FX ECN User Guide

Transcription

FX ECN User Guide

FX ECN User Guide
Hotspot FX Trading Platform
Contents
Trading Platform Functions
FX ECN
Open Positions
Credit
Exposure and P/L Summary
Deal Log
Deal Log Filter
Deal log Dynamic Dealing
Ticker
High/Low
Real Time FX News
Screen Lock
Help Menu
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General Functionality
Placing Bids and Offers
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Placing a Bid
Changing a Bid’s Order Type
Transmitting the Buy
Placing an Offer
Changing an Offer’s Order Type
Transmitting the Sell
Cancel Multiple Orders
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Dealing on Existing Prices
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Printing or Saving the Deal Log
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Using the Average Log
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Averaging a Single Trade
Averaging Multiple Trades
Printing Averaged Trades
Emailing Averaged Trades
Average Log Filter
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Orders
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Enter Order
View Open Orders and Order Status
Order Blotter Filter
Modify an Active Order
Cancel an Active Order
View Executed Orders
View the History of an Order
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Shortcut Keys
Production support +1 201 356 1789, Sales support +1 212 209 1420
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Saving Screen Settings
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Changing Passwords
Password Rules
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Customizing the Trading Environment
Scope of User Preferences
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The Set Up Tab on the Preferences Dialog
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Adding and Removing Currencies
Default Currency Pair Sequence
Changing Font Size
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The Dealing Tab on the Preferences Dialog
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Single/Double Click Dealing
Reprice Balance
Bid/Offer Balance
Buy/Sell Follows Market (Prior to Sending)
Active Price Screen
Position/Deal Log Always on Top
Enable Warning Messages
Enter/View Full Quantity on Buy/Sell ticket
Enter/View Full Quantity and Confirm Before Sending Order
Save Trades File (Current Deals Only)
Save Average File
Bid/Offer Default Show Value
Half Pip Rounding
Reference Rate on High/Low Window
Show Reference Rate upon Logon
Ticket Type
Auto Big Figure Change
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The Currency Pairs Tabs on the Preferences Dialog
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Setting Default Transaction Amounts
Editing Default Amount
Setting Default Show Amount
Setting Default Increment Amount
Setting Chase Value
Setting Warning
Changing Deal Currency
Setting a Minimum Match Size
Setting Default to Market Quoting Conventions
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Overview of the Trading Platform
This section provides an overview of the Hotspot FX Trading Platform, which is
shown below.
Trading Platform Functions
The Hotspot FX Trading Platform provides functionality which includes:
FX ECN
Open Positions
Credit
Deal Log
Ticker
High/Low
News
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FX ECN
The FX ECN screen is the primary trading screen for the system. A user can
add, subtract, or reorder the view of currency pairs. This screen displays the
full depth-of-market, all bids, offers, and available quantities. Bid and offer
quantities are color-coded for instant recognition. Users can enter bids and
offers via the FX ECN screen as well as execute trades on live prices
instantaneously.
The FX ECN screen is designed to provide information and visual cues so
that a user can react quickly to changes in the market.
Display of Bids and Offers. The black area to the left side of the
display is for bids, and the right side is for offers. Each bar in the
black areas denotes a quantity of bids or offers. These bars are
color coded to show the amounts (in millions) at a given price.
Note. The bars color coded for Precious Metal pairs has special
logic that allows their amounts (in thousands) at a given price.
There are two distinct areas within the FX ECN screen:
Dealing area. The white center section is referred to as the dealing
area which displays the following data:
o
o
o
Currency pair date. The date below the Currency pair refers to
the corresponding value date.
Bid and Offer buttons. Above the bid and offer buttons is a value
that indicates the number of bids or offers associated to the best
bid or offer price.
Best bid and offer prices. The inside boxes show the best bid
and offer price currently in the market. If a user clicks on the
price, the user can buy or sell at that price.
Market depth. The black area to the left and the right of the dealing
area is the market depth for each currency pair. Above each
currency bar is a number in white that indicates how many bids or
offers are on the price. Below the bar is a number that indicates the
price for the bid or offer.
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Major CCY Pairs and Emerging Market Pairs
The image above refers to the following open orders:
o
o
o
o
o
o
one bid for the amount of 6.0 million at a price of 0.77860
one offer for the amount of 12.6 million at a price of 0.77875
TABLE 1. Bids and Offers Color Code
Color
Code
Purple
Description
Green
5.0 to 9.9 million
Blue
Red
10.0 to 19.9 million
20.0 million and above
0.1 to 4.9 million
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Precious Metal Pairs
The image above refers to the following open orders for Precious Metal
Pairs:
o
o
o
o
o
o
one bid for the amount of 6.0 thousand at a price of 16.71
one offer for the amount of 6.0 thousand at a price of 16.79
The image above displays color-coded amounts; refer to the following table
for the color and description details.
TABLE 1. Bids and Offers Color Code
Color
Code
Purple
Description
Green
5.0 to 9.9 thousand
Blue
Red
10.0 to 19.9 thousand
20.0 thousand and above
0.1 to 4.9 thousand
Bid and Offer Totals. The left side of the FX ECN screen displays
the total number of bids and the total quantity outstanding. The right
side of the FX ECN screen displays the total number of offers and
the total quantity outstanding.
Bid and Offer Scroll Arrows. Above the bid or offer total amount is a
small left and right arrow. When green, a user can see more bids on the
left, or more offers on the right, by clicking on the arrow. Revert to the
right for bids and to the left for offers by clicking on the small arrow
opposite.
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Changing ECN Display
A user can change the ECN display by clicking on the FX ECN tab buttons.
Clicking on FX ECN tab button will toggle the view from FX ECN to
Tradeview to Panelview then back to FX ECN.
Add Currency Pair
The Add CCYPAIR button allows the addition of currency pairs to the ECN views
without going through the Preferences.
Clicking on the ADD CCYPAIR button will bring up the Add Currency Pair window.
This allows for the selection of the currency pair to be added.
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Open Positions
The Open Positions screen will allow a user to monitor open positions
including average price (break-even rate), current market price, and test
profit and loss scenarios in the Open Positions screen which is shown below.
As deals are executed, the Open Positions screen is automatically updated.
When a user begins a new value date the Open Position window is reset to
zero. Please note that positions will persist when double value dates occur.
Following are details of the Open Positions window:
Profit and Loss radio buttons
Show PL in USD – Display Profit and Loss in USD
Show PL in CCY2 – Display Profit and Loss in CCY2, for example if
CCY is EUR/CHF, PL will be show in CHF.
TABLE 2. Open Positions Window
Column
Description
CCY
The currency pair.
Position
The current long or short position of base currency.
Avg Px
The average price of all deals transacted for the CCY for the
current trading day.
Mkt Px
The current market price for the CCY.
P/L
Profit or loss of today's trading activity including marked to
market of all open positions.
Test Px
Hypothetical price for an open CCY position, input by user.
Test P/L
Resulting hypothetical profit or loss derived from Test Px input.
Counter Pos
Equivalent amount of secondary currency, long or short.
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Credit
The Credit Window shows the size of the actual exposure.
This summary area is automatically updated as trades are executed. Daily
profit/loss and total open exposures are reflected in the credit window. All
figures are in US Dollars.
Following are details of the Credit window:
TABLE 3. Credit Window
Column
Description
Max. Exposure
The credit limit entered by the user’s Prime Broker. This limit
can be a gross (i.e. volume) or a net (i.e. position) limit. The
latter is sometimes called the MOP (Maximum Open
Position).
Actual
Exposure
The total net amount of all current open positions,
revalued with current exchange rates.
Available
Exposure
The maximum available net position derived from the
Maximum Exposure and the Actual Exposure.
Exposure and P/L Summary
This summary area is automatically updated as trades are executed. All
figures are in US Dollars.
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Deal Log
The Deal Log screen provides users with a way to see a record of all their
trades updated in real-time.
The Deal Log lists all deals that have been transacted in the user’s account
on the current trade date. The deals are listed from top to bottom in the order
in which they were transacted. The log gives details of each transaction.
Following are details of the Deal Log window:
TABLE 4. Deal Log Window
Columns
Description
CCY
Currency pair transacted.
B/S
Buy or Sell. Whether base currency was bought or sold.
Amount
The amount of base currency transacted.
Rate
The price at which the deal was done.
Deal CCY
The base currency transacted.
Deal no.
The deal number (transaction number) for the trade.
Date
The date the deal was transacted.
Time
The time the deal was transacted.
Agg
Yes or No. Whether deal was aggressive.
V Date
The value date of the deal.
User ID
The userid of the user who traded.
Tag
Account list name associated with the deal done.
Deal Log Filter
Deals done in the Deal log can be filtered by currency and/or side.
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Deal Log Dynamic Dealing
Dynamic dealing enabled will clear the deal log temporarily which will display
newly executed deals. Unselect Dynamic dealing check box will reset and
display all deals done.
Ticker
The Ticker screen displays transactions as they occur. The Ticker option is
per session which means when a user logs off the application all records on
the Ticker screen are lost. When the user logs into the application again the
Ticker screen is empty.
Following are details of the Ticker:
TABLE 5. Ticker
Columns
Description
CCY
Rate
The rate at which the deal was done.
Actn
Indicates the aggressive deal type which is Bought or Sold.
Time
$Actn
Indicates the USD deal type which is Bought or Sold. The
column is empty when the counter currency is not USD.
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High/Low
The High/Low screen displays the reference rate, highest bid and the lowest
offer price as new buys or sells appears in the market.
Please note the definitions:
Reference Rate (EST) displays new prices every hour on the hour.
The updated prices are the best buy and sell midpoint price on the
hour.
High – Time (EST) is the highest buy entered by any trader on
Hotspot FX.
Low – Time (EST) is the lowest sell entered by any trader on
Hotspot FX.
The Reference Rate, High and Low column updates are observed during a
24 hours period which starts at 5.00pm EST.
A user can select which currencies to check by right clicking and then
selecting currency pairs from the Major CCY pair, Precious Metals or
Emerging Markets.
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Real-Time FX News
The News screen provides to access the Real-Time FX News. This feature
provides a user the ability to view the news headline and the full news story.
In addition, a user can retrieve news of the three previous days by clicking
the Archive link on the bottom of the News window.
Screen Lock
The Screen lock option allows the user to lock the GUI screen to prevent
submitting, modifying or cancelling of orders.
Screen lock can be enabled by clicking on the Lock menu option and
selecting Lock Screen.
When the Screen Lock is enabled, the text, “Screen Lock” will be visible and
any attempt to submit, modify or cancel an order will cause the text to flash
in yellow for 5 seconds.
Help Menu
The Help menu option provides the following information:
About - provides the current GUI version
User Guide – navigates user to user guides web browser
Contact – provides HSFX Sales Support telephone number
Links – navigated user to the HFSX website
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General Functionality
This section describes the general functionality of the trading platform.
Placing Bids and Offers
This section describes how to place bids and offers using the FX ECN
Screen.
Placing a Bid
To enter a bid, do the following:
1.
2.
3.
Go to the FX ECN screen.
Click on the green Bid button.
A Buy box opens.
The current best market price appears on the Buy window and the curser is
automatically placed over the current blue figure (points) of the price.
A user can do any of the following in the Buy window:
Change the rate by using the up and down arrows to select the
desired bid rate or enter the price from the keyboard.
Change the amount by clicking or tabbing over to the Amount field.
Amount values can be changed by using the up and down arrows to
select the desired amount or entering the desired bid amount from
the keyboard.
Change the amount by clicking or tabbing over to the Show field.
select the desired amount or entering the desired show amount from
the keyboard.
Quit the bid process prior to sending the order to the trading platform
by clicking on the X located on the top right corner. The Buy window
disappears from view.
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Changing a Bid’s Order Type
The Orders button allows a user to change the Order Type from a Limit
Order (LMT) to a Pegged Order (PEG). To change the Order Type do the
following:
1.
In order to change the order type on the bid/offer ticket, Extended
ticket must be enabled.
2. Click on the Type field’s down arrow and select PEG. The Pegged
Order functionality is enabled.
The Pegged Order feature allows a user to add a buy to the market which is
automatically re-priced as the market moves. Each currency pair is allowed
one open pegged bid.
The Pegged Order features are as follows:
1.
Peg Side option allows a user to choose peg to the bid or offer. The
default value for a bid order is Bid.
2.
+/- Pip option allows a user to set the pegged order equal to, less
than or greater than the best bid price.
+/- Pip set to 0. This setting will peg the order to the best bid in
the market.
+/- Pip is set greater than 0. This setting will peg a bid above the
best bid in the market. Users can set a pegged order above the
best price in increments of one-tenth of a conventional pip.
+/- Pip is set less than 0. This setting will peg a bid below the
best bid in the market. Users can set a pegged order below the
3.
Limit Price option allows a user to choose a price to stop pegging
the order. When the best bid price is equal to the Limit Price value
the pegged order is stop updating until best bid price is less than the
limit price.
If this option is blank the pegged order will remain in the market until
a trade occurs or the order is cancelled.
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Transmitting the Buy
To send the buy to the trading platform, click on the Send button. The Initial
Buy window changes to an Open Buy window.
Limit Order
Peg Order
A user can also do any of the following:
Enter multiple buys (up to three per currency) by repeating the
procedures listed above.
Cancel buy(s) by moving the mouse to the Buy window and
selecting on the Cancel button. To cancel multiple bids at the same
time press the F8 key or use the Cancel day orders button.
To close a Buy window, select the Close button. To close multiple
Bid windows at the same time press the F1 key.
Placing an Offer
To enter an offer, do the following:
1.
2.
3.
Open a FX ECN screen.
Click on the orange Offer box.
A Sell box opens.
The current best market price appears on the Sell window and the curser is
automatically placed over the current little figure of the price.
A user can do any of the following in the Sell box:
Change the rate in the Sell window using the up and down arrows to
select the desired offer rate or enter the price from the keyboard.
Change the amount by clicking or tabbing over to the Amount field.
select the desired amount or entering the desired offer amount from
the keyboard.
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Change the amount by clicking or tabbing over to the Show field.
select the desired amount or entering the desired show amount from
the keyboard.
Quit the offer process prior to sending the order to the trading
platform by clicking on the X located on the top right corner. The
Offer window disappears from view.
Changing a Offer’s Order Type
The Orders button allows a user to change the Order Type from a Limit
Order (LMT) to a Pegged Order (PEG). To change the Order Type do the
following:
1.
In order to change the order type on the bid/offer ticket, Extended
ticket must be enabled. For further details on Extended Ticket refer
to the section Dealing Tab on the Preferences Dialog and the Ticket
Type option.
2. Click on the Type field’s down arrow. PEG order functionality is
enabled.
The Pegged Order feature allows a user to add a sell to the market which is
automatically re-priced as the market moves. Each currency pair is allowed
one open pegged offer.
The Pegged Order features are as follows:
1. Peg Side option allows a user to choose peg to the bid or offer. The
default value for an offer order is Offer.
2. +/- Pip option allows a user to set the pegged order equal to, less
than or greater than the best offer price.
+/- Pip set to 0. This setting will peg the order to the best offer in
the market.
+/- Pip is set greater than 0. This setting will peg an offer above
the best offer in the market. Users can set a pegged order above
the best price in increments of one-tenth of a conventional pip.
3.
+/- Pip is set less than 0. This setting will peg an offer below the
best offer in the market. Users can set a pegged order below the
Limit Price option allows a user to choose a price to stop pegging
the order. When the best offer price is equal to the Limit Price value
the pegged order is stop updating until offer is greater than the limit
price.
If this option is blank the pegged order will remain in the market until
a trade occurs or the order is cancelled.
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Transmitting the Sell
To send the sell to the trading platform, click on the Send button. The Initial
Sell window changes to an Open Sell window.
Limit Order
Peg Order
A user can also do any of the following:
Enter multiple sells (up to three per currency) by repeating the
procedures listed above.
Cancel sell(s) by moving the mouse to the Offer window and
selecting on the Cancel button. To cancel multiple bids at the same
time press the F8 key or use the Cancel day orders button.
Quit the sell process prior to sending the order to the trading
platform by clicking on the X located on the top right corner.
To close a Sell window, click on the Close button. To close multiple
Offer windows at the same time press the F1 key.
Cancel Multiple Orders
Multiple active orders can be canceled simultaneously by using the Cancel buttons,
CANCEL day orders button will cancel active session order types
(LMT,TradeView and Peg).
CANCEL ALL button will cancel all active order types (LMT, PEG,
TradeView, PEG, SL, TP and OCO).
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Dealing on Existing Prices
Dealing on existing prices refers to performing trades on the best Sell or best
Buy prices located in the white dealing section of the FX ECN window. The
standard option to perform this type of trading is called Normal Dealing.
To deal on existing prices by Normal Dealing do the following:
1.
2.
1.
2.
Click on the Sell or Buy price button from the currency pair panel on
which to deal at the best market price. (example: EUR/USD 1.40304
Sell box)
Quantity field is highlight and can be modified.
Click on the LMT radio button to submit a limit order at a specific
price. This limit order type will have a time in force of IOC
(immediate or cancel). A partial filled could be a result of LMT IOC
order.
Click on the MKT radio button to submit a market order to deal at
the best market prices. Market order types will have a time in force
of IOC.
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3.
After selecting the LMT or MKT button the trade is completed and
the Sell or Buy window changes from an Initial Sell or Buy window to
a Closed Sell or Buy window with confirmation details.
4.
Click on the Close button to remove the window. To remove multiple
Sell or Buy windows at the same time press the F1 key.
Important:
If a user attempts to sell or buy with an amount larger than the
existing bid or offer, the trading platform will automatically add a buy
or sell of the balance until the user cancels the price. This will also
occur if you miss the price you are attempting to deal on. For
example, if the amount was buy for 5 million EUR, and you attempt
to sell 12 million EUR, the panel will confirm 5 million EUR executed
and continue to work the remaining 7 million until the user cancels
the price by clicking the Cancel button.
However, an option exists to disable the automatic bid/offer balance
described above. To disable this option refer to the section Dealing
Tab on the Preferences Dialog and the Bid/Offer Balance option.
Printing or Saving Deal Log
There are two ways to save the Deal Log:
Print the Deal Log by using the menu option File > Print > Print Deal
Log to send the log to a printer.
Save the Deal Log to a Microsoft Excel spreadsheet using the menu
option Excel > Save Deal Log. This will ostensibly save the file in
.CSV format with the ability to save it under a filename and location
of your choosing.
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Using the Average Log
The Average Log screen provides users with a tool to select a group of
trades to calculate into a single trade with an average price. The Average
Log window will allow a user to average multiple trades into a single
averaged trade.
Following are details of the Average Log:
TABLE 6. Average Log
Columns
Description
CCY
B/S
Buy or Sell. Whether base currency was bought or sold.
Amount
The amount of base currency transacted.
Rate
The rate at which the deal was done.
DealCCY
The base currency transacted.
Deal no.
The deal number (transaction number) for the trade.
Time
V Date
The value date of the deal.
User ID
The userid of the user who traded.
Indicates the status of the Average option for a selected trade
which is Select, Average, and Yes or No.
Average
The option allows a single average trade at a single price.
When the status is Yes a group of trades were averaged and
when the status is No a single trade was averaged.
Process
Indicates the status of the Average option for a selected trade
which is Select, Pending or Processed.
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Averaging Single Trade
To average a single trade which bypasses the averaging multiple trades
process, do the following:
1.
Open the Average Log screen by going to the menu options
Functions > Average Log.
2.
On the All Deals tab, go to the Process column and double click on
the yellow Select button. The Process column will change from
Select to Processed and the Average column will change from
Select to No.
Averaging Multiple Trades
To average several trades into a single trade at an average price, do the
following:
1.
Open the Average Log screen by going to the menu options
Functions > Average Log.
2.
On the All Deals tab, go to the Average column and click the Select
button for each trade to be included in the average. The Process
column will change from Select to Pending in the appropriate cell for
each selected trade.
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3.
A user may also right click on the CCY field to display a list of
options which include: Select Currency Buy OR Sell, Clear Currency
Buy OR Sell, Select All Trades and Process All Trades. These
options allow the selection of multiple trades all at once.
4.
Go to the Averaging tab and select the Process button below the
trades waiting to be averaged. Once the Process button is selected
the button’s name changes from Process to Processed, a Time
value is added and the Allocate button is enabled.
The Averaging tab also has a Process All button. This button will
process multiple average transactions all at once.
5.
When the average process is complete the update is added to the
Final tab.
Printing Averaged Trades
The Print feature allows a user to print the average transactions from the
Final tab.
Emailing Averaged Trades
The Email feature allows a user to send an email of the average transactions
from the Final tab.
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Average Log Filter
The dropdown filter allows the user to filter the average log by currency pair
on the Alls Deals tab and Final tab.
Orders
The Order Blotter screen allows a user to add Orders which remains in the
queue until the order is filled or the client cancels the order.
The Hotspot FX platform allows a user to place three types of resting orders
that will remain on the Order queue until the order is filled or the order is
canceled. There are three types of orders:
T/P - Take profit
S/L - Stop loss
OCO - (One Cancels Other), an OCO order adds an S/L order and a
T/P order which will be entered at the same time. If one order gets
executed, the other order is automatically cancelled.
The Order system attempts to accommodate a user’s needs by accepting
new orders, accepting amendments (modifications/changes) to orders and
accepting order cancellations.
Enter Order
To enter an order, do the following:
1.
Click on the Orders button from the main window or go to the main
menu option Functions > Orders. An Order Blotter window appears
on the trading platform.
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2.
From the Order Blotter window, click on the New Order button. An
Order Entry window appears above the Order Blotter window.
3.
From the Order Entry window, click on the Currency arrow, a dropdown list will appear with tradable currency pairs in alphabetical
order. Select a currency pair to appear in the Currency field. If a
CCY is already selected on the ECN, the Order entry Currency field
will be populated with that currency pair.
4.
5.
6.
Select the Buy or Sell button.
Enter an amount. Amounts are represented in terms of millions.
Click on the Rate field or up/down arrows to change the value. The
Rate field will automatically display the current best buy or sell price.
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7.
Click on the Type field and select the desired order type (S/L, T/P,
OCO).
8.
When the OCO option is selected an additional OCO field appears
on the Order Entry window.
9.
Click on the Submit button to enter the order.
View Open Orders and Order Status
Go to the Active tab from the Order Blotter window. If the order has been
accepted, the Status column will state Accepted. In addition to S/L, T/P or
OCO order types, the order blotter will also display LMT order type.
The Order Blotter window allows the Executed, Cancel and History tabs to
sort orders in ascending or descending order, to use this functionality single
click on the column to be sorted.
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Order Blotter Filter
The dropdown filter allows the user to filter the order blotter tabs by ALL,
GTC or Session. Selecting ALL will display all orders; selecting GTC will only
display orders with a GTC time condition such as SL and TP; selecting
Session will display orders that are only active during the session such as
LMT, PEG and Tradeview/Sweep.
Modify an Active Order
To modify an active order, do the following:
1.
2.
From the Active tab highlight an accepted order.
Click on the Modify button for the Order Entry window to appear with
the selected order details.
3.
Perform the desired changes which are limited to the Amount, Rate,
Type, OCO fields. Then click on the Modify button.
If the modification(s) has been accepted, the Order Blotter window
will change the Status column field to Accepted.
LMT orders can be modified from the order blotter. However, the
Reprice Balance option must be enabled. To enable this option
refer to the section The Dealing Tab on the Preferences Dialog.
4.
5.
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Cancel an Active Order
2.
From the Order Blotter window’s Active tab click on the order that
you would like to cancel.
Click on the Cancel button. Note: Be sure to hit the Cancel button in
the Active tab.
NOTE: Do not mistakenly hit the Canceled tab because that is
merely a view of all canceled orders.
3.
A Message window will appear.
4.
Click on the Yes button to complete the cancel process, which
automatically sends a cancel request and remove for Order.
Note: If the order cancellation is rejected, the user will see a
Message window appear explaining the reason why the order
cancellation process was rejected. When an order cancellation is
rejected, the order is still a live active order.
1.
To view Canceled orders from the Order Blotter window, click on the
Canceled tab.
View Executed Orders
From the Order Blotter window click on the Executed tab. Use the scroll bar
to locate an order. Executed orders are also reflected in the Deal Log
window and the Open Positions window as Orders are executed.
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View the History of an Order
From the Order Blotter window click on the History tab. Use the scroll bar to
locate an order. To track the histories of an order check the RefNo column
value to match up the order activity by the reference number.
Shortcut Keys
There are a number of shortcut keys a user can use to navigate the Hotspot
FX Trading Platform. They are described in the table below.
TABLE 7 Shortcut Keys
Shortcut Key
Description
F1
Clears all inactive trade windows
F2
Bid
F3
Offer
F8
Off all
F9
Remove the selected currency
F11
Shrink or expand the FX ECN Screen
F12
Remove Reference Rate column from view
Ctrl+U
Move up the FX ECN screen.
Ctrl+L
Move down the FX ECN screen
Save Screen Settings
This feature allows a user to save window positions; currency pairs/default
quantity values and dealing options. User can save settings from the main
menu option, File>Save Settings or the Save Settings confirmation will be
displayed on the screen before a user can log out.
27
Changing Passwords
The system allows a user to change the password. To change the password
the user needs to do the following:
1.
Go to the menu Functions > Password Change.
2.
The system displays the Password Change dialog.
3.
Enter your existing password in the Old Password field.
4.
Enter a new password in the New Password field.
5.
Re-enter the new password in the Confirm New Password field.
Whenever a user logs onto the system, the user should refer to the new
password.
Password Rules
The following are the rules for new passwords:
Passwords must contain at least eight (8) characters.
A password must contain a combination of upper and lower case
letters (A,a to Z,z), and at least one special character (for example, *,
#, $, %, ?, /, !, (, )) or numeric characters (0 to 9).
The same character cannot be repeated more than 2 times in a row
(for example, xx, yy, zz).
The password cannot include the user ID.
Please note that your new password must be different than the previous
one(s).
28
Customizing the Trading Environment
The Hotspot FX application provides a user with the opportunity to customize what they see in
the application and how it works. Using the Preferences dialog, users can specify:
The Set Up features allows a user to change the number of FX ECN / Tradeview
tabs, modify Tradeview max # of iterations, change the number of currency pairs per
window, change the currency pair order and change the FX ECN font size of text on
the application window.
The Dealing features allows a user to change the following functionality:
Single/Double Click Dealing, Reprice Balance, Bid/Offer Balance, Buy/Sell Follows
Market (Prior to Sending), Active Price Screen, Position/Deal Log/Order blotter
always on top, Enable Warning Message When Sweeping Book/Crossing Mkt or Far
Away from Mkt, Enter/View Full Quantity, Enter/View Full Quantity and Confirm
Before Sending Order, Save Trades File, Save Average File, Bid/Offer Default Show
Value, Half Pip Rounding, Reference Rate on High/Low Window, Show Reference
Rate upon logon, change ticket type and modify account list.
The Major CCY Pairs and Emerging Markets tab features allows a user to set the
Default Transaction Amounts, Default Show Amount, Default Increment Amount,
Chase Value, Threshold Warning, Deal Currency, Minimum Match Size, Default to
Market Quoting Conventions.
The Precious Metals tab changes the amount values from millions to thousands as
well as provides the following options: the Default Transaction Amounts, Default
Show Amount, Default Increment Amount, Chase Value, Threshold Warning, and
Minimum Match Size.
Scope of User Preferences
All preferences are tracked by user ID; that is, when a user sets the trading preferences, the
updated preference settings will remain even if the user logs onto the system from different
machines. Multiple traders sharing the same machine also benefit from this feature.
When a user makes a change in the Preferences dialog, click the Apply button to save the
new preferences and associate them with the user ID settings.
Note: That depending on selected Windows screen parameters, the Apply button may be
hidden. In this case, either select different screen parameters or move the OptionsPreferences window upwards.
29
The Set Up Tab on the Preferences Dialog
Below is the Set Up tab on the Preferences dialog where a user can customize the trading
environment, by performing the following:
Add and remove currencies for each FX ECN / Tradeview column. Only FX ECN
columns with currency pair values will appear on the trading window.
Set a preferred font size.
Adding and Removing Currencies
The Set Up tab on the Preferences dialog provides a user with the primary way to add or
remove currencies from the FX ECN screen. Currency pairs should be added in the order the
user would like them to appear on the FX ECN screen.
To remove currencies, do the following:
Highlight the currency to be removed and press the F9 key.
Use the Functions > Add or Remove CCY Pairs which will provide the Preferences >
Set Up tab, this will allow a user to add or remove currency pairs from the FX ECN /
Tradeview screens.
Default Currency Pair Sequence
If a user doesn’t set up default currency pairs for the FX ECN platform via the Preferences
window, the FX ECN platform will display the sequence of currency pairs as EUR/USD,
USD/JPY, GBP/USD, USD/CHF, EUR/JPY, EUR/CHF, EUR/GBP, USD/CAD, and AUD/USD.
Change Font Size
The FX ECN Font Size provides a user with five font options. Please note that depending on
your screen resolution, larger fonts may not allow the ability to see the full market depth.
30
The Dealing Tab on the Preferences Dialog
Below is the Dealing tab on the Preferences dialog is where a user can customize the trading
environment, by selecting the following options:
Reprice Balance
Bid/Offer Balance
Buy/Sell Follows Market (Prior to Sending)
Active Price Screen
Position/Deal Log/Order Blotter always on top
Enable Warning Message When Sweeping Book/Crossing Market or Far Away from
the Mkt
Enter/View Full Quantity on Buy/Sell Ticket
Save Trades File
Save Average File
Half Pip Rounding
Show Reference Rate upon logon
Ticket Type
31
Single Click or Double Click dealing is one of the modes used by the most-active traders, and
should only be activated if really needed. It provides the user with a way to execute a
transaction quicker on the trading platform. This option does not provide a preview before
executing the transaction.
User can activated Single Click Dealing or Double Click Dealing from Preferences or select
1Click or 2Click radio button on the ECN.
To submit a limit or market order using Single/Double dealing, user can select Limit or Market
radio button on the ECN.
Reprice Balance
The Reprice Balance feature allows a user to re-submit an open buy or sell with a new price
for the remaining balance of an open order without having to first cancel the open order and
then re-enter the buy or sell with a new price.
Note. The Peg Order feature does not have the Reprice option. It is not necessary
since the Peg Order functionality performs the reprice functionality automatically as
the market moves.
To reprice the balance, use the grey arrows next to the price to change it up or down. Click
RPRC button and the previous buy or sell will automatically be cancelled and replaced with
the newly priced buy or sell.
Bid/Offer Balance
The Bid/Offer Balance feature will automatically add a buy or sell to the trading platform when
a user’s buy or sell can only be partially filled by the best market price. This option can be
toggled on/off from Preferences or from the ECN window toolbar.
Buy/Sell Price Follows Market (Prior to Sending)
The Buy/Sell Price Follows Market (Prior to Sending) feature will automatically update the Buy
and Sell window as market prices change.
32
Active Price Screen
The Active Price Screen allows a user to manage the active buys, sells and orders (S/L, T/P,
OCO) in a single screen. This window can be positioned anywhere on a user’s terminal
screen, even outside the trading platform.
When this feature is enabled, active buys, sells and orders (S/L, T/P & OCO) are displayed in
this window along with the current market price for the currency pair to make it easier to see
the market in relation to a user’s buy or sell.
When Show Single column is enabled, the active price screen will display orders in a single left-side
column.
Note. The Active Price Screen cannot be closed while there are active orders. However,
Active Price Screen can be turned on/off while there are active orders.
Position/Deal Log/Order Blotter Always on Top
This feature will allow a user to set the Position/Deal Log/Order Blotter to always appear on
top of other windows. This will prevent the Position/Deal Log/Order Blotter to be hidden
behind other screens in the Trading Platform.
Note. These windows will not appear on top of a buy or sell window as well as the
Active Price Screen.
33
Enable Warning Messages
Sweeping Book or Crossing the Market
The Enable Warning Message When Sweeping Book feature will trigger an alert message
whenever an order level would entail a buy at a price higher than the current best offer or a
sale at a price lower than the current best bid.
Far away from the Market
The Enable Warning Message When Far away from the Market feature will trigger an alert
message whenever an order price is more than ¼% away from the market.
Enter/View Full Quantity on Buy/Sell Ticket
The Enter/View Full Quantity feature is useful when a user wants to deal in amounts precise
to the nearest penny. A buy or sell window will appear, showing full amount.
Or:
The Confirm Before Sending Order feature displays a confirmation window before sending an
order to the market.
34
Save Trade File (Current Deals Only)
The Save Trade File option allows a user to save trade activity into a CSV file. The option
provides two choices the first is to save each trade into a separate file; the second is to save
all trades into a single file.
Save Average File
The Save Average File option allows a user to save averaged trade activity into a CSV file.
The option provides two choices the first is to save each trade into a separate file; the second
is to save all trades into a single file.
The Bid/Offer Default Show Value option will allow a user to enter a unique show value for
each currency pair. This option updates the Buy/Sell window’s Show field.
Half Pip Rounding
The Half Pip Rounding option will allow a user to choose the Price field’s incremental value
when using the UP and DOWN arrows on the Bid/Offer window.
When the Half Pip Rounding option is enabled the UP and DOWN arrows will increment or
decrement to the nearest ½ pip value of 5 or 0 (i.e. 1.33752, decrement is 1.33750 and
increment is 1.33755). When the Half Pip Rounding option is disabled the UP and DOWN
arrows will increment or decrement by ½ Pip of the current price (i.e. 1.33752, decrement is
1.33747 and increment is 1.33757).
Half Pip rounding option disabled
(unchecked)
Half Pip rounding option enabled
(checked)
Decrement
Sample
Price
Increment
Decrement
Sample
Price
Increment
1.33745
1.33746
1.33747
1.33748
1.33749
1.3375
1.33751
1.33752
1.33753
1.33754
1.3375
1.33751
1.33752
1.33753
1.33754
1.33755
1.33756
1.33757
1.33758
1.33759
1.33755
1.33756
1.33757
1.33758
1.33759
1.3376
1.33761
1.33762
1.33763
1.33764
1.33745
1.3375
1.3375
1.3375
1.3375
1.3375
1.33755
1.33755
1.33755
1.33755
1.3375
1.33751
1.33752
1.33753
1.33754
1.33755
1.33756
1.33757
1.33758
1.33759
1.33755
1.33755
1.33755
1.33755
1.33755
1.3376
1.3376
1.3376
1.3376
1.3376
The Reference Rate on High/Low Window option allows a user to display or not display the
Reference Rate column on the High/Low window.
Show Reference Rate upon logon
Show Reference Rate upon logon option a user to display or not display the Reference Rate
column on the FX ECN or TradeView upon logon.
35
Ticket Type
Changing the ticket type from Default Ticket to Extended Ticket will allow the option to change
order type and Tag name on the buy/sell ticket.
Account List
Account names must be alphanumeric characters and separated by a comma
Buy/Sell Extended Ticket
Allows changing the Type from LMT to PEG and the selection of a Tag/Account
name
Extended Tkt Checkbox
Toggling from Default ticket to Extended ticket can be done without going through
Preferences by easily using the Extended Tkt checkbox on the ECN toolbar.
36
Auto Big Figure Change
Changing/typing in minor figure in the price field on the bid/offer window could result in
automatic big figure change. The rule is as follows:
Buy side → when current small figure is less than 20 pips, and when you enter the new small
figure that is greater than 80 pips, the big figure will reduce by 1 for JPY currency; reduce by
0.01 for other currencies.
Sell side →when current small figure is greater than 80, and when you enter the new small
figure that is less than 20 pips, the big figure will increase by 1 for JPY currency, increase by
0.01 for other currencies.
Market Prices
Initial Buy window:
Change the highlighted pip value from 100 to 900, the buy price will automatically
reduce the price from 0.85100 to 0.84900.
37
The Currency Pairs Tabs on the Preferences Dialog
The Amounts tab has been divided into three separate tabs to help manage the increasing
number of currency pairs added to the system. The tabs are Major CCY Pairs, Emerging
Market and Precious Metals.
The tabs provide the same functionality which allows a user to customize the trading
environment for each currency pair.
Default Transaction Amounts
Default Show Amount
Default Increment Amount
Chase Value
Volume Threshold
Deal Currency
Warning Size
Minimum Match Size
Default to Market Quoting Conventions
Major CCY Pairs tab
38
Emerging Markets tab
Precious Metals tab
The Precious Metals tab is separate from the Major CCY Pairs and Emerging Market tabs to
highlight the following:
Default Transaction Amounts are in thousands
Deal Currency option is disabled
39
Setting Default Transaction Amounts
The Default Transaction Amounts feature provides a user with the ability to set up a main
default transaction amount as well as additional default amounts (columns 1, 2, 3, 4) in
millions, by currency pair (in ounces for precious metals currency pairs). For example, in the
Preferences shown above, the AUD/CAD main default value is set to AUD 3 million and other
default values are AUD 1, 2, 5 and 4 mios.
Copy to all
Right click on a quantity will allow a user to copy that value to other rows
Editing Default Amounts
In addition, to modifying defaults amounts on the Preferences window, direct edits of the
default amount from the tool bar are allowed.
Changing default amounts from the tool bar
Click an amount field, the selection will be highlighted in yellow; blinking cursor will indicate
that field is editable. When you type a new number, the background will change to pink;
which indicates the number has changed. You must hit the “enter” key to accept the new
setting. Without confirming with the “enter” key, the value is not accepted.
Once the new setting has been validated and accepted, the new setting will also be reflected
on the Preferences default amount tab. Click an amount field is use to change the default
selection. The amount you select will be highlighted.
Setting Default Show Amount
The Default Show amount option allows a user to conceal part of the buy or sell order before
adding the order to the trading platform. When the option is enabled each time the Buy or Sell
window appears the new amount will appear on the Show field.
40
Setting Default Increment Amount
The Default Increment Amount allows a user to set an increment value for the buy or sell
window’s amount and show arrows.
Setting Chase Value
The Chase value functions with the Tradeview or Tradeview Panel screen by allowing a client
to chase pips outside the Tradeview Average Price. This option is useful during high volume
periods.
Setting Warning Size
The Warning field provides a message when a user enters an amount greater than the
Warning field value. The message window states: The amount entered is greater than
your warning level! Do you want to proceed? The warning size cannot be less than the
main default value.
Changing Deal Currency
The Deal Currency option allows a user to change the deal currency value. The down arrow
displays both the Deal CCY and the Counter CCY names providing flexibility for our users to
select either name to complete transactions.
Setting Minimum Match Size
The Minimum Match Size feature provides a user with the ability to set up a minimum match
size preventing any amount below the preset size to match with your buy or sell. The
maximum value for this option is 0.5 mios.
Note: When a partially filled order results in a final amount below the preset size, the rule will
be disabled so that the order can be fully filled.
Setting Default to Market Quoting Conventions
The Default to Market Quoting Conventions option allows a user to change the deal currency
value to the counter currency value. The option will allow the user to trade with the counter
currency value until the application session is terminated. The login process will restore the
deal currency values.
41

FX ECN User Guide

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