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Prof 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.

Professional Trades (or Prof Trades) are the only supported Wholesale Trade on Euronext Amsterdam. Prof Trades cannot be entered on any market other than Amsterdam, and are pre-negotiated trades between two parties that take place outside the central order book.

A single Prof Trade consists of two intentions - an Initiator intention and a Reactor intention. The Initiator is the party who initiates a transaction, the Reactor is the Initiator's counterparty. One party will enter both sides of the Prof Trade.

Note

Prof Trades are matched automatically by the trading host and do not require manual validation.

Supported Products

The exchange allows Prof Trades for the Dutch Individual Equity options, Index and Currency Derivatives (options and futures). This includes the following products:

  • Equity options on Dutch shares
  • Equity options on Belgian shares
  • Equity options on non-Dutch shares
  • AEX-index® options
  • BEL20® index options
  • Light AEX-index® options
  • AEX-index® futures
  • BEL20® index futures
  • Light AEX-index® futures
  • AEX-Dividend index® futures
  • US dollar / Euro options
  • Euro / US dollar options
  • US dollar / Euro futures
  • Euro / US dollar futures

Considerations and Restrictions

Prof Trades have the following unique rules:

  • Prof Trades must represent a size of at least 250 contracts, including all legs added together.
  • Individual Prof Trades cannot be entered in Strategy markets.
    Note

    To create a Prof Trade in a Strategy market, you may link trades in several outright markets together as a package.

  • Each trade with a single counterparty at a single price must be submitted separately.
    Note

    Prof Trades can be bundled together using a Package Identifier. This allows the broker to submit multiple Prof Trades while being assessed a clearing fee for a single Prof Trade.

Submitting a Prof Trade

When submitting a Prof 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 Prof trade.

You must populate the Price and Quantity fields to submit a Prof trade.

Prof trades require users to select the appropriate values in the following fields:

  • Buyer/Seller
  • Initiator/Reactor
  • Password
  • Package ID in the format:
    • HH: Hours past midnight (local time of the trader) that the package was agreed.
    • MM: Minutes past the hour the package was agreed.
    • TT: Total number of legs (maximum 99)�
    • XXXXX: Unique Identifier