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Configuring a User for Trading

Overview

As a buy-side administrator you can create basic user profiles. Once created, you can:

  • Configure the user’s buy-side settings (e.g., broker permissions, credit limits, and application settings).
  • View broker configured user settings.

Configuring the User’s Buy-Side Settings

The user’s detail pane allows you to configure and view the user’s settings.

The following sections describe the settings that are configurable by the buy-side administrator:

When you are finished editing the user, save your changes.

Enabling and Disabling Broker Permissions

You can enable or disable a user’s ability to trade with a specific broker. In the Choose Brokers detail section, check the brokers with which this user should be allowed to trade.

Warning

Disabling a broker permission removes the broker relationship for the selected user, including Gateway Logins, product group permissions, or other settings set by the broker.

Note: The user will not be able to trade with a broker until the broker assigns the user one or more gateway logins.

Allowing or Prohibiting Trading

If the user should be allowed to trade, open the View/Set Risk Settings section of the detail pane and make sure the Trading Allowed option is checked (which it is by default). The individual brokers must also allow trading before a user can trade with a specific broker.

Setting the X_TRADER® Mode

The X_TRADER® mode determines what functionality a user has access to when using X_TRADER®. There are two mode options available:

  • X_TRADER® — Provides access to the basic trading features available in X_TRADER®.
  • X_TRADER® Pro — Provides access to additional features like Autospreader®, ADL®, Algo Strategy Engine, Synthetic Strategy Engine, X_TRADER® API, and TT API in addition to the basic trading functionality.

To set a user's X_TRADER® mode:

  1. Click on a user in the User View.
  2. In the user's detail pane, open the View/Set Application Permissions section.
  3. Click the drop-down arrow in the X_TRADER Mode field to select a mode: X_TRADER® or X_TRADER Pro®  (default setting).

    web-change

  4. Click the Save icon next to the selected Username in the User View.

Applying Credit Limits

You can configure overall credit and currency settings that apply to all the user's trades using any or all of the gateway logins. The gateway logins’ risk settings still apply, but the trader will have an additional overall credit restriction.

To apply user-level credit limits:

  1. Select a user and open the View/Set Risk Settings section of the detail pane.
  2. If P&L is not to be considered in pre-risk calculations for this user, check the Ignore P&L option. This option is not checked by default.
  3. If margin is not to be considered in pre-risk calculations for the user, check the Ignore Margin option. This option is not checked by default.
  4. In the Credit field, enter the sum of money available at the start of a trading session (which can be affected by a trader's margin and P&L). Enter 0 to reset the credit to unlimited.
  5. In the Currency field, select the currency for the Credit field (e.g. USD = United States Dollar).

Configuring TT SIM Access

TT User Setup supports TT SIM mode trading using existing user profiles. As a buy-side administrator you can configure the user to log in using live trading mode and/or TT SIM trading mode. You can also configure a credit limit that applies only to TT SIM trading mode.

Note: Broker’s can set TT SIM credit limits at the gateway level and can also create product limits that apply only to TT SIM trades.

To configure TT SIM access:

  1. Select a user and open the Set/View Application Permissions section of the detail pane.

  2. In the Login Access field, select whether the user can log into TT SIM Only, Live Only, Both Live & TT SIM, or whether the user has No Access.
  3. Open the Set/View Risk Permissions section of the detail pane.

  4. If the user should have a different credit limit for TT SIM trading, check Override TT SIM Credit and enter the TT SIM credit limit into the TT SIM Credit field. Enter 0 to reset the credit to unlimited. If you do not set a TT SIM credit limit, then non-TT SIM credit limits are used.

Allowing Staged Order Creation and Management

If the user should be allowed to create or manage staged orders, open the View/Set Application Permissions section of the detail pane and check the following:

  • If the user is allowed to create staged orders, check the Staged Order Creation option. This option is unchecked by default.
  • If the user is allowed to claim and work staged orders, check the Staged Order Management option. This option is unchecked by default.
  • If the user is allowed to claim and work their own staged orders, check the Claim Own Staged Orders option. This options is unchecked by default.

Allowing Algo Deployment and Sharing

If the user should be allowed to deploy strategies to an Algo SE Server, open the View/Set Application Permissions section of the detail pane and check the Algo Deployment Allowed option. This setting is only valid when the user is configured to connect to an Algo SE Server.

If the user should also be allowed to share algorithms with other users on Algo SE servers, check the Algo Sharing Allowed option. This setting is only valid when the user is configured to connect to an Algo SE Server and when the Algo deployment allowed option is checked.

Allowing X_RISK Instant Messaging

If the user should be allowed to use the Send Instant Message window in X_RISK to send messages to traders regarding an exchange event, advise an individual trader about their positions and risk limits, etc., then open View/Set Application Permissions section of the detail pane, switch to the X_RISK tab, and check Instant Message Access.

Allowing or prohibiting X_STUDY

When X_STUDY is allowed for the system (as set by the TT administrator), you can configure whether an individual user may use X_STUDY. Open the View/Set Application Permissions section of the detail pane, switch to the X_STUDY tab, and check the X_STUDY Allowed option to allow X_STUDY for this user, or uncheck the option to prohibit X_STUDY for this user.

The FMDS server is configured by the TT administrator. You can configure this user to use the Primary or Secondary server from the FMDS Server field. You can also edit the FMDS server IP Address, port, service, or timeout for this user. To reset the values to the configured server settings, right-click the View/Set Application Permissions section and then click Restore System Settings.

Setting CME Netting Agreement

If the user participates in CME’s netting program, open the Set CME Netting Agreement section of the detail pane and select the product groups for which the user has a netting agreement. Make sure to set the netting program to the appropriate netting plan participant organization. The name of the netting program is required if any of the product groups are checked.

Enabling or Disabling the Inactivity Lockout

If the user should not be locked out after being inactive, open the Set Login Rules /Change Password section of the detail pane and check the Never Lock Out From Inactivity option.

By default users are locked out after the number of inactive days configured by the TT administrator in the Login Rules settings.

Configuring Two-Factor Authentication

Two-Factor Auth(entication) displays whether the user’s broker requires two-factor authentication:

  • None: Two-factor authentication is not required.
  • SMS: Two-factor authentication via text message (SMS) is required.

    If a user’s selected broker requires two-factor SMS authentication, the buy-side administrators must set the SMS number for the user. Non-US numbers must be entered in "+<countrycode><number>" format. For example, the Singapore country code is 65, so when entering a Singapore SMS number, you would enter "+655555555".

  • Email: Two-factor authentication via email is required.

If the user is mapped to multiple brokers, the highest priority two-factor authentication setting displays. For example, if Broker A requires SMS and Broker B requires Email, the Two-Factor Authentication field will display SMS.

Editing Custom Data

If there are custom data fields for this user, enter them in the Set Custom Data Fields section of the detail pane.

Editing the Contact Information

Edit the user’s contact information in the Update Contact Information section of the detail pane.

Viewing Broker Configured Settings

The broker-configured settings can be viewed, but not edited. Click the blue system properties indicator to see how each broker has set each setting.

The following sections describe the broker-configured settings that can be viewed, but not edited.

Viewing Risk Settings

The Risk Settings section of the user’s detail pane displays the following broker settings:

  • Trading Allowed: When enabled, the specified brokers allow this user to trade.
  • Undefined Accounts Allowed: When enabled, the user can submit an order with any account number unless restricted by customer defaults or their TTORD. When disabled, TT Gateways will reject orders from this user that are sent with an account that is not defined in TT User Setup.
  • Account Changes Allowed: When enabled, the user can change the account number on a fill. If the users customer defaults are restricted, then only accounts that are pre-defined in the customer defaults are available.
  • GTC/GTDate Orders Allowed: When enabled, Good Till Cancel and Good Till Date orders are allowed.
  • Iceberg Allowed, Time Sliced Allowed, Volume Sliced, Time Duration Allowed, Volume Duration Allowed, Machine Gun: When enabled, the user is allowed to submit orders using the enabled synthetic order type. These synthetic order types are checked by default for new users.
  • Order Price Offset Limit: When enabled this setting determines how far from the market price a user may enter an order (in ticks).
  • Only Enforce Positive Offsets: When this setting and Order Price Offset Limit are both enabled, X_TRADER enforces the offset limit for buy orders above the limit and sell orders below the market.
  • Max Orders Per Second: When enabled, the gateway prevents a trader from executing more than the specified number of trades in one second.
  • Order Persistence: Determines whether Eurex orders sent from X_TRADER are automatically set to persist, or whether the user can configure the Persist orders and Only GTC options in the Eurex section of the X_TRADER Order Entry property tab.
    • User Controlled: The user can turn X_TRADER's Eurex Persist Orders and Only GTC options on or off as needed. This is the default setting.
    • Persist all orders: All Eurex orders sent from X_TRADER will be set to persist and the user will not be able to turn X_TRADER's Eurex Persist orders option off.

Viewing Exchange Access

The View/Set Exchange Access section of the detail pane lists the gateway logins that the brokers have created for the user, as well as the TTADM gateway logins that were automatically generated for the Buy-side company.

Viewing Product Limits

The View/Set section of the details pane lists the that the brokers have created for the user. Click the left-arrow to view additional detail.

Viewing Application Properties

The View/Set Application Permissions section of the user’s detail pane displays the following broker settings:

  • TT API Allowed: Determines if the user is allowed to route orders through the TT API.
  • XTAPI Allowed: Determines if the user has access to the XT API. This option is checked by default.
  • Autotrader Allowed: Determines if the user has access to Autotrader. This option is checked by default.
  • Autospreader Allowed: Determines if the user has access to Autospreader. This option is checked by default.
  • Avoid Crossing: Determines the default behavior for crossed orders. If Avoid Crossing is unchecked, it is not enforced. If Avoid Crossing is checked, orders that cross result in the working order being canceled so that the new order can be placed, or the new order being rejected.
  • Direct Market Access Order Creation: Determines whether the user is allowed to create DMA orders. This option is checked by default.
  • Market Orders: Determines if the user can enter market orders.
  • RFQ Allowed: Determines whether the user can quote and send RFQs. This option is checked by default.

Viewing X_RISK Settings

The Position Publishing Access option on the X_RISK tab determines if the user can publish Manual Fills (MF) and Start of Day (SOD) records in X_RISK.

Viewing Account Permissions

The View Account Permissions section of the details pane lists the accounts that the brokers have configured for the user. When Honor Account Permissions is enabled, the user can only create, modify, and delete orders with the accounts shown in the list.

Viewing Customer Defaults

The View Customer Defaults section of the details pane lists the customer defaults that the brokers have configured for the user. Click the left-arrow to view additional detail.

Viewing Market Data Permissions

The View Market Data Permissions section of the details pane lists the product group permissions that the brokers have configured for the user. Brokers can allow or block access to product groups in supported markets. ICE for example has product groups such as OTC Gas, OTC Power, and US Futures. If a product group is checked, the user is allowed to subscribe to market data for that product.

The Sub Agreement Signed column indicates whether the user has an appropriate CME Market Data Agreement in place that grants the user access to that market group. If the user subscribes to billable CME market data and has not signed the agreement by 1/1/2105, they will be blocked from the applicable CME market data.