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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
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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
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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
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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
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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
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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
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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
CME Cross Trades
You are viewing X_TRADER Version 7.17 and higher. For earlier versions, click here
You can use the Wholesale Order window to make cross trades on CME when connected to CME Gateway 7.17.45 or higher.
CME requires that members send a "quote request for cross" message prior to performing a cross trade. This message is broadcast to all market participants and is visible in the Quote Audit Trail.
Notes:
- At CME, certain products may be eligible for cross trades but not eligible for “quote request for cross” (RFQ). If not eligible for RFQ, you’ll get a reject message from the exchange; however, the cross order can still be submitted for the product. Contact the exchange to ensure that your product is eligible for “quote request for cross”.
- Users cannot modify (Change or CancelReplace) a sitting cross order. The CME Gateway rejects the Change action with a message "Unsupported order_restrict code". For CancelReplace, the order will be deleted, but the Add is rejected by the gateway with the same message. The only actions permitted by the gateway for a sitting Cross order are "Inquire" and "Cancel".In X_TRADER®, order passing for cross orders is not permitted.
Before You Begin
Before submitting a cross trade, do the following:
- Ensure that wholesale trading is enabled for your username in TT User Setup.
- Enable RFQ in the Market Grid and open the Quote Audit Trail to view “quote request for cross” messages, which only appear in the Quote Audit Trail.
- Contact the exchange to ensure that your products are eligible for RFQ.
- If you plan to use Auto RFQ in the Wholesale Order window to set your own time interval between RFQ and submitting the order (RFC), contact the exchange or refer to the exchange rules for the correct time interval for your product.
Submitting CME Cross Trades
To submit a CME Cross Trade:
- Open the product you wish to trade in a Market Grid window.
- 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 CME Gateway version does not support wholesale trades.
- Select Cross in the Order Types pane and set the quantity and
price for the trade.
Note: the Quantity field is highlighted and in focus when the window is launched. Pressing the asterisk as a hotkey adds three zeros to the end of an order quantity.
- Complete the remaining fields for both sides of the trade
as listed below:
CME Cross Trade
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
Executing account number/name as agreed between the broker and clearing member firm.Required for cross trades. The account field is seeded with the account present in the Order Pane.Account Type
A1 = 1st Agent
G1 = 1st Giveup
G2 = 2nd Giveup
M1 = 1st Market MakerM2 = 2nd Market MakerP1 = 1st ProprietaryP2 = 2nd ProprietaryU1 = Unallocated
Sets the account type for the CTI/Origin code mapping for the submitted order. Account type-to-CTI/Origin mappings are defined on the CME Gateway, but the account type is submitted via the Wholesale Order window.
Giveup
Exchange-provided member identification
Sets exchange member ID of the Giveup firm. This field is optional.
FFT2
Customer specific information
Sets the customer specific information. This field is optional.
-
Click the RFQ button or the Auto RFQ checkbox to use the timer before submitting the order.
The two features work independently. The RFQ button sends a “quote request for cross” immediately. Auto RFQ sends a “quote request for cross” after you click Send, then submits the cross order when the timer expires. Both “RFQ” functions are for wholesale orders and work differently than the “RFQ” (request for quote) functionality in the Market Grid.
- Click Send.
If Auto RFQ is checked, the “quote request for cross” is sent and the timer counts down. When the timer expires, the cross order is submitted.
Review the Confirm Order window and click Yes to submit the order.