Alpari Direct Manual

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  Overview for executable streaming prices

  MENU BAR
  Central navigation

   

  TOOL BAR
  Frequently used functions

   

   

  SPOT ESP MARKET
  Available liquidity (Double-click price or quantity to execute)

   

   

  TRADE STATUS AREA
  A record of the user’s trade requests, arranged chronologically and defined by color

   

  ESP DETAIL
  
  All available liquidity for a selected spot currency pair
  
  
  

   

  CURRENCY LABEL
  Left Click to see market depth. Right click to detach window.

   

   

  TRADES MONITOR
  Quick access to trades in specific stages of trading cycle, number of trades in each folder shown at top. Double-click on a trade to see details

   

  
  

  Notes:

  1. To customize the currency pair positions, drag and drop the pairs to the spot you wish to see them.
  2. Best is defined as highest bid and lowest offer. In the case of a tie the earliest posted price is treated as best.
  3. Customize the monitors displayed by clicking on the Setup menu and checking the preferred monitors.
  4. Other customizable features may be accessed via the Setup menu and the Preferences sub-menu.
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  Tool bar options

  

  TOOLBAR OPTIONS
  Choose partial fill option, order type, trading accounts (if you have multiple accounts), and market depth.

   

  Notes:

  1. Partial Fill Checkbox – When checked, all future orders may be filled either partially, or in full, from multiple liquidity sources. This will occur when you leave an order in the market or double click on the best price. When left unchecked, all future ESP orders have an “All-or-None” flag attached to them and must be matched against another order of equal size. With Partial Fills unchecked, it is possible for the market to trade at your level without an order being filled (i.e. An order is left for 20m while the partial fills box is left unchecked. If no other single order is for 20m or better, the order would not be filled.
  2. Order Type Selector. Standard order types are GTC, IOC, MKT.
     1. GTC – Good Until Cancelled. This limit order will remain in the market until the order is either filled or cancelled by the user. This expiry type requires the partial fill checkbox to be enabled.
     2. IOC – Immediate Or Cancel. A limit order that is rapidly cancelled if the limit could not be filled immediately (a Fill AND Kill with Partial Fills on, a Fill OR Kill with Partial Fills off).
     3. MKT – Market. An order type that will either buy or sell your entire amount at the best prices available in the market, with no price limit.
  3. Advanced Order Types - Advanced Orders include conditional orders and pegged orders. They are unique in that the order is managed by our new Advanced Order service (“service”) that will act as an intermediary between the trader and the market. This service will act as a holding place for orders that aren’t yet marketable, such as legs of If Done or If Done OCO orders. The service will also manage the rate changes necessary to keep pegged orders at the appropriate market rate. (Note: This service must be turned on by Currenex Trade Services)
  4. Account Selector – Customers that trade in the name of multiple accounts (i.e. Europe Fund, Americas Fund) can select the subaccount that the ESP order should be booked against. For customers that trade in a single account, only one account will be available.
  5. Market Depth Selector – Customers can choose to see one of three types of market depth in the ESP Details view: Standard, Consolidated, and Volume Weighted Average Price (VWAP). For more info on these market depths see Viewing and Executing Trade Details

  

  Notes:

  For customers who trade using the Relevant Rate Spectrum as shown to the left (by left clicking on either the word BID or OFFER), these orders will continue to be only GTC orders regardless of whether the order type selector in the toolbar is set to GTC or MKT. IOC orders will be entered via the Rate Spectrum when IOC is selected the Order Type Selecter. See below for more info on the rate spectrum.

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  Rapid execution from market prices view

  PRICE AND QUANTITY AVAILABLE
  (IN MILLIONS)

   

   

   

  PRESET TRADE QUANTITY
  (CLICK CURRENCY TO SWITCH DENOMINATION)

   

   

   

  EXECUTE BY DOUBLE CLICKING PIPS OR ADVERTISED QUANTITIES
  Double click on the Bid or Offer Pips to initiate an order for the price selected for your Preset Quantity, OR double click the Advertised Bid or Offer Quantity. This will send one or more multiple Requests for Execution to counterparties who match the price specified.

   

   

   

   

  To disable the clickable buttons of the Advertised Quantities, go to Setup menu, select Preferences, then uncheck Aggregate Double Click Trade (buttons are also disabled by unchecking the Partial Fill box on the Tool Bar). Clickable figures will appear 3-D.

   

   

  To disable the clickable pip display buttons, go to Setup menu, select Preferences, then uncheck Double Click ESP Entry. Clickable figures will appear 3-D.

   

   

  DIRECTION OF LAST PRICE CHANGE

   

   

  
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  Immediately see results of ESP orders

  Trade requests will appear in Trade Status Area. An Active order will appear in yellow, with the top and bottom sections representing the status of the order. Status colors are as follows:

   

  • Yellow: Active or Active Partial
  • Green: Done or Done Partial
  • Red: Not Done, Cancelled, or Expired

  Trade records are created and available for viewing in the Done folder and are available for download or trade capture. A record will remain in the Trade Status Area until closed.

   

   

  

  Note:

  1. 1.To disable blinking price changes, go to Setup menu, select Preferences
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  One click trading

  PROGRAMMABLE ONE CLICK BUTTONS*
  Click once to request trade for the amount displayed on the button.

   

   

  ONE CLICK 2-WAY REQUEST FOR STREAM SPOT BUTTON* (CLICK ONCE TO SEND A RFS FOR THE AMOUNT OF THE PRESET QUANTITY)

   

   

  ONE CLICK 2-WAY REQUEST FOR STREAM SWAP BUTTONS* (CLICK ONCE TO SEND A SWAP REQUEST FOR THE AMOUNT OF THE PRESET QUANTITY). The tenor values of the One Click Swap buttons can be changed by right clicking and entering in a new value.

   

   

   

   

  

  *To activate the One-Click buttons go to Setup menu, select Preferences, then check the appropriate box.

   

   

   

   

   

  
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  Further explanation of trading using request for sreaming buttons

  Clicking either the Spot RFS button or the Swap RFS button sends a price request for the amount entered as the preset quantity to all available counterparties. The RFS buttons are a quick way to send a request by defining the terms in the Market Spot Display instead of the Define Trade window. There must be a preset quantity to send a request with these buttons.

  

  After the request is sent, banks can offer a price for the user to choose and accept. The request automatically goes to all available banks. The below is an example of a 2-Way Spot request.

  Users can select any quote by either pressing its number or highlighting the quote with the mouse and pressing Enter or clicking Accept Selected Quote.

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  The user will immediately see the trade recorded in the Done folder.

   

   

   

   

  
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  Alternate steps for ESP order entry (two methods)

  Click Order Entry

  STEP 1. ENTER THE AMOUNT OF YOUR ORDER

   

   

   

   

  STEP 2. LEFT CLICK ON BID OR OFFER TO DISPLAY THE RELEVANT RATE ‘SPECTRUM’ (BID SHOWN HERE)

   

   

  STEP 3. CLICK ON A RATE IN THE ‘SPECTRUM’ TO LEAVE AN ORDER AT THAT LEVEL. ORDER CAN BE VIEWED IN TRADE STATUS AREA.

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  Mouse over the desired level. The selected level will be highlighted. Click again over the selected text to place the order. These Orders have the following defaults:

  • Limit Orders

  BEST BID IS OUTLINED AND SELECTED PRICE IS HIGHLIGHTED

   

   

  BID LEVELS “IN-THEMONEY” APPEAR IN RED. ORDERS PLACED ‘IN THE MONEY’ WILL BE FILLED AT BEST UP TO THE LEVEL SPECIFIED.

   

   

  CREATE ORDER DISPLAYS STANDARD ESP ORDER ENTRY (SHOWN ON NEXT PAGE)

   

   

  
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  Opening an ESP^TM order ticket

  The ESP™ Order Ticket has been enhanced to improve usability for traders.

  The simple ticket will continue to be opened by right-clicking on the Bid (Buy Order) or Offer (Sell Order) buttons on each currency pair

  The Order Ticket displays the Rate followed by the Real-Time Market Rate and the Sell and Buy Fields.

  The Recap updates dynamically to describe the details of the order about to be placed.

  The trader can click the box labeled Advanced» to see additional features available for the order.

  
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  Expanding an ESP^TM order ticket

  The simple ticket only allows a trader to change the trade amount, rate and buy or sell. When the Advanced button is clicked a larger version of the same ESP™ Order ticket appears with more details, including Advanced Order Types (if activated).

  Advanced Order Types Permissions must be “turned on” by TradOps on a per-user basis. Advanced Orders include conditional orders and pegged orders. They are unique in that the order is managed by our new Advanced Order service (“service”) that will act as an intermediary between the trader and the market. This service will act as a holding place for orders that aren’t yet marketable, such as legs of If Done or If Done OCO orders. The service will also manage the price changes necessary to keep pegged orders at the appropriate market rate.

   

   

  Click button to expand the window.

   

   

  
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  Create standard ESP order entry

  STEP 1. RIGHT CLICK ON BID OR OFFER TO DISPLAY THE STANDARD ESP ORDER ENTRY WINDOW AND ENTER DESIRED OPTIONS (OFFER SHOWN BELOW)
  
  To speed completion of the form, the amount will be prepopulated with “My Amount” (if specified in the Spot ESP Market view) and the best rate available at the time.

   

   

   

  EDITABLE AMOUNT AND RATE

   

   

   

   

  STEP 2. CLICK “PLACE ORDER” WHEN ESP ORDER DEFINITION IS COMPLETE. ORDER CAN BE VIEWED IN TRADE STATUS AREA.
  
  Upon placing the order, the service will hold the order until a price match is found or the order expires.

   

   

   

  CURRENT BEST BID AND OFFER ARE SHOWN AND UPDATED DYNAMICALLY

  MARKET, LIMIT, HIDDEN OR ICEBERG (IF PERMISSIONED)

  STOP LOSS & STOP LIMITS SELECT THE STOP RADIAL AND SET A TRIGGER RATE TO ENTER A STOP LOSS ORDER. WHEN TRIGGERED, STOP LOSS ORDERS BECOME MARKET ORDERS. BY DEFAULT, SELL STOPS WILL TRIGGER WHEN THE OFFER HITS THE TRIGGER RATE AND BUY STOPS WILL TRIGGER WHEN THE BID HITS THE TRIGGER RATE. CUSTOMERS CAN CUSTOMIZE THE TRIGGER RATE BY USING THE BID/OFFER DROPDOWN. BY CHECKING “LIMIT” AND SETTING A RATE, YOU CAN CREATE A STOP LIMIT ORDER. WHEN TRIGGERED, A LIMIT ORDER IS SUBMITTED.

  GTC OR IOC, PLUS TIMED AND CUSTOMER DEFINED

  ALL OR NONE OR PARTIALS PARTIAL FILLS ARE MANDATORY FOR GTC, TIMED AND CUSTOM EXPIRY TYPES, BUT CAN BE CHANGED TO “ALL OR NONE” FOR IOC EXPIRY. SIMPLY UNCHECK THE PARTIAL FILL CHECKBOX TO SPECIFY ALL OR NONE”.

  USE THIS FIELD TO SPECIFY THE MINIMUM FILL AMOUNT FOR PARTIAL FILLS. PLEASE NOTE THAT THE MINIMUM FILL AMOUNT IS RESTRICTED TO A MAXIMUM OF 1 MILLION OF BASE CURRENCY FOR THE SELECTED PAIR.

  
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  Advanced orders

  Advanced Orders include conditional orders and pegged orders. They are unique in that the order is managed by our new Advanced Order service (“service”) that will act as an intermediary between the trader and the market. This service will act as a holding place for orders that aren’t yet marketable, such as legs of If Done or If Done OCO orders. The service will also manage the rate changes necessary to keep pegged orders at the appropriate market rate.

  Stops

  1. Stop Triggers

     You can specify if you want your stop order triggered vs. the bid or offer rate. For sell stops, the default trigger will continue to be the offer rate; while for buy stops, the default trigger will be the bid rate. However, the user can select either the bid or offer by utilizing the drop down to the right of the Stop Loss Trigger Rate field.

  2. Stop Limit Orders

     Combine the features of a stop order and a limit order. Once the stop rate is reached, the stop-limit order becomes a limit order to buy (or to sell) at no more (or less) than a specified rate. As with all limit orders, a stop-limit order may never get filled if the rate never reaches the specified limit rate. The Stop-Limit order will consist of the following pieces of information:

     1. Currency pair, and
     2. Direction (buy or sell)
     3. Currency Amount
     4. Dealt currency
     5. Stop “Trigger” rate
     6. Bid or Offer Trigger
     7. Limit rate
     8. Expiry type (valid for only GTC, Timed, or Customer Defined)

  
  

  Example: The primary benefit of a stop-limit order is that the trader has precise control over where the order should be filled. The downside, as with all limit orders, is that the trade is not guaranteed to be executed if the order does not reach the limit rate. A stop limit order is an order that becomes marketable once a set “trigger” rate has been reached, and is then submitted to the market at a “limit” rate. For example, let's assume that EUR/USD is trading at 1.2040 and a trader has put in a stop-limit order to buy with the stop “trigger” rate at 1.2045 and the “limit” rate at 1.2046. If the rate of EUR/USD touches the 1.2045 stop “trigger” rate, the order is activated and turns into a limit order to buy at 1.2046. As long as the order can be filled at or below 1.2046 (the limit rate), then the trade will be filled. If EUR/USD gaps up above 1.2046, the order will not be filled.

  
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  Conditional order types

  1. Conditional Order – If Done Orders

     An If Done order is a conditional order consisting of two separate orders called “legs.” This order type is used so that the user can enter a Good-Til-Cancel order, and if this order is executed automatically have either a take profit or stop loss order entered on their behalf. The first leg of an IF Done order will always be a limit order.

     If Done Examples:

     In general, an If Done order will be used to establish a position (leg 1) and then initiate a closing trade (leg 2). The closing trade does not get submitted to the market until the opening leg is executed. If Leg 1 is partially executed, a portion of Leg 2 equal to the executed amount will be submitted to the market. When cancelling a partially executed IF Done order, the top cancel button will cancel only the remaining part of Leg 1, while leaving Leg 2 in the market. The lower cancel button will cancel all unexecuted legs of the order.

     Examples	Leg 1 (in market immediately)	Leg 2 (in market when leg 1 executes)
     A	Buy 10m @ 50 (establish longposition)	Sell 10m @ 60 Limit (take profit) Rates: Leg 1 < Leg 2
     B	Buy 10m @ 50 (establish long position)	Sell 10m @ 40 Stop (protect against adverse move) Rates: Leg 1 > Leg 2
     C	Sell 10m @ 60 (establish short position)	Buy 10m @ 50 Limit (take profit) Rates: Leg 1 > Leg 2
     D	Sell 10m @ 60 (establish short position)	Buy 10m @ 70 Stop (protect against adverse move) Rates: Leg 1 < Leg 2

  2. Conditional Order - One Cancels Other (OCO)

     “One Cancels Other” (OCO) orders takes on an assumption that the trader already has a position in the market. An OCO order allows the user to enter both a take profit AND a stop loss order in the market at the same time - once an OCO order is submitted, both legs are active (working in the market). When one of the orders is executed in full, the other order is automatically cancelled. Each leg of the OCO will have the same amount and be on the same currency pair. Under no circumstances can both orders be fully executed; or can the total fills on both legs of the OCO order exceed the total amount of the original order.

     OCO Examples: In general, an OCO order will be used to close out an existing position. The rate the existing position was established at is not important. However, the current market rate for that position is important. The two closing trades will consist of a limit order (take profit) and a stop loss order. For existing long positions, the limit order (leg 1) is entered above the current market, while the stop loss (leg 2) is entered below the current market. For existing short positions, the limit order (leg 1) is entered below the current market, while the stop loss (leg 2) is entered above the current market. Both legs of the OCO are in the market simultaneously.

     Examples	Position	Market	Leg 1 (in market immediately)	Leg 2 (in market immediately)
     A	Long	50 – 51	Sell 10m @ 60 Limit (take profit)	Sell 10m @ 40 Stop Loss (downside protection) Rates: Leg 1 > Leg 2
     B	Short 20m	70 – 71	Buy 20m @ 60 Limit (take profit)	Buy 20m @ 80 Stop Loss (upside protection) Rates: Leg 1 < Leg 2

  3. Conditional Order - If Done OCO

     If Done and OCO orders can be utilized in combination, providing the user with a combined market entry and exit strategies. In doing so, the If Done will be placed on the market as usual, where the first order (first leg) will be active, while the second order - the whole OCO - remains inactive (e.g. the OCO order is contained within the If Done as the second order). Once the first order has been executed, the OCO order (containing legs two and three) will be placed on the market and behave as a normal OCO. When cancelling a partially filled If Done OCO order, the top cancel button will cancel only the remaining part of Leg 1, leaving Legs 2 & 3 in the market. The lower cancel button will cancel all unexecuted legs of the order.

     If Done OCO Examples: If Done OCO ордеров In general, an IF Done OCO order will be used to establish a position and then exit points for this position. The rate at which the position is entered (leg 1) must be between the rates specified in the OCO (legs 2 & 3). The two closing trades will consist of a limit order (take profit) and a stop loss order. When the If Done (leg 1) is a Buy, the sell limit order (leg 2) is entered above the Buy order rate, while the sell stop loss (leg 3) is entered below the Buy order rate. When the If Done (leg 1) is a Sell, the buy limit order (leg 2) is entered below the Sell orders rate, while the buy stop loss (leg 3) is entered above the Sell orders rate.

     	If Done (leg 1)	Limit Order (leg 2)	Stop Loss (leg 3)
     A	Buy 10m at 50	Sell 10m @ 60 Limit (take profit) Rates: Leg 1 < Leg 2	Sell 10m @ 40 Stop Loss (downside protection) Rates: Leg 1 > Leg 3
     B	Sell 20m at 70	Buy 20m @ 60 Limit (take profit) Rates: Leg 1 > Leg 2	Buy 20m @ 80 Stop Loss (upside protection) Rates: Leg 1 < Leg 3

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  Pegged orders

  A pegged order is an order that is “pegged” to a certain identifiable market rate, typically the bid or offer. A pegged order allows a trader to enter an order that follows this target rate without the need to constantly change their order. The pegged order is held on the advanced order service and we modify this order automatically as market rates change. Orders can be pegged against 3 different market rates on the Currenex platform. They can be pegged against the bid, offer or the mid-point between the bid and offer. Whether an order will be immediately marketable depends on what kind of peg is utilized and if a peg offset or discretion is used. Pegged orders can be entered as limit, iceberg or hidden order types. However, most are typically entered as Iceberg orders. When attempting to trade a large amount of currency using a peg, the trader will generally utilize an iceberg order to conceal the full size of his order.

  

  1. Pegged Order – Offsets
     This value is added or subtracted to the specified market rate to establish the rate at which the pegged order is submitted to the market. For example, EUR/USD is 1.2050 – 1.2052 and a buy order is pegged to the bid with an offset of +1. The peg is submitted to the market at 1.2051 (Bid + (Offset)) or 1.2050 + 1.
  2. Pegged Order – Discretion
     This value allows a trader to take advantage of a temporary narrowing of the spread by allowing the pegged order to aggress the market up to the specified discretion amount. For example, EUR/NOK is at 8.1650 – 8.1660. A trader places a buy order pegged to the bid, with discretion of 5. The trader now has a buy order at 8.1650 (bid). If at any point the spread narrows to 5 PIPs or less, the pegged order will be adjusted 5 PIPs up to capture this liquidity. If the market became 8.1650 – 8.1655, the order will automatically change to 8.1655 and capture as much liquidity as possible. Once the spread widens to greater than 5 PIPs, the peg will revert back to the bid rate.
  3. Pegged Order - At-Or-Better - This value sets a floor (sells) or ceiling (buys) on the peg rate. For example, EUR/USD is 1.2050 – 1.2052 and a buy peg order pegged to the bid with an “At-Or-Better” rate of 1.2060 is entered. This sets a ceiling rate of 1.2060 on this pegged order. As the bid rises, the pegged order will continue to follow the bid up to and including the rate of 1.2060. However, if the bid goes higher this peg will remain as a limit order at 1.2060. If the bid declines to below 1.2060, the peg will follow the bid down again.
  4. Pegged Order - Protected Peg - This value protects a trader’s order from representing too much of the total volume at a given rate. It protects a trader from being “spoofed” into entering an order that betters the market only to be hit by an opposing order from the spoofing trader. Your volume is determined by the total amount of the trade, or by the iceberg show amount, with hidden orders being nonapplicable to peg protection. By specifying protection and setting a percentage, your order will be adjusted to a rate that satisfies your constraints, or it will be temporarily withdrawn from the market. For example, if you enter a peg order to buy 10m pegged to the bid, with protection of 25% enabled, your order will only be pegged to the top of book bid if the total volume, inclusive of your order, is at least 40 million. If the top of book bid doesn’t meet these constraints, your order will fallback to the next rate that does. If no rates have sufficient liquidity available, your order is withdrawn until a bid with sufficient additional liquidity is available.
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  Additional order enhancement features

  

  Partial Fill

  In order to ensure that resting orders have every opportunity to achieve a match, all GTC, Timed or Customer Defined expiry orders will default to having “Partial Fills” enabled. This will allow these orders to potentially match against multiple counterparties and will maximize the potential for an execution. Immediate or Cancel (IOC) orders will still allow for “Partial Fills” to be disabled, allowing the user to enter these as “All or None” (AON) orders.

  Minimum Amounts

  When specifying Minimum Fill Amounts, customers must specify an amount that is less than or equal to 1 million, base equivalent. Again, this will ensure that orders with a Minimum Amount specified have the maximum potential for a match. These new rules are enforced on both the ESP Order ticket and in Setup > Preferences > ESP Orders.

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  Overview for monitoring and managing ESP orders

  MY ORDER NEAREST THE MARKET

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  The level (and size) of YOUR nearest single order is shown on each side per currency pair.

  Amounts are not aggregated across identical order levels. Orders may be cancelled via this area (see Canceling ESP Orders).

  Order amounts are shown in the specified currency in the ESP Orders Folder, the Done Folder of the Trade Monitor and all Trade Tickets & Reports.

   

  

  ORDER EVENTS ARE REPORTED IN THE ESP ORDERS FOLDER
  ONLY MARKET, LIMIT AND STOP ORDERS REPORT TO ESP ORDERS.
  ADVANCED ORDERS (CONDITIONAL & PEGGED) ARE ONLY LISTED IN THE TRADE STATUS AREA

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  Audible alerts are generated for “Request Filled” (entire order filled) and “Partial Fill”.

   

   

  

  TRADE STATUS AREA
  Trade Details can be seen in Trade Status Area. See below for more.

   

   

  
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  Trade status area

  Record of the principle order request: Currency pair, expiry, amount and size, order type.

  Modify active trade

  Amount of order that has been filled and the volume weighted avgerage price* at which it has been filled.

  When completed, the status of a trade will appear as Done, Done Partial, or Not Done.

  Fill Remainder of a Not Done or Done Partial order

  Number of Active Orders

  History of the partial orders that have filled the principle order. Click up or down arrows to scroll.

  Cancel active order

  Close - Eliminate view of that trade from the Trade Status Area

  Cancel all pending orders including those that have been partially filled. A canceled order will appear as Not Done, or Done Partial.

  All trades that are no longer active, and have been at least partially filled, will appear as green in the Status Area (including Done Partial as seen below). An active trade will appear as yellow, though as the order is filled, the details of these partial orders will appear in green as seen in the top cell in the above graphic. A trade that has timed out, been canceled, or was not executed because it exceeded an established limit will appear in red as Not Done.

  

  

  Volume Weighted Average Price (VWAP) is the average price at which the order was filled for that particular trade. This applies only to partially filled orders since certain quantities may be filled at different prices. If a user wants to buy 20 million at 1.2555, the order may be filled by 10 million at 1.2555 and another 10 million at 1.2553. The VWAP for that trade would be 1.2554.

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  Modifying ESP orders

  MODIFYING FROM TRADE STATUS AREA

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  Click on the Modify button, opening the vertical rate spectrum, and select new desired rate at which the remaining amount will be filled. When an order is modified the original prices is cancelled and the order at the new price is displayed in the same panel.

  

  Notes:

  Order is active until a new price is selected. Until that new request is sent, the order can still be filled at the old rate.

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  Fill remainder of a partially done trade

  FILL REMAINDER

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  When the status of an order becomes Done Partial or Not Done, a Fill Remainder button will appear in the bottom left corner of the cell. Users can click this button to select a new price for the remaining amount of the partially done trade. Clicking the Fill Remainder button will open a vertical rate spectrum and the user can select a new rate at which the order may be filled. The status of the remaining amount at the new price will appear in the Status Area in a new panel.

  
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  Canceling ESP orders

  CANCELING FROM THE TRADE STATUS AREA

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  Left click on the red “Cancel” button.

  

  CANCELING FROM THE ESP ORDERS FOLDER

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  Right click on the appropriate row in the ESP Orders Folder, and then click “Cancel”.

  CANCELING FROM THE “MY ORDER NEAREST THE MARKET” INDICATOR

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  Right click on the “nearest order” indicator and select “the order to cancel within that currency pair, then “click “Cancel”.

  
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  Viewing and executing from ESP details

  CLICK ON A CURRENCY PAIR TO SEE ALL AVAILABLE PRICES AND ADVERTISED QUANTITIES

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  A single click in the Currency Pair label area opens the pair’s market depth below. A right click creates an independent window. An independent window can be created for every available pair.

  DOUBLE CLICK EXECUTIONS ON ANY PRICE

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  Double click on Pips for the Best Price in the same manner as for Spot ESP Market display.

  Or, double click on any Bid or Offer Pips from any of your counterparties to send execution request to the bank shown on that row.

  VIEW ALL AVAILABLE BIDS AND OFFERS AND ADVERTISED QUANTITIES FOR SELECTED PAIR (STANDARD MKT VIEW)

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  Best Prices and Quantity shown on top.

  BEST PRICES AND ADVERTISED QUANTITIES

  

  Notes:

  1. The ESP Details window can be minimized by clicking again on the currency pair.
  2. To change the number of bids and offers that are displayed in the ESP Details, go to Setup menu, select Preferences, then change Book Size.
  3. To change the type of market depth displayed (standard, consolidated, or VWAP), use the drop down menu on the tool bar.
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  3 types of market depth

  Users will be able to view three different versions of market depth in the ESP Details window: Standard, Consolidated, and VWAP. Use drop down menu in tool bar to choose which type of market depth is displayed. Rates displayed are clickable for trading in Standard and VWAP views.

  Standard market depth will show quantity (Qty), counterparty (Cpty), and Bid or Offer; as seen to left. These figures are clickable to trade.

  

  

  Consolidated will show the quantity as the total amount available at that price. MULT indicates there is more than 1 bank offering that price. Consolidated figures are not clickable to trade.

  

  VWAP will show only 2 columns as Cpty will be blank. Qty will be the total volume available at that price, and is clickable to trade. Bid/Offer will go out 2 extra pips and will be calculated as the volume weighted average price (See next page for more on VWAP).
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  Further explanation of trading using VWAP

  It should be noted that when trading with the VWAP, a request could be filled at a potentially better or worse price than is displayed. This is because the price displayed is the expected price if all the liquidity were to be filled by all liquidity providers at normal market conditions. It is possible that by the time a user has clicked the VWAP price or amount in the ESP Details, one or more of the prices will have changed. Please refer to the example below.

  A Standard market depth that displays the prices on the left would equal a VWAP market depth that looks like what is seen on the right:

  Standard	VWAP
  10 @ 50	10 @ 5000
  10 @ 51	20 @ 5050 (10 @ 50 + 10 @ 51)
  10 @ 52	30 @ 5100 (10 @ 50 + 10 @ 51 + 10 @ 52)

  A user who chooses to request a trade for the VWAP at the amount of 30 should expect the request to be filled at a price of 5100, as illustrated below:

  

  However, if the available 10 @ 50 were to change price or become unavailable, the requested trade would be filled as such:

  
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  Defining Rounding Rules

  The ESP Orders tab allows a user to define rounding rules when trading from the aggregated top of book or VWAP market depth. This is a useful feature for those traders who want to trade spot in futures equivalent amounts. The system will automatically round top of book or VWAP market depth order to the lot size specified. The “Fill Default IMM Amounts” checkbox will insert the standard IMM futures lot sizes into the appropriate lot size column. See table below for IMM default values.

  Example: Trader enters Base Lot Size of 125,000 on EUR/USD. EUR/USD shows an aggregated top of book offer amount of 10.1 million. Since this is not an even increment of 125,000, rounding rules are used and we round the order size down to 10 million EUR.

  

  Futures Contract Size Table:

  CCY1 (BASE)	CCY2 (TERM)	IMM Contract Amount
  AUD	USD	100,000 AUD
  GBP	USD	62,500 GBP
  USD	CAD	100,000 CAD
  EUR	USD	125,000 EUR
  USD	JPY	12,500,000 JPY
  NZD	USD	100,000 NZD
  USD	NOK	2,000,000 NOK
  USD	SEK	2,000,000 SEK
  USD	CHF	125,000 CHF

• Read Close 24

  Executing from trade definition window

  STEP 1

  INITIATE A NEW EXECUTION REQUEST OR ESP ORDER FROM THE TOOLBAR, MENU, OR DRAFTS FOLDER

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  Trades can be initiated by either clicking on the toolbar, selecting Define Trade from the Trading Menu, selecting a pre-defined trade from the Drafts folder, or right clicking a rate in the Indicative Rates monitor.

   

  DRAFTS ALLOW PRE-FORMATTING OF TRADE DETAILS FOR ONE TIME USE

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  Define Trade page allows for pre-definition of Terms and Conditions for one time use in an Execution Request.

  
  

  While the ESP Market-Spot pages allow for pre-defining a currency and amount, this page allows for more extensive predefinition, plus the ability to filter a set of streaming prices by Bank Counterparty.

  
  

  Define Trade page supports definition of Sub-account, Action, Currencies, Amount, and a Pending Action. It also provides the ability to select a specific group of Counterparties.

  
  

  Once defined, the Defined Trade can be used to generate the relevant Executable Prices by selecting _Send_ or saved for later use.

   

  SELECT BEST PRICE BY PRESSING ENTER, PRESSING THE # OR BY SELECTING

  Accept Selected Quote

  The user will see the completed trade recorded in the Done folder.