Clal Finance Batucha Global Trade

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2 Table Of Contents Get Started...9 Log in...9 Add a Market Data Line Create an Order Modify an Order Transmit an Order Cancel an Order Trading Window Order Management Modules Add a Market Data Line in Symbol Mode Create an Order Modify an Order Transmit an Order Cancel an Order Deactivate an Order Bond Market Data Add a Trading Page Trading Bonds Order Ticket Window - Time in Force Adjustable Orders Order Ticket Window - Pegged Volatility Trading Order Ticket Window - Conditional Order Ticket Window - Miscellaneous Update Limit Price... 53

3 Create "Instantaneous Transmit" Hot Key Open BookTrader Trade with BookTrader BookTrader Window BookTrader Colors Create Option Chains Create/Edit Toolbar Buttons OptionTrader Menu Send a Basket Order Create Basket File through TWS Create Basket File Manually Create a Basket File using Excel Create a Combination Order Using the Combination Composition Window Transmit a Combination Order Notes on Combination Orders Volatility Trading Volatility Page Layout Determine Order Quantity Calculate Order Quantity Advisors - Allocating Shares Create an Order for Multiple Clients Create Account Aliases Create a Share Allocation Profile Create an Account Group for Share Allocation Edit a Share Allocation Profile

4 Advisors - View Execution Reports for SMAs Advisors Account Window Order Defaults and Hot Keys Default Order Settings Window Default Offset Amount Modify the Stop Trigger Method Edit SmartRouting Directives Update Limit Price Assign Quick-Action Hot Keys Customize Hot Keys Create "Instantaneous Transmit" Hot Key Assign Mouse Shortcuts DepthTrader Monitor the Market Depth Create an Order from the Market Depth Window View Level II Quotes Rebalance Your Portfolio Basic Order Types Create a Limit Order Create a Limit if Touched Order Create a Market Order Create a Market if Touched Order Create a Limit-On-Close Order Create a Market-On-Close Order Market with Protection Order Create a Market-to-Limit Order

5 Pegged to Stock Orders Pegged-to-Market Order Pegged-to-Primary Order Create a Box Top Order Price Improvement Auction Create a Relative Order Create a VWAP Order Create a Stop Order Create a Stop Limit Order Create a Trailing Stop Order Create a Create a Trailing Stop Limit Order Times in Force Create a "Good After Time" Order Create a Fill or Kill Order Auction Order Create a Market-on-Open Order Create a Limit-On-Open Order Time in Force for Orders Order Attributes Create a Hidden Order Create a Discretionary Order Create an Iceberg Order Create an All or None Order Minimum Quantity Orders Create Block Orders Create a Sweep-to-Fill Order

6 Create a One-Cancels-All (OCA) Order Advanced Order Types Adjustable Orders Create an Auto Trailing Stop Order Create a Bracket Order Create a Conditional Order Create a Scale Order Market Data Tools Enable Quick Stock Entry Price/Risk Interactive Analytics SM Show/Hide the Index Arbitrage Meter Portfolio Analytics Portfolio Analytics - Position Portfolio Analytics - Position Risk Portfolio Analytics - Underlying Summary Portfolio Analytics - Dimension Summary Value at Risk Summary Portfolio Analytics - Portfolio Risk Portfolio Value Sub-Portfolio Value Create What-If Portfolio Scenarios

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8 Get Started Log in To log in from your browser 1. In the Login box in the upper right corner of the homepage 2. Enter your user name and password.

9 Add a Market Data Line Before you can trade, you need to add market data lines for your assets. A market data line represents an individual ticker, and displays the product type, order destination, ask and bid prices, and other defining attributes. You can add a market data line by typing directly in the Underlying column of the trading screen, or by using the Request Ticker by Underlying box. NOTE: Advanced/options traders can add security definitions by entering the exchange contract class or contract symbol. To add a ticker line directly to the trading screen 1. Click in an empty row in the Underlying column. 2. Enter the instrument's underlying ticker symbol and press ENTER. 3. Select the instrument type from the list. 4. In the Contract Description box, select a contract and click OK. You can limit the contracts displayed in the right pane by selecting an exchange or a currency from the Filter section. Choose Smart to use SmartRouting. Market data lines are active when visible, regardless of where they originate. Each alarm always uses one line of market data whether or not you are viewing the asset that contains the alarm. Market data requested through an API has top priority, followed by data requested by alarms, and finally basic market data display. This means that if you have are viewing a trading page that includes 100 lines of market data, and you also have priceactivated alarms set for 6 other contracts, those 6 contracts will receive market data, and your trading page will only show data for 96 contracts. The option chains on Option Trader do not count against available market data lines. 10

10 To add an asset using the Request Ticker by Underlying box 1. Do one of the following to open the Request Ticker by Underlying box: Click the Ticker icon on the Trading toolbar. On the Ticker menu select Add Symbol. Select Ticker from the right-click menu anywhere on the trading screen. 2. Enter the underlying ticker symbol. 3. Select the instrument type from the list. 4. From the Contract Selection window, select "Smart" to use SmartRouting, or choose a specific order destination. NOTE: If you add a market data line for an option, a new line for the option's underlying asset is automatically created at the top of the page. This price of the underlying is used for model pricing and risk analysis calculations. This line cannot be deleted until all corresponding options have been deleted. 11

11 Create an Order This procedure describes one method of sending an order. To review other techniques for completing actions, see Navigate the Application. To create and transmit an order from a market data line 1. Click the "Ask" or "Bid" price of an asset (or use your buy or sell hot key on the selected Market Data line) to create an Order Management line directly below the selected asset. Click the Ask Price to create a Buy order. Click the Bid Price to create a Sell order. 2. On the Order Management line, modify the order parameters Time in Force, Action, Quantity, Price, Order Type, or Destination, if needed. Set the Limit Price to automatically update to the bid, ask, midpoint, last or closing price. NOTE: To trade more efficiently, set the Quantity and Order Type defaults using the Order Defaults window. 3. To transmit your order, use the right-click menu and select Transmit, click the XMIT icon on the Trading toolbar, or use your Transmit hot key or mouse shortcut. NOTE: Unless you specify otherwise, all of the orders for a specific ticker are displayed on each page on which that ticker appears. To modify this setting to only display working orders on the page on which they were created, on the Page menu select Settings. Uncheck the Show all orders checkbox. This setting does not affect the Pending page. All orders are always displayed on the Pending page. 12

12 Modify an Order You can modify an order up until the time it has been executed at the order destination. Until this occurs, the order remains visible and editable on both the asset's order management line and the Pending page. An order is "working" if the order status is green. Note that VWAP orders are accepted immediately and cannot be modified. NOTE: If you want to modify parameters other than Price and Quantity, you must cancel this working order, and create and transmit a new order. This practice is commonly required by order destinations. To modify price and quantity in a working order 1. On the Order Management line, click in the Price or Quantity fields and make your change. 2. Use the right-click menu and select Transmit, click the XMIT icon on the Trading toolbar or use your Transmit hot key to transmit your modified order. To undo changes before you transmit, right-click and choose Restore. NOTE: You may receive an execution on the original order before your modified order has replaced it on the exchange. Please see the Customer Agreement for specific details on modifying and canceling an order. 13

13 Transmit an Order Once you have verified the order parameters on an order management line, you are ready to transmit your order. To transmit an order Use the right-click menu on the order management line and select Transmit, or Use your "Transmit" hot key, or Click in the Transmit column on your trading screen Click the Transmit icon on the Trading toolbar After a transmitted order is accepted at the order destination, it becomes a "working" order. All working orders appear on the Pending page and on each page that displays the asset. The page name on any page that displays the asset will turn red. To transmit all orders on a page On the Order menu select Transmit Page. Note: The dollar value in parenthesis reflects the value of all orders on the active page. The color of the Status field on an order management line conveys the following information: LIGHT GRAY indicates that you are in the process of creating an order and you have not yet transmitte it. LIGHT BLUE indicates that you have transmitted your order, but have not yet received confirmation that it has been accepted by the order destination. GREEN indicates that your order has been accepted at the order destination and is working. MAGENTA indicates that you have sent a request to cancel the order but have not yet receive cancel confirmation from the order destination. At this point, your order is not confirmed canceled. You may still receive an execution while your cancellation request is pending. RED indicates that the balance of your order has been confirmed as canceled by the system. T could occur unexpectedly when the system or the destination has rejected your order. Once the order is confirmed canceled, the Order Management line will disappear from your trading screen after 30 seconds. Please see the Customer Agreement for further information o order confirmation and order cancellation. DARK BLUE indicates that a simulated order type has been accepted by the system and that this order yet to be elected. The order is held in the system (and the status remains DARK BLUE) until the electio criteria are met. At that time the order is transmitted to the order destination as specified (and the ord status color will change). 14

14 MAROON indicates that an attached simulated order type has been accepted by the system and has ye be elected. The order is held in the system (and the status remains MAROON) until the election criteria are met. At that time the order is transmitted to the order destination specified and the order status co will change appropriately. 15

15 Cancel an Order For a non-transmitted order, the Cancel command deletes the selected order from your trading screen. For a working order, the Cancel command sends a cancellation request to the order destination. See the table below for the meaning of status colors on an order management line. You can cancel a working order up until the time it has been executed at an order destination. You can also choose to cancel all orders on a page or all orders on your workstation. When you choose a "Cancel all" command, both non-transmitted and working orders are cancelled. To cancel either a non-transmitted or a working order Right click on the order management line you want to cancel and select Cancel, or Select the order you want to cancel and from the Order menu select Cancel, or Select the order you want to cancel and use your "Cancel" hot key, or Select the order you want to cancel and click the Cancel Icon on the trading toolbar. To cancel all orders (working and non-transmitted) on a trading page 1. Open the page that contains the orders you want to cancel. 2. On the Order menu, select Cancel Page. 3. At the prompt asking if you want to cancel all orders on the page, click Yes. To cancel all orders (working and non-transmitted) on your workstation 1. On the Order menu, select Cancel All. 2. At the prompt asking if you want to cancel all orders, click Yes. The Status field on an order management line uses color to convey the following order status information: LIGHT GRAY indicates that you are in the process of creating an order and you have not yet transmitted it. LIGHT BLUE indicates that you have transmitted your order, but have not yet received confirmation that it has been accepted by the order destination. GREEN indicates that your order has been accepted at the order destination and is working. MAGENTA indicates that you have sent a request to cancel the order but have not yet received cancel confirmation from the order destination. At 16

16 this point, your order is not confirmed canceled. You may still receive an execution while your cancellation request is pending. RED indicates that the balance of your order has been confirmed as canceled by the system. This could occur unexpectedly when the system or the destination has rejected your order. Once the order is confirmed canceled, the Order Management line will disappear from your trading screen after 30 seconds. Please see the Customer Agreement for further information on order confirmation and order cancellation. DARK BLUE indicates that a simulated order type has been accepted by the system and that this order has yet to be elected. The order is held in the system (and the status remains DARK BLUE) until the election criteria are met. At that time the order is transmitted to the order destination as specified (and the order status color will change). MAROON indicates that an attached simulated order type has been accepted by the system and has yet to be elected. The order is held in the system (and the status remains MAROON) until the election criteria are met. At that time the order is transmitted to the order destination specified and the order status color will change appropriately. NOTE: Your working order is not confirmed CANCELED until the status field turns red. Please see the Customer Agreement for further information on order confirmation/cancellation. 17

17 Trading Window The Trading window comprises: The Menus, located at the top of the page below the title The dockable Trading toolbar, located immediately below the menus The Pages tabset, located below the Trading toolbar and along the top of the column headings The Rapid Order Entry panel The Order Management panel, which encompass the Contract Description columns (Underlying, Exch and Description) and the Market Data and Order Management columns described in the tables below. The Contract Description columns display information about the asset on a market data line. The Underlying column contains the asset's underlying symbol. The Exch column displays the default order destination you set for this asset. The Description column holds a summary of other contract parameters, including the instrument type, expiration date, strike price, option right and market segment when appropriate. The Trading screen pictured below is in the default entry mode (Underlying), and shows all market data lines. The column headings in the top-most row above the trading area (Position, P&L, Bid Size, Bid Price, Ask Price, Ask Size, Last Price, Change, and Last Size) apply to information on the Market Data line. The table below has field names and descriptions. A Market Data line provides real-time data specific to the product represented in the Underlying column. All available columns are described in the table below, although they may not appear in the graphic. To hide and display columns, use the Page Layout Manager. 18

18 Available Market Data Columns Column Name Description Underlying (Symbol) Exch Description Position Avg cost P&L Unrealized P&L Bid Exch Bid Size Bid Price Model Ask Price Ask Size Ask Exch Last Price Change The underlying symbol or exchange symbol for the contract. To toggle between underlying and symbol mode, on the View menu select the desired mode. The exchange to which orders for the contract will be routed. Select SMART order routing to route directly to the best available market. Identifies the instrument type and other descriptive contract information. Your current position in the selected contract. The average cost of the current position. Displays unrealized gains or losses. To modify the P&L calculation used, on the Page menu click Layout. On the Columns tab, select P&L in the Market Data Row section and click Customize. Select either New Position P&L or Daily P&L. Displays unrealized gains or losses. Calculates unrealized P&L for stocks, stock options and futures options. Unrealized P&L is calculated using the formula: (current market price - average cost/share) x total number of shares The average cost per share is updated in realtime. Used only for options. Identifies the exchange(s) posting the best bid price on the options contract. The approximate depth of the current bid. The best bid price for a contract. This is the best price at which you could currently SELL. For options. The option model price is calculated using the underlying price, interest rate, dividends and other data that you enter using the Option Modeler. The best ask price for a contract. This is the best price at which you could currently BUY. The approximate depth of the current offer. Used only for options. Identifies the exchange(s) posting the best ask price on the options contract. The last price at which the contract traded. A "C" in front of the last price indicates that this is the previous day's closing price. How much the current price has risen or declined from the previous day's closing price. If the price has declined, the background is red. If the price has risen, the background is blue. To toggle between dollar change and percent change, 19

19 Column Name Description click the column title. Change (%) Last Size Imp Vol (%) High Low Volume The percentage that the current price has risen or declined from the previous day's closing price. If the price has declined, the background is red. If the price has risen, the background is blue. To toggle between percent change and dollar change, click the column title. The size of the last contract traded. If the last contract traded is larger than the previous one, the font is green. If it's smaller, the font is red. For options. The implied volatility is based on the average of the best bid and offer for an option. This calculation is non-linear, and may not converge for low vega options. In such cases, no implied volatility estimate will be displayed. High price for the day for the selected contract. Low price for the day for the selected contract. Trading volume for the day for the selected contract. The Trading window below is operating in Symbol entry mode and shows both a Buy and Sell Order Management line. Column headings in the bottom-most row above the trading area (Time in Force, Action, Quantity, Lmt. Price, Aux. Price, Type, Transmit, Cancel, Status and Destination) apply to information on an Order Management line. The table below has field names and descriptions. 20

20 An Order Management line contains information about the order you have created, and appears immediately below the Market Data line for the asset you're trading. All available columns are described in the table below, although they may not appear in the graphic. To hide and display columns, use the Page Layout Manager. Order Management Columns Column Name Trailing Key Account (Allocation) OCA Group Time in Force GTD Expire Action Quantity Lmt Price Description System-created key to identify pieces of a bundled limit, bracket or trailing stop order. Displays the account number of the beneficial account. (For FA accounts, the Allocation column lets you select an account, create a new allocation profile, allocate shares based on percent of equity in each account, or define an absolute number of shares to be allocated to specified accounts. Allows you to create a one-cancels-all advanced order group without opening the Order Ticket window. The time period during which your order remains active: Day order or Good-Til-Canceled. Keeps the order active until the close of market on the date you enter. Date format is YYYY/MM/DD. The order action. BUY, SELL or SELL SHORT. The number of units in your order. The limit price for order types to which this price applies, including Limit, Stop Limit, and Relative orders. 21

21 Column Name Description Aux. Price This field reflects the Election price for Stop and Stop Limit orders, and the Offset Amount for Relative and Trailing Stop orders. You can set these auxiliary amounts in the Default Order Settings box. Stop Price The Election price for Stop and Stop Limit orders. Type The order type. Transmit Click to transmit the order. Cancel Click to cancel the transmitted order. Status The order status. See Guide to System Colors for details. Dest. The order destination. Swp Fill Check to create a sweep-to-fill order. Disp Size Enter a display size to create an iceberg order. Origin The customer type from which the order originated. Mainly used for institutional accounts. Hidden Check to create a hidden order. Discretionary Enter a discretionary amount with a limit order to create a discretionary order. Volatility Displays volatility for the option at a specific strike price. The Trading Toolbar The Trading toolbar is movable and configurable. To add or remove buttons, rightclick in the toolbar and select Configure Toolbar. To move and dock the toolbar, click and drag on the textured drag bar to the left of the first toolbar icon. The Trading Pages You can create up to 24 trading pages, each of which can hold up to 40 market data lines. Navigate between pages by clicking the appropriate tab in the Pages tabset. Each Trading page lists Contract, Exchange, and Description on the left. Each contract contains a Market Data line that displays the Bid Exchange, Bid Size, Bid Price, Ask Exchange, Ask Size, Ask Price, Last Price, Change, and Last Size. When you create an order, an Order Management line appears directly below the asset's Market Data line. 22

22 Order Management Modules Add a Market Data Line in Symbol Mode Advanced options traders can use Symbol mode to enter security definitions for options directly into a market data line. Symbol mode requires that you enter the contract symbol or class as defined by the exchange on which it's trading. To change to Symbol mode, on the Configure menu select View and then select Contract Display View both the Underlying and contract Symbol by adding the market data Symbol column using the Page Layout. To add an options security definition directly to the trading screen 1. Click in an empty row in the Symbol column. 2. Enter the security definition by contract class or contract symbol, and press ENTER. Use the formats in the table below. Symbol Entry Formats contract exchange acronym contract symbol # exchange acronym To add an options security definition using the Request Ticker by Exchange Symbol form 1. In symbol mode, do one of the following to open the Request Ticker by Exchange Symbol form: Click the Ticker icon on the Trading toolbar. On the Ticker menu select Add Symbol. Right click anywhere on the trading screen and select Insert Ticker. 2. In the Instrument Type field select Option. 3. Select the Symbol Type. If you select Do this Class Contract Enter the contract class symbol, exchange, expiration date and strike price, and select the rig Enter the exchange local symbol and the exchange.

23 Create an Order This procedure describes one method of sending an order. To review other techniques for completing actions, see Navigate the Application. To create and transmit an order from a market data line 1. Click the "Ask" or "Bid" price of an asset (or use your buy or sell hot key on the selected Market Data line) to create an Order Management line directly below the selected asset. Click the Ask Price to create a Buy order. Click the Bid Price to create a Sell order. 2. On the Order Management line, modify the order parameters Time in Force, Action, Quantity, Price, Order Type, or Destination, if needed. Set the Limit Price to automatically update to the bid, ask, midpoint, last or closing price. NOTE: To trade more efficiently, set the Quantity and Order Type defaults using the Order Defaults window. 3. To transmit your order, use the right-click menu and select Transmit, click the XMIT icon on the Trading toolbar, or use your Transmit hot key or mouse shortcut. NOTE: Unless you specify otherwise, all of the orders for a specific ticker are displayed on each page on which that ticker appears. To modify this setting to only display working orders on the page on which they were created, on the Page menu select Settings. Uncheck the Show all orders checkbox. This setting does not affect the Pending page. All orders are always displayed on the Pending page. 24

24 Modify an Order You can modify an order up until the time it has been executed at the order destination. Until this occurs, the order remains visible and editable on both the asset's order management line and the Pending page. An order is "working" if the order status is green. Note that VWAP orders are accepted immediately and cannot be modified. NOTE: If you want to modify parameters other than Price and Quantity, you must cancel this working order, and create and transmit a new order. This practice is commonly required by order destinations. To modify price and quantity in a working order 1. On the Order Management line, click in the Price or Quantity fields and make your change. 2. Use the right-click menu and select Transmit, click the XMIT icon on the Trading toolbar or use your Transmit hot key to transmit your modified order. To undo changes before you transmit, right-click and choose Restore. NOTE: You may receive an execution on the original order before your modified order has replaced it on the exchange. Please see the Customer Agreement for specific details on modifying and canceling an order. 25

25 Transmit an Order Once you have verified the order parameters on an order management line, you are ready to transmit your order. To transmit an order Use the right-click menu on the order management line and select Transmit, or Use your "Transmit" hot key, or Click in the Transmit column on your trading screen Click the Transmit icon on the Trading toolbar After a transmitted order is accepted at the order destination, it becomes a "working" order. All working orders appear on the Pending page and on each page that displays the asset. The page name on any page that displays the asset will turn red. To transmit all orders on a page On the Order menu select Transmit Page. Note: The dollar value in parenthesis reflects the value of all orders on the active page. The color of the Status field on an order management line conveys the following information: LIGHT GRAY indicates that you are in the process of creating an order and you have not yet transmitted it. LIGHT BLUE indicates that you have transmitted your order, but have not yet received confirmation that it has been accepted by the order destination. GREEN indicates that your order has been accepted at the order destination and is working. MAGENTA indicates that you have sent a request to cancel the order but have not yet received cancel confirmation from the order destination. At this point, your order is not confirmed canceled. You may still receive an execution while your cancellation request is pending. RED indicates that the balance of your order has been confirmed as canceled by the system. This could occur unexpectedly when the system or the destination has rejected your order. Once the order is confirmed canceled, the Order Management line will disappear from your trading screen after 30 seconds. Please see the Customer Agreement for further information on order confirmation and order cancellation. 26

26 DARK BLUE indicates that a simulated order type has been accepted by the system and that this order has yet to be elected. The order is held in the system (and the status remains DARK BLUE) until the election criteria are met. At that time the order is transmitted to the order destination as specified (and the order status color will change). MAROON indicates that an attached simulated order type has been accepted by the system and has yet to be elected. The order is held in the system (and the status remains MAROON) until the election criteria are met. At that time the order is transmitted to the order destination specified and the order status color will change appropriately. 27

27 Cancel an Order For a non-transmitted order, the Cancel command deletes the selected order from your trading screen. For a working order, the Cancel command sends a cancellation request to the order destination. See the table below for the meaning of status colors on an order management line. You can cancel a working order up until the time it has been executed at an order destination. You can also choose to cancel all orders on a page or all orders on your workstation. When you choose a "Cancel all" command, both non-transmitted and working orders are cancelled. To cancel either a non-transmitted or a working order Right click on the order management line you want to cancel and select Cancel, or Select the order you want to cancel and from the Order menu select Cancel, or Select the order you want to cancel and use your "Cancel" hot key, or Select the order you want to cancel and click the Cancel Icon on the trading toolbar. To cancel all orders (working and non-transmitted) on a trading page 1. Open the page that contains the orders you want to cancel. 2. On the Order menu, select Cancel Page. 3. At the prompt asking if you want to cancel all orders on the page, click Yes. To cancel all orders (working and non-transmitted) on your workstation 1. On the Order menu, select Cancel All. 2. At the prompt asking if you want to cancel all orders, click Yes. The Status field on an order management line uses color to convey the following order status information: LIGHT GRAY indicates that you are in the process of creating an order and you have not yet transmitted it. LIGHT BLUE indicates that you have transmitted your order, but have not yet received confirmation that it has been accepted by the order destination. GREEN indicates that your order has been accepted at the order destination and is working. 28 MAGENTA indicates that you have sent a request to cancel the order but have not yet received cancel confirmation from the order destination. At this point, your order is not confirmed canceled. You may still receive an execution while your cancellation request is pending.

28 RED indicates that the balance of your order has been confirmed as canceled by the system. This could occur unexpectedly when the system or the destination has rejected your order. Once the order is confirmed canceled, the Order Management line will disappear from your trading screen after 30 seconds. Please see the Customer Agreement for further information on order confirmation and order cancellation. DARK BLUE indicates that a simulated order type has been accepted by the system and that this order has yet to be elected. The order is held in the system (and the status remains DARK BLUE) until the election criteria are met. At that time the order is transmitted to the order destination as specified (and the order status color will change). MAROON indicates that an attached simulated order type has been accepted by the system and has yet to be elected. The order is held in the system (and the status remains MAROON) until the election criteria are met. At that time the order is transmitted to the order destination specified and the order status color will change appropriately. NOTE: Your working order is not confirmed CANCELED until the status field turns red. Please see the Customer Agreement for further information on order confirmation/cancellation. 29

29 Deactivate an Order When you deactive an order, the order is cancelled at the exchange, but it remains on your trading screen for you to resubmit. To deactivate an order 1. Right-click an order management line and select Deactive. 30

30 Bond Market Data Information displayed on the trading screen for bonds, including the ask and bid prices, is calculated differently than for other securities. The table below defines market data fields whose values are unique to corporate bonds. Field name Bid and Ask Prices Bid, Ask, and Last Yields Bond Attributes Description The price for bonds is quoted as a percentage of its face relative to 100. A bid of 95 means the bond is trading at 95% of its face value. The yield-to-worst. This is the lower of yield to maturity and yields to all calls. The yield is only shown if it is offered on the exchange. These are optional fields that you can hide or display using the Layout Manager. Bond attributes of last sale price which may include: Non-standard settlement date (normal settlement for bonds is T + 3), including C - cash trade ND - next day trade S# - seller's option Other Attributes W - weighted average trade A - afterhours trade Last price This is an optional field that you can hide or display using the Layout Manager. Last price may have: a "c" following the price indicating that the price includes commission. an asterisk "*" following the price indicating a special price typically due to an arranged trade taking place outside prevailing market bid/ask. Last size Last size may show "est" following the size indicating that the size is an estimate, for trades with size greater than one million. 31

31 Add a Trading Page You can create up to 24 trading pages. You can enter as many lines of market data as you want, but at any one time you will only be able to see 40 active market data lines. Use the trading pages to sort your assets by instrument type, exchange, or your own trading system categories. Use the tabset to navigate between pages. You can also use a page-level feature called Quick Stock Entry, which will automatically complete a market data line for a stock using the set of order destinations you set up. Use the Page menu commands to add, edit and delete trading pages, and edit the page's layout. To add a page 1. On the Page menu, select New. 2. Enter a page name. 3. In the Layout dropdown, select a page layout. 4. Click OK. To edit page settings 1. On the Page menu, select Settings. 2. Modify the page name or assigned layout and click OK. To delete a page 1. On the Page menu, select Delete. 2. At the prompt asking if you want to delete the page, click Yes. NOTE: The Pending page is a system page that displays all of your working orders. You cannot delete or rename the Pending page, but you can edit order parameters. To edit a page layout 1. On the Page menu, select Layout. 2. Modify the desired characteristics and click OK. NOTE: Before you modify the page layout be aware that you are not simply changing the look of the active page, you are modifying an applied layout which may also be associated with other pages. To create a populated page using current positions On the Page menu select Create Portfolio Page. This creates a page with market data lines for each position you hold. These positions are displayed in the Portfolio section of the Account window. Each time you take a position, the Portfolio page is automatically updated to include market data for the new position. You can remove zero position tickers from this and other pages using the right-click menu on a page and clicking Clear Zero Positions. 32

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33 Trading Bonds Our bond-trading feature gives you direct access to US traded corporate bonds through the NYSE and Bond Desk ECN. Create Market Data Line for Bonds 1. Enter an underlying symbol and select Bond as the instrument type. 2. In the contract selection box choose the bond asset(s) for which you want to display market data and click OK. 3. Market data for the bond is displayed on the trading page. The following information is available on the market data line: CUSIP number - a nine-character ID for a specific security. Bond rating - identifies the credit rating of the issuer. A higher credit rating generally indicates a less risky investment. The bond ratings are from Moody's and S&P, respectively. Coupon - the interest rate used to calculate the amount you will receive as interest payments over the course of a year. Maturity date - the date on which the issuer must repay the face value of the bond. Issuer - the company who issued the bond instrument. NOTE: To see Details using the Details button, or using the right-click menu from a market data line, you must be running Java version 1.5 or higher. For instructions on downloading this latest version of Java, see Upgrading Java on the website. To see which version of Java you are currently using, on the Help menu select 34

34 Order Ticket Window Select from the available fields to create an order. The fields are context-sensitive, which means that only valid selections will be active. For example, if you select "Stock" as the security type, any fields specific to options and futures will be grayed out (inactive). If you select "Option," the option fields, including the expiry, strike price and right (put or call) will become active. NOTE: There are three useful icons in the upper right corner. The first is called the "Refresh Target" icon. Click it to activate; the center turns red. To automatically replace the current contract information with an asset you have selected on the trading screen, click the Refresh Target icon. The Question Mark icon will open the help topic related to the current screen. The pushpin icon will keep the current screen on top. Click to depress the pushpin and pin the screen on top, click again to release. You may want to use this feature to keep the screen visible if you go to the trading screen to select a new contract. To remove tabs and view all fields on a single la, select the Comprehensive view. Field Description Notes Contract radio button 35 Select Regular to create a single contract order. Select Combo to modify the interface and create a combination strategy or You will only see this field if you open the order ticket independent of a market data line. to do this, right click in a

35 Field Description Notes spread order. blank line and select Order. Underlying Exchange Primary Exchange Security Type Prem. Currency Exp. date Strike Option Type Action Order Type Quantity Display size Min. Quantity Limit Price Aux. Price Percent Offset 36 Displays the asset's underlying ticker symbol. Used in conjunction with the underlying symbol to identify the asset. Identifies the asset's primary exchange. Select the instrument type. Select the currency delivered against the purchase of the underlying currency. The option's expiration date. The option's strike price. Select the option type. Choose Buy or Sell Select an order type. Valid order types are determined by the underlying, exchange and security type selected. The number of units in the order. Enter a display size to create an Iceberg order. Enter the minimum quantity that must be available for the order to execute. Enter the limit price for Limit, Stop Limit and For Stop and Stop limit orders, this is the Stop election price. For Options relative to stock orders, this is the starting price. For trailing stop orders, this is the trailing amount. For Relative orders, sets the offset amount based on a percentage of the bid price for Buy orders or the Ask price for sell orders. To route your order to a different exchange, use the Destination field in the Order Description section. For options routed through Smart.

36 Field Description Notes Discretionary Amount Auction Strategy Improvement Cap Destination The amount off the limit price at which the order is still eligible to execute. For Pegged to Stock orders, select from Match, Improve or Transparent. Set a cap on the price improvement amount. Specifies the order destination. Enter an amount to create a Discretionary order. Available for options orders routed to BOX. For details see the Pegged to Stock order topic. For pegged to Stock orders on BOX Defaults to the value in the Exchange field. Only editable for orders initiated from a market data line. 37

37 Field Description Notes Time in Force Good After Time Exp. Date Exp. Time Regular Trading Hours Only The time period during which your order will remain active. Select DAY (day order), GTC (order remains active until it is cancelled), OPG (market or limit at the open order), or GTD (order remains working until the date/time specified in the two fields below. When checked, you can set a date/time after which the order will be submitted. Enter the expiration date for the order. Use the format YY:MM:DD. Order continues to work until close of market on that day. Enter the expiration time for the order. Use the format HH:MM:SS. Order continues to work up until the time and date specified. Checked by default. If unchecked, trading hours are determined by the opening/closing times of the order destination. Valid for GTD/GTT times in force. Valid for GTD/GTT times in force. Valid for US stocks listed on major exchanges. Not available for IOC, OPG (MOO and LOO), FOK, MOC or LOC

38 Field Description Notes orders. 39

39 Adjustable Orders Use the Adjust tab to change an order type or define a one-time adjustment to stop, stop limit, trailing stop and trailing stop limit orders. This tab will only become active and usable if your order type is one of the stop order types just mentioned. You can also define adjustable orders on the trading screen by customizing the layout (right-click in the column heading and select Customize Layout) and activating the following columns in the Order Row section: Adj Order Type, Trigger Price, Adj Stop Price, Adj Stop Lmt Price, and Adj Trailing Amt. NOTE: There are three useful icons in the upper right corner of the page: The first is called the "Refresh Target" icon. Click it to activate; the center turns red. To automatically replace the current contract information with an asset you have selected on the trading screen, click the Refresh Target icon. The Question Mark icon will open the help topic related to the current screen. The pushpin icon will keep the current screen on top. Click to depress the pushpin and pin the screen on top, click again to release. You may want to use this feature to keep the screen visible if you go to the trading screen to select a new contract. To remove tabs and view all fields on a single la, select the Comprehensive view. Field Description Notes Adjusted Order Type 40 When you select an adjusted order type, the The following example continues to unfold for

40 Field Description Notes Trigger Price Adjusted Stop Price Adjusted Stop Limit Price Adjusted Trailing Amount stop order you're adjusting will not trigger when the stop price is hit. Instead, it will be changed to this order type, and use the other parameters below. Select one of the stop order types. When your current stop price is penetrated, it will change to this order type and use the instructions you set in the following fields. This price will trigger the adjusted order you defined in the Adjusted Order Type. When the trigger price is hit, the adjusted stop price is implemented for the new order. Used for Stop Limit and Trailing Stop Limit orders. This value will be the limit price of the order if it is triggered and submitted. Used for Trailing Stop and Trailing Stop Limit orders. This value will replace the original trailing amount if the adjusted order is triggered. each field. You buy 100 shares of XYZ for $31.00/share, and submit a sell stop order with a trigger price of $ This means that if the price hits $30.00, TWS will send a sell market order to the exchange. Now let's modify this scenario. In addition to the above Stop order, you decide to create an adjustable Stop Limit order to help lock in a profit if the stock price begins to rise. Now imagine the price starts going up. When it hits the trigger price (see next field below) TWS will cancel the Stop order and create a new Stop Limit order with the characteristics you set in the following fields. Set the adjustable trigger price to $34.00 Set the adjusted Stop Price to $ When the stock rises above the $34.00 trigger price you set above, you original Stop order is cancelled and replaced with a Stop Limit order with a stop trigger price of $ Set the Stop Limit to $33.00 to ensure your order will not execute below this price. If you had a trailing stop order with a trailing amount of $1.00, you could set the adjusted trailing amount to $.50. If the adjustment trigger is hit, the trailing amount is modified. 41

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42 Order Ticket Window - Pegged Select from the available fields to create an order. The fields are context-sensitive, which means that only valid selections will be active. For example, if you are creating any kind of order other than a Pegged to Stock options order routed through BOX, this page will be inactive. Field Description Notes Stock Ref Price Enter a stock price. If you do not enter a value, the midpoint of the NBBO at the time of the order is used. Stock Range (Lower) Stock Range (Higher) Delta Define the lower portion of the stock range outside of which your order will be cancelled. Define the higher portion of the stock range outside of which your order will be cancelled. Enter a value (which will be used as a percent, ie. 43

43 Field Description Notes ".5" equal 50%) that will be multiplied by the change in the underlying stock price. The product is added to the starting price to determine the option price. 44

44 Volatility Trading The VOL order type lets you create option orders where the limit price is calculated as a function of an option volatility that you can modify. To activate the Volatility tab, select VOL as the order type on the Basic tab. NOTE: There are three useful icons in the upper right corner. The first is called the "Refresh Target" icon. Click it to activate; the center turns red. To automatically replace the current contract information with an asset you have selected on the trading screen, click the Refresh Target icon. The Question Mark icon will open the help topic related to the current screen. The pushpin icon will keep the current screen on top. Click to depress the pushpin and pin the screen on top, click again to release. You may want to use this feature to keep the screen visible if you go to the trading screen to select a new contract. To remove tabs and view all fields on a single la, select the Comprehensive view. Field Description Notes Deltaneutral Continuously update limit When checked, this tells TWS to initiate a delta trade on the underlying security on full or partial execution of the option order. When checked, TWS automatically updates the option price as the underlying stock price 45

45 Field Description Notes price Volatility Type Stock Price for Calculations Stock Price Monitoring moves. Select from Daily or Annual volatility. Select the average of Bid or Ask, or bid when buying a call or selling a put, ask when selling a call or buying a put. This price is also used to compute the limit price sent to an exchange (whether or not Continuous Update is selected), and for watermark price monitoring Low Watermark - enter a price that is monitored against changes in the underlying stock price. If the price of the underlying crosses BELOW this price, TWS will cancel the order. Merely touching the watermark does not cancel the order. High Watermark - enter a price that is monitored against changes in the underlying stock price. If the price of the underlying crosses ABOVE this price, TWS will cancel the order. Merely touching the watermark does not cancel the order. 46

46 Order Ticket Window - Conditional A conditional order is an order that will automatically be submitted or cancelled ONLY IF specified criteria for one or more defined contracts are met. You can use stocks, options, futures or security indexes to trigger a conditional order. To create a conditional order 1. Select an order management line. 2. From the right-click menu, select Modify and then select Condition. 3. From the Conditional tab on the order ticket click Add Condition. 4. Enter contract information for the contingent asset in the Conditional Order box. 5. Enter the trigger information for the contingent asset: 1. Select the trigger method. 2. Select whether the price of the contingent asset should be less than or equal to (<=) or greater than or equal to (>=) the trigger price. 3. Enter the trigger price. NOTE: If you select the double bid/ask trigger method, the greater than or equal to operator (>=) will use the BID price and the less than or equal to operator (<=) will use the ASK price. 6. Click OK. The condition appears in the Current Conditions list. To set multiple conditions, use the Add Condition button and click AND or OR in the Current Conditions area. 47