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Order Passing Support

Overview

TT Gateway 7.17.35 and higher supports passing submitted orders from one broker or sales trader to another to execute and manage the order. Buy-side clients can contact sell-side firms or execution desk to place orders and manage risk on their behalf. Using X_TRADER® 7.17.10 and higher, the sell-side traders managing the orders on their behalf can pass an order to another “caretaker” as needed in order to ensure the order is executed and managed correctly.Note: Order Passing is allowed per User Group as defined in TT User Setup. In order to use Order Passing, contact your Risk Administrator to ensure that it has been enabled for your User Group. Order passing is supported in non-X_TRADER ASP environments only.

Note

The following TT Gateway 7.17.30 or higher versions support order passing: CME, Eurex, ICE, and NYSE Liffe.

Order Routing Impact

For Order Book Passing functionality to work correctly, TT Gateways need to maintain the originator’s routing credentials.Whenever there is an exchange requirement to pass an individual trader identifier to the exchange (based on the exchange rules), the TT Gateway finds the Operator ID that corresponds to the Monitoring username on the order, and updates the trader identifier field when the order is sent to the exchange.The trader identifier field varies across exchanges. To see which value is sent to the exchange by the TT Gateway, refer to Operator ID.

Trader ID required by the Exchange on all order actions

The following TT Gateways support looking up an Operator ID credential that corresponds to the monitoring username on the order, and updating the trader identifier field when the order is sent to the exchange: BVMF (Desk Traders), CME, ICE, CFE, NYSE Liffe, and NASDAQ.

Trader ID not required by the Exchange

The following TT Gateways do not send an Operator ID value to the exchange: HKEx, Eris, LME, MEFF, SGX, OSE, TOCOM, TFX, and SFE.

Trader ID required by the Exchange but not allowed to be changed

Only the Brokertec Gateway is impacted by this exchange requirement.

X_TRADER 7.17.10 and higher disables order passing for BrokerTec Gateway connections because BrokerTec requires the originator to always maintain the order. If a trader identifier is changed, the exchange rejects the order.

Trader ID not required and not allowed to be changed by the Exchange

The following TT Gateways always use the original trader (originator) routing credentials and OperatorID field when order updates (change, delete, add) are sent to the exchange: Eurex, MX, eSpeed.