olan ystems nc. RANorder GUI User Guide and Click the logo to continue

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1 R olfe Click the logo to continue N and olan Rolfe & Nolan Systems Inc. 120 S. Riverside Plaza Suite 1430 Chicago, Illinois RANorder S ystems GUI User Guide I nc.

2 Notice Copyright 2001 First Printing Rolfe & Nolan Systems Inc. 120 S. Riverside Plaza Suite 1430 Chicago, IL Click the logo to continue (312) (Front Desk) (312) (Help/Desk & Technical Support) All Rights Reserved This document is protected by copyright and all rights are reserved. Rolfe & Nolan owns the rights to this document and intends to maintain its contents as a trade secret. Those having access to this document may not reproduce or transmit the contents, by any means or in any form, without the prior written consent of Rolfe & Nolan. The information in this manual has been carefully checked and is believed to be accurate. However, Rolfe & Nolan assumes no responsibility for any inaccuracies that may be contained herein. In the interest of continued product development, Rolfe & Nolan reserves the right to make improvements in this manual and the product it describes, at any time and without notice or obligation. Trademark Acknowledgements Printed in the United States of America January 2001

3 Contents Introduction and System Overview... 5 System Features... 5 Intended Users... 6 Removal Of Orders... 6 Credit Control Feature... 7 Customizing the RANorder Interface... 8 Documentation... 8 Logging onto the RANorder system... 9 RANorder Tab Items Specialized Button Features Specialized Entry Fields Changing Accounts Obtaining a Quick Quote...15 Entering a quick quote request...16 Executing a Quick Order...19 Entering a quick order...20 Messages System Messages Account Messages...28 Order Entry Overview Entering an Order Entry of Sub-account Values...36 NEXT PAGE

4 PREVIOUS PAGE Account Entering Spread Orders...38 Entry of the Price Differential in Spread Orders Entry of Even Money Spreads Validating An Order Margin Window Order Ticket Open Positions Working Orders Cancelling a Working Order Cancelling and Replacing a Working Order Filled Orders Parked Orders Submitting a Parked Order Cancelling a Parked Order Cancelling and Replacing a Parked Order Account Status Margin Requirements Option Valuation Account Status Price Quotes Today s Statement Setup Automatic or Manual Fill Reporting... 94

5 Introduction and System Overview RANorder is a fully automated order processing system designed to handle an FCM s functional requirements for remote client order entry, pre-trade order risk control and transaction routing. RANorder utilizes a Graphic User Interface (GUI) for order entry and account access through a remote server, making client order entry and data delivery easy and cost effective. System Features Execution of customer orders through an easy-to-use Graphic User Interface. Extensive pre-trade credit control that is performed prior to order transmission and execution. Electronic routing of customer orders to the appropriate exchange or any order desk. Maintenance and display of intra-day data on customer accounts: open working orders, fills, positions, etc. Intra-day, mark-to-market risk analysis for any account. Interactive queries that identify accounts, positions and risk exposure in any user-selected market. Automatic download of start-of-day account, position and equity information from any back office system. Upload of intra-day transactions to the back office. Delivery of realtime quotes as well as system- and account-level messages. Access to the prior-day back office statement. Support of global futures products and equity options. The ability to park orders that are regularly placed. These orders can be selected to quickly place an order in a moving market. pg. 5

6 Intended Users The RANorder system has been designed for trading firms, FCMs and other financial institutions that: Are active in futures trading and have a large number of accounts. Execute trades frequently. Need a single-source communications tool to assist in client account order entry, order risk control, and transaction routing. IMPORTANT: RANorder should be used by qualified traders who have proven experience with the trading process. This manual instructs you on the use of specific RANorder features, but it will not explain basic trading concepts or list order types that are traded at different exchanges or firms. Removal of orders All day trades, cancelled orders and filled positions will be removed from the system during the overnight process. pg. 6

7 Credit Control Feature RANorder offers an optional Credit Control feature. This feature is activated through the characterbased interface, and it allows you to automatically approve, manually approve or reject orders based on a set of user-defined criteria. The options included within this feature allow you to: Instruct RANorder to perform the following actions automatically: approve or reject any futures or options orders. approve all orders. approve all orders and send them directly to the exchange. approve liquidating orders only. approve straight cancel orders. approve or reject orders based on the order quantity approval limit defined for the product. Lock the screen for a user who routes an order for approval until the order is approved. Adjust how the system performs margin calculations to determine your purchasing power. This will have a direct affect on whether you may execute orders. NOTE: Credit controls may be defined at the firm level, the user level, and the account level. IMPORTANT: If you would like assistance in setting up credit controls for your firm, contact your Rolfe & Nolan Support Representative for assistance. pg. 7

8 Customizing the RANorder Interface Upon request, Rolfe & Nolan will customize your RANorder interface. This may include: Display of your company name and logo throughout the interface. Use of your company colors throughout the interface. Modifying tab titles, field names and other elements to suit your specific needs. If you are interested in this service, contact your Rolfe & Nolan Support Representative for details. Documentation This manual provides instruction for the RANorder application prior to user customization. As such, it may not accurately reflect the unique setup of your interface. Note that the screens presented in this manual are generic samples that may or may not appear exactly like your RANorder screens. Use this manual to learn the general concepts of RANorder online entry, and to understand the available features of this system. Custom Documentation Upon request, Rolfe & Nolan can provide custom documentation for you and your clients. Custom documentation will include information that is specific to your RANorder interface. Accordingly, it will display the screens and fields that reflect your version of the interface. Hyperlink Navigation This manual is delivered to you in an online.pdf format, viewable through Adobe Acrobat Reader. It contains hyperlinks that allow you to navigate the document quickly and easily, including: Topic items in the table of contents. Any blue underlined text throughout the body of this manual (e.g., hyperlink). The arrow symbol which appears at the bottom left-hand corner of every page. It will return you to the table of contents. pg. 8

9 Logging onto the RANorder system This is one version of the RANorder signon screen, as viewed through the Graphic User Interface. Note that the appearance of your GUI may be customized upon request. A RANorder programmer can include your company logo and other specific design criteria (such as colors, background, field and tab names, etc.). This field allows you to sign on as a USER (this is for introducing brokers or salespersons that need to work with multiple accounts) or as an individual ACCOUNT (this is for users who work with one account only). Once you have entered a valid user/account and a password, you may press this button to log on to RANorder. This field allows the entry of the alpha-numeric password assigned to you by the firm. pg. 9

10 RANorder Tab Items The top of each RANorder screen displays a series of tab items. You may access the available RANorder functions by clicking on the associated tab item at the top of any screen. Account Status Shows current status of your account. Price Quotes Setup and retreive quotes of choice. Setup Allows you to choose how fills will be reported. Parked Orders Displays an preview of all parked orders. Order Entry Interactive order entry of futures and options. Working Orders Displays all active, working orders. Today s Statement Complete account statement, current as of morning download. This only applies to firms that offer the statement feature. Open Positions Displays all open positions. Filled Orders Displays all filled orders. pg. 10

11 Specialized Button Features The RANorder GUI provides a series of specialized buttons at the bottom of each screen: These buttons provide a series of specialized functions. See the next page for details. pg. 11

12 BUTTONS: <Quick Quote> Submits a request for a realtime product quote. You must first enter a valid quote request in the blank entry field below this button. See pg. 15 for details. <Check Fills> Displays a message window that provides a readback of your fills. NOTE: To use this feature, fill reporting must be activated for your firm and your user or account signon. <Trading Manual> Provides access to a detailed manual for trading with software products. You may not have access to this manual. Contact your R&N Support Representative for details. <Logout> Logs you out of the system. Clicking on this button will return you to the logon screen. <Check Messages> Checks for system- or account-level messages. See pg. 28 for details. <Help> Gives access to the RANorder help text facility. RANorder s help text facility is in the form of a Windows-based display that provides: A Table of Contents that lists specific help categories. An Index that allows you to select various help topics. A Find utility that allows you to search for specific words and phrases <Exit> Exits your RANorder session. When you click on this button, you will exit the program and the RANorder display will be closed. To exit a session correctly, you must use this button and not the <X> button in the upper right-hand corner of the screen. pg. 12

13 Specialized Entry Fields The RANorder GUI provides the following specialized fields: Change Account, Quick Trade, and Quick Quote. Change Account This field allows you to change your viewing criteria from one account to another. Note that this field is only available when you are signed on as a user. Quick Trade Allows you to enter an order by typing abbreviated trade details. Quick Quote Allows you to retrieve a quote for a specific commodity by entering product information. pg. 13

14 Changing Accounts If you are logged on as a user, RANorder will display a Change Account field at the top of each screen. This field allows you to select any of the accounts that are assigned to your user profile. To accomplish this, key the desired account and click on the <A> button. IMPORTANT: The account selection feature is not available when you are signed on under a single account number. After you have entered the desired account number, click on this button to access the account s information. Enter the number of an account whose information you wish to view. Once a valid account number is entered, you may access any other function function (e.g., order entry, account status, etc.). pg. 14

15 Obtaining a Quick Quote The Quick Quote field appears at the bottom of every RANorder screen. It allows you to acquire a realtime quote from FutureSource for a specific commodity. IMPORTANT: Some firms do not provide the capability to access realtime quotes. Other firms may charge a fee for each quote request. Contact your R&N Support Representative for details. Keep in mind that, in certain cases, FutureSource may not have access to information for a particular contract. This can occur with new contracts, or with contracts that have expired. To obtain a price quote, you must enter a valid commodity code and the contract month/year. For options, you must also include the strike price and a put/call indicator. Once you have entered the necessary product information, click on this button to view the price quote. pg. 15

16 Entering a quick quote request The Quick Quote field was designed to allow you to key quote requests in the following format: CCMY IXXXXX Within this format, the individual fields are defined as follows: CC = This may be a commodity code of up to two characters. M = The one-character month abbreviation: Month Value s Month Value s Month Value s January F February G March H April J May K June M July N Augus t Q Septembe r U October V Novembe r X Decembe r Z Y = The last digit of the contract year (e.g., 1 for 2001 ). I = For options only: This may be p for a put or c for a call. XXXXX = For options only: This may be a strike price of up to five digits. pg. 16

17 EXAMPLE: Assume that you would like to obtain a quote for CBT corn (commodity code of C ) with a contract month/year of March Further assume that the product is a call option with a strike price of 160. Using the format displayed on the previous page, you could enter the quote request as follows: ch1 c160 Once you have entered the desired quote request, click on the <Quick Quote> button. RANorder will display a window with price quote information on top of the current screen: Once you have entered a valid quote request, RANorder will display a window with the desired quote information. This window will overlay whichever screen you are currently viewing. IMPORTANT ANT: When you enter a quote request, the entered information will remain in this field across all screens until you manually delete it. pg. 17

18 FIELD NOTES: Last This is the most recent trade price for the product. Change This is the difference between the most recent trade price and the previous session s closing price. Prev This is the product s closing price from the previous trading session. Open This is the product s opening price for the current trading session. High This is the product s high price for the current trading session. Low This is the product s low price for the current trading session. Bid The price of the most recent offer to purchase. Ask The price of the most recent offer to sell. Volume Indicates the total number of contracts of the specified product that are initiated during the current trading session. Open Int Indicates the total number of contracts of the specified product that are initiated during the current trading session but have not yet been offset. pg. 18

19 Executing a Quick Order The Quick Trade field appears at the bottom of the Order Entry screen. It allows you enter an order by keying abbreviated trade details. Once you have entered the necessary trade information, click on the <Validate Order> button to view submit the order. To enter a quick order, you must key the abbreviated trade information in this field. As you key the data, the corresponding trade entry fields above will be populated automatically. pg. 19

20 Entering a quick order The Quick Trade field allows you to quickly enter an order by keying in abbreviated trade details in the following format: S QQQ CCMY XXXXXI PPPPP O TTTT LLLLL Within this format, the individual fields are defines as follows: S = Buy or Sell For a buy transaction, enter b or buy. For a sell transaction, enter s or sell. QQQ = Quantity Enter the desired quantity. CC = Commodity Enter the 2-character commodity code. MMM = Contract Month Enter the one-character abbreviation for the contract month. The available values are: Month Value s Month Value s Month Value s January F February G March H April J May K June M July N Augus t Q Septembe r U October V Novembe r X Decembe r Z pg. 20

21 Y = Contract Year Enter last digit of the contract year (e.g., 2001 = 1 ). XXXXX = Strike Price For options only: Enter the desired strike price. I = Put or Call Enter the desired contract type. If you do not enter a put/call value, a futures trade is assumed. The available values are: Call Option = Enter either c. Put Option = Enter either p. pg. 21

22 PPPPP = Price Enter the desired price. To execute a market order, enter M, Mkt or Market. For commodities that trade in 1/8-, 1/4-, and 1/2-cent increments, the last digit you enter should represent the numerator of the price fraction. For commodities that trade in 2 1/2-cent increments, you do not need to enter the 1/2-cent portion of the fraction. Just enter 2 for 2 1/2 and 7 for 7 1/2. For commodities that trade in 16ths, 32nds and 64ths, the last two digits you enter represent the numerator of the price fraction. NOTE: You must enter prices without keying the decimal point or fractional notation. RANorder validates the entered price for each product based on price quote data obtained from FutureSource. When entering prices, take note of the following examples: P roduct I f the price is: Enter the price as: IMM S&P CBOT T-Bonds / COMEX Gold CBOT Wheat / IMM Nikkei Index IMM Euro Dollar / CME Hogs / pg. 22

23 IMPORTANT: The following chart provides a detailed outline of the price formatting rules that are used in RANorder: Price Expressed As V alid Last Digit I f the price is: Enter the price as: 2-digit decimal format any digi t digit decimal format any digi t digit decimal format any digi t /2-cent increments 0, 4 1/4-cent increments 0, 2, 4, / / / / /8-cent increments 0 to / /2-cent increments 0, 2, 5, / / ths 32nds 64ths 0 to 16 0 to 31 0 to / / / O = Open or Close For CBT options only: This field allows you to open a new position or close (liquidate) an existing open position. The available values are: O = Open: execute a new order C = Close: liquidate an existing position pg. 23

24 TTTT = Order Type Enter the desired order type. Note that some exchanges only allow certain order types. Furthermore, order types may be customized for individual firms, and your firm may choose to offer only certain order types. Possible values can include the following: FOK = Fill or Kill: Indicates that the trade must be filled immediately. If it is not, the trade will be killed or cancelled. OB = Or Better: Indicates that the order should be filled at a specific price or better. MIT = Market if Touched: This type of order will not be executed if the market fails to touch the specified price. A buy is placed below the market, and a sell is placed above the market. MOC = Market on Close: This type of order will be filled during the closing range of trading at whatever price is available. Depending upon market conditions, this type of order may be refused by the floor broker up to 15 minutes before that market closes. MOO = Market on Open: This type of order will be filled during the opening range of trading at whatever price is available. SCO = Stop Close Only: The order is executed if the market touches the specified price during the close of trading. STOP = Stop: The buy is placed above the market and the sell is placed below the market. When the specified price is reached, the order will be filled at the best price. STWL = Stop With Limit: This order type is used as an attempt to gain control over the price at which the stop is filled by listing two prices. The first part of the order is written as a stop order, the second part specifies a limit past the initial price. This provides a price range at which the order may be filled. LLLLL = Limit Price Enter the price that provides the upper or lower range limit against the stop. IMPORTANT: Only valid for the Stop With Limit orders. pg. 24

25 IMPORTANT: The following values may not be specified using the Quick Trade feature: Exchange for Physical: The system assumes that the trade is not an EFP. Good Till Cancelled: The system assumes that the order is good until today. Session: The system assumes the day session. Special Instructions: The system assumes no instructions. If your order requires the use of these values, you must use the manual order entry screen. See pg. 29 for details. pg. 25

26 EXAMPLE: Assume that you would like to key an order with the following specifications: 10 lots of NYMX crude oil (commodity code of CL ) A contract month/year of December, 2001 A price of 58 per contract or better The product is a call option The strike price is 3400 To enter this trade using the Quick Order feature, you would key the order as follows: b10 clz1 3400c 58 ob OR buy 10 clz1 3400c 58 ob Once you have entered the desired quick order request, click on the <Validate Order> button. RANorder will display a margin window and an order ticket that allows you to review the details of the order. From there, you will be able to transmit, park or edit/cancel it as necessary. See pg. 40 for details. pg. 26

27 Using the quick trade field to enter spread orders To enter a spread order, you must separate the individual spread legs by using a forward slash symbol ( / ). For example: B 10 CLU1 3400C 58 C / S 10 CLZ1 3400C C NOTE: For spread orders, you do not need to enter a price for each leg. Instead, you must enter a price differential in the price position for one of the legs of the spread. Refer to pg. 39 for more information on the use of a price differential. Using the quick trade field to enter one cancels other orders In a one cancels other order, you must enter a second price and order type value for the order. This allows you to enter two orders, each with an alternate price and order type. As soon as one of the orders is filled, RANorder will cancel the second order. To accomplish this, you must: Enter OR after the abbreviated trade details. Then, enter the second price and order type in the PPPPP TTTT format. For example: B 10 CLZ1 3400C 58 C OR 62 STOP pg. 27

28 Messages RANorder provides both system- and account level messages. These messages will be added, deleted and changed by your firm s designated administrator. System Messages System messages provide general information that applies to all accounts within your firm. These messages may be used to convey a variety of information, such as: The last trading day for one or more specific commodities When the firm will be closed for holidays Emergency contact information, including employee names and phone numbers RANorder displays system messages: Automatically each time an account or user logs on. Any time the you click on the <Check Messages> button. Account Messages Account messages provide specific information that applies to one account. These messages may be used to convey a variety of information, such as: Approval or rejection of account orders When an account has received a margin call If an account has a negative cash balance RANorder displays account messages: Automatically each time the account logs on. Any time you click on the <Check Messages> button. pg. 28

29 Order Entry Overview RANorder s key component is the order entry function. The order entry process has been designed to rapidly and accurately process customer orders and transmit them directly to the exchange floor via an exchange API or to a local printer. IMPORTANT: If you have any problems entering an order, contact your trade desk with the trade and they will submit it manually. Keep in mind that any order that is entered by the trade desk and filled may not show up on your GUI system until the following business day as a position. pg. 29

30 Entering an Order Order Entry is an interactive screen that allows you to enter orders in two ways: 1) Place your order using the Quick Trade field at the bottom of the screen (see pg. 19 for details). 2) If you elect to use the individual entry fields on this screen, you can key the information manually or use the pull-down menus by highlighting the down arrow tabs. Each pull-down menu provides the necessary codes needed to place a trade. Once you have keyed the desired information, you must press the <Validate Order> button. This will take you to a preview screen, where you may use specialized buttons to transmit, park or edit/cancel the order. This button will not become active until all of the necessary fields are populated. When you enter valid values in the order entry fields shown above, the associated codes will automatically appear in the Quick Trade field at the bottom of the screen as you make each choice. pg. 30

31 FIELD NOTES: The order entry fields are designed to maximize speed and efficiency of data entry. You may key the desired data in one field, then move to the next field by pressing the <Tab> button. You may progress through all of the entry fields in this manner. NOTE: Fields marked with (S) offer a pull down menu. The pull down menus provide a complete selection list of all values that are available to you. When using the pull down menu, highlight the desired value and click on it. Tran (S) Indicates what type of transaction you would like to perform. The available values are: Buy = Indicates a buy transaction. Sell = Indicates a sell transaction. Qty (S) Enter the number of lots you would like to buy or sell in the trade. Commodity (S) Enter the commodity code for the product you would like to trade. NOTE: RANorder provides firm-level control over the which commodities may be traded. For this reason, you may not be able to enter orders for certain products. For information concerning the products you may trade, contact your firm s trade desk. Mth/Yr (S) Enter the month and year of the contract to be traded. Strike Price For options only: Enter the strike price. P/C (S) For options only: Indicates whether the trade is a (P)ut or a (C)all. pg. 31

32 Price Enter the price at which you want to execute this order. NOTE: To execute a market order, enter M, Mkt or Market. EXAMPLE: Refer to the following sample price formats: P roduct I f the price is: Enter the price as: IMM S&P CBOT T-Bonds / COMEX Gold CBOT Wheat / IMM Nikkei Index IMM Euro Dollar / CME Hogs / Open/Close (S) For CBT options only: This field allows you to open a new position or close (liquidate) an existing open position. The available values are: O = Open: execute a new order C = Close: liquidate an existing position pg. 32

33 Type (S) This field allows you to select the type of order that you wish to enter. When selecting an order type, please note that: Not all exchanges take all types of orders. Your firm may be set up to only allow specific order types. Under certain extreme conditions, exchanges and/or clearing firms have the right to temporarily suspend certain types of orders for limited periods of time. FOK = Fill or Kill: Indicates that the trade must be filled immediately. If it is not, the trade will be killed or cancelled. OB = Or Better: Indicates that the order should be filled at the specific price or better. MIT = Market if Touched: This type of order will not be executed if the market fails to touch the specified price, and it will become a market order when traded at that price. A buy is placed below the market, and a sell is placed above the market. MOC = Market on Close: This type of order will be filled during the closing range of trading at whatever price is available. Depending upon market conditions, this type of order may be refused by the floor broker up to 15 minutes before that market closes. MOO = Market on Open: This type of order will be filled during the opening range of trading at whatever price is available. SCO = Stop Close Only: The order is executed if the market touches the specified price during the close of trading. STOP = Stop: The buy is placed above the market and the sell is placed below the market. When the specified price is reached, the order will be filled at the best price. STWL = Stop With Limit: This order type is used as an attempt to gain control over the price at which the stop is filled by listing two prices. The first part of the order is written as a stop order, the second part specifies a limit past the initial price. This provides a price range at which the order may be filled. pg. 33

34 Limit Price This is the price that provides the upper or lower range limit against the stop. IMPORTANT: This field only appears when entering a Stop With Limit order (the Type field must be set to STWL ). Good Till Cancelled Click on this selection box if the order should be held open until it is cancelled. One cancels other By clicking on this selection box, you may enter a second price and type value for the order. In effect, this allows you to enter two orders, each with an alternate price and order type. As soon as one of the orders is filled, RANorder will cancel the second order. Session (S) This field allows you to select the trading session in which you would like the order to be executed. The available values are: Day = Regular trading session. The order is executed during the day in the trading pit. If a Day trade is executed after the market closes, it will go to the trading pit on the next trading day. Electronic = Electronic session (e.g., Globex, Eurex Alliance). The order is executed either day or night outside of the trading pit. This accommodates traders who would like automatic order matching and execution. Special Instructions This field allows you to enter any user-defined text that will be attached to the order(s). Exchange for Physical Click on this selection box to perform an exchange for physical. pg. 34

35 BUTTONS: <Validate Order> This button validates the entered order. When you click on this button, RANorder will display a margin window that provides the margin requirements for the order. When you click on the <OK> button from the margin window, RANorder will display the order ticket, which provides a preview of the entered order. From the order ticket, you may transmit the order to the exchange, park the order, or edit/cancel the order. See pg. 41 for details. NOTE: This button will not become active and therefore may not be used until all of the necessary order entry fields have been populated. <Reset> This button clears all order entry fields of any information you have entered. pg. 35

36 Entry of sub-account values Certain clients utilize a back office system that allows users to define sub-accounts at the account level. The sub-accounts are used to segregate positions within an account in order to prevent opposing trades from automatically offsetting. To accommodate this sub-account structure, the Order Entry screen allows you to enter a subaccount value (see below). Users may enter any 2-character alphanumeric code. Please note that sub-account codes are not defined within RANorder, so the system cannot validate your entry. IMPORTANT: This feature is not active for all firms. Contact your R&N representative for details. This entry field allows you to key a 2-character alphanumeric sub-account code. pg. 36

37 NOTE: RANorder will append the sub-account to the end of the account number for TOPS transmissions and the printing of orders, fills and log entries. For example, if account entered an order for sub-account AA, RANorder would format the account number as 12345AA. IMPORTANT: Take note of the following considerations: When a user attempts to view information for an account, all records for that account will be displayed, regardless of the sub-account that they were entered under. The Open Position screen provides a <Net Opens> button that allows users to net an account s open positions for display purposes. This function will not net trades across subaccounts. The on-demand reports will not print the sub-account values. Only the RANorder GUI supports a sub-account structure. The HTML and character-based interfaces have not been enhanced to support the sub-account functionality. pg. 37

38 Entering Spread Orders To enter a spread order, you must click on the Spread selection box that appears in the upper lefthand portion of the screen. When this is done, the screen will display the additional fields that are necessary for the entry of a 2- or 3-legged spread. NOTE: In most ways, spread orders may be entered, validated, transmitted and parked in the same manner as non-spread orders (see pg. 29 for more information on order entry). However, order pricing is handled differently. See the next page for details. Click on this selection box to display the additional entry fields that are necessary for the entry of 2- and 3-legged spread orders. pg. 38

39 Entry of the price differential in spread orders When executing a spread order, you do not enter a price for each leg of the spread. Instread, you must specify a premium, which is the price differential between the legs of the spread. The premium must be entered in the Price field of the leg that the differential will apply to. For example, assume that you are buying a March Corn and selling a September Corn. Further assume that the premium is 150 on the buy side. In this case, you must enter 150 in the Price field for the March Corn. Then, the order will be executed for a March Corn that is 150 more than a September Corn. Entry of even money spreads RANorder allows you to enter even-money spreads, where there is no price difference between the two legs of the spread. To place an even-money spread, enter even in the Price field for any leg of the order. pg. 39

40 Validating an Order Margin Window When you are validating an order, RANorder will: Provide a margin window that reports the margin requirements for the order, and Display an order ticket that previews the order, allowing you to transmit, park or edit/cancel it. When you click on the <Validate Order> button, a margin window (see below) will appear over the order entry screen. This window displays the margin requirement for the order. NOTE: Margin amounts are determined by using margin tables that are created in the RANorder character-based interface and/or downloaded from your backoffice. Once you have reviewed the information provided by the margin window, click the <OK> button. This will display the Order Ticket screen (see the next page). pg. 40

41 Order Ticket Once you have reviewed the information provided by the margin window and clicked on the <OK> button, RANorder will display an order ticket screen. This screen allows you to preview the details of the entered order. In this way, you may review the order before submitting it, which reduces the potential for error. Once you have reviewed the order ticket, you may choose to transmit, park or edit/cancel the order as necessary. Provides an order read back. This is how the order will be transmitted to the exchange. pg. 41

42 FIELD NOTES: Account Indicates the account that executed the order. Last Tic This is the most recent trade price for the product. Tic Time This is the time at which the last tic was obtained. Buy If the order is a buy transaction, trade detail data including the quantity, commodity code, contract month/year, and price will appear under the Buy heading. NOTE: If you are previewing a spread order, trade detail data will be displayed under the Sell heading as well. Sell If the order is a sell transaction, trade detail data including the quantity, commodity code, contract month/year, and price will appear under the Sell heading. NOTE: If you are previewing a spread order, trade detail data will be displayed under the Buy heading as well. Order read back This field provides a descriptive read back of the entered order. It displays all details of the order, as keyed in order entry. pg. 42

43 BUTTONS: <Transmit Order To Exchange> Transmits the entered order to the exchange. When you click on this button, RANorder will display an order placement window that provides the order number and a message that states that the order is being transmitted for execution. Click on the <OK> button in the window and you will return to the order entry screen. NOTE: Once your order is transmitted, you may view it on the Working Orders screen, which shows you the status of the order. <Place Parked Order> Parks the entered order. When you click on this button, RANorder will display an order placement window that provides the order number and a message that states that the order is being parked. Click on the <OK> button in the window and you will return to the order entry screen. NOTE: A parked order will remain inactive until you select and submit it from the Parked Orders screen. <Edit/Cancel> This button returns you to the original order entry screen with all of the necessary fields populated. From there, you can make any desired changes to the order. pg. 43

44 Open Positions The Open Positions screen displays all open positions for an account. This screen is updated every morning and as trades get filled, and it should reflect the open positions listed on your backoffice system. Rolfe & Nolan suggests that you check this screen every morning, because RANorder uses open position data to calculate account status information. The bottom of this screen provides three buttons that control the information that is displayed: These buttons allow you to display start-of-day open positions, netted open positions or the open positions that were filled during the current day. pg. 44

45 Start of Day Displays all open positions as of the start of the current day. These open positions are imported from your backoffice system. This is the default setting that is displayed when you first access this screen. This pull-down menu displays a list of different currency sub-accounts that can be accessed. When you click on a specific currency, the list will only show open positions in the chosen currency. NOTE: Clicking Composite will diplay all positions in all currencies. pg. 45

46 Net Opens Displays netted totals of all open positions and fills for the same product. pg. 46

47 Fills Today Displays the fills that occurred during the current day. pg. 47

48 FIELD NOTES: Order # This is the tracking number of the order, as assigned by RANorder. Trd Date Indicates the date on which the order was entered. Position Indicates whether the order was Bought or Sold. Qty Indicates the quantity of the position. Symbol Indicates the commodity code of the product traded in the order. Strike For options only: This indicates the order s strike price and whether the option was a put or a call (e.g., 2900C). Trade Price This is the price at which the order was filled. Tic This is the most recent trade price for the product. This is a real time quote that allows for a quick glance of where the market is trading. pg. 48

49 Futures Profit/Loss Indicates the futures profit and loss incurred by the position, denominated in the currency of the trade. The futures profit/loss for all of the open positions is combined into a total amount at the bottom of the screen. Option Value Indicates the premium value of the position, denominated in the currency of the trade. The premium value for all of the open positions is combined into a total amount at the bottom of the screen. Sub-account Indicates the sub-account that the order was entered under (if any). pg. 49

50 BUTTONS: <Print Open Positions> Prints the open positions screen that is currently displayed. <Refresh> Updates the screen with any new activity on your open positions. <Net Opens> Displays netted totals of all open positions and fills for the same product. <Start of Day> Displays all open positions as of the start of the current day. These open positions are imported from your backoffice system. <Fills Today> Displays the fills that occurred during the current day. pg. 50

51 Working Orders The Working Orders screen displays all the active orders at work for your account that have not been reported as filled. NOTE: The fields on this screen extend beyond the available area, so you must use the scroll bar at the bottom of the Working Orders area to move the window from left to right. pg. 51

52 FIELD NOTES: Ord# This is the tracking number of the order. This number is assigned by RANorder upon execution of the order. TopsID If your firm uses an order routing system such as TOPS, this field will display the order number supplied by that system. NOTE: The display of this number is an optional feature that may or may not be in use at your firm. For more information, contact your Rolfe & Nolan Support Representative. Ord Date Indicates the date on which the order was entered. Ord Time Indicates the time at which the order was entered. Tran Indicates whether the order is a Buy or a Sell. Qty Indicates the full quantity of the entered order. Symbol Indicates the commodity code of the product traded in the order. Strike For options only: This indicates the order s strike price and whether the option was a put or a call (e.g., 2900C). Price This is the requested price, as keyed in order entry. pg. 52

53 O/C For options only: This field allows indicates whether the order was used to open a new position or close (liquidate) an existing open position. The available values are: O = Used to open a new order. C = Used to close or liquidate an existing position. Type Indicates either the order type or whether the order has been cancelled/cancelled and then replaced. Note that your firm may not support all of the order types listed below. The available values are: FOK = Fill or Kill. OB = Or Better. MIT = Market if Touched. MOC = Market on Close. MOO = Market on Open. SCO = Stop Close Only. STOP = Stop. STWL = Stop With Limit. CXL = The order has been cancelled. CXLR = The order has been cancelled and replaced with a new order. Limit For Stop With Limit Orders: Indicates the price limit placed on the order.\ For Cancelled Orders: Indicates the reference number of the order used to cancel the original order. For Cancelled/Replaced Orders: Indicates the reference number of the order used to replace the original order. pg. 53

54 Tic This is the most recent trade price for the product. This is a real time quote that allows for a quick glance of where the market is trading. GoodThru Indicates the amount of time that the trade should be held open during the specified trading session. The available values are: Today = The trade should be held open until the end of the current trading session. Cancel = The trade should be held open until it is killed or canceled. Session Indicates the trading session the order was entered under. The available values are: Day = Regular trading session. The order is executed during the day in the trading pit. Electronic = Electronic session (e.g., Globex, A/C/E). The order is executed either day or night outside of the trading pit. Status Indicates the current status of the order. The available values are: Approved = The system has validated this order, and it is eligible to be filled. Pending = Approval for this order to be filled is pending. Rejected = The order has been rejected and may not be filled. Special Instructions This field contains the user-defined instructions keyed at order entry, if any. Entered By This is the unique RANorder ID for the user that entered the order. Sub-account Indicates the sub-account that the order was entered under (if any). pg. 54

55 BUTTONS: <Cancel/Replace Order> Allows you to cancel a working order and replace it with a new order. See pg. 57 for details. <Cancel Order> Allows you to cancel a working order. See pg. 56 for details. <Print Working Order> Prints the working orders screen that is currently displayed. <Refresh> Updates the screen with any new activity on your orders. <CXL Confirm Out> Allows you to cancel a working order and request a confirmation that the cancellation was successful. <Order Check> Requests a status check on the working order. pg. 55

56 Cancelling a Working Order STEP 1 To cancel a working order, perform the following steps from the Working Orders screen: Access the Working Orders screen. Use your cursor to highlight the working order you would like to cancel. STEP 2 STEP 4 Click on the <Cancel> button at the bottom of the screen. STEP 3 A message window will prompt you to confirm the cancellation. Click <Yes> to accept the cancellation, or <No> to reject the cancellation. If you clicked <Yes>, a second message window will appear. It states that a new order has been submitted for the cancellation of the original order. Click <OK> to accept the cancellation, or <Cancel> to reject the cancellation. If you accept cancellation, the order will be updated with a Type code of CXL, and the Limit field will contain the number of the order that was submitted for cancellation. pg. 56

57 Cancelling and Replacing a Working Order STEP 1 To cancel and replace a working order, perform the following steps from the Working Orders screen: Access the Working Orders screen. Use your cursor to highlight the working order you would like to cancel and replace. STEP 2 Click on the <Cancel/Replace Order> button at the bottom of the screen. pg. 57

58 STEP 3 Note the cancel and replace message. After you click on the <Cancel/Replace Order> button, RANorder will display an order entry screen. All of the information from the original order will be populated automatically. You may only maintain the order entry fields that are not grayed out. After you have made the desired changes, click on the <Validate Order> button. pg. 58

59 STEP 4 When you click on the <Validate Order> button, a margin window (see below) will appear over the order entry screen. This window displays the margin requirement for the order. Once you have reviewed the information provided by the margin window, click the <OK> button. This will display the Order Ticket. STEP 5 The order ticket provides a readback of the replacement order. If the information is not correct, click <Edit/Cancel> to return to the order entry screen. If the order is correct as-is, click on the <Transmit Order To Exchange> button. pg. 59

60 STEP 6 Once you click the <Transmit Order To Exchange> button, RANorder will display a message window that provides the tracking number of the new order. Once you click the <OK> button, RANorder will move you to a blank order entry screen. If you access the Working Orders screen, the original order will be updated with a Type code of CXLR, and the Limit field will containt he tracking number of the replacement order. In addition, the replacement order will appear on the screen. pg. 60

61 Filled Orders The Filled Orders screen displays your orders as they are filled. You are encouraged to refresh this screen on a regular basis to ensure that you are viewing the most current information. NOTE: Your fill reporting method is defined on the Setup screen (see pg. 90 for details). Keep in mind that certain elements of fill notification may not available for all firms. You may need to consult your system administrator for assistance in the fill notification setup process. This pull-down menu displays a list of different currency sub-accounts that can be accessed. When you click on a specific currency, the list will only show filled orders in the chosen currency. NOTE: Clicking Composite will diplay all positions in all currencies. pg. 61

62 FIELD NOTES: Order # This is the tracking number of the order, as assigned by RANorder. Trd Date Indicates the date on which the order was entered. Position Indicates whether the order was Bought or Sold. Qty Indicates the quantity of the entered order that has been filled. Symbol Indicates the commodity code of the product traded in the order. Strike For options only: This indicates the order s strike price and whether the option was a put or a call (e.g., 2900C). Trade Price This is the price at which the order was filled. Tic This is the most recent trade price for the product. This is a real time quote that allows for a quick glance of where the market is trading. pg. 62

63 Futures Profit/Loss Indicates the futures profit and loss incurred by the order. The futures profit/loss for all of the filled orders is combined into a total amount at the bottom of the screen. The P&L values displayed here are mark-to-market, using the most current prices. Option Value Indicates the option value of the order. The option value for all of the filled orders is combined into a total amount at the bottom of the screen. Sub-account Indicates the sub-account that the order was entered under (if any). pg. 63

64 BUTTONS: <Print Filled Orders> Prints the filled orders screen that is currently displayed. <Refresh> Updates the screen with any new activity on your filled orders. pg. 64

65 Parked Orders The Parked Orders screen displays all parked orders for your account. IMPORTANT: Parked orders will remain in the system until they are manually cancelled. You may submit a parked order as many times as you liked until it is cancelled. When you submit a parked order, a new order is created under a new order number. pg. 65

66 FIELD NOTES: Ord# This is the tracking number of the order. This number is assigned by RANorder upon execution of the order. TopsID Parked orders will not have a TOPS ID. This field should be blank in all cases. Ord Date Indicates the date on which the order was entered. Ord Time Indicates the time at which the order was entered. Tran Indicates whether the order is a Buy or a Sell. Qty Indicates the full quantity of the entered order. Symbol Indicates the commodity code of the product traded in the order. Strike For options only: This indicates the order s strike price and whether the option was a put or a call (e.g., 2900C). Price This is the requested price, as keyed in order entry. pg. 66

67 O/C For options only: This field allows indicates whether the order was used to open a new position or close (liquidate) an existing open position. The available values are: O = Used to open a new order. C = Used to close or liquidate an existing position. Type Indicates whether the order has been cancelled or cancelled and then replaced. The available values are: CXL = The order has been cancelled. CXLR = The order has been cancelled and replaced with a new order. Limit Indicates the price limit placed on the order, if applicable. Tic This is the most recent trade price for the product. This is a real time quote that allows for a quick glance of where the market is trading. GoodThru Indicates the amount of time that the trade should be held open during the specified trading session. The available values are: Today = The trade should be held open until the end of the current trading session. Cancel = The trade should be held open until it is killed or cancelled. Session Indicates the trading session the order was entered under. The available values are: Day = Regular trading session. The order is executed during the day in the trading pit. Electronic = Electronic session (e.g., Globex, a/c/e). The order is executed either day or night outside of the trading pit. pg. 67

68 Status Indicates the current status of the order. The available values are: Approved = The system has validated this order, and it is eligible to be filled. Pending = Approval for this order to be filled is pending. Rejected = The order has been rejected and may not be filled. Special Instructions This field contains the user-defined instructions keyed at order entry, if any. Entered By This is the unique RANorder ID for the user that entered the order. pg. 68

69 BUTTONS: <Submit> Allows you to submit the parked order. See pg. 70 for details. <Cancel/Replace Order> Allows you to cancel a parked order and replace it with a new order. See pg. 75 for details. <Cancel Order> Allows you to cancel a parked order. See pg. 74 for details. <Print Parked Order> Prints the parked orders screen that is currently displayed. <Refresh> Updates the screen with any new activity on your parked orders. pg. 69

70 Submitting a Parked Order STEP 1 To submit a parked order, perform the steps listed below from the Parked Orders screen. Note that when you submit a parked order, a new order is created under a new order number. Access the Parked Orders screen. Use your cursor to highlight the parked order you would like to transmit. STEP 2 Click on the <Submit> button at the bottom of the screen. pg. 70

71 STEP 3 After you click on the <Submit> button, RANorder will display an order entry screen. All of the information from the parked order will be populated automatically. You may only maintain the order entry fields that are not grayed out. After you have made the desired changes, click on the <Validate Order> button. pg. 71

72 STEP 4 When you click on the <Validate Order> button, a margin window (see below) will appear over the order entry screen. This window displays the margin requirement for the order. Once you have reviewed the information provided by the margin window, click the <OK> button. This will display the Order Ticket. STEP 5 The order ticket provides a readback of the replacement order. If the information is not correct, click <Edit/Cancel> to return to the order entry screen. If the order is correct as-is, click on the <Transmit Order To Exchange> button. pg. 72

73 STEP 6 Once you click the <Transmit Order To Exchange> button, RANorder will display a message window that provides the tracking number of the new order. Once you click the <OK> button, RANorder will move you to a blank order entry screen. If you access the Working Orders screen, the new order will be displayed under the specified order number. If you access the Parked Orders screen, the original parked order will still be displayed, and it will remain there until it is cancelled. pg. 73

74 Cancelling a Parked Order STEP 1 To cancel a parked order, perform the steps listed below from the Parked Orders screen. Note that this action only updates the parked order file. No orders will be transmitted to the exchange. Access the Parked Orders screen. Use your cursor to highlight the parked order you would like to cancel. STEP 2 STEP 4 Click on the <Cancel> button at the bottom of the screen. STEP 3 A message window will prompt you to confirm the cancellation. Click <Yes> to accept the cancellation, or <No> to reject the cancellation. If you clicked <Yes>, a second message window will appear. It states that a new order has been submitted for the cancellation of the original order. Click <OK> to accept the cancellation, or <Cancel> to reject the cancellation. If you accept cancellation, the order will be updated with a Type code of CXL, and the Limit field will contain the number of the order that was submitted for cancellation. pg. 74

75 Cancelling and Replacing a Parked Order STEP 1 To cancel and replace a parked order, perform the steps listed below from the Parked Orders screen. Note that this action only updates the parked order file. No orders will be transmitted to the exchange. Access the Working Orders screen. Use your cursor to highlight the working order you would like to cancel and replace. STEP 2 Click on the <Cancel/Replace Order> button at the bottom of the screen. pg. 75

76 STEP 3 Note the cancel and replace message. After you click on the <Cancel/Replace Order> button, RANorder will display an order entry screen. All of the information from the original order will be populated automatically. You may only maintain the order entry fields that are not grayed out. After you have made the desired changes, click on the <Validate Order> button. pg. 76

77 STEP 4 When you click on the <Validate Order> button, a margin window (see below) will appear over the order entry screen. This window displays the margin requirement for the order. Once you have reviewed the information provided by the margin window, click the <OK> button. This will display the Order Ticket. STEP 5 The order ticket provides a readback of the replacement order. If the information is not correct, click <Edit/Cancel> to return to the order entry screen. If the order is correct as-is, click on the <Place Parked Order> button. pg. 77

78 STEP 6 Once you click the <Place Parked Order> button, RANorder will display a message window that provides the tracking number of the new parked order. Once you click the <OK> button, RANorder will move you to a blank order entry screen. If you access the Parked Orders screen, the original order will be updated with a Type code of CXLR, and the Limit field will containt he tracking number of the replacement order. In addition, the replacement order will appear on the screen. pg. 78

79 Account Status The Account Status screen provides detailed account information at a glance. This includes: Margin calculations that are taken directly from a strategy-based margin table that is keyed and maintained at your firm. Long and short option value information imported from your back office. Account status information based on information imported from the backoffice, or marked to the market using current open positions. pg. 79

80 Margin Requirements This section provides margin information that is: Imported from your backoffice system or manually maintained at your firm. Estimated based on current working orders. Current This column indicates the initial and maintenance margin information as of the end of the previous business day. These values are maintained at your firm and downloaded from your backoffice. Initial The initial margin amount of the account. This is the margin requirement that must be met for the account to place an order. Maintenance The maintenance margin amount required for the account. This is a set minimum amount that the account must maintain. Working Orders (estimated) This column indicates estimated initial and maintenance margin information based on all current working orders. For every order that is entered, RANorder will recalculate the margin values shown here until the order is either filled or cancelled. IMPORTANT: These numbers are for estimation purposes only. The actual account margin requirements will be calculated overnight, and may be different that what is displayed here. Initial The initial margin amount of the account. Maintenance The maintenance margin amount required for the account. pg. 80

81 Option Valuation This display provides option valuation data imported from your backoffice system. Long Option Value The value of the long option positions held by this account. Short Option Value The value of the short option positions held by this account. pg. 81

82 Account Status This section provides account status information that is: Imported from your backoffice system. Estimated based on current working orders. Start of Day This column provides start of day values for the fields listed below. The information in these fields is imported from your back office system, and it represents the values as of the previous day s close-of-business. Ledger Balance The account s cash balance. Open Trade Equity The value of the account s open positions (not including options). This amount is valued using the previous day s settlement prices. Total Account Equity The total equity value of the account. This is sum of the ledger balance and the open trade equity. Securities on Deposit Indicates the value of any collateral on deposit in the account. pg. 82

83 Current This column provides current values for the fields listed below. These values integrate close-ofbusiness information imported from your back office system with new orders. The final results are recalculated and valued at current market prices. Ledger Balance The account s cash balance. Open Trade Equity The value of the account s open positions (not including options). This amount is valued using the previous day s settlement prices. Total Account Equity The total equity value of the account. This is sum of the ledger balance and the open trade equity. Net Option Value The net option value represents the difference between the account s long option value and short option value. Net Liquidation The net liquidation value represents the sum of the total account equity and the net option value. Excess Funds Indicates the account s excess funds, which reflects the total purchasing power of the account. This value is the sum of the net liquidation and any securities on deposit, minus any margins (current or working). pg. 83

84 BUTTONS: <Print Account Status> Prints the account status screen that is currently displayed. <Refresh> Updates the account status screen that is currently displayed using the most current order information. pg. 84

85 Price Quotes RANorder offers a quote system that uses a realtime data feed from FutureSource to provide accurate, up-to-date price quotes. This screen allows you to enter and save up to 21 favorite quotes. This provides quick and easy access to price quotes that you may require on a regular basis. NOTE: For instructions on entering quote requests, refer to pg. 15. pg. 85