Manual: I. Getting Started:

Transcription

1 Manual: I. Getting Started: Download the Latest version of Laser trading platform from Install to the appropriate directory (it will automatically install it to Genesis\Trader folder) Open Laser and type in your secure username and password. Now you have access to the most high tech platform in the industry. II. Layout: Now that you gained access to the platform, the most basic layout is loaded. You might want to customize it to fit your needs as a trader. Lets start by closing all the windows that are open, in order to accomplish that task you must click on the window and press ctrl + F4 (or you can go to file and click on close). You must do that for all the open windows. Now you have a blank screen and you can make first steps towards creating your own person layout. First of all, lets start by opening a level II window. Drag your mouse curser to the view and press on it. Drop down menu appears and you click on level II. Now you have a level II window. 1

2 The window is completely adjustable. If you right mouse click on the corners you can expand or decrease the windows size. When you right mouse click on the window you can drag the window anywhere desired on the screen. 2

3 Second, lets open a chart window. This time when you click on view and drop down menu appears, select chart. You will have an option of selecting two types of charts, a tick chart and stock chart. When you select any type of a chart, this is how it will appear. 3

4 Now you need to adjust the chart window. This is a fairly easy task. First of all, lets adjust the size of the window. As in any window in Laser, point your mouse curser on the corner of the window, left mouse click on it and while holding it adjust the size. In order to move the chart, you have to left move click on the outer red lining of the window and while holding the mouse button move the window to the desired location. 4

5 To gain access to the second type chart repeat steps stated above. Here is the final look for the charts. 5

6 Third, lets bring down the time & sale window. Drag your mouse curser to view, drop down menu appears and you select time & sale. Two types of time & sale windows exist and probably you will use both. In order to adjust the windows for time & sale, apply the same steps as for level II or charts. 6

7 Fourth, lets set up a pending order window. Drag your curser to view; drop down menu appears where you select pending order. You will have to adjust and place it in the appropriate space. 7

8 Fifth, lets set up an activity log window. Drag your curser to view; drop down menu appears where you select activity log. Adjustments are made same way as in the previous models. 8

9 Six, now some kind of statistics window will come in handy. In order to bring the statistics window, drag your mouse curser to view, left mouse click on in; drop down menu appears and you select statistics. A number of statistical features are available, as an example I will use Top100 On NASDAQ. 9

10 Seven, is board view window. To open a board view window, drag your mouse curser to view and left mouse click on it; drop down menu appears where you select board view. Different kinds of board view windows are available, as an example I will use Hot. 10

11 Eight is a blotter window. In order to open a blotter window, drag your mouse curser to view and left mouse click on it; drop down menu appears and you select blotter. This is an example of a blotter window. 11

12 The last thing that we are going to go over in this chapter is saving and loading the layout. Two types of saving and loading exist; local layout or remote layout. The local layout saves and loads the actual layout from your personal computer. What remote layout does, it saves or loads the data from our server. In order for you to access the local layout feature; drag your mouse curser to file, left mouse click on it, when drop down menu appears select local layout. Repeat same steps to gain access to remote layout feature, the only difference, you must select remote layout from file menu. 12

13 III. Making Links: Now that you have your Layout ready, you will need to learn how to set up a link. Drag your mouse cursor to window, left mouse click on it. Drop down menu appears and you must select set link feature. Set link window will appear on the screen. It will show you different components of the layout. Drag your mouse curser to the arrow and left mouse click on it; drop down menu appears where you need to select <New Link>. 13

14 In order to link these components you will have to press ctrl and while holding it, left mouse click on the items that your are trying to link. The components that you select will be automatically highlighted. You want to link level II, stock chart, pending order, activity log, and both time & sale windows. After you have linked all the components right mouse click on the ok button. 14

15 IV. Level II Properties: Lets start by looking at the upper part of the Level II. The first line is where the user can type in the stock symbol; interchange the shares and posts bids/offers. The user can use the mouse curser to interchange between shares and symbols or the tab key. The second and third lines give the basic statistics for the stock. Second line, going from left to right: low for the day, the change in price, actual time and the volume for the day. Third line, going from left to right: previous days close, opening price, high and low for the day. 15

16 In order to access the properties menu, click trade and select Trade Settings or right mouse click on the level II. General: Default shares: Going from left to right default long, short and increments. Super montage hit: Allows the user to interchange the methods when super montage hit is used. NYSE methods: Interchange between methods for NYSE orders. If direct + is not checked the order will be applied as a Dot order. 16

17 Keys stroke: Identifies the arrows on the keyboard for the adjustments of shares or price. Hidden MM, This feature enables the trader to hide a specified market maker. Direct Hit, Spray Hit and Smart Hit: This feature allows the user to select the method used when direct, spray or smart hit option used. ECN Bid: This feature enables the user to specify the methods used for bidding on the ECNs. Level II: Sort: The user can interchange the appearance of level II by selecting either to see INET-ECN-MM or INET-MM-ECN. Display: The user has an option of displaying Shares-MM-Price or MM-Price- Shares. Also the amount of lines on your level II can be adjusted. Highlight: A number of data on the level II interface can be highlighted. Level II Style: This feature allows the user to customize the colors, fonts and level II Book width. Axes: This feature enables the user to track up to five desired MMs or ECNs by putting mark next to them. 17

18 Status Bar: This feature displays up five different futures on the mid lower part of the screen. Top of Book: Will show the best price on the specified ECN. Level II Mouse Style and Level II Advanced Mouse Style: This feature will bring down a window to the bottom of your level II and allow the user to use the mouse to post bids/offers. Inside the window you can adjust the volume, price, type, stop price and route method. Advanced mouse style enables two extra features. The user can adjust the expiration of the bid/offer and preference. Volume: Adjusted by selecting the number with mouse curser and manually put in, up or down arrows clicked with a mouse and using the number keys. Price: Adjust same way as volume, but the user has the option of clicking on the level II price desired. 18

19 V. Time and Sale: This feature will bring up time & sales. The first column indicates the time, second price and last the amount of shares in 100s. The T&S ECN only shows executions on ARCA and INET ECNs. 19

20 VI. Charting: For many traders this is a very crucial aspect, therefore we will dedicate this chapter some time. Lets start with a tick chart. This chart can be used for either stocks or futures. A number of features are available for this chart; in order to gain access to them, you must drag your mouse curser to the chart and right mouse click on it. A new window will open with all the features for the chart. Filter feature enables you to ignore the out of market prints for the amount specified on the charts. (outside of the quote) Block trade feature will show block trades with the amount of shares you specify. Others: When volume feature is checked, it will show the volume traded on a specific stock at specific time. When inside quote indicator is checked two arrows indicate the quote on the chart. Color feature enable the trader to change colors for bids and asks. Studies: Up to three moving averages can be enabled on a single chart. Moving average will show the move of the stock with in a specified amount of points. Up to two high low features can be enabled on a single chart. High low feature helps the trader to see the range in which the stock is moving. Bollinger Band is also available. Limit Price feature enables the trader to take a closer look at specific price amounts on the charts. When 2 Sec Update is checked it will refresh the quote every 2 sec, if it is not the quote is real time. (for slower systems) 20

21 Now lets move on to a stock chart. A lot more features are available for this chart. In order to access these features repeat the steps stated above. Type: Style feature enables to interchange between bar, close or candle stick view. Bar width is the actual width of the bars on the chart. Horizon scroll enables the trader to scroll threw the chart. Day break divides the days with a vertical line on the chart. Candle colors are also adjustable. Length: The upper numbers with the M are the minute intervals on the chart. The lower editable boxes are for the number of days to show up on the chart. Studies: You can only apply once study at a type (choose from volume, stochastics, RSI, momentum, MACD, diversity or avg. range). Moving average, high low and bollinger band have been explained in the tick chart of this chapter. Trader can adjust the colors for the studies any way he/she chooses. Other colors: Trader can adjust colors for back ground, draw ground, horz grid, axis font, stock symbol, symbol price up or down. If need all the colors can be restored to the default by pressing reset all colors to default. Limit Price: Refer to tick chart. New feature in this type of a chart enables the user to bring a second symbol in, on the same chart. Typing in the symbol in the left symbol box does this. To have the chart displaying one thing only (not linked anywhere else; such as the futures, please select chart and type the symbol directly into the chart) 21

22 VII. Programming Keyboard: Laser is a very user-friendly environment. Most of the trading functions have been assigned a hot key. In order for you take a closer look and learn them, you will have to do the following: Drag your mouse curser to trade, left mouse click on it; drop down menu appears where you need to select program keyboard. When the (program key) window opens look thru the functions and their hot key. If you need to modify anything; drag your mouse curser to the desired function, left mouse click on it (the function will become highlighted), then drag your mouse curser to modify and left mouse click on that. 22

23 A new window will open (get hotkey window), where you can assign the needed hot key. After you have assigned the key press ok. You will have to repeat these steps for every function which you modify the hotkey feature. When you are done with modifying, press ok in the program key window. All the modifications are saved automatically. 23

24 VIII. Features: A great amount of features are available within the Laser platform. We hope that the trader will find them user friendly and useful. Click file -> Esignal Layout Esignal layout is available to all subscribers of Esignal. Real time news and updates from the stock market. Click trade -> Close Out Soes Market Close Out All When trading NASDAQ this feature will close out all the pending positions (buys or sells at available market price thru super montage system) Level II Market Close Out All When trading NASDAQ or NYSE this feature will close out all pending positions (buys or sells at available market price thru anything available on the level II) Click trade -> Speed Mode When the user posts an ECN order, this feature allows the user to post additional bid/offer on the same ECN without choosing the method (price can be adjusted). Also when Escape key is pressed, it will first cancel the method, so in order to cancel the pending order Escape key must be pressed again. Click trade -> Push Mode Sets the default to 100 shares. Click trade -> Fast Soes Sell If this feature is checked, the user can get out of his long position using the soes key without canceling his selling orders. Limit sells are cancelled automatically. 24

25 Click trade -> Prompt Message This feature enables the user to see the method used in the level II window. Click trade -> Set Fixed Shares When this feature is checked, in any situation when the user posts a bid/offer the system will refer to the default shares. When not checked the user can adjust the share amount. Click trade -> Link Shares To Default When this feature is checked it will automatically set the shares that you specify on level II to default. Click trade -> Display Order If unchecked the orders will be placed as hidden, if the ECN supports this type order. Click View -> BoardView -> Either Blank or BoardView + The BoardView + is a more advanced view of stocks. To enter stocks into the new box, in the blank one (not BoardView +), click on properties and add stocks to it. To enter stocks into the new box, in the BoardView+ double click on the row and type your favorite stock. Click view -> Pending Order This feature shows all the pending orders that are in the system. Another option for this feature enables you to change the price, shares and ECN position for the pending order without actually canceling it. This is accomplished by right mouse click on the pending order that the trader would like to modify, Click view -> Activity Log Anything that is being done in the laser platform will show up on the activity log. Also all the pending orders are displayed. 25

26 Click view -> Blotter That feature brings up your daily blotter. The first tab with the username shows current positions. Summary shows your risk control and some stats, Trades shows all of daily trades. Pending shows all your pending orders and Cancel shows all orders that you have cancelled. You may have as many blotter windows open as you wish. Usual set up is one showing open positions, another showing executed trades. Click view -> Score This feature enables a small window on the screen to appear, which displays gross, tickets, shares, buying power and net for the day. Click view -> Command Center When this feature is enabled, a command center window will appear on the screen. This window can be used for posting bids/offers without using the hot keys. There is a built in help feature for this window, so if you type in help and press enter all the available commands will be displayed. 26

27 IX Statistics Statistics A number of statistical analyses are available: In order to customize any of the statistics features; the window must be selected and the user must left click on the property menu. Up Down Tick This feature is a stock indicator of up or down tick. Top Volume 100 This feature enables the user to see top volume stocks on NASDAQ and NYSE. Also volume, price, the change in price, high and low for the day are shown. Top Volume 100 Under $2 Same as stated above only the stocks that will appear are priced at $2 or below. 27

28 Top100 on NASDAQ Top volume stocks on NASDAQ are displayed. Top100 on Listed Top volume stocks on NYSE are displayed. Top100 on Island Top volume Island ECN stocks displayed. Top100 on Arca Top volume ARCA ECN stocks displayed. Top100 on ECN Top volume ECN stocks displayed. High Low Alert Stocks will appear here that are making new daily highs and lows. Can be customized by market (NYSE or NASDAQ), price range and volume. Accessed via hitting the property button Thermo Thermo Customize Click view -> Out of Market Alert This statistics feature shows the user the stocks that are being hit outside of the spread. Click view -> Query This feature allows the use to customize the statistics. Note: All Statistic Windows can be linked to a Level II and/or Chart. After linking, double-clicking on the symbol in the statistic window will bring it up to the Level II and/or Chart. 28

29 X. Orders: Orders can be posted using the hot keys on your level II or Level II Mouse Style and Level II Advanced Mouse Style. Refer to Level II chapter on how to access the level II mouse style. OTC orders: In order to put an OTC order the user must select the volume, price, type and route method. Volume and price were explained in level II chapter. Type: Limit order: User can specify the price of a buy/sell. Market order: User buys/sells at market price. Route: User must select the desired ESN. Direct Hit: Must be programmed in hot keys. Allows the user Spray Hit: Must be programmed in hot keys. Smart Hit: Must be programmed in hot keys, also available in the level II mouse style. How to customize the hit feature was explained in Level II chapter. 29

30 NYSE orders: NYSE orders are done in the same manner as the OTC orders; the difference consists only in the types and routes of the orders. Also, expiration feature may be more meaningful. Type: Market: User buys/sells at market price Limit: User can specify the price of a bid/offer. Stop: User can specify the stop loss price. (If the trade goes against the user, he/she can specify the hit out price) StopL: User can specify for the limit order to be executed at a certain price. (If the trader anticipates that a stock will make a move after a certain price, he/she can specify the entry point) Route: Dot: Direct +: (aka AutoX, aka NX) Both features can be programmed in hot keys or used in the level II mouse style. Expiration: This option will cancel the buy/sell order after the specified time. 30

31 Greater Explanation of Direct Hit, Spray Hit and Smart Hit. A Direct-Hit, Spray Hit and Smart Hit orders may be defined under trade settings with the appropriate tab. The white box on the left lists the current methods you wish to use, in the order that they appear (top bottom). To remove a method, select it with your mouse and then hit Delete. To add a method, type the method name into the small white entry box in the middle and hit TAB. You can change the order of methods in the white box by selecting them with your mouse and hitting the UP and DOWN buttons accordingly. The range setting to the bottom left is for up to how many dollars do you want the order to go passed the inside market. For example, if you change the Range the 0.03, and you hit Smart Buy, it will hit up to 3 cents from the inside offer. Each Hit (Direct, Spray and Smart) may be defined differently by hitting the appropriate tabs. How do they actually work? 31

32 Direct Hit: Direct hit will look at the inside level (+ any range) and will look for the ECNs defined in the white box. Once it finds the ECN (provided that it has the better price of the rest) it will hit that ECN with the amount of shares you are currently to buy or sell. If there isn t enough shares on that ECN, it will execute as much as it can and will stop. It DOES NOT keep hitting until it exhausts your shares. The keys (for buying and selling) can be defined as hot-keys under Program Keyboard option. SMART HIT Smart Hit works exactly the same way, except that this order can only be accessed from the mouse order entry menu (ie The Level II must be set to Either Mouse Style or Advanced Mouse Style). SPRAY HIT Spray Hit works a little bit differently. It looks at the defined methods (ECNs usually) in the white box, and hits those ECN for the amount of shares they are showing (up to your order size). If they are showing only 100 shares and you believe the quote has reserve on, Spray Hit will only hit 100 shares (what they are showing). Direct Hit, however, will try to hit for the complete size. Spray hit is a basic sweep key that will hit whatever is on the level II up to the range you have defined. 32

33 Advanced Feature: Excel Connectivity Overview: Laser can connect to Excel and feed quotes into Excel. Laser can receive orders from Excel. Excel can receive position data. When an instance of Excel with the desired spreadsheet is open: Please click on Tools -> Connect to Excel 33

34 Upon Clicking: The following Window Appears: Please browse for the desired spreadsheet by clicking the button by Excel File Name. Alternatively, you can type the direct path into the text bar. Under Quotes: The SpreadSheet that you will use must have at least two sheets. When creating a new one from scratch, the common names are Sheet1 and Sheet2. If using the sample spreadsheet from our website, the sheets are pre-named to be Quotes and Orders. Sheet Name: The name of the sheet (within the workbook) that will receive quotes. For the column headings please see the sample sheet found on our website. Update Every: The default is set to update every 1000 milliseconds (1 second). For real-time update enter 0. WARNING: EXCEL IS VERY SLOW IN HANDLING REAL-TIME DATA. YOUR COMPUTER MAY FREEZE IF IT CANNOT HANDLE THE DATA FLOW MS IS RECOMMENDED FOR MOST SET-UPS 34

35 Under Orders: Sheet Name: Sheet Name: The name of the sheet (within the workbook) that will send-out Orders For the column headings please see the sample sheet found on our website. Ready-Cell: The cell that tells Laser to place the order found in the order cell. If ready cell s value is YES and order will be sent from the order cell You are able to change the cell location for this cell. Order-Cell: This cell must contain the string of the order that will be placed if the Ready Cell is YES. You are able to change the cell location for this cell. NOTE: In order for Laser to send orders from Excel, a Command Center must be open on Laser. For syntax, please type in HELP into the Command Center. 35

36 Under Property: Enter the name of the Macro you wish to link to Excel You can also run Macros directly from Laser. Laser has an Excel Button found here: It is the last one on the right. It will become enabled if the correct property is set to an existing Macro. For example, if you create a macro and call it Macro1, then property setting should be Macro1. Once Laser is linked to Excel, you can press the excel button in Laser and it will call that Macro. For support on how to write Macros in Excel, please consult Microsoft Excel References. Linking to Excel is provided on as-is basis. Users should be highly familiarized with Excel to use these features since they could send live orders into the market. Traders must understand that they will be responsible for all orders sent from Excel. In order for Excel to receive quotes for selected symbols, data for those symbols must be coming in to Laser through either BoardView Plus (Normal) (BVP-N) or BoardView Plus (History) (BVP-H) If the symbols are found in any of the BVPs you can enter them into your quotes sheet beginning with cell A2 going down. Make sure the symbols you enter are in CAPITAL LETTERS. Otherwise the quotes won t come in. If the symbol does not exist in either of the BVs then Excel will not receive quotes for that symbol. The easiest way to make sure the quotes are received is to open a BoardView Plus History window. Then link that window to a Level II that you use most actively. Any symbol you type into that Level II will be retained by BVP-H. By default, BVP-H retains up to 10 symbols. Any symbols after that will be overwritten. Thus if you plan of watching more then 10 symbols, after the 11 th symbol data for the first one will stop coming in to BVP and to Excel. To remedy this, change the setting of the BVP-H to retain more symbols. To do that, right-click on the BoardView, select settings. Change Under Stock Depth. 36

37 Quick Things To remember: 1) The sheet names in your Excel Spreadsheet must match the sheet names entered when creating the link. Wrong sheet names will not let Laser link to Excel. 2) Excel Spreadsheet must be open before setting up the link 3) Stocks for which you wish to get data in excel must exist in any BoardView Plus in the Laser Front End 4) In order to send commands, a command center window must be open in Laser 5) If you computer freezes after creating a link to Excel, it may be because you have changed the delay to real-time (0). Please leave at 1000 ms unless you have a very powerful machine. 6) Make sure the symbols you enter into Excel are in LARGE CAPS. 7) Excel can send live orders. Be very careful and use at your own risk! 37

38 Property Next Level II Box Switch to Pending Window Switch to Previous Page Switch to Next Page Switch to Next L2 Cancel All Orders (Global) Cancel All Orders Cancel First Order Cancel Last Order Cancel All Buying Orders Cancel All Selling Orders Cancel Orders Cancel Last Bid Cancel Last Offer Set Fixed Shares Speed Mode Push Mode Fast SOES Sell Prompt Message Link Shares To Default Set Default Shares Display Order Show Reserve Buy Bullet SOES Market Close Out All Level 2 Market Close Out All Selected Hot-Key Descriptions Level II properties When multiple level II windows exist in the layout, this key will toggle among them Switches focus to the pending window when multiple pages exist, switches to the previous page when multiple pages exist, switches to the next page When multiple Level II windows are placed on top of each other, this key cycles through the level II windows this key will cancel all pending orders for the account (all level II's) Cancels all orders for the selected level II will cancel the first order you entered on the selected level II will cancel the last order you entered on selected level II will cancel all buying orders on selected level II will cancel all selling orders on selected level II Cancels orders will cancel the last buy order on selected level II will cancel the last sell order on selected level II When this feature is checked, in any situation when the user posts a bid/offer the system will refer to the default shares. When not checked the user can adjust the share amount. When the user posts an ECN order, this feature allows the user to post additional bid/offer on the same ECN without choosing the method (price can be adjusted). Also when Escape key is pressed, it will first cancel the method, so in order to cancel the pending order Escape key must be pressed again. Sets the default to 100 shares. If FastSoes Sell is on, the user can get out of his long position using the soes sell key without canceling his selling orders. will display on level II, when bidding or asking When this feature is checked it will automatically set the shares that you specify on level II to default. Sets Default Shares to the current shares in the level II If unchecked the orders will be placed as hidden, if the ECN supports this type of order. Toggles between reserve On and Off for the selected ECN. Will show the specified amount of shares, while hiding the rest. Reserve Settings may be found in the Trade Settings n/a When trading NASDAQ this feature will close out all open positions (buys or sells at available market price thru super montage system) When trading NASDAQ or NYSE this feature will close out all oepn positions (buys or sells at available market price through anything available on the level II) 38

39 Bid on Island Bid on Island (Hidden) Bid on Island (Part) Bid on Island Ask Bid on BRUT Bid on ARCA Bid on INCA Bid on TRAC Bid on NYSE-B Bid on NYSE-B+ Bid on NYSE-M Bid on NYSE-M+ Bid on SIZE Bid by ECN Seq Bid by Shave Key 1 Bid by Shave Key 2 Bid on ECNs Ask on Island Ask on Island (Hidden) Ask on Island (Part) Ask on Island Bid places a bid order on INET (uses the current best bid +/- any adjustments made in the Trade Settings Menu) places a hidden bid order on INET (uses the current best bid +/- any adjustments made in the Trade Settings Menu) buy order showing a 100 shares and hiding the rest places a bid order on INET with a default price of the current ask places a bid order on BRUT (uses the current best bid +/- any adjustments made in the Trade Settings Menu) places a bid order on ARCA (uses the current best bid +/- any adjustments made in the Trade Settings Menu) Limit Buy Order (Bid) using INCA. (uses the current best bid +/- any adjustments made in the Trade Settings Menu). If the route-out INCA option is off, the order goes on the INET book. In the route-out INCA option is on, the order first attempts to execute against the INET book, then routs out the order to any available market participant. Route-Out toggle on/off is found under Trade Settings places an bid order on TRAC (uses the current best bid +/- any adjustments made in the Trade Settings Menu) Limit Buy order for NYSE using Belzberg's Dot Line (uses the current best ask +/- any adjustments made in the Trade Settings Menu) Limit Buy Direct+ (aka NX, aka AutoX) order for NYSE using Belzberg's Dot Line (uses the current best ask +/- any adjustments made in the Trade Settings Menu) Limit Buy order for NYSE using Merrill Lynch's Dot Line (uses the current best ask +/- any adjustments made in the Trade Settings Menu) Limit Buy Direct+ (aka NX, aka AutoX) order for NYSE using Merrill Lynch's Dot Line (uses the current best ask +/- any adjustments made in the Trade Settings Menu) places a bid order on SIZE (uses the current best bid +/- any adjustments made in the Trade Settings Menu) places a bid order on the available ECN's (100 shares bid on ARCA, BRUT and INCA the rest on INET) places a bid for specified ECN shaving the market price by specified amount ( any adjustments made in the Trade Settings Menu) same as above ( trader can specify different ECN) places a bid order on the available ECN's (will place default number of shares on INET, ARCA, BRUT) places ask order on INET (uses the current best ask +/- any adjustments made in the Trade Settings Menu) places a hidden ask order on INET (uses the current best ask +/- any adjustments made in the Trade Settings Menu) ask order using INET showing 100 shares the rest is hidden places ask order on INET with a default price of the current bid 39

40 Ask on BRUT Ask on ARCA Ask on INCA Ask on TRAC Ask on NYSE-B Ask on NYSE-B+ Ask on NYSE-M Ask on NYSE-M+ Ask on SIZE Ask by ECN Seq Ask by Shave Key 1 Ask by Shave Key 2 Ask on ECNs Quick Bid on ARCA Quick Bid on SIZE Quick Bid on INET Quick Bid on BRUT Quick Bid on TRAC Quick Ask on ARCA Quick Ask on SIZE places ask order on BRUT (uses the current best ask+/- any adjustments made in the Trade Settings Menu) places ask order on ARCA (uses the current best ask +/- any adjustments made in the Trade Settings Menu) Limit Sell Order (ask) using INCA. (uses the current best ask +/- any adjustments made in the Trade Settings Menu). If the route-out INCA option is off, the order goes on the INET book. In the route-out INCA option is on, the order first attempts to execute against the INET book, then routs out the order to any available market participant. Route-Out toggle on/off is found under Trade Settings places ask order on TRAC (uses the current best ask +/- any adjustments made in the Trade Settings Menu) Limit Sell order for NYSE using Belzberg's Dot Line (uses the current best bid+/- any adjustments made in the Trade Settings Menu) Limit Sell Direct+ (aka NX, aka AutoX) order for NYSE using Belzberg's Dot Line (uses the current best bid+/- any adjustments made in the Trade Settings Menu) Limit Sell order for NYSE using Merrill Lynch's Dot Line (uses the current best bid +/- any adjustments made in the Trade Settings Menu) Limit Sell Direct+ (aka NX, aka AutoX) order for NYSE using Merrill Lynch's Dot Line (uses the current best bid +/- any adjustments made in the Trade Settings Menu) places ask order on SIZE (uses the current best ask +/- any adjustments made in the Trade Settings Menu) places ask order on the available ECN's (100 shares bid on ARCA, BRUT and INCA the rest on INET) places ask for specified ECN shaving the market price by specified amount ( any adjustments made in the Trade Settings Menu) same as above ( trader can specify different ECN) places ask order on the available ECN's (will place default number of shares on INET, ARCA, BRUT) puts a limit buy order at the last price or pre-selected price using ARCA puts a limit buy order at the last price or pre-selected price using SIZE puts a limit buy order at the last price or pre-selected price using INET puts a limit buy order at the last price or pre-selected price using BRUT puts a limit buy order at price or pre-selected price using TRAC puts a limit sell order at the last price or pre-selected price using ARCA puts a limit sell order at the last price or pre-selected price using SIZE 40

41 Quick Ask on INET Quick Ask on BRUT Quick Ask on TRAC Buy on Island (Inside quote) Buy on Island (Inside quote+) Buy on SOES (Inside quote) Buy on SOES (Inside quote+) Buy on SOES (Market) Buy on ECNs (Inside quote+) Buy on NYSE-B Buy on NYSE-B+ Buy on NYSE-M Buy on NYSE-M+ Send Order Send Order 2 Send Order 3 Send Order 4 Send Shave Order Direct Buy Spray Buy Rapid Buy Sell on Island (Inside Quote) Sell on Island (Inside Quote-) Sell on SOES (Inside quote) Sell on SOES (Inside quote-) puts a limit sell order at the last price or pre-selected price using INET puts a limit sell order at the last price or pre-selected price using BRUT puts a limit sell order at the last price or pre-selected price using TRAC sends an Immediate or Cancel (IOC) Buy Order to INET using the best ask price sends an Immediate or Cancel (IOC) Buy Order to INET using the best ask price + any adjustments that the user makes after pressing the key sends an Immediate or Cancel (IOC) Buy Order to SuperMontage System using the best ask price sends an Immediate or Cancel (IOC) Order to SuperMontage using the best ask price + any adjustments that the user makes after pressing the key sends a Market Buy Order to SuperMontage Sends an IOC DOT order using Belzberg's DOT line Sends and an IOC DOT Direct+ (aka NX, aka AutoX) order using Belzberg's DOT line Sends an IOC DOT order using Merrill Lynch's DOT line Sends and an IOC DOT Direct+ (aka NX, aka AutoX) order using Merrill Lynch's DOT line Send the Order Sends Second Order Sends Third Order Sends Fourth Order Sends a Shaving Order Sends a Direct Buy Order to the first available ECN at the best Price. The order of ECNs and other routing methods can be selected under Trade Settings - Direct Hit Tab Sends a Spray Buy Order to all ECNs on the Level II. Hits each ECN for amount they are showing or the current shares (whichever is less). The order and range can be defined under Trade Settings - Spray Hit Tab Creates a highlight on the offer in the level two, using up and down arrow keys the user can select an ECN or Market Maker (or other participant) and hit the send order button to execute the order. Escape will exit the mode Sends an IOC (immediate or cancel order) using INET to the best bid Sends an IOC (immediate or cancel order) using INET to the best bid. User can adjust the price up or down Sends an IOC (immediate or cancel order) using SuperMontage to the best bid. Sends an IOC (immediate or cancel order) using SuperMontage to the best bid. User can adjust the price up or down 41

42 Sell on SOES (Market) Sell on SelectNet (Select) Sell on ECNs (Inside Quote-) Sell on NYSE-B Sell on NYSE-B+ Sell on NYSE-M Sell on NYSE-M+ Direct Sell Spray Sell Rapid Sell NYSE Market Buy NYSE Market Sell Buy Direct+ Sends a SuperMontage Market Order Creates a highlight on the offer in the level two, using up and down arrow keys the user can select an ECN or Market Maker (or other participant) and hit the send order button to execute the order. After the order is sent, the mode is exited Sends an IOC DOT order using Belzberg's DOT line Sends and an IOC DOT Direct+ (aka NX, aka AutoX) order using Belzberg's DOT line Sends an IOC DOT order using Merrill Lynch's DOT line Sends and an IOC DOT Direct+ (aka NX, aka AutoX) order using Merrill Lynch's DOT line Sends a Direct Sell Order to the first available ECN at the best Price. The order of ECNs and other routing methods can be selected under Trade Settings - Direct Hit Tab Sends a Spray Sell Order to all ECNs on the Level II. Hits each ECN for amount they are showing or the current shares (whichever is less). The order and range can be defined under Trade Settings - Spray Hit Tab Creates a highlight on the bid in the level two, using up and down arrow keys the user can select an ECN or Market Maker (or other participant) and hit the send order button to execute the order. Escape will exit the mode buy order for NYSE to purchase a stock at market price using the default DOT line sell order for NYSE to sell a stock at market price using the default DOT line buy order for NYSE using DOT Direct + (aka NX, aka AutoEx) to purchase a stock at market price using the default DOT line Sell Direct+ NYSE Buy Stop NYSE Sell Stop Slip Sell order for NYSE using DOT Direct + (aka NX, aka AutoEx) to purchase a stock at market price using the default DOT line Sets up the order entry box to buy a Stop order using the default DOT line Sets up the order entry box to sell a Stop order using the default DOT line Essex Slip Increase 0.5 Increase 0.2 Increase 0.1 Increase 0.05 Increase 0.02 a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease 42

43 Increase 0.01 Increase Increase Increase Decrease Decrease Decrease Decrease 0.01 Decrease 0.02 Decrease 0.05 Decrease 0.1 Decrease 0.2 Decrease 0.5 a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease a custom key can be assigned for the dollar amount you want to increase or decrease Increase Shares Decrease Shares key for manipulating the increase of shares in predefined increments. To setup the increments, please use Trade Setting: INC setting key for manipulating the decrease of shares in predefined increments. To setup the increments, please use Trade Setting: INC setting

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