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TT User Setup Documentation

Creating Contract Level Overrides

You are viewing TT User Setup Version 7.17 and higher. For earlier versions, click here

When configuring risk at the account level, you can also configure risk per contract. Product limits can be set up or changed for specific contracts per account or Account Group; if an account belongs to an Account Group, only the group settings are used. Contract level overrides for accounts and Account Groups requires TT Gateways 7.17 and later.

Note: When trading rolling contracts like the LME 3M, TOM, or C, a contract level override for the rolling contract always overrides any contract level override for a specific contract. For example, if today's date is August 3rd, 2013, when trading the TOM contract, product limits on the TOM contract override any product limits on the 040813 (August 4th) contract.

When configuring contract level risk limits for an account or Account Group you can:

  • Determine which contracts are tradeable
  • Specify various limits on maximum order size and position per contract
  • Configure price reasonability

Note: If risk limits are configured for individual contracts, these limits override the risk configured at the product-level (e.g., contract risk limits can exceed the limits configured at the product level).

The following procedure describes creating contract level overrides from the Account Group window, but the same procedure applies when creating contract limits from the Accounts window.

To create contract level overrides for an Account Group...

  1. From the User Admin window, select Account Groups.
  2. From the Account Groups window, select an Account Group and click Edit.

    This opens the Edit Account group window.

    If you have assigned accounts to an Account Group, you can also edit that group by selecting any assigned account in the Accounts window and clicking Edit Account Group.

  3. In the Product Limits section of the Account Group window, select a product limit that is configured for a specific product (not *) and click Edit.

    The Edit Product Limit window appears.

  4. Make sure you have specified a Product. Contract level risk can only be applied per product and is not available when all products (*) are selected.

  5. To override the product level Allow trading, Maximum order size, Maximum position, and Price reasonability settings, select the Contract-Level Overrides tab.

  6. Click Add and configure the following contract-level risk settings in the New Contract Limit window:
    • Trading Allowed: Specifies whether the selected contract for this product can be traded. Consider the following:
      • You can check Trading Allowed for a contract even if the setting is unchecked at the product-level. A trader can be allowed to trade a contract while being prohibited from trading the product directly.
      • When a contract is configured with product limits, those limits apply to related spreads even if Trading Allowed is unchecked for the product. A trader can be allowed to trade a spread while being prohibited from trading the contract directly.
    • Maximum order size: Specifies a limit on the maximum individual order size that can be entered for the contract. To apply a maximum order size, check the Max order size option and enter a value.

      Note: If you leave this setting unchecked when adding or editing a contract level override, the maximum order size for the contract is “Unlimited”.

    • Maximum position: Specifies a position limit for the contract. To apply a maximum position, check the Maximum position option and enter a value.

      Note: If you leave this setting unchecked when adding or editing a contract level override, the maximum position for the contract is “Unlimited”.

    • Price reasonability: Determines how far from the market price a user may enter an order (in ticks). Contracts always use the product-level “Away from Market” setting to determine if the price reasonability settings is enforced for all orders or only for buy orders above the limit and sell orders below the market.

      Note: If you leave this setting unchecked when adding or editing a contract level override, the number of ticks away from the market price for the contract is “Unlimited”.

  7. To copy an existing contract-level override and apply it to another contract for the same product, click Copy on the Edit Product Limit window.

  8. Click OK.