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X_TRADER®

HKEx Wholesale Trades

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

You can use the Wholesale Order window to submit the following wholesale order types on HKEx:

  • Interbank Trade: Orders that are only posted to the Participant listed as the order’s counterparty. Interbank trades are only executed after the counterparty submits a matching order.
  • Internal Trade: Orders where a bid-side Participant and an ask-side Participant are set within the same order message. Both sides of the order are then submitted as a cross order.

How to Match an Interbank Trade

Interbank Trades are only executed after both traders submit a matching order. The exchange checks the following to match an Interbank Trade:

  • Both orders must match the same series, price and quantity.
  • One order must be set to Sell order while the matching order must be set to Buy.
  • Both counterparty Participants have set the other Participant as its Counterparty.

How to Enter OTC Trades on HKEx

You can use the Wholesale Order window to make OTC trades on HKEx when connected to a HKEx Gateway Version 7.17.65 or higher.

Users may enter OTC trades as either an Interbank Trade, which is matched to an order submitted by a counterparty; or as a standalone Internal Trade, which is matched when the user enters both sides of the trade.

To make an Interbank Trade, select Interbank in the Order Type pane and complete the fields as listed below. You must verify that the counterparty enters a matching Interbank order.

To enter both sides of an Internal Trade, select Internal in the Order Type pane and populate the Buyer and Seller sides of the trade.

Submitting HKEx OTC Orders

Prior to submitting a wholesale trade, you should know the Counterparty’s Participant Code and the trade purpose (e.g., Arbitrage, Combination, etc).

HKEx Wholesale Order Examples

Interbank

Internal

To submit a Wholesale Order on HKEx:

  1. Open the product you wish to trade in a Market Grid window.
  2. In the Market Grid, right-click the row containing the product and select Wholesale Orders from the context menu.

    Note: The Wholesale Orders options is grayed-out if:

    • Your administrator has not enabled wholesale trades in TT User Setup.
    • The product/exchange does not support wholesale trades.
  3. Select either Interbank or Internal in the Order Types pane. Also, set the quantity and price for the trade.
  4. Complete the remaining fields as listed below.

    Note: For an Internal trade, populate credentials for both the Buyer and Seller sides of the trade.

    Fields for HKEx Interbank and Internal Trades

    X_TRADER Field

    Value(s)

    Description

    Customer

    A drop-down list of available Customers.

    Only customers selected in the X_TRADER Customer Defaults window appear in the Customer field list.

    This is an optional field.

    When a customer selection is made, the Account Number field is populated with the customer’s account number.

    Note: Any changes to customer defaults (e.g., select another customer) requires a relaunch of the Wholesale Order window to pick up the most recent changes.

    Account Number

    User Account Number

    You may optionally provide a user Account Number in this field. Account numbers are not routed to the exchange.

    Note: The exchange does not allow the * and % characters to be used as part of the account number.

    Account Type

    A1-A9, G1-G3, M1-M3, P1-P3, U1-U3.

    The list of account types in the dropdown menu shows the default mapping configured in hostinfo.cfg on HKEx Gateways 7.17.65 and higher.

    You can enter a user-defined account code value in the account code field in hostinfo.cfg (e.g., A1=MyAccountCode) and it will be sent to the exchange in the ex_client_s field.

    Open/Close

    Open or Close

    Sets whether the trade opens or closes a position.

    Giveup

    Carrying Participant Code

    Sets the five-digit Carrying Participant Code provided by the securities code committee.

    This field is mandatory when submitting a Giveup order and is forwarded to the exchange API as part of the ex_customer_s field.

    FFT2

    Customer specific information

    Sets the customer specific information. This field is optional and can be used for back office reconciliation.

    This value, if present, is forwarded to the exchange API in the customer_info_s field.

    FFT3

    Customer Identification Number

    Sets the Customer Identification Number.

    This field is mandatory when submitting a Giveup order and forwarded to the exchange API as part of exchange_info_s field.

    Counterparty

    Counterparty Participant Code

    Sets the Counterparty for the trade and is forwarded to the exchange API as part of the ex_customer_s field.

    Note: This is a required field for HKEx Interbank and Internal trades.

    Trade Purpose

    Arbitrage

    Combination

    Cross Trade

    Exchange for Physical

    Position Consolidation

    Rollover

    Others

    Sets the intention of the trade. Refer to the exchange’s documentation on the requirements for reporting the trade purpose.

    Note: Applies to Interbank trades only. This will require the counterparty to submit a matching order.

    Buy/SellSelect Buy or SellSets which side of the trade you are entering. Applies to Interbank trades only.
  5. Once the fields are complete, click the Send button.
  6. Verify the order in the Confirm Order window that appears, then click Yes.