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X_TRADER®

Cross Orders

You are viewing X_TRADER Version 7.17 and higher. For earlier versions, click here

Cross orders are prearranged trades with either a party within the trading firm itself or with a specified party outside the firm.

The method to enter cross orders depends on the version of the TT Gateway you connect to. The information below applies when connected to a TT Gateway Version 7.16 or earlier. For entering cross trades when connected to a Version 7.17 gateway or higher, refer to Wholesale Trading.

Notes:

  • Remember that you must have previously set up customer profiles for each client you wish to conduct cross trades for.
  • The process of placing a Cross order on the BVMF Gateway is different than placing a traditional Cross order. Please refer to the Cross Orders page in the BVMF Gateway help for more information.

In the Modifiers section of the Order Pane you have the following options:

  • Cross: Use Cross trades in exchanges other than NYSE Liffe to indicate a specific party to trade with. Cross trades are always GTD orders. Enables the Buyer and Seller lists so you can set up a cross trade. The Buy and Sell buttons become Buy First and Sell First buttons.
  • ITX: Sends an Intention to Cross notification as is required by some exchanges. A countdown appears on the face of the ITX button. This timer is only informational and does not trigger a cross order when it reaches zero.

Set the number of seconds in the Order Entry tab on the Properties menu. X_TRADER does not time orders for markets that require a time interval between sides of the cross being submitted. You must manage this manually.

Note: Do not confuse Intention to Cross with a cross order, or with the NYSE Liffe ITX function. Intention to Cross is an announcement of the desired intention to cross. The NYSE Liffe ITX is a cross order, not an announcement.

To enable Cross Trading...

  1. From the Control Panel, click the Settings menu and choose Properties.
  2. Click the Order Entry tab.
  3. In the General section, click Order Crossing.
  4. Click OK.

To execute a cross trade...

Note: Remember that you must have previously set up customer profiles for each client you wish to conduct cross trades with.

  1. In the Modifiers section, change the modifier to Cross.

    Note: If your Order Entry pane does not display the Cross tab, see the preceding procedure.

  2. Click the buyer or seller from the list boxes.

  3. In the Market Grid, select a contract.
  4. Enter the quantity and price in the appropriate fields.
  5. If you want to send (or are required to send by the exchange) an Intention to Cross notification, click the ITX button.

    The timer counts down.

  6. To execute a cross trade, click Buy First or Sell First.