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Guaranteed Cross Trades

Overview

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.

Guaranteed Cross trades are trades where the two sides are guaranteed to match with one another and not a different order in the market. Guaranteed Cross orders validate automatically.

Note

The exchange no longer supports Market Maker Cross trades.

Supported Products

The exchange allows the following products for use in Guaranteed Cross trades:

Available Products for Guaranteed Cross Trades

Market

Products

Brussels

  • BEL20 Index Future
  • BEL20 Index Option (BXO)
  • BEL20 Index Option (BEL)
  • Individual Equity Options

Lisbon

  • PSI 20 Index Future
  • Single Stock Futures

London

  • Euro (Euribor) Options
  • Euro (Euribor) Mid-Curve options
  • Short Sterling Options
  • Short Sterling Mid-Curve Options
  • Long Gilt Options

Paris

  • CAC40 Index Future
  • CAC40 Dividend Index Future
  • CAC40 Index Option (PXA)
  • CAC40 Index option (PXL)
  • FTSEEurofirst 80 Index Future
  • FTSEEurofirst 100 Index Future
  • Individual Equity Options

Considerations and Restrictions

The exchange requires a minimum amount of contracts/lots for each Guaranteed Cross trade. This minimum volume threshold level varies dependent on the contract and whether the contract. For example, many contracts require a minimum volume threshold of 500 lots.

In addition, when executing a block trade for a calendar spread in the same contract, each leg must meet the contract's minimum volume threshold. For example, if the contract requires at least a 500 lot order for a block trade, then a calendar spread in the same contract must equal at least 500 lots per leg for an aggregate amount of 1,000 lots or more.

Guaranteed Cross trades must be limited at a price within the best bid-offer (BBO). The exchange rejects Guaranteed Cross trades that are not within the limits of the BBO. This requirement applies to the individual legs of a strategy as well.

Submitting a Guaranteed Cross Trade

When submitting a Guaranteed Cross 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.

Note

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 a Guaranteed Cross trade.

You must populate the Price and Quantity fields to submit a Guaranteed Cross trade. In addition, you must populate the Acc Code field.