Note: This section relates to wholesale trades when using versions prior to 7.17. For information on trading wholesale trades using version 7.17, refer to the section located here.
An Against Actual trade allows market participants to organize and execute futures transactions that are directly related to an underlying transaction for the same or similar physical commodity.
Against Actual trades are not permitted in a delivery month of a designated contract which has never traded.
The exchange allows Against Actual trades for the following products:
- London Commodity Products
- Robusta Coffee
- Raw Sugar
- White Sugar
- Feed Wheat
- Paris Commodity Products
- Rapeseed Oil
- Milling Wheat
- Malting Barley
- Skimmed Milk Powder
The list above serves as a general guideline to the products which the exchange supports for wholesale trades. However, the exchange may impose additional restrictions and/or change the list of available products.
Users should obtain and consult the most current information related to Wholesale trades directly from the exchange.
Considerations and Restrictions
You may enter an Against Actual trade for London commodity contracts at any price within the high/low range established in respect of the delivery month to date.
For commodity contracts traded on the Paris Market, the transaction price can either occur within the high/low range of traded prices for the contract as established during the same trading day or at/within the best bid and offer when the trade is organized.
Submitting an Against Actual Trade
When submitting an Against Actual trade, you must select the desired contract from the Market Grid. Once selected, X_TRADER automatically populates the Series, Month, and AMR fields with the appropriate data from the Market Grid.
You must populate the Trader field with the value of the ITM of the Order Session that will route the order.
Older versions of X_TRADER may populate the Trader field with the user Trader ID. If present, you must replace this value with the correct ITM when entering an Against Actual trade.
You must populate the Price and Quantity fields to submit an Against Actual trade. You must also populate the Acc Code field.
To complete the Against Actual trade, you must populate the following fields:
- ISIN: TT Gateways 7.15 require a value in the ISIN field. You may populate
this with either the ISIN code (International Securities Identification
Number) for the contract or simply enter 0 to continue without
providing the ISIN.
TT Gateways 7.16 and higher no longer require users to populate the ISIN field.
- Cash Prc: TT Gateways 7.15 require a value in the Cash Prc field. You
may populate this with either the cash price of the underlying contract
or simply enter 0 to
continue without providing an actual cash price.
TT Gateways 7.16 and higher no longer require users to populate the Cash Prc field.