X_TRADER® Documentation
- Introduction To X_TRADER®
- TT Login
- Workspace Management
- Control Panel Icon And Menu Descriptions
- Trading
- Trading And The Market Explorer
-
Trading And The Market Window
- Introduction to the Market Window
- Order Pane
- Submitting an Order using the Order Pane
- Launching an OTA from the Order Pane
- Selecting an Order Gatewayor Broker in the Market Window
- Applying Routing Rules in the Market Window
- Confirming Your Order in the Market Window
- Customizing the Quantity Buttons
- Order Pane Field Descriptions
- Algo Order Pane Field Descriptions
- Order Pane Context Menu
- Market Grid in the Market Window
- Using the Instrument Explorer in the Market Grid
- Market Grid Pane Field Descriptions
- Generating an RTD Formula
- Highlighting in the Market Grid
- Viewing Price Trend Indicators in the Market Grid
- Viewing Live-Only Contracts
- Viewing your Estimated Position In Queue
- Cloning Contract Rows
- Trading Eurodollar Options
- Launching an Algo in the Market Grid
- Market Grid Context Menu
- Viewing Market Depth
- RFQ Overview
- RFQ MiFID II
- Calculating Implieds
- Calculating Implied Ins
- Calculating Implied Outs
- Calculating Implied Quantities
- Calculating Implieds From Implieds
- Implied Functionality by Market
- Setting Implieds
- Viewing Implieds
- Managing Links
- Keyboard Trading in the Market Window
-
Trading And MD Trader
- Introduction to MD Trader
- MD Trader Field Descriptions
- Using the Instrument Explorer in MD Trader
- MDTrader - Order Entry
- MD Trader - Order Management
- MD Trader and Managing Links
- MD Trader - Displaying Market Data
- MD Trader - Configuration
- Using the MD Trader Context Menu
- Keyboard Trading in MD Trader
-
Orders And Fills Window
- Introduction to the Orders and Fills Window
- Order Modification Pane
- Order Toolbar
- Orders Pane
- Performing Order Status Inquiries
- Deleting an Order
- Canceling and Replacing an Order
- Holding Orders
- Pausing Synthetic Orders
- Changing Trigger Price Orders
- Recognizing Orders in an Unknown State
- Modifying Running Algo Variables
- Launching an OMA
- Keyboard Functions
- Fills Pane
- Adding a Manual Fill
- Deleting a Manual Fill
- Confirming Fills
- Changing Fill Account Information
- Start of Day Fills
- Fills Alert Dialog Box
- Using the Fills Pane Context Menu
- Fills Pane Column Descriptions
- Summary Pane
- Displaying Profit and Loss
- Position and Summary Pane Grouping
- Using the Summary Pane Context Menu
- Summary Pane Column Descriptions
-
Position Window
- Introduction to the Position Window
- Position Pane
- Displaying Profit and Loss in the Position Pane
- Position Pane Context Menu
- Calculating Profit and Loss
- Orders and Fills Pane Context Menu
- Understanding Credit and Margin
- Position Pane Grouping
- Position Pane Column Descriptions
- Orders and Fills Pane
- Order Status Inquiries
- Deleting an Order from the Position Window
- Confirming Fill Orders in the Position Window
- Holding Orders in the Position Window
- Pausing Synthetic Orders in the Position Window
- Recognizing Orders in the Unknown State
- Orders and Fills Pane Column Descriptions
- Keyboard Functions and the Position Window
- Order Passing
- Quote Board
- Depth Window
-
Spread Matrix
- Introduction to the Spread Matrix
- Launching the Spread Matrix
- Navigating the Spread Matrix
- Customizing the Spread Matrix
- Displaying the Butterfly-Condor Matrix
- Butterfly Condor Matrix Overview
- Trading with the Spread Matrix
- Spread Matrix Calculations
- Butterfly Matrix Calculations
- Spread Matrix Context Menu
- Creating Strategies
- Audit Trail
-
Floating Windows
- Floating Windows Overview
- Floating Order Book Overview
- Using the Floating Order Book
- Managing Algos in the Floating Order Book
- Keyboard Trading in the Floating Order Book
- Floating Order Book Column Descriptions
- Floating Depth Window
- Floating Net Position Window
- Using Floating Order Entry
- Using Multiple Floating Order Entry Windows
- Trading with the Order Bar
- Launching via the Net Position Field
- Seeding the Floating Order Entry
-
Order Types
- X_TRADER Order Types
- Cross Orders
- Triggered Orders
- Iceberg Orders
- If Touched
- Triggered If Touched Orders
- Triggered Stop Orders
- Limits on Market Orders
- Machine Gun
- Market
- Market On Auction (MOA)
- Market On Close (MOC)
- Market On Open (MOO)
- Minimum Volume
- Submitting a Mutual Offset Order
- On Behalf Of Orders
- Order Cancels Order
- Duration Orders
- Time Sliced Orders
- Timed Orders
- Trailing If Touched Orders
- Trailing Limit Orders
- Trailing Stop Orders
- Volatility
- Volume Duration
- Volume Sliced Orders
- Best Limit
- Managing Saved Orders
- Saved Orders MiFID II
- Synthetic Orders on X_TRADER
- Introduction to Staged Orders
- Staged Order Creation
- Entering Related Child Orders
- Staged Order Management
- Staged Order Ownership
- Permissions and Risk
- Staged Orders Properties
-
Wholesale Trading
- Introduction to Wholesale Trading
- SupportedTypes of Wholesale Trades
- Wholesale Orders MiFID II
- BVMF Cross Trades
- CME Cross Trades
- Eurex Wholesale Trades
- GMEX Wholesale Trades
- HKEx Wholesale Trades
- ICE Wholesale Trades
- LSE Cross and Committed Trades
- MX Cross and Committed Trades
- MEFF Cross Trades
- NYSE Liffe Wholesale Trades
- Euronext Wholesale Trades
- NYSE Liffe U.S. Wholesale Trades
- OSE J-NET Trades
- SFE Block Trades
- SGX Trade Reporting: One Sided Trades
- TFX Block Trades
- Aggregator
-
Automated Trading Windows
- Automated Trading Overview
- Introduction to the Algo Dashboard
- Deploying Algos
- Algo Order Management
- Sharing Algos in the Algo Explorer Pane
- Renaming Algos in the Algo Explorer Pane
- Deleting Algos in the Algo Explorer Pane
- Launching Algos in the Algo Variable Pane
- Updating Algos in the Algo Explorer Pane
- Setting Favorite Algos in the Algo Explorer Pane
- Managing Algo Templates
- Algo Behavior at Market Close
- Algo Behavior When the Algo SE Server is Restarted
- Algo Variable Pane
- Algo Explorer Pane
- Algo Orders Pane
- Algos Dialog Box
- Algo Dashboard Column Descriptions
- Algo Orders Pane Context Menu
- Algo Explorer Pane Context Menus
- Order Management
- Order Book
-
Parent Order Book
- Introduction to the Parent Order Book
- Parent Order Book Toolbar Field Descriptions
- Managing Autospreader Orders in the Parent Order Book
- Managing Staged Orders in the Parent Order Book
- Managing Synthetic Orders in the Parent Order Book
- Managing Algo Orders in the Parent Order Book
- Viewing Child Orders
- Parent Order Book Context Menus
- Algo Variable Pane in the Parent Order Book
-
Fill Window
- Introduction to the Fill Window
- Fill Window Fills Pane
- Fill Window Fills Pane Column Descriptions
- Fill Window Fills Pane Context Menu
- Fill Window and Start of Day Fills
- Managing Manual Fills in the Fill Window
- Changing Fill Account Information in the Fill Window
- Fill Window Position Pane
- Displaying Profit and Loss in the Fill Pane
- Fill Window Position Pane Column Descriptions
- Analytic Windows
- Alerts Manager
- Time And Sales
- Settings And Global Properties
-
Customer Defaults
- Introduction to the Customer Defaults
- Creating a Customer Defaults Profile
- Changing a Customer Defaults Profile
- Deleting a Customer Defaults Profile
- Setting Customer Defaults to Read-Only
- Sharing your Customer Defaults Profile
- Using the Customer List
- Customer Defaults for MiFID II
- Algo Defaults for MiFID II
- Customer Defaults Dialog Box Field Descriptions
- Order Defaults
- Risk Parameters
- Routing Rules
- Login Gateway
- Global Properties
- TT Minimizer
- Screen Configuration
- Customizing Fonts
- Filtering And Sorting Data
- Formatting Grids
- Resizing And Printing Windows
- Tabbed Windows
Introduction to Order Passing
X_TRADER® 7.17.40 and higher supports passing submitted orders from one broker or sales trader to another to execute and manage the order. Buy-side clients can contact sell-side firms or execution desk to place orders and manage risk on their behalf. Using X_TRADER, the sell-side traders managing the orders on their behalf can pass an order to another “caretaker” as needed in order to ensure the order is executed and managed correctly.
Note: Order Passing is allowed per user group (non-X_TRADER ASP) or order passing group (X_TRADER ASP) as defined in TT User Setup. In order to use Order Passing, contact your Risk Administrator to ensure that it has been enabled for your User Group. Order passing is supported in both non-X_TRADER ASP and X_TRADER ASP environments.
To fully support order passing, your trading environment must include the following minimum TT software versions:
- X_TRADER 7.17.40
- TT User Setup 7.17.31
- Autospreader Strategy Engine 7.17.30
- Synthetic Strategy Engine 7.17.30
- Algo Strategy Engine 7.17.30
- TT Gateways 7.17.30
The following terms are used in this topic when describing Order Passing:
- Originator -- the user who submitted the order. The originator has full visibility of the order after it is passed and can modify the order. If an order is modified, the caretakers will see the changing quantity or price. The gateway login (MGT) associated with the order is the originator’s for the life of the order.
- Caretaker -- the user monitoring an order that they did not submit. The caretaker can only reduce the order quantity and cannot increase it, and can change the price. Based on their user group settings in TT User Setup, the originator’s account number may be hidden from the caretaker.
- Group -- one or more users who can work an order, (e.g., an “execution desk”) These users may or may not share an order book.
- Owner -- the user who is currently responsible for the order, may be either the originator or the caretaker, but is more specific than a group.
Note: At this time, TT's FIX Adapter does not support order passing.
In X_TRADER, order passing is supported in the Order Book and Order and Fills Window.
To facilitate order book passing in the TT system, the Order Book and Orders and Fills windows contain the following:
- Caretaker column in the Orders Pane: Identifies to
the originator which group they passed the order to. If no order
was passed, this column is blank. For the caretaker’s group, this
column shows the group that passed the order to them (name will
be in parenthesis) After accepting the passed order, the Caretaker
column displays the name of the current group that is managing the
order. The value in this column is visible to both the group passing
the order and the group accepting the order. The Caretaker column
is hidden by default.
Note: The Caretaker column can also be shown in the Orders Pane of the Order Book window, the Orders Pane and Fills Pane of the Order and Fills Window, and the Fills Pane in the Fill Window.
- Original Group column in the Orders Pane: Identifies
to the Caretaker(s) which order passing group initiated the order
pass. When shown, the Original Group column displays the order passing
group to which the user is assigned regardless if an order is passed.
This column appears to right of the Caretaker column and is hidden
by default.
Note: The Original Group column can also be shown in the Orders Pane of the Order Book window, the Orders Pane and Fills Pane of the Order and Fills Window, and the Fills Pane in the Fill Window.
- Order Passing button on the Order Toolbar: Used by the
originator to pass an order, and used by the caretaker to accept
or reject a passed order from the originator. Shown in the Order
Book and Orders and Fill Window. Click the button’s drop down arrow
for a list of actions as follows:
- Pass: Sends the working order to the selected caretaker.
- Accept: Accepts an order passed from an originator or other caretaker.
- Reject: Rejects a passed order.
- Undo Pass: Cancels the caretaker selection before clicking Pass.
- Pass State column in the Order Pane: Two states are possible:
Pending Out -- order state when you pass an order to a caretaker.
Pending In -- the state appears in your order book when an originator
passes an order to you. The column goes blank after you accept,
reject, or undo an order pass. Passed orders retain their position
in queue throughout all steps of the passing process (pending pass,
accept, reject, undo, etc.). This column is hidden by default.
Note: If an order in a pending pass state is deleted or fully filled before it is accepted, the order will be completely removed from the caretaker’s order book, even if the ‘Display deleted orders’ property is enabled.
- Monitoring User column. Shows the username of the originator until the passed order is accepted. If the passed order is accepted by the caretaker, the caretaker name is displayed in the Monitoring Username column.
- Visual and audible indicators:
- highlighted order row (e.g., yellow) -- indicates a pending order pass. Pending pass colors are customizable in the Colors tab on the Global Properties menu.
- order row in italics -- indicates to the originator that the caretaker has accepted the order pass. Child orders in a pending passed state display in italics, but in the pending pass color.
- Sound properties -- indicate order passing states ‘Rejected Pass' and ‘Pending Pass’, which are included in the Orders section of the Sounds tab on the Global Properties menu.