TT BrokerTec Gateways natively support Leave order functionality. This allows you to submit multiple orders on the same side of the market. These orders are left working in the market when you submit multiple orders.
There are two ways to send BrokerTec orders to the market: Aggressive and Passive.
- Aggressive orders Hit or Take Passive orders in the market. An order is Aggressive when a Bid id Hit or an Offer is Taken; the order must be on the inside market. Submit Aggressive orders using the HIT or TAKE buttons.
- Passive orders rest in the market waiting for an Aggressive order to Hit or Take them. An order is Passive when a resting Bid or Offer is placed in the market. Submit Passive orders using the BID or OFFER buttons.
When trading BrokerTec, the P/A column in the Fill Window, Orders and Fills Window, and Audit Trail indicates whether the order was filled as A (Aggressive) or P (Passive).
Note: For Bond contracts, a displayed quantity of "1" in the Market Window represents the nominal value of $1,000,000.
BrokerTec also supports locked markets where a passive Bid and Passive Offer at the same price lock the market for that issue. No trading will occur until a third part aggresses against one of the orders.
Note: Currently only Government of Canada Bonds support locked markets. Locked markets are prohibited in all US Treasury Notes and Bonds.
BrokerTec provides the number of orders comprising the Bid/Ask quantities at a given price level as part of the disseminated book depth, allowing your to make informed trading decisions. Two optional Market Grid columns display the number of orders. Bid Count (BidCnt) displays the number of buy orders and Ask Count (AskCnt) displays the number of sell orders. You can expose these columns from the Show/Hide Columns dialog box via the right-click context menu.
Depth (market by price) can also be displayed in the Market Grid.
To expose depth in the Market Grid...
- Right-click the Grid pane to display the context menu.
- Select Show/Hide Columns and Depth. This displays the plunger.
Left-click the plunger to display the number of buy and sell orders at each price level.
You can also display depth using the Floating Depth Window which provides three levels of market depth. After selecting your launch method of choice in the global properties dialog, enable Floating | Depth from the Market Grid right-click context menu. To launch the Floating Depth Window, click in the Grid pane using your launch method of choice.
BrokerTec uses a matching algorithm known as Workup. In a workup market, you (or another trader) initiate a trade at a set price on the inside market. During the workup, the Bid or Ask price cell changes color and flashes, indicating the price is in a workup and is the only price available for trading. Once the specific exchange timers have expired and/or all participants filled, the screen stops flashing, indicating the market is idle.
- Hitting the Bid is an aggressive Sell order. The Bid Price flashes red and the letters HIT replaces the Ask price when bought.
- Taking the Offer is an aggressive Buy order. The Ask Price cell flashes green and the letters TAK replaces the Ask price when sold.