TT User Setup Documentation
- Getting Started
- User Administration Basics
User Administration: Administrative Users
- Creating and Editing Administrative Users
- Creating a Super Administrator
- Creating a Broker Administrator - X_TRADER ASP
- Allowing Buy-side Administrators to Manage Product Limits (X_TRADER ASP)
- Creating a Group Administrator (non-X_TRADER ASP only)
- Creating a Gateway Login Administrator (non-X_TRADER ASP only)
- Creating a Password Administrator (non-X_TRADER ASP only)
- Creating a View Only User
- Creating a Collect Log Files Only User
- Configuring the Outgoing Email Settings
User Administration: X TRADER® Or X RISK® Users
- Creating and Editing X_TRADER or X_RISK Users
- Applying Basic User Properties
- Customizing Billing Data for a User - X_TRADER ASP only
- Configuring User Risk Settings for a User
- Setting Application Permissions
- SettingTrade Permissions
- Creating and Managing X_TRADER Customer Defaults
- Customer Defaults and Algo Defaults MiFID II
- Allowingor Blocking Product Groups for Specific Markets
- Applying X_RISK Permissions
- Creating a New Gateway Login through the Users Window
- Generating a Gateway Login for all Gateways
- Assigning Gateway Logins to a User Through the Users Window
- Setting Account Permissions
User Administration: FIX Adapter
- TT FIX Adapter and TT User Setup Overview
- Setting Up a TT FIX Adapter Server (non-X_TRADER ASP)
- SettingUp a FIX Adapter Client User
- Setting Up an AccountDefault
- FIX Adapter Account Defaults MiFID II
- Assigning TT FIX Adapter Client(s) to a FIX Adapter Server
- Allowing or Blocking Product Groups for a FIX Adapter User
- User Maintenance
- Gateway Login Administration Basics
Creating Gateway Logins
- Creating a New Gateway Login
- Assigning the MemberGroupTrader ID
- Disabling Start-of-Day Records
- Assigning Gateways to Gateway Logins
- Mapping a TTORD to an Exchange Trader
- Adding Gateways to Existing TTORDs
- Assigning Accounts
- Configuring Risk
- AssigningUsers to a Gateway Login
- Editing a User's Gateway Login Attributes
- Assigning Gateways to Multiple Gateway Logins
- Account Group Administration
- Account Administration
- Order Passing Group Administration (X_TRADER ASP)
- Gateway Login Risk Administration
Account And Account Group Risk Administration
- Adding Account-Level Risk Checking
- Adding Account Group-Level Risk Checking
- Creating Product Limits for Accounts and Account Groups
- Enabling Duplicate Order Check for Accounts and Account Groups
- Creating Contract Level Overrides
- Contract Limits Overview
- Creating Margin Limits for Accounts and Account Groups
- Applying Account-BasedRisk to Wholesale Trades
- Configuring Wholesale Order Overrides
- Copying Product Limits to Additional Accounts or Account Groups
- Copying Account-Based Product Limits to Additional Gateways
- Copying MGT-based Product Limits to Account-Based Product Limits
- User Level Risk Checking
- User Group Administration
- Publishing To Guardian
- Disabling Trading for a Trading Environment
- Collecting Log Files
- Using Version Control Rules
- Resetting the Guardian Exchange Tree (non-X_TRADER ASP only)
- Editing the Currency Exchange Rates
- Adding and Deleting Currencies
- Editing Product Margins
- Viewing and Clearing Product Margin Conflicts
- Viewing and Publishing Licenses
- Migrating Users to a New Gateway
- Understanding Server Messages
- System Settings
- Enabling Two-factor Authentication
- How to Setup a New User Who Will Trade Using a TTORD Gateway Login
- How to Map an Additional Gateway Login to an Existing TTORD User
- How to Set Up an Administrator Who Uses Both X_RISK and TT User Setup
- How to Set Up a Third-party Risk Administrator
- How to Create a New User by Copying an Existing User
- How to Assign Existing Product Limits to Other Gateway Login IDs Simultaneously
- How to Change Multiple Product Limit Values Simultaneously
- How to Set Up Customer Defaults
- How to Update Customer Defaults Across Multiple Users Simultaneously
- How to Change the Message Users Receive When Their Logins Fail
- How to Use Wildcard Characters in Filters
- How to Set Up a Tiered Administrator
- How to Set Up a Drop Copy TT FIX Adapter Server and Corresponding FIX Adapter Clients
- How to Set Up an Order Routing TT FIX Adapter Server and Corresponding FIX Adapter Clients
- How to Set up a User for Autospreader SE or Synthetic SE
- Creating TT SIM Credit Limits and Product Limits
Setting Pre-Trade Price Controls
The price control features allow an administrator to configure how far from the market price a user may enter an order. Orders submitted outside the defined price band will be rejected.
This topic contains the following sections:
- Price Controls Overview
- Price Checking Overview
- Example: Static Price Range Control
- Example: Directional Price Range Control
- Enabling and Setting the Pre-trade Price Controls
Pre-trade price controls for account-based risk are set using the Price Reasonability parameters for Product Limits on the Account and Account Group windows. For a description of how the price check also works at the account-level, refer to Price Checking Overview
Price Controls Overview
The User Risk tab of the User profile contains the pre-trade price controls. To configure how far from the market price a user may enter an order (in ticks), check the Prevent orders that are more than X ticks from the market price checkbox and enter the number of ticks.
The administrator can set the number of ticks to a static range or a directional range by checking or unchecking the Apply into the market only checkbox:
- Static range (uncheck the option) - Buy and sell orders must be within the configured price band. Orders submitted outside the defined price band will be rejected in all TT order routing applications.
- Directional range (check the option) - Buy orders must be below the maximum price, and sell orders must be above the minimum price. Orders submitted outside the defined price band or will be rejected in all TT order routing applications.
These pre-trade price controls are also configurable on the New Product Limit window when configuring Accounts and Account Groups.
Price Checking Overview
The price check uses the last traded price as the market price, as long as it falls between the bid and ask. Otherwise, the price check uses the midpoint of the bid and ask. If the bid and ask are not both available, then the price check will use the first available price from the ask, bid, settlement, or close, in that order.
The price check is performed as follows:
- The price check is performed on all real orders, both new and changed, at the time the orders are executed.
- The price check is not performed on synthetic or parent orders.
- For exchange traded spreads and/or strategy orders, the price check is applied based on the spread/strategy price. If the order contains multiple legs, the check is applied to each individual leg.
- The price check does not apply to NYSE Liffe Block orders sent via X_Block.
- The price check applies to exchange prices only, not to implied price functionality.
- At the user-level, price checks are not applied to orders for options instruments.
Example: Static Price Range Control
In this example an administrator has configured a user with a price control of 4 ticks and has also specified that the range is not directional. If the current last traded price is 2.0, then the user will only be able to place an order that is above 0.0 (the low point of the price band) and below 4.0 (the high point of the price band). All other orders will be rejected by the software.
Static Price Range Example
Example: Directional Price Range Control
In this example an administrator has configured a user with a price control of 4 ticks and has also specified that the range is directional. If the current last traded price is 2.0, then the user will only be able to place a buy order that is below 4.0 (the high point of the price band) or a sell order that is above 0.0 (the low point of the price band). All other orders will be rejected by the software.
Directional Price Range Example
Enabling and Setting the Pre-trade Price Controls
To enable and set the pre-trade price controls...
- Select (Users) from the TT User Setup Control Panel.
From the Users window, click a user row and then click Edit.
The Edit User window appears. The User Risk tab contains the pre-trade price controls.
- To configure how far from the market price a user may enter an order (in ticks), check the Prevent orders that are more than X ticks from the market price checkbox and enter the number of ticks. If you only want to enforce this setting for buy orders above the market and sell orders below the market check the Apply into the market only checkbox.
- Click Save.