent on the Bon Trade front end system for this reason we strongly recommend that the new user spend time in routing orders to the MWX Demo exchange We can permission your account so that you will only have access to this route and cannot send a live order until you become familiar with the system The Bon Trade front end system will run well on most computers using Windows 95 98 2000 NT 4 0 XP Quote vendor packages are more demanding than the trading application Please see below for a listing of system requirements or consult www esignal com for minimum hardware and software specifications Installation Via the Internet e Contact Bon Trade to gain access to their FTP site e Double click BTS EXE to download to your desired location on your computer e When you are prompted to save to disk or run from current location you may choose either If you choose to save to disk you
60. will have to then go to that file and double click to begin the installation process e The program will auto install System Requirements and Internet Connectivity MINIMUM SYSTEM REQUIREMENTS Windows 98 Windows 2000 or NT 4 0 service pack 3 recommended 800 MHz Pentium or compatible 256 MB RAM 20 MB available disk space 17 or larger monitors with 1024x768 resolution 56K or higher DSL or cable modem with Internet Service Provider Microsoft Internet Explorer 5 0 RECOMMENDED SYSTEM REQUIREMENTS Windows 2000 Windows XP 1 2 GHz Pentium 4 or compatible 17 or larger dual monitors with 1024x768 resolution 512 MB RAM 40 MB available disk space DSL cable modem ISDN T1 or T3 Internet connectivity Microsoft Internet Explorer 6 0 POWER USER REQUIREMENTS Windows 2000 Windows XP 2 6 GHz Pentium 4 or compatible 2 or more 17 or larger monitors with 1024x768 resolution 1 GB RAM 40 MB available hard disk space DSL cable modem ISDN T1 or T3 Internet connectivity Microsoft Internet Explorer 6 0 Power User Definition A power user is someone who uses or more of the following 5 or more tick charts 10 or more interval charts 15 or more drawn objects on a chart either through EFS or the line toolbar CPU intensive EFS or back testing studies using multiple loops global variables etc Tracking of E Minis in a chart or in a Market Depth window OptionsPlus Clients using quote packages with multiple windows and charts should con
61. with the MPID where the stock was located This is usually used in a prime broker relationship 3 Now left click the Open Ticket button and the NEW ticket will appear in the window view below Placing a Child order 1 There are two ways to place a child order Users may double click on an open ticket to populate a stockbox By linking the order lobby window to a stockbox by color they can specify which order bar they want to be associated with the ticket When a stockbox is associated with a parent ticket it is displayed on the title bar of that stockbox If the order lobby is not linked it will find the stockbox with the same ticker symbol If the same ticker symbol is not already open a new stockbox will open up The second way to place a child order is by left clicking on the open ticket to select it it will turn dark grey then right clicking will bring up a menu box Left click on Place Child Order and you will have the same results 32 2 Now that your order bar stockbox is associated with a parent order you may begin to work your child orders 3 Traders can track their progress on child orders right from the order lobby window or from their Orders window Cum Qty Lvs Qty On Street Not on St etc Canceling a Child Order s 1 To cancel an individual child order simply treat it like any other order Users may use the cancel functions from the orders window a hotkey or button on their stockbox 2 To cancel all child orders the
62. ype menu For normal routing choices choose normal for algorithms choose either JP Morgan Algo or CSFB Algo Type in and choose the parameters of the order into this window and left click the Add to Basket button The order bar will remain open for additional entries Once a basket is created users have the option of saving it to their local hard disk Saving a basket in the TSM window Once a basket is created or modified users have the option of saving the new basket If the basket is a new one simply right click in the basket view and left click save This will place the mouse focus in the basket name field Next name the basket and hit enter on the keyboard to save the basket The name of your basket will now be displayed on the title bar of the window When an existing basket is modified an asterisk will appear in front of name on the title bar This indicates that a change has been made If a change is made and you do not wish to overwrite the original basket just right click in the basket view and left click save as then proceed to rename Add Entry s from Clipboard Orders can be copied from your computers clipboard into a TSM window To do so you must follow some simple rules Comma or tab separated text files word docs or excel files can be properly pasted into the window Once the file is copied to your computers clipboard right click in the basket view of the TSM window of you choice and left click Add Entry s from Clipboard In order

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