J-Trader. Version 2.8. User Guide. Date: 6 th June 2001 Document Version: 1.0

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1 J-Trader Version 2.8 User Guide Date: 6 th June 2001 Document Version: 1.0

2 Table of Contents 1 DOCUMENT INFORMATION...V 1.1 RELATED REFERENCE DOCUMENTS... V 2 ABOUT THIS GUIDE OVERVIEW ASSUMPTIONS WHAT THIS GUIDE COVERS GETTING SUPPORT J-TRADER REQUIREMENTS AND FUNCTIONALITY REQUIREMENTS Hardware & Software Requirements OVERVIEW OF J-TRADER FUNCTIONALITY THE J-TRADER MAIN SCREEN (PRE-LOGIN) Maintaining Network Settings (pre-login) Change Password LOGGING INTO J-TRADER MESSAGES WINDOW ABOUT J-TRADER DESKTOP MANAGEMENT FEATURES Desktop Level Management Options Open a New Desktop Rename a Desktop Copy a Desktop Delete a Desktop Open a New Window Window Level Management Options Create a New Desktop Open a New Window Rename a Window Copy a Window Close a Window SETTINGS (POST-LOGIN) Display Tab Colours Frame Fonts Frame Always On Top Frame Cancel or Save Display Settings General Tab Alerts Frame Prices Frame Messages Frame Diagnostics Frame Function Keys Show Trade Frame...19

3 Cancel or Save General Settings Trading Tab Confirm Mouse Positions Frame Fat Finger Limits Frame Sounds Frame Cancel or Save Trading Settings Contract Tab Commission Tab Price Alerts Tab Order Type Tab Price Check Tab Tick Size Tab Lots Buttons Tab Colours Tab Cancel or Save Contract Settings Mel Template Tab Adding a Template Adding a Leg to a Strategy Maximise and Minimise the Template and Legs Windows Cancel or Save MEL Template Settings EXIT QUICK GUIDE TO GETTING STARTED WITH J-TRADER NAVIGATION WITHIN SCREENS FEATURES COMMON TO MANY J-TRADER SCREENS Array of Tabs Account A (Font Control) Column Sizing and Selection Menus Sizing Options Only Select Columns Option J-TRADER FUNCTIONALITY HOT QUOTES TAB Add a Contract (or MEL Strategy) to the Hot Quotes Screen Remove a Contract (or MEL Strategy) from the Hot Quotes Screen Display Contracts on One or Two Lines Include Implied Prices Set the Default Lots Size Enter a Trade Using the Tick Bar Trade Button (Trade Window or Ticket) OCO Button (One Cancels the Other) DOME button Set the Number of Lots Centralise the Prices Enter a Bid Enter an Offer Pull All Bids at a Single Price...55

4 Pull All Offers at a Single Price Pull All Bids Pull All Offers Pull All Orders Price Injector Gun (P.I.G.) Manual Frame Automatic Frame Depth Of Market (DOM) Display Depth Of Market Enter Limit Orders from the DOM screen Enter Market Orders from the DOM screen Pull Button Pull All Button STOCKS TAB Add a Contract to the Stocks Screen Remove a Contract from the Stocks Screen The Show Exchanges Check Box Set the Default Lots Size Trade Button (Trade Window or Ticket) DOME button Pull Button Pull All Button MATRIX TAB Implied Prices Commodity Contracts Set the Default Lots Size Trade Button (Trade Window or Ticket) Enter a Trade Using the Tick Bar Depth of Market (DOM) Display Last 20 Trades Pull All Button STATUS TAB Pull Orders Button One-Click Cancel Pull All Button Amend Orders Amending from Price and Lots Columns Amend Button Activate Button Trade Button (Trade Window or Ticket) Detail Button Print Details Export Details Near Orders Button Filter Buttons Filter Tab Sort Tab...80

5 Cancel Filter Button Query Button Print button Export Button POSITION TAB REPORTS TAB View a Daily Report Print a Report Save a Report in a File ACCOUNTS TAB Search for a Trader Account Select a Default Account APPENDIX FAQ FREQUENTLY ASKED QUESTIONS ONE-CLICK TRADING CAUSES OF SLOW PRICES HOT QUOTES FILTERING FILLED ORDERS FOR A SPECIFIC TRADER ACCOUNT MEL EXECUTION CANCELLING A MEL HELD ORDER STATUS OF A MEL ORDER EXECUTION OF A MEL STRATEGY WHEN A MEL FAILS TO FILL ALL LEGS SEQUENCE OF SUBMISSION OF MEL LEGS REPORTS DOM FAT FINGER LIMITS STATUS SCREEN FUNCTIONALITY QUERY FUNCTIONALITY STATUS TYPE MESSAGES APPENDIX EXAMPLES OF MEL STRATEGY EXECUTION EXAMPLE 1 (RATIO PRICING) EXAMPLE 2 (RATIO PRICING) EXAMPLE 3 (NON-RATIO PRICING) EXAMPLE 4 (NON-RATIO PRICING) EXAMPLE 5 (NON-RATIO PRICING)...98

6 1 Document Information 1.1 Related Reference Documents Doc. nr. Date Title Where available v /10/2000 Technical Documentation Hardware and Systemware Specification v /11/2000 Network Considerations J-Trader Installation Guide Web-site

7 2 About this Guide 2.1 Overview This manual describes version 2.8 of the J-Trader Client. 2.2 Assumptions This guide assumes that J-Trader has already been installed on your system and that you have been issued with both a User login identification (ID) and password. This guide also assumes that the trader is familiar with Microsoft OS platforms, on-line trading and understands how to interpret any data retrieved using J-Trader. 2.3 What This Guide Covers This guides describes: The functions, commands, windows and dialog boxes that are used in J-Trader How to carry out the most common user tasks in a step-by-step manner This user guide does not describe: How to use the System and Risk Administration (SARA) Installation of the J-Trader Trading theory 2.4 Getting Support If you encounter any problems using the J-Trader you should contact your System Administrator or a member of the patsystems Support Services team.

8 3 J-Trader Requirements and Functionality 3.1 Requirements Hardware & Software Requirements Please refer to the latest versions of the patsystems Technical Documentation Hardware and Systemware Specification and Network Considerations documents.

9 3.2 Overview of J-Trader Functionality The main features of the J-Trader Client are to enable the User to: Enter Ticket Trades Enter Market Orders Enter Limit Orders Trade using the Multi Exchange Legger (MEL) Trade using the Depth Of Market Executor (DOME) Monitor real-time P&L and Positions for all permitted Accounts Print Daily Reports Connect over Wide Area Network, Local Area Network, Leased Line, or Internet The following figure is a network diagram illustrating how the Client is linked to the exchanges:

10 3.3 The J-Trader Main Screen (Pre-Login) Having started J-Trader from the web site, the following warning may be displayed: After clicking the OK button, the J-Trader screen is displayed: The following table contains brief descriptions of the items that appear on the main screen before logging in: Item Type Description User Name Text Field Unique ID of the User in J-Trader Password Text Field Alphanumeric string (echoed to screen as asterisks) to maintain security of User s account... Button Allows password to be changed Settings Button Shows Network Settings information Reset Button Commits changes to Network Settings and Password Login Button Starts up J-Trader after input of User Name and Password Cancel Button Closes the Main Window Host Flag Indicates connection to the Transaction server is open Price Feed Flag Indicates connection to the Price Proxy server is not open Links Hyperlink Opens links to customer-defined websites New Button (Disabled before login) Tile Horizontal Button (Disabled before login) Tile Vertical Button (Disabled before login) Maintaining Network Settings (pre-login) The Settings button displayed before login gives access to information about network settings. This should not be confused with the Settings button shown after login (see section 3.6). To view, maintain, or edit network settings: Click the Settings button. The following window is displayed:

11 Type the IP Address of the host server in the Host Address field, and the Port number in the Host Port field. In the Price Proxy frame, click the Add button for each new IP Address/Port number combination to be listed. The highlighted entry in the list may be moved up or down using the buttons. To delete the highlighted Price Proxy IP Address/Port combination from the list, click the Delete button. Click the Cancel button to undo any changes made to the network settings, otherwise click the OK button to return to the main J-Trader window. Click the Reset button to commit the changes Change Password To change the password for a given User Name: Click the button. The following window is displayed: In the New Password field, enter the required string. Enter the string again in the Confirm field. A check is performed to compare both values. Unless they match the OK button remains disabled. Click the OK button to return to the main J-Trader window. Click the Reset button to commit the changes.

12 3.4 Logging Into J-Trader The following is a brief step-by-step description of how to start J-Trader: Enter the User Name as created in SARA and supplied by the System Administrator. Enter the Password. While a User s initial password will have been created by the System Administrator, the Client will periodically prompt users to create new passwords as the old ones expire. (For information on changing passwords, see section ) Click the Login button. A message similar to the following will be briefly visible: When logging in is complete, the following main window is displayed: Note the following changes: The Price Feed flag (light bulb icon) has turned bright green The Messages window at the right-hand side of the screen (see section 3.5) The About button (see section 3.6) The New (page icon) button (see section 3.7) The Default Desktop flag (see section 3.7) The Settings button (see section 3.8) The Exit button (see section 3.9)

13 The following table contains brief descriptions of the items that appear on the main screen after logging in: Item Type Description Default Desktop Flag Indicates windows open (after logging in) About Button Shows information about the version of J-Trader Settings Button Allows Users to configure desktop Exit Button Closes down the J-Trader session Host Flag Indicates connection to the Host server is open Price Feed Flag Indicates connection to the Price Proxy server is open Links Hyperlink Opens links to customer-defined websites New Button Opens new windows on desktop Tile Horizontal Button Arranges multiple windows horizontally on desktop Tile Vertical Button Arranges multiple windows vertically on desktop

14 3.5 Messages Window An example of the Messages window populated with data is illustrated below: The components of the Messages window are listed in the following table: Item Type Description Messages Check Box Allows Normal -type messages to be displayed on the list Alerts Check Box Allows Alerts to be displayed on the list RFQs Check Box Allows RFQs (Requests For Quotes) to be displayed on the list Sequence Counter Unique identifier for the message Type Text Field Type of message ( Normal, Notify, Alert, or RFQ ) Message Text Field Text of the message (up to 50 characters long) Messages in this window may be ordered by the Sequence, Type or alphabetical order of the message text. To arrange messages in sequential order, click Sequence on the title bar above the grid. To arrange messages by their type, click Type on the title bar. To arrange messages in alphabetical order, click Message on the title bar above grid. 3.6 About J-Trader The About button accesses the following window, which provides information about the version of J- Trader and the network addresses:

15 3.7 Desktop Management Features Click the New button to bring up a new window on the J-Trader desktop. The original Default Desktop lists the windows that have been opened on that desktop. These are identified as Window 1, Window 2 etc. Single clicking the relevant window icon brings the window into focus. The Tile Horizontal button arranges open windows vertically on the desktop. The Tile Vertical button arranges open windows vertically on the desktop Desktop Level Management Options While the Default Desktop is the only one initially to be displayed, it is possible to generate multiple desktops and windows. The desktop highlighted in yellow (which at the outset is the Default Desktop) is the one to which the operation will be applied. To access the available options right click the mouse. For example if Desktop 1 were the highlighted item, then the menu would be displayed as illustrated in the following figure:

16 Open a New Desktop To open a new desktop (which will be on the same hierarchical level as the Default Desktop, click New Desktop option. If it is the first new desktop, it will be named Desktop 1 by default Rename a Desktop To change the name of a desktop (including the Default Desktop): Select the desktop to be renamed, so that it is highlighted in yellow. Select the Rename <Name of Desktop> option from the menu. The Rename Desktop dialogue box is displayed as illustrated in the following figure: Enter the new title in the New Name field. Click the OK button to commit the change, or Cancel to abandon it Copy a Desktop To make a copy of an existing desktop: Select the desktop to be copied so that it is highlighted in yellow. Click the Copy <Name of Desktop> option from the menu. It will immediately display a record for the copy on the list and highlight it. For example if Desktop 1 is being copied, the new one will be appear as Desktop 1 (1) Delete a Desktop If there is only one desktop open, the delete option is not enabled, as an instance of J-Trader requires one desktop to be open. To delete an existing desktop: Select the desktop to be deleted, so that it is highlighted in yellow. Click the Delete <Name of Desktop> option from the menu. It will immediately be removed from the list.

17 Open a New Window As already observed, one method of opening a new window (which is one level below the desktop in the hierarchy) is to click the New button on the desktop. To open a new window using the desktop pop-up menu: Select the desktop beneath which the window is to be opened, so that it is highlighted in yellow. Click the New Window option from the menu. A new window will immediately be opened. If there is no other window of that name, it will be called Window Window Level Management Options The optimal means of using J Trader involves its capacity to open multiple windows on a single desktop, using the methods already described. As with desktops each window may be maintained using a menu of options accessed by a right click of the mouse. The window highlighted in yellow is the one to which the operation will be applied. For example if Window 1 were the highlighted item, then the menu would be displayed as illustrated in the following figure: Create a New Desktop To create a new desktop using the Window Level Management menu: Select the window to be converted to a desktop, so that it is highlighted in yellow. Click the New Desktop option on the menu. The window will immediately become a desktop, at the same level in the hierarchy as other desktops. If there is no other desktop of that name, it will be called Desktop Open a New Window To open a new window from the Window Level Management menu: Click New Window option on the menu. If the existing one is called Window 1, the new window will be named Window 2.

18 Rename a Window To change the name of a window: Select the window to be renamed, so that it is highlighted in yellow. Select the Rename <Name of Window> option from the menu. The Rename Window dialogue box is displayed as illustrated in the following figure: Enter the new title in the New Name field. Click the OK button to commit the change, or Cancel to abandon it Copy a Window To make a copy of an existing window: Select the window to be copied so that it is highlighted in yellow. Click the Copy <Name of Window> option from the menu. The Select Desktop window is displayed. Click the drop-down list beside the Desktop field to display a list of available desktops to which the window may be copied, and click the required one. Click the OK button to proceed with the copy, or Cancel to abort it. It will immediately display a record for the copy on the list. If Window 1 is being copied, the new one will be appear as Window 1 (1) Close a Window While there must be a minimum of one desktop open during a J-Trader session, no windows need necessarily be open. To close an open window: Select the window to be closed, so that it is highlighted in yellow.

19 Select the Close <Name of Window> option from the menu. It will immediately be closed and removed from the list. 3.8 Settings (post-login) The Settings button on the main screen allows Users to configure the J-Trader desktop according to suit their personal preferences. On clicking this button, the Settings window is displayed. It contains the following tabs: Display (see section 3.8.1) General (see section 3.8.2) Trading (see section 3.8.3) Contracts (see section 3.8.4) Mel Template (see section 3.8.5) A brief description of the different options available follows: Display Tab The Display tab, illustrated in the following figure, allows the User to customise the appearance of the desktop:

20 Colours Frame The main component of the Colours frame is a list of objects for the various screens. Beside each item, the default colour is displayed in a box to the right. Navigation of the list is achieved using the scroll bar. The colour of each item may be configured using the following procedure: select the line to be configured, so that the record is highlighted in blue. Select one of the 35 colours available from the colour palette to the right of the list. If the required colour is not available on the palette, the User may create one in the mixing palette, the box to the right of the main palette. The three fields (Red, Green, and Blue) contain numbers between 0 and 255, which may be typed in or altered using the up and down arrow spin buttons. By changing the value in each of the three fields, there results a different colour. If all are set to zero, the box is black; if all are set to 255, it is white. As many as 16,777,216 different tints and shades are possible using this feature. The Use price change colour for (secs) field contains a figure between 0 and 60 denoting the time in seconds a price change (Bid or Offer) is to be displayed in the colour for Rising or Falling, before returning to the Normal colour The Use on market colour for (secs) field may contain values of between 0 and 60. This value denotes the length of time, in seconds, that bid (or offer) prices will be displayed in the configured colour whilst the Trader Account s orders are on the bid (or on the offer). By checking the Always Shown checkbox there is no time limit, and the Trader Account s orders will appear in the configured colour for as long as they are on the bid or on the offer Fonts Frame The controls in the Fonts frame allow users to customise the font name, size, and style of the display. The Name field displays the currently selected typeface. By clicking the down arrow to the right, a drop-down list containing the available fonts is displayed. By clicking the Bold and Italic checkboxes, these styles may be applied and removed. Alter the values displayed for Max Size and Min Size fields using the spin buttons. These fields may contain values between 4pt and 36pt, but the Max Size may not be applied if it is lower than the Min Size. They control the ratio of the fonts used in windows when fully maximized and minimized.

21 Always On Top Frame The Always On Top Frame contains checkboxes for the following types of pop-up window: DOME Fill Alert Trade Frame (also known as a Trade Ticket) Stock By checking the relevant box, the pop-up window in question is never occluded, even when another underlying screen is clicked and brought into focus Cancel or Save Display Settings To cancel or save settings, and exit the Display tab: Click the Apply button to commit changes to the settings, but keep the Display tab open. Click the Cancel button to close the Display tab and cancel all changes made to the settings since the last Apply button was last clicked. Click the OK button to exit the Select Font window to retain the settings at the current values after the Apply button was last used.

22 3.8.2 General Tab The General tab, illustrated in the following figure, allows Users to customise Alerts, assign Function Keys (FKs), and switch on Diagnostic Tracks: Alerts Frame The Alerts frame contains four checkboxes that control whether the user is made aware of the different Alerts as they arrive, in the form of pop-up windows, (or in the case of Audible Alerts, as a sound). Even if left unchecked on the General tab, Alerts may still be accessed through the Messages window (see section 3.5). Checking the Display Alert Popup checkbox will cause Alert messages to appear in the form of a pop-up, for which the OK button must be clicked before proceeding. An example of a pop-up is illustrated in the following figure:

23 Checking the Display Fill Alert Popup checkbox causes Fill Alert pop-ups to be displayed every time a fill is received. These may be either Buy or Sell fill alerts (identified by being coloured blue and pink respectively. Examples of buy- and sell-type Fill Alerts are illustrated in the following figures: Checking the Display RFQ Alert Popup checkbox causes Request For Quote Alerts to be displayed as pop-up messages. RFQs are specified using the Order Type drop-down list on the Trade ticket (see section 5.1.6). An example of an RFQ Alert is illustrated in the following figure: Checking the Audible Alerts checkbox causes noises generated by.wav files rather than pop-up files to signal Alerts. These may be configured through the Sounds frame of the Trading tab (see section ) Prices Frame The Prices frame contains two checkboxes relating to how non-whole number prices are displayed. If the Fractional Prices checkbox is left unchecked, non-whole number prices are displayed as decimals. By checking the box, these are represented as fractions. The Lowest Common Denominator checkbox is used in conjunction with the Fractional Prices option. This allows fractions to be optimised to their lowest common denominator. (For example 100/200 will become _.)

24 Messages Frame When Alerts are generated, they are written in the Messages window (see section 3.5). Provided that the option to display Alerts has been invoked (see section ), these error messages are also generated as separate pop-up messages, but may sometimes be obscured by other windows. If ticked, the Bring New Messages to Front checkbox allows these pop-ups to be brought to the fore Diagnostics Frame Diagnostic log entries may be created, for the System Administrator by checking the following checkboxes in the Diagnostics frame: General Log Host Log Price Feed Log Order Log Socket Log Log entries for these are written to the text file called PATSDLLtrace.txt, which is created in the installation directory Function Keys The Function Keys (F1 to F12) may be customized for use with particular actions either by them selves or in conjunction with the Shift and Control keys. At the outset, all the action names for the Function Keys are set to No Action but the following options are available: Show Trade Frame (see section below for explanation) New Window Tile Horizontal Tile Vertical About Dialog Settings Dialog Rename Window Clear Lots Pull All Working Orders Pull Working Buys for Selected Contract Pull Working Sells for Selected Contract Pull All Orders for Selected Contract Select Hot Quotes Screen Select Matrix Screen Select Status Screen Select Position Screen Select Reports Screen Select Accounts Screen Show Last 20 Prices Show Depth of Market Amend Selected Order Show Selected Order Detail Check Selected Orders Print Orders

25 These may be configured to users requirements as follows: Click on the field beside the Function Key for which an action is to be specified. The record is highlighted in blue and a down arrow appears at the right hand side. Click the down arrow to display a drop-down list of available actions, as illustrated in the following figure: Locate the action to be associated with the Function Key, using the scroll bar. Select it by single clicking the action (e.g. Pull All Working Orders ) Show Trade Frame Of all the actions configurable with Function Keys, the Show Trade Frame requires further explanation as it gives access to another window. The configuration of Show Trade Frame is achieved using the following procedure: Place the insertion point in the second field. A button containing three dots is displayed at the right of the field: On clicking this button, Trade Settings window is displayed. It resembles a Trade Ticket, but has a Save button. Configure the details for a particular Contract. Any type of order may be selected in the Order Type field, but this feature is most likely to be used with a Market order. A blue (buy) order appears in the following figure:

26 By clicking the Change to Sell button, the Trade Frame may be converted to a pink (sell) ticket like the one illustrated in the following figure: Click the Save button to commit the configuration of the order for the Function Key. As an example of how this might be used, two separate Function Keys might be configured as Trade Frames to buy at one level and sell at another.

27 Cancel or Save General Settings To cancel or save settings, and exit the General tab: Click the Apply button to commit changes to the settings. The General tab will remain open. Click the Cancel button to close the General tab and cancel all changes made to the settings since the last Apply button was last clicked. Click the OK button to exit the window and retain the settings at the current values Trading Tab The Trading tab allows users to configure the Confirm Mouse Position and the Fat Finger Limits Confirm Mouse Positions Frame The Confirm Mouse Position frame allows users to configure the system to display confirmations when Adding, Amending, or Cancelling transactions. The positioning of the mouse insertion point may also be determined. In cases in which speed and one-click trading are to be used, users may prefer the confirmation message mechanism to be disabled. To disable confirmation messages for Add, Cancel, or Amend operations: Uncheck the Show Dialog box for the given operation. This allows orders to be added, amended, or cancelled with a single click. Checking the box restores the confirmation functionality.

28 With regard to configuring the positioning of the mouse pointer for the given operation, four options are available for each: Yes, No, Middle, or None. These are explained as follows: Yes: Configures the mouse pointer to appear over the Yes button of the confirmation message. No: Configures the mouse pointer to appear over the No button of the confirmation message. Middle: Configures the mouse pointer to appear between the Yes and No buttons of the confirmation message. None: Configures the mouse pointer to retain the same position occupied before the generation of the confirmation message Fat Finger Limits Frame The Fat Finger Limit functionality allows User-defined restrictions to be imposed on the number of lots permitted for a single Order. As a safeguard against input errors, it causes the generation of warning messages to alert users when the volume entered for a transaction exceeds these predefined parameters. The value for the number of lots in the Low, Medium, and High fields default to zero. Rather than implying that no lots may be traded, this signifies that the Fat Finger Limit at that level is not invoked at all. By selecting an integer above zero in one of the fields only causes messages to be generated when that level is breached. One, two or three levels of limitation may be introduced, but the highest number of lots displayed always signifies the absolute limit. It should be noted that although the User has this facility to control internal limits on volumes for each trade, in no way does this compromise the Clearer-defined trading limits that are configured by the SARA Administrator. The procedure of configuring Fat Finger Limits is described below: In the Low field, enter the lower limit volume of lots allowed for a single order. This may be achieved using the spin buttons or input from the keyboard. If breached during trading, this limit will generate a warning alert; however, this message will offer the option to attempt to submit the Order at the stated level, using the Ignore button. An example of the Low Fat Finger warning is illustrated in the following figure:

29 In the Medium field, enter the next limitation on the number of lots allowed in a single trade. Unless it is set to zero (i.e. disabled), this number should logically be greater than the Low value. If this limit is breached, there will be displayed a message similar to the one in the following figure: In the High field, enter the upper limit volume of lots that may be allowed for a single transaction. If this upper limit is breached as well, another, final warning is generated. For example, if the Low Fat Finger limit has been set to 1, the Medium limit to 2, and the High limit to 3. An attempt to submit an order of 4 lots will generate the following Alert message: Observe that this message for the High limit contains only the Cancel button, preventing the Order from being executed Sounds Frame The Sounds frame allows audible cues to be associated with various events. Any of the following events may be configured to generate such an audible accompaniment: Account Limit Breached Fill Received Order/Amend/Cancel Received Order/Amend/Cancel Rejected Fat Finger Lower Limit Warning Fat Finger Upper Limit Error Other Sounds are configured for these events by the addition of WAV files, using the following procedure: Click the mouse pointer in the field for the event with which the WAV file is to be associated. It is converted to an insertion point, and a button is displayed in the right-hand side of the field.

30 Click the button. A Select WAV File browse window is displayed, as illustrated in the following figure: Click the drop-down arrow beside the Look In: field to display the directory structure. Browse to the directory containing the WAV file to be attached. Select the WAV file required for the event. In the example above, ding.wav has been selected for the Fill Received event, but has yet to be attached. (Observe that the file chimes.wav has already been associated with the event Account Limit Breached ). Click the Open button to associate the WAV file with the event. To test the sound associated with an event, click the small triangle at the end of each field. To turn sounds off, ensure that the Audible Alerts check box under the General tab is unchecked (see section 3.8.2).

31 Cancel or Save Trading Settings To cancel or save settings, and exit the Trading tab: Click the Apply button to commit changes to the settings. The Trading tab will remain open. Click the Cancel button to close the General tab and cancel all changes made to the settings since the last Apply button was last clicked. Click the OK button to exit the window and retain the settings at the current values Contract Tab The Contract tab allows for the configuration of default information used with regard to the trading of Contracts. This can be defined for various levels of the hierarchy, from the level of the Exchange, through Commodities, and Contract Dates The Contract tab is illustrated in the following figure: There are seven tabs at the bottom of the Contract screen: Commission Tab The Commission tab allows Users to input the level of commission fees payable to the clearer for each lot traded. These commission rates may be applied at different levels of the hierarchy. The root level of the tree (All) represents all exchanges. To apply the commission at this level:

32 Place the insertion point in the Commission field, and type in the numerical value. To apply different commissions at the level of individual Exchanges: Click the + symbol beside All. A list of all available Exchanges is displayed. Place the insertion point in the Commission field beside an Exchange Type in the numerical value of the rate for that Exchange. To apply different commissions at the level of individual Contracts: Click the + symbol beside the relevant Exchange name. A list of Contracts for that Exchange is displayed. Locate the Contract on the list, using the scrollbar at the right of the screen, if required. Place the insertion point in the Commission field beside the Contract. Type in the numerical value of the rate for that Contract. To apply different commissions at the level of Contract Dates (maturity dates): Click the + symbol beside the relevant Contract name. A list of Contract Dates for that Contract is displayed. Locate the Contract Date on the list, using the scrollbar at the right of the screen, if required. Place the insertion point in the Commission field beside the Contract Date. Type in the numerical value of the rate for that Contract Date. The Commission tab is illustrated in the following figure, showing the expansion of the tree from the All level, through an Exchange (Liffe), a Contract (10YR EFB) down to the level of individual Contract Dates:

33 Price Alerts Tab The Low Price and High Price fields allow for values to be defined so that an Alert is generated whenever the defined level is hit, provided that the Display Alert Popup option in the Alerts frame of the General tab has been enabled (see section ). The navigation of the tree structure is the same as that used in the Commission tab (see section ) Order Type Tab The Order Type tab allows the different types of Order (Limit, Stop etc.) to be specified the default for the Ticket for the contract specified. Naming conventions used by Exchanges differ, and the following list gives an idea of the Order Types that appear on drop-down lists within J-Trader: Limit Limit BC Limit FAK Limit FK Limit FOK Fill/Kill I.O.C. Market Market FK Mkt Limit MIT RFQ

34 Stop Stop Limit Stop Fall Stop Rise For certain Exchanges, some of these values are displayed with an asterisk. An asterisk signifies that it is a patsystems Synthetic Order Type, which resides on the local PC rather than being an Exchange-recognised Order Type. Logging out of J-Trader causes any synthetic order to be pulled. To set the default Order Type that will be used on the specified Ticket for the Contract(s), use the following procedure: Navigate to the level of the tree structure at which the Order Type is to be applied. This is done in the same way as that used in the Commission tab (see section ). Having selected the appropriate level of the tree structure, click the Order Type field. A down arrow button appears. Click the down arrow to display a drop-down list of Order Types used by the Exchange and that are available for the Contract. The following figure shows the list for LIFFE EURIBOR Contracts, with the Limit Order Type selected: Clicking the selected Order Type at the level of the Contract (EURIBOR in this example) will apply it as a default for all its Contract Dates. However these may be changed individually. Similarly, Order Types may be selected for all Exchanges (at the All level) or Exchange by Exchange, and then changed at the level of the individual Contracts and Contract Dates.

35 Price Check Tab The Price Check tab is used to set ranges for the number of ticks from the last traded price at which warning messages are generated. Such warnings will be applied, even if Alerts have not been enabled (see section ). To apply a tick warning range use the following procedure: Locate the level in the tree (All Exchanges, Exchange, Contract, or Contract Date) to which the Price Check range is to be applied. The navigation of the tree structure is the same as that used in the Commission tab (see section ). Place the insertion point in the Price Check field. A pair of spin buttons is displayed. Click the spin buttons to set the number of ticks from the last traded price at which warning message is to be generated. It is possible to fine tune Price Check levels at a lower levels of the hierarchy, down to the level of individual Contract Dates. If during trading the difference between the limit price entered and the last traded price is greater than the Price Check value, then a warning should be generated. For example if the value is set to 5 for a particular Contract, it will warn the User whenever a trade beyond the range of two-and-a half ticks either side is attempted Tick Size Tab While the tick size for a contract is configured within SARA, the Tick Size tab allows the User to configure how many ticks of movement are displayed within the J-Trader Hot Quotes Tick Bar. For example, it might be configured so only every second tick of movement is registered. To set the tick size: Navigate to the appropriate level of the tree structure (All, Exchange, Contract, or Contract Date) at which the Tick Size is to be applied. The method is the same as that used in the Commission tab (see section ). Place the insertion point in the Tick Size field. A down arrow button appears. Click the down arrow to display a drop-down list of Tick Sizes. The first entry is (Default), followed by tick size values between 0.01 and 9.99 as illustrated in the following figure:

36 Select the Tick Size value required for the particular Exchange, Contract, or Contract Date from the list Lots Buttons Tab The Lots Buttons tab is used to configure the Lots Calculator display for Contracts in the tree structure. The settings affect the Lots Calculator display as it appears in both the DOME and Trade Tickets for the specified Contract or group of Contracts. To configure the Lots Buttons: Navigate to the appropriate level of the tree structure (All, Exchange, Contract, or Contract Date) at which the customised Lots Calculator display is to be applied. The method is the same as that used in the Commission tab (see section ). Highlight the record in the hierarchy (whether an Exchange, Contract or Contract Date) for which the customised Lots Calculator is to apply. In the Lots Calculator display (appearing at the right-hand side of the screen, as shown in the figure below), click the numerical button for which the value is to be changed. This renders it active. In the example, this is the button presently labelled 1 :

37 Change the numerical value to the required amount. Use the spin buttons to change the value displayed in the numeric field at the bottom right-hand of the screen. This may contain any value between 0 and The change may be achieved using the up and down arrow spin buttons. Alternatively the numerical field can be highlighted, and the new value typed in using the keyboard. To restore the default settings to the Lots Calculator for the specified Exchange, Contract, or Contract Date, click the Set Default button, or the Set Parent button Colours Tab The Colours tab allows particular Exchanges, Contracts, or Contract Dates specific to be configured so that they are displayed in customised colour schemes. These colour schemes apply to the Hot Quotes and Matrix screens. To configure the display colours: Navigate to the appropriate level of the tree structure (All, Exchange, Contract, or Contract Date) at which the customised colour display is to be applied. The method is the same as that used in the Commission tab (see section ). Place the insertion point in the Background field. This refers to the background colour of the record filed upon which the text of the Contract details will be displayed. The default colour is Red. Select a background colour from the palette, or mix a new colour by adjusting the Red, Green, and Blue components. The selected colour will be reflected in the box within the Background field.

38 Place the insertion point in the Foreground field. This refers to the display colour of the text used for the Exchange/Contract/Contract Date information. This defaults to Black, but the field contains no colour box at the outset. Select a foreground (text) ground colour from the palette, or mix a new colour by adjusting the Red, Green, and Blue components. The selected colour will be reflected in the box that now appears within the Foreground field. In the example given above, the display colours for LIFFE EURIBOR MAY01 have been altered, while all the rest have been left at the default value. The customised MAY01 record as it appears in Hot Quotes is contrasted with the default colour scheme for DEC01 in the following figure: To restore the default colour value: Place the insertion point in the field (Foreground or Background) for which the default value is to be restored. Click the Default button Cancel or Save Contract Settings To cancel or save settings in any of the seven tabs, and exit the Contract tab: Click the Apply button to commit changes to the settings. The Trading tab will remain open.

39 Click the Cancel button to close the General tab and cancel all changes made to the settings since the last Apply button was last clicked. Click the OK button to exit the window and retain the settings at the current values Mel Template Tab The Multi Exchange Legging (MEL) feature allows the creation of synthetic strategies (also known as Inter-Market Spreads) Adding a Template Click the Add button. A new record is generated in the Template frame. (Simultaneously, a record is created in the Legs frame, the configuration of which is described in section below). The new MEL template record is illustrated in the following figure:

40 In the Description field, enter the name of the MEL strategy. (This will typically include reference to the type of strategy - such as Fly - as well as some other meaningful information for identification.) The Legs field displays the number of legs (separate buy & sell operations) included in the strategy. At the outset it is displayed as 1 (representing the blank record in the Legs frame). This is a hard-coded value that may not be changed by the User, but will be incremented or decremented as legs are added or deleted during configuration. By placing the insertion point in the Pricing field a down arrow is displayed. This accesses a drop-down list containing the two types of prices: Weighted and Linear. Weighted price is calculated by including the ratio of volumes for all the legs comprising the strategy, while Linear price is calculated by assuming each leg of the strategy is priced at a ratio of one, irrespective of the ratio at which it is executed. This applies regardless of whether the legs are bids or offers. For example, consider a hypothetical strategy comprising the following two legs: BUY 1 x EUREX Bund Mar 02 (referred to as X ) BUY 2 x EUREX Bobl Mar 02 (referred to as Y ) The Weighted price would be calculated as The Linear price would be calculated as (X) + 2(Y) (X) + (Y) By clicking the Settlement check box, the price will be calculated taking into account the settlement price at the previous close.

41 At the price for the above example: The Weighted price with Settlement would be ((X) settlements) + 2((Y) settlements) The Linear price with Settlement would be ((X) settlements) + ((Y) settlements) It should be noted that the pricing method does not affect transactions, but rather the way prices are displayed. The legs of the strategy are executed at the Ratio value. The Ticks field is used to allow synthetic MEL price to be displayed as any tick increment. Attempting to harmonise the use of fractions (base 32, base 64, and base 128, depending on the instrument) by certain exchanges with the purely decimal system used by others, might lead to extremely complex tick sizes. For example, an instrument (such as the US 10-Year Note) might increment in 64 ths. In the system, the tick bars would display Thus, if a MEL were created as a 10-Year US note versus a 10-Year Bund (with a decimal tick increment) the User could define the MEL price as any base or decimal by inserting the correct mathematical base in the Ticks field Adding a Leg to a Strategy To add each new leg of the strategy: Click the Add button. A new record is created below the previous one. Place the insertion point in the B/S field. A down arrow is displayed that accesses a dropdown list containing options to specify whether the leg is a Buy or Sell. In the Ratio field, specify the number of times to execute the leg. As a numerical value, this may be entered using the spin buttons, or typed in using the keyboard. Place the insertion point in the Exchange field to reveal an arrow button. This accesses a drop-down list containing all the Exchange Specific Adaptors (ESAs) available. Select the Exchange to which the leg of the strategy applies. The Commodity field similarly contains a drop-down list of Contracts for the specified Exchange. Select a Contract for the leg. The Contract field accesses a drop-down list of Expiry Dates for the Contract selected in the Commodity field. Enter the value for Coefficient (if other than the default of 1). This is a tool designed to affect the way prices are displayed, and represents the factor by which a price is multiplied. There are two main reasons for using a coefficient: (i) (ii) To account for Foreign Exchange exposure. To manage Tick Size differentials. For example, consider a hypothetical strategy comprising the following two legs: BUY 1 x EUREX DAX Dec 01 (priced at _ 25 with an exchange value of, say, 17) BUY 1 x LIFFE FTSE Dec 01 (priced at 10) For each tick change, it would be unclear as to which value applied. To allow for the conversion rate, the MEL would be configured so that the DAX leg would use a pricing coefficient of 1.0, while a pricing coefficient of 1.7 would be used for the FTSE.

42 Maximise and Minimise the Template and Legs Windows Between the Templates and Legs sections of the MEL Template window are two small arrow buttons: When the two sections are of equal size, the upward arrow will maximise the Legs section, and the downward arrow will maximise the Templates section. When the Legs section is maximised, the downward arrow will equalise the two sections. When the Templates section is maximised, the upward arrow will equalise the two sections Cancel or Save MEL Template Settings To cancel or save settings, and exit the MEL Template tab: Click the Apply button to commit changes to the settings. The MEL Template tab will remain open. Click the Cancel button to close the MEL Template tab and cancel all changes made to the settings since the last Apply button was last clicked. Click the OK button to exit the window and retain the settings at the current values. 3.9 Exit To exit J-Trader, click the Exit button on the main screen. If there are any working orders in the system, a Confirm message similar to the following may be displayed. Any working MEL Strategies will also be reported: Click the Yes button to acknowledge the confirmation. As the program closes down, the following message is displayed in place of the main J-Trader screen:

43 4 Quick Guide to Getting Started with J-Trader This section is designed for the User who, assuming a basic knowledge of terminology, feels confident to begin using the system without too much in-depth prompting. Simple operations that appear throughout J-Trader are explained. More detailed information about features that are particular to each of the functions available from the Main Menu is provided in later sections of the manual. 4.1 Navigation within Screens There are two main ways of navigating around the controls of a J-Trader screen. TAB and Return keys: Use the Tab key to move between each control on a screen. This method will bring the next control into focus. This means that it may be activated with the Return key. The next control is defined according to a predetermined order, and therefore beyond the control of the User. Mouse: More experienced Users may prefer the flexibility afforded by clicking the mouse in a particular field to place the insertion point within it, as well as to operate buttons and other control. 4.2 Features Common to Many J-Trader Screens Several features appear in several of the J-Trader screens. Those appearing towards the top of the window are illustrated in the following figure: Array of Tabs Every open J-Trader window on the desktop displays an array of tabs. Each tab gives access to one of the seven main areas of functionality: Hot Quotes, Stocks, Matrix, Status, Position, Reports, and Accounts. Clicking the relevant tab causes the window to display the screen selected Account The Account field initially displays the default trader account. On clicking the arrow to the right of the field, there is displayed a drop-down list of available trader accounts. If a trade is to be executed under a different Trader Account, it should be selected from this list. This option is available from the Hot Quotes, Stocks, Matrix, Status, Position, and Accounts screens. (It is not available in the Reports screen.)

44 4.2.3 A (Font Control) The A button controls font configuration for the specific areas of J-Trader functionality. This feature appears in the following screens: Hot Quotes, Stocks, Matrix, Status, Position, and Reports. (It is not available in the Accounts screen.) On clicking the A button, the Select Font window is displayed as illustrated in the following figure: If the Use Default checkbox contains a tick, all the controls are disabled and the settings are as displayed in the example. By un-checking it, the user may do the following: Change the typeface used. Click the down arrow beside the Font Name field to display a list of the available fonts. Format the typeface style. By clicking the Bold and Italic checkboxes, these styles may be applied and removed. Alter the values displayed for Max Size and Min Size fields using the spin buttons. Different procedures for saving or cancelling settings, and exiting the Select Font window are described below: Click the Apply button to commit changes to the settings, while keeping the Select Font window open. As it allows amendments to settings to be inspected as they are applied, this feature is useful for experimenting with different settings Click the Cancel button to cancel all changes. This action closes the Select Font window and returns the settings to what they were when it was opened. Click the OK button to exit the Select Font window to retain the settings at the current values after the Apply button was last used.

45 4.2.4 Column Sizing and Selection Menus Most J-Trader Screens contain a menu of options allowing the resizing of columns in relation to their contents and the screen. For some screens, an additional menu option allows the selection of which columns are to be displayed Sizing Options Only Menus allowing the sizing of columns are available by right clicking the mouse in any screen except Matrix and Reports. The following menu, offering options for sizing only, is accessible through two screens, Stocks and Accounts: Clicking the Size Column to Contents option will resize the currently selected column (including the heading) so that the data only are displayed with no redundant space. Clicking the Size All Columns to Contents option will resize all columns (including headings) so that the data only are displayed with no redundant space. Clicking the size Columns To Fit Screen option will resize columns distributing the spaces such that the whole screen is utilised Select Columns Option By right clicking the mouse in three screens, Hot Quotes, Status, and Positions displays a similar menu that offers an additional Select Columns option. The menu is illustrated in the following figure:

46 On clicking this option, a Select Columns window is displayed, containing a list of check boxes corresponding to the fields available for the screen. For example, the following figure illustrates the fields available in Hot Quotes when one-line display is selected:

47 5 J-Trader Functionality 5.1 Hot Quotes Tab One of the ways to enter an order is through the J-Trader Hot Quotes screen. The following section describes how to configure it and use it for trading. An example is illustrated in the figure below: Add a Contract (or MEL Strategy) to the Hot Quotes Screen When the Hot Quotes screen is first displayed no contracts are shown. To add a contract: Click the button. A list of Exchanges is displayed. Permission to access to these Exchanges is given by the System and Risk Administrator. Select an Exchange from the list by single clicking the + symbol beside it. This displays a list of contracts (also called Instruments or Markets ) for the Exchange. Select a contract from the list by single clicking the + symbol beside it. This displays a list of contract dates, as illustrated on the left-hand side of the following figure:

48 Double click the Contract Date, or highlight it and press the space bar. The item appears in the Contract field of the Hot Quotes screen in the format: <Exchange\Instrument\Contract Date> Remove a Contract (or MEL Strategy) from the Hot Quotes Screen To remove a contract from the Hot Quotes list: Single click the contract record to be removed or use the buttons to move the highlight onto it. The selected record is highlighted in blue. Click the button. The record is removed from the list Display Contracts on One or Two Lines To display contracts on the Hot Quotes screen on single lines, click the 1 Line button. Alternatively, click the 2 Lines button to display contracts over two lines.

49 5.1.4 Include Implied Prices Checking the Implied Prices checkbox facilitates the viewing of spreads with implied prices in any J- Trader window. If Implied prices are included, it could create more favourable prices for trading. Both the size and price of bids and offers are affected. Any Implied price in patsystems is denoted by an asterisk (*). The LIFFE CONNECT Trading Host calculates Implied OUT and Implied IN prices. Implied OUT prices are the implied individual futures leg prices from explicit strategy orders. Implied IN prices are strategy prices based on current explicit orders in the market. Implied OUT prices are distributed, only if they equal or improve upon orders currently in the market Set the Default Lots Size The Lots field displays the default volume of lots to be traded. (For users familiar with using Hot Quotes in the Delphi version of Client, this corresponds to the Req. Size field.) All Trade button tickets or the trades through DOME will default to this value unless otherwise specified. Therefore, it may be worthwhile in the interests of economy of effort to check the value before commencing to trade. This feature is not only available through Hot Quotes, but also through the Stocks and Matrix screens. (It does not appear in the Status, Position, Reports, or Accounts screens.) To change the Lots size: Use the spin buttons to increment or decrement the value, or type in a number using the keyboard Enter a Trade Using the Tick Bar Limit Orders may be entered by means of Tick Bars that appear when the mouse pointer is moved over the Bid and Offer columns of the Hot Quotes screen. To BUY the market: Move the mouse pointer over the Offer price column. A blue pop-up Tick Bar is illustrated, similar to the one illustrated in the following figure:

50 Navigate the Tick Bar to the level at which the bid is to be made (either above or below current market levels). This will be the highlighted price ( in the example above). Left click the mouse to produce a LIMIT order to buy the Lots size at the specified price. Unless the Show Dialog checkbox for Adding in the Confirm Mouse Position frame of the Trading tab in Settings is unchecked (see section ) a confirmation box will appear, as illustrated in the following figure: Click the Yes button to send the order to the Exchange, No to abort. To SELL the market: Move the mouse pointer over the Bid price column. A pink pop-up Tick Bar is illustrated, similar to the one illustrated in the following figure: Navigate the Tick Bar to the level at which the offer is to be made (either above or below current market levels). This will be the highlighted price ( in the example above).

51 Left click the mouse to produce a LIMIT order to sell the Lots size at the specified price. Unless the Show Dialog checkbox for Adding in the Confirm Mouse Position frame of the Trading tab in Settings is unchecked (see section ) a confirmation box will appear, as illustrated in the following figure: Click the Yes button to send the order to the Exchange, No to abort Trade Button (Trade Window or Ticket) The Trade window (also referred to a Ticket ) is another method of creating new Buy or Sell Orders. It may also be used to amend working or completed Orders. Accessed by clicking the Trade button at the bottom right-hand side of the screen. This feature it is available through the Hot Quotes, Stocks, Matrix, and Status screens. (It is not available in the Position, Reports, and Accounts screens.) To create a new Order using the Trade window: Select the Contract to be traded by clicking the relevant record in the list. Click the button, and a Trade window will appear. By default, the Sell option is displayed. Alternatively, the minus and plus keys on the keypad may be used to bring up Sell and Buy tickets, respectively. An example of a Trade window is illustrated in the following figure:

52 The ticket displays the Exchange, Commodity, and Contract Date that comprise the identifier of the currently selected record, as illustrated in the previous figure. Each of these three fields contains a drop-down list of available values. Click the down arrow beside Order Type field the to display a drop-down list of types that are supported by the Exchange. In the Lots field, set the volume of the Order (which may consist of as many as 6 digits). The default value displayed is the Lots field at the bottom of the screen. The number of lots may be typed in manually. Alternatively, the lots calculator buttons allow a range of pre-defined volumes to be added to the one currently displayed. The value of each subsequent button clicked is added to the amount. By using the spin buttons (up and down arrows) to the right of the field, this value may be incremented or decremented. The Set to ZERO button clears the value, resetting it to zero. Pass the insertion point over the first Price field, to display a pop-up menu of ticks for the trigger price, as illustrated in the following figure:

53 Navigate the menu of prices by clicking the top arrow button (marked with a + sign) to increase the value, and the bottom arrow button (marked with a _ sign) to reduce the value. (For comparison, the current Bid price for the Contract is displayed at the lower right-hand side of the window.) When the required tick value for the offer is displayed, move the insertion point over it to highlight it in blue. Single click the value to select it into the field. The second Price field (the limit price) is enabled only when a Stop Limit Order type is selected. Whereas the other price field designates the trigger price, this one may be used to set the limit beyond which buying or selling will stop. The Account field displays the Trader Account currently being used. The Open and Close radio buttons are used with regard to Equity Options, and indicate whether the current transaction is opening or closing a position. For reference, the ticket also displays tick prices for the Bid (Contracts in the market for purchase), Offer (Contracts that have been put up for sale), and Last (the last trade to be settled) for the selected Contract. By clicking the Create Inactive checkbox, the details of a completed transaction may be suspended from submission to the market, ready for activation at a later stage. Such a transaction has a status of a Held Order (denoted by the value HO in the St field of the Status screen). The Order is held (at the PC level) and is not be submitted to the exchange until the user activates it from the status screen using the Activate button on the same screen. Note: If an inactive Order is cancelled, because it is held at the PC level, it will not disappear from the system rather than be held in the pool of active Orders that have been cancelled.

54 By checking the Close After Trade check box, the Trade window will be closed when the Order is submitted. (If left unchecked the Trade window will remain on display until closed using the cross in the top-right corner, or the Cancel button.) If an offer is to be made, click the Change to Sell button. The immediate visual cue identifying the type of transaction is the colour of the ticket; the blue background of the ticket with a Buy button is replaced by a pink one of a ticket with a Sell button. Also a Change to Buy button replaces the Change to Sell one. By clicking this the blue bid ticket is restored. An example of a Sell ticket is illustrated in the following figure: The Cancel button may be used to close the Trade window and abort the transaction at any stage before the data are committed. When all the data required to submit an offer have been entered, the Sell button is enabled. If a bid is to be submitted, the Buy button is enabled. If the Sell or Buy button is disabled, it indicates that one or more of the fields required for the Order has not been completed. Click the Buy button to make an offer, or the Sell button if a bid is to be made. Unless the Show Dialog checkbox for Adding in the Confirm Mouse Position frame of the Trading tab in Settings is unchecked (see section ) a confirmation box will appear. Click the Yes button to commit the Order. Clicking the No button at this stage will abort the ticket.

55 OCO Button (One Cancels the Other) The OCO button allows the configuration of a One Cancels the Other operation. This is a two-leg order in which the execution of one leg cancels the remaining parts of the other. On clicking the OCO button, the Trade window is extended as illustrated in the following figure: In effect, the fields of a regular Trade Ticket are duplicated, so as to allow a second Contract to be entered. Observe that the Order Type is set to Limit, and not user configurable. This is the only type of Order presently supported and applies to both Contracts in the OCO operation. The procedure for setting up an OCO, is as follows: Enter the Lots value for the total number for both Commodities. As soon as this fixed volume of Lots has been filled for any combination of the two Contracts, the OCO operation will be complete. Enter the details of the two Contracts in the same way as for a normal one-commodity Trade ticket. In the following example, the OCO entails buying 10 lots of Xeurex\FDAX\JUN01 or Liffe\FTSE 100\DEC01, or any combination of the two:

56 Click the Buy button. Unless the Show Dialog checkbox for Adding in the Confirm Mouse Position frame of the Trading tab in Settings is unchecked (see section ) a confirmation box will appear, showing details of the First Order and Second Order.

57 In the Status screen, the two legs of the OCO are displayed together on the first line, and separately, as illustrated in the following figure: Observe that there are five working lots for each leg. As these are filled, the number of lots will be shaved from one and reallocated to the other until a total of 10 have been filled. The unfilled Orders move to a status of HO (Held Orders). The following table contains short descriptions of the items found on the Trade window: Item Type Description Exchange Drop-down List Exchange to which the current Order is to be submitted. Commodity Drop-down List Commodity in which the current Order is dealing. Contract Date Drop-down List Contract Date of the current Order. Order Type Drop-down List Type of Order being prepared for submission. OCO Button Extends Ticket to allow configuration of One Cancels the Other operation. Lots Numerical Field Volume of the Order in lots. Price Numerical Field Trigger price at which the order is to be submitted. Limit Price Numerical Field Stop limit price (used only with Stop limit type of Order). Account Drop-down List Trader Account to which the Order will be allocated. Open Radio Button When selected, signifies opening position. Close Radio Button When selected, signifies closing position. Create Inactive Check Box Option to input the Order as inactive, giving it the status of Held Order, so it is retained on the PC until being submitted to the Exchange. Close After Trade Check Box When tciked, causes Treade window to be closed after submission to Exchange. Sell Button Submits the Sell Order to the Exchange. Buy Button Submits the Buy Order to the Exchange. Change to Buy Button Changes Order ticket from an offer to a bid. Change to Sell Button Changes Order ticket from a bid to an offer. Cancel Button Closes down the window.

58 5.1.8 DOME button The DOME (Depth Of Market Executor) window is accessible through the Hot Quotes and Stocks screens. An important feature of the DOME is the facility that it provides to Users for tracking the market quickly. It gives access to the most recent prices for working and partly filled trades, and the size of bids and offers. The User is able to choose a lot size and join the bid or offer, take the offer, or hit the bid, and build market depth both below the bid and above the offer. Users may open multiple DOME screens. The procedure for using the DOME is as follows: Highlight the contract that you wish to trade in the DOME window on the Hot Quotes or Stocks screen. Unless there is a last traded price, the DOME screen cannot be activated. Click the button. A window will be displayed similar to the one illustrated in the following figure: The middle column represents the price of the underlying contract. The blue column on the left-hand side and the pink column on the right-hand side represent the Depth of Market in the chosen contract. The figures in the outermost columns that follow the letter W represent the volumes (in lots) of working bids or offers, while those identified by the letter F denote partly filled Clients orders. These are orders that have been entered by the User (or other Users in the same TAG) and are visible in the working section of the status screen.

59 The Account drop-down list on the bottom right-hand side of the window shows the name of the current Trader Account. If the trade is to be executed under a different Trader Account, the new one should be selected from this list Set the Number of Lots The number of lots to be traded is displayed in the Lots field. The default value displayed is the Lots field at the bottom of the Hot Quotes screen. The number of lots may also be typed in manually in the DOME, after opening the right-hand side of the screen. To change the amount, click the rightward pointing arrow button (in the upper right-hand side of the DOME window). This adds the Lots Calculator buttons to the DOME, as illustrated in the following figure: Note the Price grid displayed on the top right-hand side of the window. This shows the history of the last traded prices. This contains a maximum of 20 records (Last + 0 to Last + 19). It will be empty at the outset of trading.

60 The Lots Calculator buttons allow a range of standard volumes to be added to the one currently displayed. These values may be configured under the Lots Buttons tab in the Contract tab of the Settings screen (see section ). The value of each subsequent button clicked is added to the amount displayed. By using the spin buttons (up and down arrows) to the right of the field, this value may be incremented or decremented. Alternatively, the number of lots may be typed in manually. The Set to ZERO button clears the value Centralise the Prices An important feature of the DOME is the facility with which the User may centralise the prices on the screen. There are several ways of doing this: Click the and spin buttons to scroll up and down the list of prices in single increments and decrements. Click the Go to Last button to centralise the screen with the last traded price. The price of the last filled trade is the figure in bold type. The value of the last trade will change dynamically during the session as orders at different prices are filled. Click the Go to Bid button, below the blue BID column, to centralise the screen with the current best bid. The price of the best bid is displayed in the middle column and is identifiable by being coloured in blue. Click the Go to Offer button, below the pink SELL column, to centralise the screen with the current best offer. The price of the best offer is displayed in the middle column and is identifiable by being coloured in red Enter a Bid To enter a bid from the DOME: Single click the blue BID column at the level of the price of the bid to be made. A Limit Order is submitted. If the User clicks the blue BID column at a price above the best offer, a Limit Order is placed up to that price. Unless the Show Dialog checkbox for Adding in the Confirm Mouse Position frame of the Trading tab in Settings is unchecked (see section ) a confirmation box will appear. If it is unchecked, then single click trading without confirmation is possible. If the bid is to be cancelled, click the No button. Otherwise, click the Yes button to confirm the bid. The DOME screen is updated and the number of lots for the bid is added, displayed in blue at the price level in the blue column. By clicking the price in the bid column again, another limit order of the same volume is entered. Repeated clicking allows the volume of bids to be rapidly incremented in multiples of the lots value.

61 Enter an Offer To enter an offer from the DOME: Single click the pink OFFER column at the level of the price of the offer to be made. Unless the Show Dialog checkbox for Adding in the Confirm Mouse Position frame of the Trading tab in Settings is unchecked (see section ), a Confirm ticket to commit the limit order to Sell is displayed. If it is unchecked, then single click trading without confirmation is possible. The offer must be above best bid for the Limit Order to work. Otherwise, a Limit Sell is placed down to the price entered by the User, removing the best bid and ensuing depth stopping at the limit price. If the offer is to be cancelled, click the No button. Otherwise, click the Yes button to confirm the offer. The DOME screen is updated and the number of lots of the offer is added, displayed in red at the price level in the pink column. By clicking the price in the offer column again, another order of the same volume is entered. Repeated clicking allows the volume of offers to be rapidly incremented in multiples of the lots value Pull All Bids at a Single Price To pull all Bids (limit orders) at a single price: Double click the white Working-Filled ratio column on the left-hand side of the DOME. A Confirm message will be displayed similar to that illustrated in the following figure: Click the Yes button to pull the orders, No to abort the pull Pull All Offers at a Single Price To pull all Offers (limit orders) at a single price: Single click the white Working-Filled ratio column on the right-hand side of the DOME. If the Display Alerts option has been selected in the Settings option, a Confirm message will be displayed similar to that illustrated in the following figure:

62 Click the Yes button to pull the Offers, No to abort the pull Pull All Bids To pull all Bids: Click the BIDS button in the PULL section at the bottom of the DOME. A Confirm message will be displayed similar to that illustrated in the following figure: Click the Yes button to pull all the bids, No to abort the pull Pull All Offers To pull all Offers: Click the OFFERS button in the PULL section at the bottom of the DOME. A Confirm message will be displayed similar to that illustrated in the following figure: Click the Yes button to pull all the offers, No to abort the pull.

63 Pull All Orders To pull all Orders: Click the red ALL button in the PULL section at the bottom of the DOME. A Confirm message will be displayed similar to that illustrated in the following figure: Click the Yes button to pull all the orders, No to abort the pull Price Injector Gun (P.I.G.) The Price Injector Gun (P.I.G.) represents another method of trading. This may be done either manually or automatically. Accessed by clicking the leftward arrow button on the DOME window, it is illustrated in the following figure:

64 Manual Frame The Manual frame of the P.I.G. allows Users to join or dime the bid and the offer at specified Lots sizes. This operation is performed once for each click, and does not occur continuously. The Join Bid button allows the bid to be joined with the specified Lots size. This may be set using the spin buttons or typed in from the keyboard. The Buy order is put in once only for each click of the Join Bid button. The Join Offer button allows the offer to be joined with the specified Lots size. This may be set using the spin buttons or typed in from the keyboard. The Sell order is put in once only for each click of the Join Offer button. The Join Both button submits both a Buy and a Sell order for each click, with the specified Lots size. The Dime Bid button submits a single Order at one tick higher than the bid, with the specified Lots size. The Dime Offer button submits a single Order at one tick lower than the offer, with the specified Lots size. When the bid and offer are more than one tick apart, it is possible to use the Dime Bid and Dime Offer buttons. If the market is only a tick wide these buttons are disabled. Each of the five Pull button allows the cancellation of only those Orders submitted using the associated Bid or Offer button, not Orders entered outside the P.I.G. for that Contract. Similarly, the Pull All button cancels only those Orders generated within the P.I.G. for that Contract, using any of the five Bid and Offer buttons.

65 The Net Position displays the net position of the selected Trader Account for the specified Contract, taking into account all Orders submitted by any method of trade entry. This is the same amount shown for the Contract in the Net Pos field of the Position screen (see section 5.5) Automatic Frame The Automatic frame of the P.I.G., once configured and activated, allows the bid or the offer to be joined continuously at predefined time intervals until the specified maximum volume has been filled. To configure an automatic bid using P.I.G., use the Bid Below Market frame: Enter the Step value, the minimum increment above and below the market. For example, in the case of derivatives, this will be a tick. This may be done using the spin buttons, or typed in from the keyboard. For example, a Step value of 3 means that the next Order sent by automatic Price Injection will be three ticks below the bid. If this is set to zero, it means that the Order submitted will be joining the bid. In the Lots field, set the volume of the clips in which the Orders are to be submitted. If it is set to zero no transactions will occur, even if the On/Off button is activated. In the Max field, set the total volume of bids to be achieved. Automatic bid will continue until this volume has been achieved (provided there is no external intervention by the User). This may be done using the spin buttons, or typed in from the keyboard. Set the Time Out (secs) value. This is the interval in seconds between the bid being filled and the next order being submitted. Any value within the range of 1 to 60 seconds may be entered, using the spin buttons or the keyboard. To configure automatic offer using P.I.G., use the Offer Above Market frame: Enter the Step value, the minimum increment above and below the market. For example, in the case of derivatives, this will be a tick. This may be done using the spin buttons, or typed

66 in from the keyboard. For example, a Step value of 3 means that the next Order sent by automatic Price Injection will be three ticks above the offer. If this value is set to zero, it means that the Order submitted will be joining the offer. In the Lots field, set the volume of the clips in which the Orders are to be submitted. If it is set to zero no transactions will occur, even if the On/Off button is activated. In the Max field, set the total volume of offers to be achieved. Automatic bid will continue until this volume has been achieved (provided there is no external intervention by the User). This may be done using the spin buttons, or typed in from the keyboard. Set the Time Out (secs) value. This is the interval in seconds between the offer being filled and the next order being submitted. Any value within the range of 1 to 60 seconds may be entered, using the spin buttons or the keyboard. To activate automatic Price Injection for either bids or offers: Click the On/Off button. When first opening the P.I.G. window, this is in the state. While automatic Price Injection is underway, it appears in the state. The progress of the automatic Price Injection procedure may be monitored by looking at the Total Orders Submitted at the bottom of the P.I.G. window. This shows the total number of Orders submitted to the market. Furthermore the numbers in parentheses displayed in the Bid Below Market and Offer Above Market frames show the number of Bids and Offers already filled in terms of the number of Lots. There are two methods of cancelling or pulling Orders during automatic Price Injection: Set the Lots value to zero. This will leave any working orders in the market to be filled, but will not submit any further Orders. Click the On/Off button, from the state. Not only does it prevent further Orders from being submitted, it also pulls any working Orders currently in the market Depth Of Market (DOM) The current Depth of Market (DOM) may be displayed by double clicking a contract month, or by highlighting a contract and clicking the DOM button. From this screen, Users can also trade Limit and Market Orders Display Depth Of Market To display the Depth Of Market (DOM) for a particular Contract: Double click the Contract name in the list Hot Quotes. An example is illustrated in the following figure:

67 Enter Limit Orders from the DOM screen There are six main ways of entering Limit Orders with the DOM: Single click the Price value to enter a Buy or Sell Limit Order of the specified Lots size up or down to the price originally clicked. To enter a Buy, click on the Offer Price; to enter a Sell, click on the Bid Price. Click on the Size value to enter a Buy or Sell Limit Order. This will buy or sell all of the specified Lots size at the specified price. The Order will pick off the bids until the total number of specified lots has been sold down to the price clicked. Click the Hit button to sell the specified Lots size at the bid. Click the Ask button to join the offer in the market for the specified Lots size. Click the Bid button to join the bid for the specified Lots size. Click the Take button to pay the offer price in the market for the specified Lots size Enter Market Orders from the DOM screen To enter an Order at Market with the DOM: Click on one of the Accum columns to enter a Buy or Sell Order at Market. This will buy or sell all the accumulated volume of lots up or down to that price. To sell at Market click the Bid Accum, and click the Offer Accum to buy Pull Button The Pull button at the bottom of the screen allows unfilled trades for an individual Contract to be withdrawn from the market. It appears in the Hot Quotes and Stocks screens. To pull Orders for specific Contracts:

68 Click the button. An menu of three options is displayed as illustrated in the following figure: Click Pull Bids for Selected Contract to withdraw bids only from the market. Click Pull Offers for Selected Contract to withdraw offers only from the market. Click Pull Orders for Selected Contract to withdraw bids and offers from the market. A Confirm message will appear, requesting confirmation of the pull Click the Yes button to pull the Order(s), No to abort Pull All Button The Pull All button allows all working (unfilled) Orders for a Trader Account to be withdrawn from the market. This button is available from the Hot Quotes, Stocks, Matrix, and Status screens. (It is not available in the Position, Reports, and Accounts screens.) To pull all Orders for a Trader Account: Click the button. There will be displayed a Confirmation message similar to that illustrated in the following figure: Click the Yes button to pull all the working Orders for the Trader Account, No to abort.

69 5.2 Stocks Tab The Stocks screen is used to display information on the selected stocks, their last traded price, the change on day, and status. An example is illustrated in the following figure: Add a Contract to the Stocks Screen When the Stocks screen is first displayed no contracts are shown. To add a contract: Click the Add button. A list of Exchanges is displayed. Observe that the Add button works in a similar way to that in the Hot Quotes screen (see section 5.1.1). However, the list displayed is different, insofar as only the exchanges that support Stocks are displayed. At the time of writing these include: ARCA, Sets, Jiway, and Xetra. Select an Exchange from the list by single clicking the + symbol beside it. This displays a list of contracts (also called Instruments or Markets ) for the Exchange. Select a contract from the list by single clicking the + symbol beside it. This displays a list of contract dates. Double click the contract date. The item appears in the Contract field of the Hot Quotes screen in the format: <Exchange\Instrument\Contract Date> Remove a Contract from the Stocks Screen To remove a contract from the Stocks list: Single click the contract record to be removed or use the buttons to move the highlight onto it. The selected record is highlighted in blue. Click the Remove button. The record is removed from the list The Show Exchanges Check Box When checked, the Show Exchanges check box enables the full details of the Exchange to be displayed in the Stocks field.

70 5.2.4 Set the Default Lots Size The Lots field displays the default volume of lots to be traded. (For users familiar with using Hot Quotes in the Delphi version of Client, this corresponds to the Req. Size field.) All Trade button tickets or the trades through DOME will default to this value unless otherwise specified. Therefore, it may be worthwhile in the interests of economy of effort to check the value before commencing to trade. This feature is not only available through Hot Quotes, but also through the Stocks and Matrix screens. (It does not appear in the Status, Position, Reports, or Accounts screens.) To change the Lots size: Use the spin buttons to increment or decrement the value, or type in a number using the keyboard Trade Button (Trade Window or Ticket) The Trade button accesses the Trade window, which also appears in the Hot Quotes, Matrix, and Status screens. For a full explanation see section DOME button The DOME button accesses the Depth Of Market Executor, which also appears in the Hot Quotes screen. For a full explanation see section Pull Button The Pull button at the bottom of the screen allows unfilled trades for an individual Stock to be withdrawn from the market, and also appears in the Hot Quotes screen. For a full explanation see section Pull All Button The Pull All button allows all working (unfilled) Stock Orders for a Trader Account to be withdrawn from the market, and is also found in Hot Quotes, Matrix, and Status screens. For a full explanation see section

71 5.3 Matrix Tab The trading functionality of the Matrix screen is similar to that of the Hot Quotes screen, but is used to trade not only outright Contracts but also spreads for selected Commodities Market Orders are entered from the size field and limit orders from the price. When the Matrix screen is first opened, no contracts are displayed, as illustrated in the following figure: There ensues an overview of the functionality of this screen, how to configure it, and use it for trading Implied Prices Checking the Implied Prices checkbox facilitates the viewing of spreads with implied prices in any J- Trader window. Implied prices are generated when somewhere in the market another order can be filled as part of a spread. If these are included, it could create more favourable prices for trading. Both the size and price of bids and offers are affected. An asterisk (*) next to a record denotes that it is an implied price Commodity The Commodity button, denoted by a sack emblazoned with a dollar symbol, allows Exchanges and Commodities to be displayed on the Matrix screen. To select a Commodity, the following procedure is used: Click the Commodity button. A pop-up list of Exchanges is displayed on the left-hand side of the screen, as illustrated in the following figure: Select the Exchange by clicking the + symbol beside it. A tree of Commodities available for that Exchange is displayed, as illustrated in the following figure:

72 Select the Commodity from the tree. A screen is displayed, showing the name of the Exchange and the Commodity, similar to the one illustrated in the following figure:

73 5.3.3 Contracts The Contracts button is denoted by a scroll and allows Contract dates for the underlying Commodity to be displayed. To display Contract dates: Click the Contracts button. A pop-up list of underlying Contract Dates (expiry dates) is displayed, as illustrated in the following figure: Check the check boxes for the required Contract Dates. The Matrix screen may be constructed to include outright contract months only. Spread contracts are available only through the Hot Quotes screen (see section 5.1.1) and thus, the DOME screen (see section 5.1.8). On selecting Contract Dates they will be arrayed in a grid similar to that illustrated in the following figure:

74 5.3.4 Set the Default Lots Size The Lots numerical field displays the default volume of lots to be traded. (For users familiar with using Hot Quotes in the Delphi version of Client, this corresponds to the Req. Size field.) All Trade button tickets or the trades through DOME will default to this value unless otherwise specified. Therefore, it may be worthwhile in the interests of economy of effort to check the value before commencing to trade. This may be achieved using the spin buttons This feature is not only available through Matrix, but also through the Stocks and Hot Quotes screens. (It does not appear in the Status, Position, Reports, or Accounts screens.) To change the Lots size: Use the spin buttons to increment or decrement the value, or type in a number using the keyboard Trade Button (Trade Window or Ticket) The Trade button accesses the Trade window, which also appears in the Hot Quotes, Stocks, and Status screens. (For a full explanation see section 5.1.7).

75 5.3.6 Enter a Trade Using the Tick Bar When the mouse pointer is passed over bid and offer prices In the Matrix screen, Tick Bars are displayed as shown in the following illustration:. Trades may be entered from these Tick Bars using the same procedure as described for the Hot Quotes screen (see section 5.1.6) Depth of Market (DOM) A Depth of Market (DOM) window may be displayed for each Contract Date displayed in the Matrix screen by double clicking the Expiry Date. An example is illustrated in the following figure:

76 Trades may be entered from these DOM windows using the same procedure as that described for the Hot Quotes screen (see section 5.1.9) Display Last 20 Trades To display the last twenty trades in any spread on the Matrix screen: Left click the last traded price in the Matrix. A separate real-time updating window appears. Fills on calendar spreads are returned as individual legs, even though the order has been entered as a single entity Pull All Button The Pull All button allows all working (unfilled) Orders for a Trader Account to be withdrawn from the market, and is also found in Hot Quotes, Stocks, and Status screens. For a full explanation see section

77 5.4 Status Tab The Status screen represents the Order Book for all the Accounts in the Trader Account Group. It is divided into two sections for Working and Completed (filled) Orders in which their current status is displayed. Working Orders (whose details appear in the upper half of the screen) may be amended or cancelled. The history of both Working and Completed Orders (whose details are shown in the lower half of the screen) may be accessed. In addition, it is possible to filter both Working and Completed Orders, making it easier to locate specific Orders on the criteria of price, account, volume, etc. An example of the Status screen is illustrated in the following figure: One feature of the Status screen, is that it may be configured to display not only Buys and Sells in different colours, but also different types of Order (MEL synthetic strategies, or Stops, for example). For more information on how to achieve this, refer to the section on the Display tab of Settings (section ).

78 The following table describes the elements of the Status screen: Object Type Description Pull Orders Button Pulls selected Order(s) from the Working Order book. Activate Button Activates and sends selected inactive orders to the Exchange. Near Orders Button Rearranges Orders in list with nearest prices to current market at the top, and prices furthest from the market at the bottom. Filter Button Accesses Filter window, allowing particular Orders to be displayed on specific selection criteria. Cancel Filter Button Removes filter criteria, to display all Orders. Account Drop-down List Shows the Account to which the Status screen is currently allocated. Cancel Field Allows One-Click Cancel trading option to be used. Order ID Field Unique patsystems Order ID assigned by the server St Field Shows the current status of working orders and filled orders: AP - Amend Pending BC - Balance Cancelled C - Cancelled CH - Cancel Held CP - Cancel Pending F - Filled HO - Held Order I - Inactive Order P - Part-Filled R - Rejected S - Sent Q - Queued UF - Unconfirmed Fill UP - Unconfirmed Part-Fill R - Rejected W - Working Exchange Field Exchange to which Order is submitted. Commodity Field Commodity of Order. Contract Date Field Expiry date of Contract. Buy/Sell Field Whether Order is Buy or Sell. Lots Field Volume of Lots comprising the Order. Price Field Prices at which Orders are submitted and filled. Price 2 Field Price used for Stop Limit Orders only. F/W Field Number of Lots of Filled or Working Status in the Order. (e.g., order of 20; filled 10, working 10, 10/10). Num Field Shows number of Fills (or clips) to complete the order. Avg Price Field Indicates the average price at which the order was filled. Order Type Field Type of Order (Limit, Market, Stop, etc). Chk Field Contains a cross to indicate that a Completed Order has been checked.

79 Object Type Description Fill Field Number of Lots filled, if not cancelled. Amend Button Allows amendment to price, volume, and account values Detail Button Shows the order history. Query Button Returns the status of an order (Filled or Working) whilst awaiting trade confirmation from either TRS or the BOF. Print Button Prints the status screen. Export Button Exports the details of a trade or multiple trades to an export file (with either.txt,.doc or.xls extension). Pull All Button Pulls all orders from the working order book. Trade Button Accesses the Trade window Pull Orders Button To pull a selected Working Order: Selected the Order in the Working section of the screen by clicking it with the left mouse button. The selected Order is highlighted in blue. Multiple Orders may be selected by holding down the Ctrl key. Click the Pull Orders button. Observe that it is only enabled when Orders in the Working section of the screen are highlighted. Only those with a certain status in the St column (such as W for Working, or I for Inactive) may be pulled. Unless the Show Dialog checkbox is unchecked for Cancelling in the Confirm Mouse Positions frame of the Trading Tab in Settings, a message similar to the following will be displayed: Click the Yes button to pull the Order(s), No to abort. The record is removed from the list in the Working section.

80 5.4.2 One-Click Cancel One of the columns of the Status screen, identified by the for which One-Click Cancel may be performed. in the header bar, shows Orders It is possible that this column is not visible at the outset, but it may be located using the scroll bar at the bottom of the Working section, or by right clicking the mouse and selecting the Size Columns to Fit Screen option (see section ). Once located, this column may be repositioned by left clicking the title bar dragging it to the required location, and releasing the mouse button. To achieve One-Click Cancel: Ensure that the Show Dialog checkbox is unchecked for the Cancelling field in the Confirm Mouse Positions frame of the Trading Tab of Settings (see section ). Identify the Order to be cancelled in the Status screen. Click the icon in the One-Click Cancel column for the record to be cancelled. The record will be removed from the Working list Pull All Button The Pull All button in the bottom right-hand side of the screen allows all working (unfilled) Orders for a Trader Account to be withdrawn from the market, and is also found in Hot Quotes, Stocks, and Matrix screens. For a full explanation see section Amend Orders There are two methods of amending a Working or Inactive Order: Clicking the price/ Lots fields. Using the Amend button Amending from Price and Lots Columns Select the record to be amended in the Working section. Click the Price field. A Price Bar is displayed as illustrated in the following figure:

81 Select the price to which the Order shall be amended. To amend the volume, use the same procedure by clicking in the Lots field of an Order record Amend Button To change the Order using the Amend button: Select the record to be amended in the Working section. Click the Amend button (at the bottom left-hand side of the screen). This generates a Trade window similar to the one for a Sell Order illustrated in the following figure:

82 Observe that unlike a normal Trade window, one generated using the Amend button contains several objects that are disabled. The Exchange, Commodity, Contract Date, and Order Type fields may not be changed. The OCO button is also disabled, as is the option to make the Order inactive. Amend the number of Lots, the Price, and the Trader Account as required. Click the Sell (or Buy) button to submit the amended Order Activate Button As already described, an Order may be created using the Trade window, but temporarily suspended from submission to the market by clicking the Create Inactive checkbox (see section 5.1.7). Such Orders are held (at the PC level) and not submitted to the Exchange until activated from the Status screen using the Activate button. Select the record for the Order to be activated. Inactive Orders are identifiable by having the status of I in the St column. Click the Activate button. This is only enabled when an Inactive record is highlighted. Note: If an inactive Order is cancelled, because it is held at the PC level, it will not disappear from the system rather than be held in the pool of active Orders that have been cancelled Trade Button (Trade Window or Ticket) The Trade button accesses the Trade window, which also appears in the Hot Quotes, Stocks, and Matrix screens. (For a full explanation see section 5.1.7) Detail Button The Detail button may be used to display a window showing the history or any Order from the Working or Completed sections. To display the History window of an Order: Select the record of the to be activated. Click the Detail button. There is displayed a History for Order <Order ID> window, similar to the one illustrated in the following figure:

83 Alternatively, double click the Exchange field of the record to be viewed. Using the Status and Time fields of the window, it is possible to trace the history of the selected Order Print Details Click the Print button to create a hard copy of the retrieved details. A Status Print window is displayed as illustrated in the following figure: If neither Print Fills nor the Print History checkboxes are checked, the Order Report generated will show the details from the lower part of the History of Order window only. If the Print Fills checkbox only is checked, an Order/Fills report will be generated, including a section detailing fills separately. If the Print History checkbox only is checked an Order Report will be generated with a section showing the decomposition of all the status changes for the Order. Click the OK button to send the report to the printer, Cancel to abort.

84 Export Details Click the Export button to create a soft copy of the retrieved details. A Save Report window is displayed as illustrated in the following figure: Select the drive to which the export file is to be saved using the Look in field, and select a directory in the window beneath it. Enter the name of the export file, and the extension for the type of file. The file in the example is named PATSExport, and the type is.txt (text format). Other formats such as.xls (Excel spreadsheet).doc (Word document) are supported. Click the Save button Near Orders Button Click the Near Orders button. The records of the Orders listed in the Working section are rearranged against the last prices in the Exchange. Those nearest to the market are displayed at the top of the list, while those furthest away are placed at the bottom Filter Buttons The Filter buttons, denoted by the 'funnel' icon appear above both the Working and Completed Orders sections. As well as having a Filter function to display subsets of data, it is also possible to place a Sort on records. This allows records to be organised on the basis of various index fields. Filters can be placed upon filters so that the user can view, for example, working and/or completed orders for a particular account in a particular contract. In completed orders the User may wish to only see fills for a specific account, or a risk manager might wish to view all rejected orders for a specific

85 account. Because all status windows can operate independently it is now possible, for example, to maintain separate order books for different customers. To filter or sort Orders: Click the button that appears above the Working section. A Working Orders Filter and Sort window is displayed, as illustrated in the following example: Filter Tab By default, the Filter tab is displayed: Enter the filter criteria, using all or any of the following attributes of the Order: o Exchange o Buy or Sell o Order Type o Status o Lots (a single value or a range of values if required) o User ID (of the person to whom the Orders are allocated) Click the OK button.

86 Sort Tab To place a sort on the display of Orders: Click the Sort tab as illustrated in the following figure:

87 There are three radio buttons for the different types of sort: Last Changed Order displays Orders in descending order of the time of change in status. Nearest To Market shows Orders in order of their closeness to the current price in the market (see also the Near Order button, section 5.4.8). Custom allows sorting to be arranged in ascending or descending order based on criteria selected from the list on the left-hand side of the window as illustrated in the following figure: Highlight the field to take precedence in the sort. Click the button to select it into the right-hand part of the window. In the example shown, the listing will show the earliest Contract Dates first in ascending chronological order. Add any subsequent criteria, using the same button. To remove items from the criteria list click the button. To change the order of precedence of the sort criteria, click the and buttons. The criterion higher on the list takes precedence that below it Cancel Filter Button To cancel a Filter: Click the button.

88 Query Button The Query button returns the status of a Filled or Working Order while it is awaiting trade confirmation from either TRS or the BOF. With regards to Eurex and LIFFE, if a Working order is highlighted and the Query button is selected, the Exchange trade feed is interrogated as to its Order Status. The messages Working or No Orders in Book are returned. If the Client receives the EUREX message No Orders in Book, a check is made to see if the originating User has issued a Cancel request for the Order. If not, it assumes that it has been filled. This is because the Client cannot detect when No Orders in Book is returned as a result of an order being cancelled externally. This facility exists only for LIFFE/TRS when it has been configured at the Server level. The System Administrator should be contacted for clarification. The messages returned after using a Query are Unconfirmed Fill and Unconfirmed Part Fill Print button Click the Print button. A Status Print window is displayed, as illustrated in the following figure: Export Button Click the Export button. A Save Report window is displayed as illustrated in the following figure:

89 Select the drive to which the export file is to be saved using the Look in field, and select a directory in the window beneath it. Enter the name of the export file, and the extension for the type of file. The file in the example is named PATSExport, and the type is.txt (text format). Other formats such as.xls (Excel spreadsheet).doc (Word document) are supported. Click the Save button.

90 5.5 Position Tab This feature allows Users to view positions by Exchange and Contract. They are also able to view total buys, sells, and trading costs (commission per exchange charges); view profit & loss on open and closed positions; average position price; and all fills month by month can be viewed by clicking on a particular month. Positions and P&Ls for Contracts are automatically updated after every trade. The following table describes the objects on the Position screen: Item Type Description Position Field Real time state of the trading account (Open or flat). Profit & Loss Field Total gross P&L in the system currency. Account Drop-down List Currently selected account. Contract Field Contract type selected. Net Pos Field Relative position for each contract Average Field Position average price. Last Field Contract last traded price. Open P&L Field Open P&L position against last traded price. Cum P&L Field Cumulative P&L (i.e. the sum of of closed out P&L and Open P&L). Fills All filled order information Fill ID Field Fill Identification. Order ID Field Order Identification. Lots Field Fill volume Price Field Price at which the trade was filled. Filled Field Time at which the trade was filled. Received Field Time at which the trade was received. An example of the Position screen containing data is illustrated in the following figure:

91 5.6 Reports Tab The Reports screen of J-Trader provides access to five days worth of trade history in the format of a daily report. These daily reports may be sent to a printer as hard copy, or save in a directory as soft copy. The Reports screen is illustrated in the following figure:

92 5.6.1 View a Daily Report Daily reports contain details of trade history, the Trader Accounts to which trades were assigned, their Order IDs, Contracts traded, Fill sizes, Average Prices, and the dates and times of fills. Details of cancelled orders are also included and expressed as zero fills. To view a report for a particular day: Click the down arrow beside the Report Type field. There is displayed a drop-down list containing five entries for weekday trades, beginning with Monday Trades. Single click the day for which the report is to be generated. An example of a report for Tuesday Trades is illustrated in the following figure: Observe that trades are grouped by Trader Account name, and then arranged by order ID Print a Report To print a hard copy of a report: Click the Print button. The normal Windows Print dialogue will appear, depending on the configuration of the specific device for the workstation.

93 5.6.3 Save a Report in a File To save a report as a soft copy: Click the Save button. A Save Report window is displayed. Click on the arrow beside the Look in field to reveal a list of available drives. Select a drive with a single click. Select the directory in which the report is to be saved from the list Type the name of the file into which the report is to be saved. Click the down arrow beside the Files of type field to display the drop-down list as illustrated in the flowing figure. The report may be saved as a text (.txt) file. The All Files (*.*) option will cause it to be saved as a generic File type. Click the Save button to save the file.

94 5.7 Accounts Tab The Accounts screen is used to select the Default Account for each window open in J-Trader. All trades are allocated to the Default Account for the selected window. The following table describes the objects on the Accounts screen: Item Type Description Search Text Field Contains Account. search string. Search Button Activates search. Default Account Drop-down list Account to which all trades are allocated. Selected Check Box Allows selection and deselection of multiple accounts. Account Name Field Account names available. Back Office ID Field ID set up by the administrator, used to identify account to the back office. Tradable Field Displays type of access (Tradable or View only).