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X_TRADER®

ICE Wholesale Trades

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

You can use the Wholesale Trades window to make cross trades on ICE when connected to ICE Gateway 7.17.45 or higher.

When connected to ICE Gateway 7.17.60 and higher, you can make cross trades in addition to the following wholesale trades for Liffe products that have been migrated to the ICE platform:

  • Block Trades: high volume trades in any outright or strategy product.
  • Cross Trades: prearranged trades with either a party within the trading firm itself or with a specified party outside the firm.
  • Guaranteed Cross Trades: an order where the two sides are guaranteed to match with one another and not exist as a different order in the market. Guaranteed Cross orders validate automatically.
  • Basis Trades: strategies for long-term bond markets that incorporate a futures leg and an underlying (or cash) leg.

Before You Begin

Before submitting a Cross or Guaranteed Cross trade, do the following:

  • Ensure that wholesale trading is enabled for your username in TT User Setup.
  • Contact ICE to enable the wholesale trading functionality.
  • If you plan to use Auto RFQ in the Wholesale Order window to set your own time interval between RFQ and submitting the order (RFC), contact the exchange or refer to the exchange rules for the correct time interval for your product.

Submitting ICE Wholesale Trades

To submit an ICE Wholesale Trade:

  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 a Wholesale order type from the Order Types pane and set the quantity and price for the trade.
  4. Complete the remaining fields in the Wholesale Order window for both sides of the trade as shown below:

    For a description of each field, refer to Common Wholesale Trade Fields for ICE.

    For Basis trades, also refer to Additional Fields for Basis Trades.

    For Block trades, also refer to Additional Fields for Block Trades.

  5. Once the fields are complete, click the Send button.

    Review the Confirm Order window that displays and click Yes to submit the order.

    Cross and Guaranteed Cross trades: Upon receiving the order, the exchange broadcasts a request to cross message that appears in the Audit Trail. After the exchange-defined time period (e.g., 10 seconds), the order is submitted.

Common Wholesale Trade Fields for ICE

The table below lists the common fields for submitting ICE wholesale trades. For Cross and Guaranteed Cross trades, these are the only applicable fields.

For additional wholesale trade types, you must also complete the additional fields listed the sections that follow.

ICE Common Wholesale Trade Fields

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

TT Account. May be populated from Customer Defaults.Required for both sides of the cross or guaranteed cross trade.

Account Type

Refer to ICE Gateway Account Types in the Help Library.

Sets the type of account for submitting the trade.

Giveup

Clearing firm identifier

Sets clearing firm information and is populated from the Giveup field in Customer Defaults. This field is required for both sides of the trade.

FFT2

Customer account reference identifier

Sets the customer specific information and is populated from FFT2 in Customer Defaults.

The following figure shows the fields populated for a Cross trade (the same fields are also populated for a Guaranteed Cross):

Additional Fields for Basis Trades

To submit Basis trades, you must first complete the fields listed in Common Wholesale Trade Fields for ICE. In addition, you must complete the Order Details section as listed below.

Additional Fields for ICE Basis Trades

X_TRADER Field

Description

Leg Security Type

Optionally, select one of the following product types: FUT -- futures, OPT -- options, CS -- cash.

Leg Symbol

Optional if a leg security type is selected.

Leg Security ID

Optional if a leg security type is selected.

Leg Security ID Source

Optional if a leg security type is selected.

Leg Memo

Optional if a leg security type is selected.

Leg Qty

Optional if a leg security type is selected.

Leg Price

Optional if a leg security type is selected.

The following figure shows additional fields for Basis trades.

Additional Fields for Block Trades

To submit Block trades, you must first complete the fields listed in Common Wholesale Trade Fields for ICE. In addition, you must complete the Order Details section as listed below.

Additional Fields for ICE Block Trades

X_TRADER Field

Description

Trade Type

Required for both sides of the trade. Select one of the following trade types from the drop down menu:
  • Regular Trade
  • ICE EFRP -- exchange for related position trades.
  • ICEBLK -- ICE block trade.
  • EFM Trade -- exchanges positions from Brent contracts to Brent NX contracts.
  • Volatility Contingent Trade
  • Stock Contingent Trade
  • Super Block
  • CCX EFP Trade -- exchange for physicals offered by CCX.
  • Other Clearing Venue
  • N2EX -- trades for energy contracts offered by N2EX.
  • EFP Trade -- exchange for physicals only trade.
  • EEX -- European Energy Exchange contracts.
  • EFS/EFP Contra Trade -- EFS/EFP trade to be executed within the contra period.
  • EFM Trade
  • EFR Trade -- exchange for related positions trades.
  • Block Trade
  • NG EFP/EFS Trade -- natural gas contract EFP/EFS trade
  • EOO Trade -- exchange options for options trade.
  • EFS Trade -- exchange for swaps only trade.
  • Contra Trade
  • CPBLK
  • Bilateral Off-Exchange Trade
  • Cross Contra Trade

The following figure shows additional fields for Block trades.