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X_RISK®

Common Tasks in the Position Window

Below you will find some of the most common tasks within the Position window.

Understanding Credit and Margin

Columns in the Position window help you better understand credit and margin.

Margin is the amount of money you need set aside for open positions and working orders. Margin is calculated at the Product level and appears as a column in the Position window. One of two methods of margining exist in X_RISK 7.8.

  • If you log into X_RISK using TT User Setup 7.2.0 or higher, a new risk component is used and intra-product spreads can be margined in addition to charging margin for the outright positions.
  • If you log into X_RISK using Trader Login or a version of TT User Setup prior to 7.2.0, Guardian risk checking is used and margin is only charged for your overall worst case position at the product level.

Credit is the amount of money you can lose per session. If a Credit value is entered by your Risk Administrator, it displays for any row that is grouped by Member/Group/Trader or on the top row of the Position window which aggregates all fills and orders.

Available Credit is the amount of money available for you to use once P/L and Margin are taken in account. Available Credit = Credit + Overall P/L – Total Margin Required

Example: Spread Margin=500, Future Margin=1000, Credit=6000, Overall P/L=-225

Filled Positions

Long

Short

MAR

1

0

JUN

0

2

SEP

3

0

DEC

0

4

Sum

4

6

Your position for this product is 2 (Short 6 - Long 4) and there are 4 spreads.

Using the new margining method:

  • Product Margin = 2 * 1000 + 4 * 500 = 4000
  • Available Credit = 6000 - 225 - 4000 = 1775

Using the old margining method:

  • Product Margin = 2 * 1000 = 2000
  • Available Credit = 6000 - 225 - 2000 = 3775

For more information and examples on calculating Margin and Available Credit, reference the TT User Login and Risk Administration Guide.

Displaying Profit and Loss

You customize how your Profit and Loss (P/L) calculates and displays using the Position pane context menu. The P/L Based On option lets you calculate P/L using any of the following prices:

  • Last price
  • Bid/ask price
  • Opening price
  • Closing price
  • High price
  • Low price
  • Settlement price
  • Risk Algorithm

    Note: The Risk Algorithm is useful in illiquid markets where the Last Traded Price (LTP) may not be the best indicator of the current market. It calculates Open P/L using the following criteria:

    CriteriaConditions

    1. Last Traded Price (LTP)

    An LTP is considered valid if it is greater than or equal to the Bid and less than or equal to the Ask.

    2. Midpoint of the Bid and Ask

    If no valid LTP exists, the midpoint is used.

    If the Ask is valid but the Bid is not, the Ask is used. If the Bid is valid but the Ask is not, the Bid is used.

    3. Settle

    If neither the Bid nor Ask is available, the settlement is used.

    4. Close

    If the settlement is not available the Close is used.

The P/L Display lets you select the P/L (Profit/Loss) column display type as one of the following:

  • Specific currency

Note: The Primary Currency designation in the Guardian Currency Table determines the default currency. You can change the default currency using this context menu option.

  • Product's native currency
  • Quantity multiplied by the price
  • Ticks

To select the P/L method:

  1. Right-click any cell in the Position pane to access the context menu.
  2. Click P/L Based On and select a calculating method.
  3. Click P/L Display and choose a display type.

You successfully selected the P/L method.

Performing Order Status Inquiries

To inquire about the status of an order:

  1. Select the order by clicking a cell in the appropriate row.
  2. Click the Inquire button.

The Audit Trail window displays two messages. The first confirms the exchange received an inquiry request. The second confirms that the order status information has been provided.

You successfully inquired about the status of an order.

Deleting an Order

You can delete any unfilled order. Because there is a short delay before you receive notice of a filled order, you might inadvertently try to delete a filled order. If this occurs, the Audit Trail sends you an error message.

Note: If an order enters an unknown state, the TTStatus column is appended with a question mark (?) and the colors are inverted.

Follow these procedures to delete orders in the Orders and Fills Window:

To delete a single order:

Click to select the order and click the Cancel button.

- or -

Click on the button in the appropriate row.

The Audit Trail message specifies the action taken (Delete).

You successfully deleted an order.

To delete multiple orders:

  1. Click to select the orders you want to delete.
  2. Click the Cancel button in the top pane.

The Audit Trail message specifies the action taken (Delete).

You successfully deleted multiple orders.

To delete all visible working orders:

Click the Cancel All button to cancel all visible working orders.

Warning: Using the Delete All button to empty your Orders and Fills Window does not delete any orders that have been hidden by filters.

You successfully deleted all visible orders.

To delete all visible orders and orders hidden by filters:

  1. Right-click on any cell in the bottom pane of the Orders and Fills window.
  2. Click Clear All Filters from the menu.

    Note: This is the only way to ensure that all the filters have been removed.

  3. Click the Cancel All button to cancel all visible working orders.

You successfully deleted all visible orders and orders hidden by filters.

Viewing Order Details

Order details can be viewed from the Order Toolbar or Order Grid.

To View Order Details

  1. Click to select the order you want to view the details of.
  2. Do one of the following:

    Click the button from the Order Toolbar.

    -or-

    Click the button from the Order Grid.

    The Order Details box displays.

  3. When viewing is complete click OK.

You successfully viewed order details.