X_TRADER®

Algo Defaults for MiFID II

The Customer Defaults window includes an Algo Defaults pane used for configuring default settings on algo orders. To switch to the Algo Defaults pane, click the Switch To Algo Defaults button in the top left corner of the Customer Defaults window. Risk administrators can create Algo Defaults for X_TRADER users in TT User Setup and configure them so that end users cannot overwrite their values.

After displaying the Algo Defaults pane, algos are selected in the Algo Name column.  Anytime one these algos is sending an order and there is a match in Algo Defaults,  then X_TRADER will add the applicable Investment Decision, Execution Decision, Liquidity Provision, and Direct Electronic Access fields to the algo orders sent to the exchange. These fields will override any values set in Customer Defaults.  If a field is blank in Algo Defaults, the value in Customer Defaults will be sent to the exchange.

Algo Defaults Example MIFID II

The following example shows "CustAccount A" selected in Customer Defaults and "Autospreader" selected in the Algo Defaults pane. Since"CustAccount A" is selected, the MiFID II fields in Algo Defaults will override the corresponding MiIFD II fields for "CustAccountA" on Autospreader child orders sent to the exchange.

Algo Defaults MIFID II Field Descriptions

Descriptions of the MiFID II fields in the Algo Defaults pane are shown in the following table. Required settings vary by exchange. When setting these fields, refer to MiFID II Order Fields by Exchange.

Column Description
Algo Name

Name of the algo used for submitting the order. Enter the name of your own algo or select one of the following TT algos: 

  • ADL
  • Aggregator
  • Autospreader
  • Autotrader
  • Liquidate
  • Sniper
  • SSE
FFT4

Used for free-form text or non-standard exchange fields; e.g., Tag 9707-MIFIDID on ICE.

FFT5

Used for free-form text or non-standard exchange fields.

FFT6

Used for free-form text or non-standard exchange fields.

Direct Electronic Access

Sets whether or not the order is sent from direct/sponsored access or from another source. Valid values:

  • None
  • True
  • False

Liquidity Provision

Indication of market making. Valid values: 

  • None
  • True
  • False

Commodity Derivative Indicator

Indication of whether the order is for hedging purposes to reduce risk. Valid values: 

  • None
  • True
  • False
Investment Decision

Indication of who made the trading decision. Enter a registered ID/Short Code.

Execution Decision

Indication of who or what algo submitted the order. Enter a registered ID/Short Code.

Client

Identification of the customer (LEI/Short Code).