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.