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X_TRADER®

OSE J-NET 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 types of J-NET orders on OSE:

  • J-Net One Sided: J-NET orders that are only posted to the Participant listed as the order’s counterparty. J-Net One-sided Orders are only executed after the counterparty submits a matching J-NET One-Sided order.
  • J-Net Cross: J-NET orders where the bid-side Participant and an ask-side Participant are set within the same order message (MO76). Both sides of the order are then executed as a cross order.

    Note: Currently, TT does not support J-NET combo trades.

How to Match a J-Net One-Sided Trade

J-NET One-sided Orders are only executed after both traders submit a matching J-NET One-Sided order. The exchange uses the following values to match J-NET One-Sided trades:

  • Both orders must match the same series, price and quantity.
  • The Trading Type field must match.
  • 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 Cross Trades

You can use the Wholesale Order window to make cross trades on OSE when connected to a OSE Gateway Version 7.17 or higher. For entering cross trades on earlier gateway versions, refer to Cross Orders.

Users may enter cross trades as either a J-NET One-Sided trade which is matched to an order submitted by a counterparty or, as a standalone J-NET Cross trade where the user enters both sides of the trade.

To enter a J-NET One-Sided cross trade, select One Side in the Order Type pane and complete the fields as listed below. You must verify that the counterparty enters a matching J-NET One-Sided trade.

To enter both sides of a J-NET Cross trade, select Cross in the Order Type pane. When submitting a J-NET Cross trade, the user must populate the Buyer and Seller sides of the trade.

Submitting J-NET Trades

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

J-NET Trade Examples

To submit a J-NET 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 either One Sided in the Order Types pane or Cross if submitting a cross order with another participant. Also, set the quantity and price for the trade.
  4. In the Order Details section, complete the remaining fields as listed below. OSE J-NET 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. This value is forwarded to the exchange API in the m_exchangeClearingAccount field.

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

    Account Type

    A1, A2, and A3:Client/Agent

    P1, P2, and P3:House/Principal

    G1: Client/Agent; Giveup

    G2: House/Principle; Giveup

    Sets the type of account the trade that will be used to submit the trade. This value is forwarded to the exchange API as part of exchange_info_s field.

    Users may configure custom account code mappings for all trades, including One Sided trades, in the hostinfo.cfg file. The list at the right shows the default mapping for OSE Gateways 7.16 and higher.

    If submitting a Giveup, the user must populate FFT3 with the Customer Identification Number.

    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 exchange_info_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 m_exchangeSubAccount 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 Participant Code and is mandatory for all One Sided trades.

    Trade Purpose

    Arbitrage

    Combination

    Cross Trade

    Exchange for Physical

    Position Consolidation

    Rollover

    Other

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

    Note: Select Cross Trade to enter a J-NET One-Sided cross trade. This will require the counterparty to submit a matching trade.

    To enter a J-NET Cross trade, select Cross in the Order Type pane and populate credentials for both the Buyer and Seller sides of the trade.

    Trade Type

    Day

    Night

    VWAP

    Sets the trading session which the order applies.

    Select VWAP (volume-weighted average price) to apply the trade across both trading sessions.

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