Try TT Now

X_TRADER®

MX Cross and Committed Trades

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

You can use the Wholesale Order window to make cross trades and committed trades on MX when connected to MX Gateway 7.17.20 or higher.

Note: Cross trades on MX are considered OTC trades. Prices generated by the cross trades are not included in the central order book, and fills do not update the LTP in the book.

Submitting MX Cross Trades

In the Wholesale Order window, the following additional fields are used for submitting an MX cross trade.

To submit a MX Cross 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 Cross in the Order Types pane.

    The Contract, Quantity, and Price are populated automatically in the Wholesale Order window.

  4. Complete the remaining fields for both sides of the trade as listed below
MX Cross Trades

X_TRADER Field

Value(s)

Description

Account Type

A1-A3, M1-M3, P1-P3, U1-U3.

Sets the account type used for the trade. This is a required field.

Open/Close

Open or Close

Sets whether the trade opens or closes a position.

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

Text field.

Required for MX cross orders. Enter a user-defined account number of up to 12 characters.

Once the fields are complete, press the Send button.

Submitting MX Committed Trades

A committed trade occurs when two exchange-approved parties pre-arrange a transaction and their committed orders are matched at an equal price and quantity on opposite sides of the trade.

Before submitting a committed order via the Wholesale Order window, consider the following:

  • Exchange rules state that each side of a committed trade must contain a required minimum quantity and is priced inside the bid and ask posted at the time the order is submitted.

    Note: MX will reject any committed orders that do not meet these requirements.

  • Both sides of the trade must have the same price and quantity.
  • A committed order must contain the exchange-defined counterparty code.

The following figure shows a committed order in the Wholesale Order window:

To submit an MX Committed 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 Committed in the Order Types pane.

    The Contract, Quantity, and Price are populated automatically in the Wholesale Order window.

  4. Complete the remaining fields for both sides of the trade as listed below
MX Committed 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

Text field.

Required for MX cross orders. Enter a user-defined account number of up to 12 characters.

Account Type

A1-A3, M1-M3, P1-P3, U1-U3

Sets the account type used for the trade. This is a required field.

Open/Close

Select Open or Close

Sets whether the trade opens or closes a position.

Counterparty

Text field.

Enter the exchange-defined counterparty code. Required for MX committed orders.

Once the fields are complete, press the Send button.