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Counterparty Support

Introduction

Market data on the UMDF price feed contains brokerage house codes that identify each broker (i.e., counterparty) trading via PUMA. In the BVMF markets, the counterparty information has the following uses:

  • BVMF traders can view which brokers are active in a specific market.
  • Desk Traders can see if any orders have been submitted for opposing sides (buy and sell) from their own firm. If this occurs, Desk Traders may delete those orders and submit them as Cross Orders.
  • Market participants can access daily summaries of trades per brokerage house for specific contracts.

TT Gateway Behavior

The BVMF Gateway 7.15.0 obtains the counterparty codes from the UMDF price feed and sends them to the client trading applications at each level of detailed depth. The counterparty broker code or name (if configured) is displayed once for each order side and can be also viewed in X_TRADER®. Counterparty codes are provided by the gateway for up to 50 levels of detailed depth per side.

Customizing Counterparty ID Display in X_TRADER®

Traders can customize the names or create counterparty groups (e.g., group all brokers by firm) by using the Counterparty Members button on the Orders tab in the X_TRADER® Properties Window. Customized changes are stored locally on the X_TRADER® workstation in a separate file. If you're connected to TT User Setup 7.4.2 or higher, then the counterparty codes and names configured in TT User Setup can be displayed in addition to any codes manually added by the user.

To configure the counterparty ID display in X_TRADER®

  1. From the X_TRADER® control panel, select Settings and click Properties
  2. Select the Orders Tab, and click the Counterparty Members button.
  3. In the Counterparty Members window that appears, select the broker name that you want to customize as an Alias.

    From this dialog box you can configure:

    • An alias name that is displayed instead of the default display name.
    • The color of the text displayed in the Bid Mbr or Ask Mbr cell for this broker.
    • Background color of the Bid Mbr or Ask Mbr cell for this broker
  4. To add a counterparty ID, enter the code in the lower left corner and click Add ID.

    You can also customize the display properties of the codes you enter using the same dialog box options (i.e., Alias, Text Color, and Background Color).

    Note

    X_TRADER® will check for duplicate counterparty IDs entered in the Add ID field. If the ID is unique, the Add ID field will become enabled. Otherwise, Add ID remains grayed out if the entered ID is a duplicate.

Viewing Counterparty Information in X_TRADER®

X_TRADER® 7.11.1 displays the counterparty code or name In the Bid Mbr and Ask Mbr columns in the Market Grid and Time & Sales windows. In the Market Grid, the counterparty code or name is displayed for detailed depth only; no counterparty information is displayed for aggregate depth.

If a trader did not customize the broker name with an alias using X_TRADER®, the broker name configured in TT User Setup is displayed in the Bid Mbr and Ask Mbr columns. If you did not provision a broker name in TT User Setup, then the counterparty code (parsed from the price feed or entered manually by the trader) is displayed in the Bid Mbr and Ask Mbr columns in the Market Grid and Time & Sales windows.

To view counterparty data in X_TRADER Market Window

  1. In the Show/Hide Columns window, click Depth, Bid Mbr, and Ask Mbr and click OK.
  2. Right-click the Depth icon to show counterparty ID, name, or alias in the Bid Mbr and Ask Mbr columns.

Viewing Counterparty in Time and Sales

Trades that are added to the Time and Sales window display the counterparty code from the price feed or the counterparty member name/alias if one is configured on the X_TRADER® workstation. Only trades completed after the Time and Sales window is opened will appear.

To view counterparty in the Time and Sales windows

  1. In the Control Panel, select the Time and Sales.
  2. Right-click and select Show/Hide column... to select the Bid Mbr and Ask Mbr columns
  3. Add a contract to the Time and Sales window.
  4. Result: Completed trades are displayed including the counterparty for each side.

  5. In MD Trader, right-click anywhere in the MD Trader window and select Time and Sales..

Importing Time and Sales Data

X_TRADER® 7.11.1 provides each counterparty code or name/alias in the Bid Mbr and Ask Mbr fields in the Time and Sales window. Traders can import to the Time and Sales data into an Excel spreadsheet to track traded volume for a contract per counterparty.

To import Time and Sales data to Excel

  1. Time and Sales data is stored in *.csv files in ttdatfilestsdata
  2. Import the file into Excel to create reports of the number of trades done by each broker.