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Cross Orders

Overview

In the Brazilian markets, Cross orders can only be submitted by Desk Traders, and are often submitted if they see a bid and offer with their own brokerage house code for the same contract. Because the bid and offer are occurring within their own firm, the Desk Trader may cancel the two off-setting orders and submit a Cross order. The exchange only allows cross orders for contracts in liquid markets.

TT Gateway Behavior

Cross orders are supported by the BVMF Gateway, but Cross-with orders do not apply to BVMF and are not supported. The BVMF Gateway supports cross orders during the Pre-Open, Pre-Close, and Auction market states as well as during open trading. Cross trades completed during an auction phase between two Desk Traders are entered into the system at the completion of the auction.

Note

Only Desk Traders are allowed to submit cross orders. Cross orders entered by DMA Traders will be rejected by the exchange.

The BVMF Gateway determines what products are available for cross orders based on a non-configurable GAL setting programmed in the Order Server. When a cross order is selected in the X_TRADER® 7.11.1 Order Pane for a product, the BVMF Gateway notifies X_TRADER® that the product supports cross orders and enables X_TRADER® to display the BVMF-specific Order Pane for submitting the two-sided cross.

Cross Orders in X_TRADER®

Cross orders can be entered during open trading or during auction states. Traders enter cross orders into the system using the Order Pane in the X_TRADER® 7.11.1 Market Window and can enter the following in the Customer Defaults window (or in the Order Pane for each cross order):

  • Account number
  • Account type
  • Give Up account
  • Open/Close

Completed cross trades appear as “OTC” trades in the Type column of the X_TRADER® Time and Sales window.