Trading QuickStart. The Sucden FX Trader Pro Trading Screen

Transcription

1 Sucden FX Trader Pro is a Windows-based application that aggregates and ranks FX rates from multiple liquidity providers so you can execute the best trade available. Sophisticated order-matching logic and powerful configuration settings give you complete control over your trading activity. The Sucden FX Trader Pro Trading Screen When you first log in, the trading screen shows these panels FX Board, Full Book, Orders, and Blotter. The Ladder, Price Grid, RFS, RFS Full Book, and Order Status panels do not open by default on your first log in. The Sales Dealer panel is available to users who trade on behalf of other organizations and replaces the RFS panel. You can arrange and customize these components according to your trading requirements, including detaching the panels from the trading screen by clicking a panel s detach button ( ). Toolbar: Quick access to panels, screen locking, cancelling orders, and volatile market trading FX Board panel: Best bid/offer prices and available sizes that you can click to trade Orders panel: Tools for submitting orders and making prices in the market Full Book panel: Best bid/offer price and depth of book for a single currency pair. Click a price to trade. The currency pair changes with the currency pair selected in the FX Board panel. You can open multiple Full Book panels to monitor multiple currency pairs. Ladder panel: (not shown) Tiers of a currency pair at the sizes that you configure. Click a tier to trade. RFS panel: (not shown) RFS requests for multiple trade types with best prices that you can trade RFS Full Book panel: (not shown) RFS requests for multiple trade types with the full depth of book for one currency pair that you can trade Status bar: Organization name, user name, trade date, local time, and network connection indicators Blotter panel: Done trades, orders, positions, details of trading activity, and tools for searching, filtering, reporting, and printing Sales Dealer panel: (not shown) ESP & RFS trading on behalf of other organizations. Replaces the RFS panel for sales dealer users. Price Grid panel: (not shown) ESP prices and trading on price streams from specific providers Order Status panel: Manage your orders (cancel, suspend/resume, amend, and more)

2 Contents 2 Contents The Sucden FX Trader Pro Trading Screen 1 Contents 2 Configuring Sucden FX Trader Pro 3 Password Guidelines 8 Price-Taking Methodologies (ESP and RFS) 9 Executable Streaming Prices (ESP) 9 Request for Stream (RFS) 9 Orders 9 Order Types 9 Algo Orders 11 Linked Orders 11 Execution Methods 11 Time in Force 12 Full Fill 12 Order Visibility 12 Hidden Orders 12 Displayed Orders 12 Draft and Imported Orders 13 Prices 13 Multi-Tier Prices 13 Aggregated Prices 13 VWAP Prices 13 Blotters 13 Panels 14 FX Board Panel Components 14 Ladder Panel Components 15 Full Book Panel Components 16 Full Book Panel Components (Aggregated Prices) 16 Price Grid Panel Components 17 Orders Panel Components 18 Order Status Panel Components 19 Sales Dealer Panel Components (ESP) 20 Sales Dealer Panel Components (RFS) 21 RFS Panel Components 22 RFS Full Book Panel Components 22 Ticker 23 Charts 24

3 Configuring Sucden FX Trader Pro 3 Configuring Sucden FX Trader Pro You can set your trading preferences for viewing and executing trades with the Settings window (select Tools > Settings). These preferences apply to your computer only. Setting Purpose Tools > Settings > General Date Format, Time Format, Amount Format Spot MTM P/L Currency Lock Trading Panels after Password Protect Locked Trading Panels Allow Term Currency Trading Revert to Default Size Disable Automatic Unit Shortcuts Show Price Movement Indicators Display Price Spreads Display Zero Sizes Show Value Date Include Execution Range in Prices Display Auto-Print Trade Tickets Prompt me before exiting application Date format, time format, and amount format for trading. Choose a home currency in which to display your mark-to-market profit or loss in the Blotter panel and in reports. If you have a static password (a password that is valid for more than one log-in session), check the checkbox to automatically lock the trading panels after a period of idleness. Enter the number of idle minutes in the field. This setting is not available for users who log in with only a one-time password. NOTE: The Lock Trading Panels after checkbox must be checked to activate the Password Protect Locked Trading Panels checkbox. Check the checkbox to require your user password to unlock the trading panels that have been locked either because of idleness or because they were locked using the Lock Panels button in the toolbar. Show or hide the dealt currency toggle buttons in the trading panels. (default setting) Revert to the default size after taking a price from the trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer). See Trade Sizes under Tools > Settings > Trading on page 4. Enable or disable Sucden FX Trader Pro appending amount entries with unit shortcuts (K, M). When enabled, Sucden FX Trader Pro makes assumptions about entries to protect you from entering inadvertently large amounts. Entries of one or two whole-number digits are assumed to be millions (M). Entries of three or four whole-number digits are assumed to be thousands (K). No amount is assumed for entries of more than four whole numbers. Show the arrows on the price buttons that indicate the direction of the last price movement. Show the bid/offer spread between best prices in the FX Board panel and Full Book panel. This setting has no effect on spread display in the Price Grid panel. Show prices with zero size (indicative prices) in the FX Board panel and Full Book panel. When checked, the zero-price side is shown as an unsupported rate. When unchecked, the zero-price side is shown as empty dashes. The Minimum Size Displayed field in the Trading settings window (Tools > Settings > Trading) overrides the Display Zero Sizes checkbox. If you specify a minimum size for a currency, the trading panels do not show zero-size prices in that currency regardless of the Display Zero Sizes checkbox setting. Show the resulting value date of trades executed with prices in the trading panels (FX Board, Ladder, Full Book, Sales Dealer). Show prices in the FX Board panel with the execution range defined for the currency pair and size, giving you an immediate indication of the limit rate submitted with the order when you take a price in the trading panels. This setting applies to prices display in the FX Board only. Automatically print the trade ticket when a trade is done. You can choose the printer to which the trades are printed. Sucden FX Trader Pro prompts you to confirm exit or log out if you have active orders. Auto start when computer starts Check to start Sucden FX Trader Pro whenever your operating system starts.

4 Configuring Sucden FX Trader Pro 4 Setting Tools > Settings > Trading Trading Style Time In Force Full Fill Volatile Market Multiplier Currency pair combo box Rows to Display in Full Book Minimum Size Displayed Trade Sizes Ladder Sizes Default Order Size (Bid/Offer) Default Display Size Maximum Notional Amount Purpose Determine whether it takes a single click or a double-click to take a price in the trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer): Single-Click: (default setting) Single-click a price in the trading panels to take a price. Double-Click: Double-click a price in the trading panels to take a price. The time in force for orders placed as a result of ESP price taking in the trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer): DAY GTC GTT: Enter the number of second before expiry in the seconds field. Check to specify that orders originating from all trading panels (FX Board, Ladder, Full Book, Sales Dealer) should be filled completely with a single fill only. Full fill orders are matched as all-or-nothing (AON) with no partial fills allowed. The order s time in force and execution type are still enforced. For example, a limit order with GTC time in force, top-of-book execution, and the Full Fill checkbox checked remains unfilled until the order is matched with a top-of-book price that is large enough to fill the order completely. You can also specify full fills in the Orders panel. See Orders Panel Components on page 18. When Volatile Market trading is engaged (the Volatile Market toggle button in the toolbar is activated), all of the execution ranges that you have defined are multiplied by this multiplier value. The default value of the multiplier is 2, meaning that execution ranges are doubled. The currency pair to which the size settings apply. Enter or select a currency. Click Copy To All Ccy Pairs to apply the settings to all currency pairs. Number of entries to display in the depth of book in the Full Book and RFS Full Book panels (999 or less) for the currency pair. Click Copy To All Ccy Pairs to apply the sizes to all currency pairs. Minimum size (in millions) of prices to display in the Full Book panel. Smaller prices are not displayed. Click Copy To All Ccy Pairs to apply the minimum size to all currency pairs. Bid/offer sizes in the amount drop-down lists of the trading panels (FX Board,, Full Book, Price Grid, Sales Dealer). Not applicable to the Ladder panel because it shows prices by tier size. Each value separated by a semicolon or comma must be no more than five characters long, including any decimal point and suffix (for example, 2.75M or 34.5k). Choose the currency pair to which the sizes apply from the drop-down list. Click Copy To All Ccy Pairs to apply the sizes to all currency pairs. The tiers shown by default in the Ladder panel. Each value separated by a semicolon or comma must be no more than five characters long, including any decimal point and suffix (for example, 2.75M or 34.5k). Choose the currency pair to which the sizes apply from the drop-down list. Click Copy To All Ccy Pairs to apply the tier sizes to all currency pairs. Default size for bid and offer prices using the Orders panel. Click Copy To All Ccy Pairs to apply the sizes to all currency pairs. The size shown to other users for displayed orders. A smaller display size allows you to enter a large order without revealing to other users the total size you are trading and potentially affecting the market. Click Copy To All Ccy Pairs to apply the sizes to all currency pairs. Maximum notional size for all ESP and RFS trading. If you enter an amount larger than this value in the trading panels (FX Board, Ladder, Full Book, Price Grid, RFS, RFS Full Book, Sales Dealer), Sucden FX Trader Pro locks the currency pair and displays a warning button. To unlock the currency pair and allow your entered amount to stand, click the warning button. If you submit an order from the Orders panel with an amount larger than this value, Sucden FX Trader Pro opens a warning dialog asking you to confirm the order size. Click Copy To All Ccy Pairs to apply the sizes to all currency pairs.

5 Configuring Sucden FX Trader Pro 5 Setting Maximum Net Spot Amount Execution Range Tools > Settings > RFS Currency pair combo box Default Tenor Outright Default Tenor Swap Default Position Roll Tenor Expiry Time Spread Increment Tools > Settings > Orders Secondary Priority Off-Market Orders Default STOP Trigger Off All Button Only Applies to Limit Orders Automatically Clear Done Orders After n Seconds Purpose Maximum size difference between the amounts of multi-leg trades in RFS trading. The maximum amount limits your potential exposure to inadvertently trading too large a size when trading multi-legged products. If you enter an amount larger than this value in the RFS trading panels, Sucden FX Trader Pro locks the currency pair and displays a warning button. To unlock the currency pair and submit your entered amount, click the warning button. Click Copy To All Ccy Pairs to apply the sizes to all currency pairs. The market range in pips for market orders defined by size for every currency pair. The checkbox and range values determine the order type submitted when you take an ESP price from the trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer). Limit: Checkbox checked and range set to zero Market range: Checkbox checked and range greater than zero Market: Checkbox unchecked (the range is not applicable) The values in the Fill at Mkt Range (Pips) column are applied when you click a FILL@MKT button to fill the remaining balance of an order in the Orders panel, the Orders blotter, or from an order notification popup window. Double-click the value in the column to edit the market range. You can enter values to one decimal place. You can apply a value to all currency pairs at once with the Copy to All Ccy Pairs buttons. The Adjust Market Range for Term Ccy Trading checkbox allows you to choose to adjust the market range of orders when trading the term currency. The market range is adjusted proportionally according to the base amount and the converted dealt term amount. This setting applies to the prices that you take in all trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer (ESP)) as well as the fill-at-market range. The currency pair to which the settings apply. Click Copy To All Ccy Pairs to apply the settings to all currency pairs. Outright tenors in the value date drop-down lists of the RFS panels (RFS, RFS Full Book, and Sales Dealer). Swap tenors in the value date drop-down lists of the RFS panels (RFS, RFS Full Book, and Sales Dealer). Default far leg tenor for rolling positions from the Positions blotter. The default expiry time that you request of providers for RFS. Sales dealers can define custom spread increments per currency pair for their spread tools in the RFS panel and Sales Dealer panel. Price sorting order in case of a tie: Size: The most recent price with the largest size is considered the better price. Time: (default setting) The most recent price is considered the better price regardless of size or provider. Provider: The best price is determined by provider priority as set on the server. Overrides adjustment of the order rate in the Orders panel and enforce a maximum spread for limit order entry. Traders cannot submit an order with an unfavorable spread (bid order less than offer market or offer order greater than the market bid) greater than the configured maximum. Configures the default trigger for buy and sell stop orders. Modify the behavior of the Off All buttons. Check to cancel limit orders only and leave other orders standing. Uncheck to cancel all orders regardless of order type. Unchecked by default. The number of seconds after which inactive orders (completed and cancelled) are cleared automatically from the Order Status panel.

6 Configuring Sucden FX Trader Pro 6 Setting Open/Show Order Status Panel on Order Submission Purpose Brings the Order Status panel to the front when you submit an order in any panel. Tools > Settings > Quick Orders Enable Quick Orders Order Type Display Pip Increment Show or hide the Quick Order buttons in the trading panels (FX Board, Full Book). Configure the time in force (GTC, GTT, DAY) of the limit orders submitted with the Quick Order buttons. Choose the style of the Quick Order buttons: (Display as Dropdown clicked, Display as Buy/Sell unchecked) Bid/Offer drop-down lists: Bid submits a bid order with the sell price you select from the drop-down list. Offer submits an offer order with the buy price you select from the drop-down list. (Display as Dropdown clicked, Display as Buy/Sell checked) Sell/Buy drop-down lists: Sell submits an offer order with the sell price you select from the drop-down list. Buy submits a bid order with the buy price you select from the drop-down list. (Display as Button clicked) Offer/Bid buttons with pips offset: The button on the left submits an offer order with a price higher than the best sell price by the pips offset increment. The button on the right submits a bid order with a price lower than the best buy price by the pips offset. As you resize the trading panel, additional buttons with positive and negative increments appear. Pip increment relative to the best price for the prices in the Quick Order buttons. Double-click the value in the Pips column to edit. You can enter values to one decimal place. You can apply a value to all currency pairs at once with the fields and Apply to All Ccy Pairs button. Tools > Settings > Blotter Auto Clear Unread Trades Auto Clear Unread Messages Standard Columns in Report/Download Display Confirmation Dialog for Cover Trades Set Focus on the Row when an Outstanding Trade is Added On trade date roll If checked, new trades are marked as read when they are entered in the Done Trades blotter. If unchecked, the Done Trades blotter keeps track of new trades that you have not acknowledged by closing a trade verification popup or clicking the trade in the blotter. If checked, new message are marked as read when they are entered in the Messages blotter. If unchecked, the Messages blotter keeps track of new messages that you have not acknowledged by clicking the panel. If checked, a standard set of columns are included in reports and downloads generated from the blotters. If unchecked, only the columns currently displayed in the blotters are included. If checked, Sucden FX Trader Pro displays a confirmation when you click a position s Cover button in the Positions blotter before submitting orders to cover the position. If unchecked, Sucden FX Trader Pro submits orders to over the position without confirmation. If checked, Sucden FX Trader Pro automatically selects the new outstanding trade in the blotter so you can immediately rebook it. If unchecked, the new outstanding trade is added to the blotter with no change of focus. You must click the outstanding trade in the blotter. The information in the Positions blotter can change drastically from one trade date to another as trades mature. This setting allows you to configure the blotter s behavior: Click the Create New Session radio button to create a new session for the Positions blotter when the trade date rolls. This is the default setting. Click the Switch to 'Session-Today' radio button to change the session for the Positions blotter to the current date when the trade date rolls.

7 Configuring Sucden FX Trader Pro 7 Setting Purpose Tools > Settings > Connections Connection Settings Tools > Settings > Notifications This screen is a read-only display of your current connection profile for your reference. Connection profiles organize all of your connectivity information, including login details, security scheme and proxy settings. The connection profiles available to you are preconfigured for your user account. To edit a connection profile, click the Settings button in the Sucden FX Trader Pro Login window. Do not change these settings without consulting with your network administrator. Doing so may disrupt your connection to the your host and leave you unable to trade. See the online help topic Configuring Sucden FX Trader Pro Network Connectivity for more information. Notifications are messages that inform you of trading and market events. Sucden FX Trader Pro uses popup dialogs and sounds to draw your attention to notifications. You can choose from the list of settings to configure notifications according to your preferences. Notify me when o A trade is verified o An order has expired o An order is cancelled o A user in your organization has suspended or resumed matching of all active orders Notify me by: Configure how you want Sucden FX Trader Pro to notify you, by showing a popup window or playing a sound. Trade Type: The ESP checkbox enables notifications for activity from the trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer). The RFS checkbox is for activity in the RFS panels (RFS, RFS Full Book, and Sales Dealer). Notify me for: If you have the correct permissions, you can configure Sucden FX Trader Pro to show you notifications for every trader in your organization (Organization) or just for you (Trader). If you are a broker user and have the proper permissions, you can use the Customer trades only checkbox to show notifications only for customer trades instead of both customer and cover trades. Tools > Settings > Excel Tools for configuring the Excel target of prices streamed from the FX Board panel when Excel integration is enabled: Excel File field and Browse button: The target Excel workbook Available Sheets list: The sheet to receive prices Starting Column field: The column where you want streaming prices to be inserted Starting Row field: The row where you want streaming prices to be inserted

8 Password Guidelines 8 Setting Purpose Tools > Settings > Currency Pairs Password Guidelines Tools for arranging the list of currency pairs to suit your needs. Check the Sort Alphabetically checkbox to show currency pairs in alphabetical order in all trading panels. Uncheck the checkbox to enable the list and sorting tools. The sorted list is used in all trading panels. Use the Search field to search the list by base currency and currency pair. Click a currency pair in the search results to select it. NOTE: This information only applies if you have configured Sucden FX Trader Pro for the static password or twofactor authentication (2FA) security scheme. See the online topic Choosing a Security Scheme for information about security schemes. For security purposes, the static password you choose must: Be a minimum of six (6) characters long. Not contain your user ID or any part of your full name. Have no leading or trailing spaces. Contain no more than two consecutive, identical characters. Contain characters from at least three (3) of the following classes of characters: o English uppercase letters, such as A, B, C,, Z. o English lowercase letters, such as a, b, c,, z. o Westernized Arabic numerals, such as 0, 1, 2,, 9. o Non-alphanumeric special characters, such!,?,., and *. Sucden FX Trader Pro will not allow you to use a password that does not meet these minimum requirements.

9 Price-Taking Methodologies(ESP and RFS) 9 Examples of invalid passwords: bumblebee Enough characters, but not enough character classes (only lower-case letters) rq1z Enough character classes (lower-case, upper-case, and numbers), but not enough characters goooteam! Enough character classes (lower-case, upper-case, and non-alphanumeric characters), enough characters, but too many consecutive, identical characters ( ooo ) Examples of valid passwords: nmbr1to Enough characters and at least three character classes (lower-case, upper-case, and numbers) Adwwlii! Enough characters and at least three character classes (lower-case, upper-case, and non-alphanumeric characters) Price-Taking Methodologies (ESP and RFS) Sucden FX Trader Pro supports two methodologies for receiving prices and executing trades: Executable Streaming Prices (ESP) accessed from the FX Board, Ladder, Full Book, Price Grid, Sales Dealer, and Orders panels Request for Stream (RFS) accessed from the RFS, RFS Full Book, and Sales Dealer panels Executable Streaming Prices (ESP) Sucden FX Trader Pro initiates ESP streams when you log in. The streams live for the duration of your trading session. The ESP methodology applies to spot trades only. When you submit an order from the Orders panel, Sucden FX Trader Pro matches your order against ESP prices. You execute trades with ESP prices from the FX Board, Ladder, Full Book, Price Grid, and Sales Dealer panels. Request for Stream (RFS) To get RFS prices, you must submit a request for stream. The price provider determines the time-to-live of an RFS stream. The RFS methodology supports spot, outright, and swap trades. You request RFS streams and execute trades in the RFS, RFS Full Book, and Sales Dealer panels. You configure the liquidity providers who receive your requests for each currency pair. See the online help topic Managing RFS Liquidity Providers for details. Orders Sucden FX Trader Pro manages all ESP trading as orders. When you take an ESP price from the ESP trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer), Sucden FX Trader Pro submits a limit order with the price you clicked. To submit other order types that are matched with ESP prices, use the Orders panel. You manage your orders in the Order Status panel. Order Types The types orders that you can submit depend on your user permissions and how you have configured Sucden FX Trader Pro execution. See Execution Range on page 5.

10 Orders 10 Table 1 Order Types Type Submit From Description Limit Orders panel When the execution range is applied and is set to zero: o Taking ESP prices from the trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer) o Blotter panel when covering positions Market Range Orders panel When the execution range is applied and is set to greater than zero: o Taking ESP prices from the trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer) o Blotter panel when covering positions Trades are executed against the order at all market rates that match or better the order rate until the order is filled or cancelled. Limit orders are matched with VWAP/Sweep execution. See Execution Methods on page 11. A market range order is matched with prices within a range of pips that you define (see Execution Range on page 5). Execution is attempted with the liquidity available in the price range to the size of your order. Market range orders are matched with top-of-book execution. For the trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer) and blotters, the execution range is set in the Trading settings window (Tools > Settings > Trading). See Execution Range on page 5. Market Orders panel only A market order is matched with market prices without the consideration of an execution range. Execution is attempted with the liquidity available in the price range to the size of your order. Market orders are matched with top-of-book execution. Stop Orders panel only Stop orders allow you to go long (bid stop) or short (offer stop) relative to the current market price. Trades are executed against your order only when the best market rate, either the bid or offer, crosses the threshold of your order's trigger rate, either the bid rate or the offer rate. When triggered, your order is matched with top-of-book prices until filled. See Execution Methods on page 11. Stop Limit Algo: TWAP Algo: Pegged Orders panel only Orders panel only Orders panel only Stop limit orders allow you to go long (bid stop) or short (offer stop) relative to the current market price while also specifying a limit price for the activated order. Your order is matched with prices only when the best market rate, either the bid or offer, crosses the threshold of your order's trigger rate, either the bid rate or the offer rate. When triggered, your order is matched with prices that are equal to or better than the limit price until filled. See Execution Methods on page 11. A Time-Weighted Average Price (TWAP) order is an order-slicing algo order that divides up an order into clips and submits each clip for order matching at intervals over a period of time. You configure the size of each clip and the interval between clips. Both the size and the interval can be either fixed or random between a minimum and maximum value. Each clip is either matched with top-of-book prices as a market order or with the current top-ofbook prices within a range of pips that you specify. In addition, you can specify a no worse than limit for the entire order so that no clip is matched with a price worse than the limit. You can further specify the action when your TWAP order expires, either cancelling any remaining balance or filling the balance as a market order. A pegged order is an algo that allows you to seek a price near the best bid, offer, or mid price in the market. The order rate automatically adjusts as the market moves. When price in the market that the order is pegged to moves through the offset amount, then your order begins matching with prices. You can make your order more or less aggressive according to the price that you peg to and by setting an offset amount.

11 Orders 11 Table 1 Order Types (continued) Type Submit From Description Linked: TP/SL Linked: If Done Algo Orders Orders panel Positions blotter with the TP/SL button Orders panel only A TP/SL (take profit/stop loss) order is a linked order that consists of exactly two component orders: A limit order that allows you to take profit if the market moves in your favor A stop order that protects you if the market moves against your position If one component order is filled, then the size of the other order is reduced by a relative amount. For example, if a component order is filled by 50% of its total size, the other order is reduced by 50%. You can submit TP/SL orders from the Orders panel and for your positions from the Positions blotter. Only the limit (take profit) component order of a TP/SL order can be submitted as a displayed order. See Displayed Orders on page 12. An If Done order is a linked order that consists of a parent order and one or two closing orders: A limit order that allows you to take profit if the market moves in your favor on a position A stop order that protects you if the market moves against your position The parent order can be of any non-algo, non-linked order type (market, limit, stop, stop limit). If the parent order is matched, then the closing orders are activated. If one closing order is filled, then the size of the other order is reduced by a relative amount. For example, if a closing order is filled by 50% of its total size, the other order is reduced by 50%. You submit If Done orders from the Orders panel, not by selecting a particular order type, but by adding linked closing orders to the parent order. Only the limit (take profit) component order of an If Done order can be submitted as a displayed order. See Displayed Orders on page 12. An algo is an order with an algorithmic set of trading instructions that determine how the order reacts to the market, how the price and size adapt, and how the order is matched with prices. You can submit TWAP and pegged algo orders in Sucden FX Trader Pro. Linked Orders Linked orders consist of two or more orders that are linked. If one order is matched, the other orders are activated, cancelled, or modified according to their linked order relationship: OTO (One Triggers the Other): Applies to If Done linked orders. The parent order is linked to inactive component orders. If the parent order is matched, the component orders are activated. OCO (One Cancels the Other): Applies to TP/SL orders. If one order is filled, then the size of the other order is reduced by an absolute amount. For example, if a component order is filled for 1M, then the other order is reduced by 1M. OUO (One Updates the Other): Applies to If Done orders with two closing orders. If one closing order is filled, then the size of the other closing order is reduced by a relative amount. For example, if a closing order is filled by 50% of its total size, the other closing order is reduced by 50%. Depending on your permissions, you can submit TP/SL and If Done linked orders in Sucden FX Trader Pro. Execution Methods Execution methods determine how trades are executed against your orders when you submit an order from the Orders panel, take a price from a trading panel, or when covering and rolling positions in the blotters.

12 Orders 12 Top of Book: This is the execution method for market orders. Your order is matched with top-of-book prices within an execution range, if any, until your order is filled. VWAP/Sweep: This is the execution method for limit orders. Your order is matched with all prices in the book that achieve an average execution price better than or equal to the limit price. See VWAP Prices on page 13 for more details. Time in Force An order s time in force determines how long the order is matched with prices from the time it becomes active: DAY: Until the end of the trading day. Applies to all order types except TWAP. GTC: Until you cancel the order. Applies to all order types except TWAP. GTT: Until the time period you specify has elapsed. Applies to limit and market orders.applies to limit, market, and pegged orders. End at: Until the time of day that you specify. Applies to limit and market orders.applies to limit, market, and pegged orders. You configure the default TIF for all ESP price taking from the trading panels (FX Board, Ladder, Full Book, Price Grid, Sales Dealer) with the Time In Force field in the Trading settings window (Tools > Settings > Trading). Full Fill The Full Fill checkbox in the Orders panel and the Trading settings window (Tools > Settings > Trading) allows you to specify that orders should be filled completely with a single fill only. Full fill orders are matched as all-or-nothing (AON) with no partial fills allowed. The order s time in force and execution type are still enforced. For example, a limit order with GTC time in force, top-of-book execution, and the Full Fill checkbox checked remains unfilled until the order is matched with a top-of-book price that is large enough to fill the order completely. Available for all order types except TP/SL except TP/SL, TWAP, and pegged. Order Visibility An order s visibility determines who can execute trades against it. Depending on your user permissions, you can submit hidden and displayed orders. Hidden Orders Hidden orders are managed locally by Sucden FX Trader Pro s order management system and are not revealed to other market participants. Sucden FX Trader Pro fills hidden orders by matching with ESP prices. You submit hidden orders from the Orders panel when you set the Show size to zero and when the Default Display Size for the currency pair in the Trading settings window (Tools > Settings > Trading) is set to zero. Stop and stop limit orders are always hidden until they are triggered. Displayed Orders Displayed orders are both managed by Sucden FX Trader Pro s order management system and submitted to select counterparties with which you have a liquidity-provider-to-customer relationship. Your displayed orders are matched with ESP prices and hit by other market participants. With displayed orders, you can submit iceberg orders with a show size that is smaller than the total size of your order. A smaller show size allows you to enter a large order without revealing the total size that you are trading to other users and potentially affecting the market. See Default Display Size under Tools > Settings > Trading on page 4. You can submit all order types as displayed orders except stop and stop limit orders. To establish liquidity-provider-to-customer relationships with other organizations, contact support (Help > Contact Support).

13 Prices 13 Draft and Imported Orders Sucden FX Trader Pro gives you the added flexibility to import orders from a CSV file by clicking the Import Draft Orders button ( ) in the Orders blotter. Importing orders allows you enter orders in whatever application is most convenient for you and then add them in a batch to Sucden FX Trader Pro. Orders can either activated immediately when you import them or can be imported as draft orders and later activated individually. Draft orders remain in the Orders blotter shown in gray text until you activate or remove them. You can also export draft orders from the Orders blotter to a CSV file. For more information about importing and exporting orders, and the file format used, see the online help topic Draft and Imported Orders. Prices Multi-Tier Prices Sucden FX Trader Pro lets you trade against executable streaming prices (ESP). Some providers stream multi-tier prices where the price you get depends on the size that you request. In the FX Board, Full Book, and Price Grid panels, the prices may change when you change the size that you want to trade. You can see and trade multiple tiers at once in the Ladder panel. Sucden FX Trader Pro adds a number to the provider s name to indicate multi-tier prices. For example, if the provider BANKA streams three tiers, then Sucden FX Trader Pro displays BANKA1, BANKA2, and BANKA3. For more information about multi-tier prices, see the Sucden FX Trader Pro online help. Aggregated Prices When multiple providers supply the same price, Sucden FX Trader Pro displays an aggregate price with the total size available at the price from all providers. Sucden FX Trader Pro indicates an aggregate price with a plus sign (+) on the provider s name. You can configure the Full Book panel to show all the prices in the depth of book or aggregate prices with the Turn On/Off Aggregated View toggle button ( / ). For more information about aggregated prices, see Full Book Panel Components (Aggregated Prices) on page 16. VWAP Prices The volume-weighted average price (VWAP) is the weighted average price for a given dealt amount based on the current market price from different liquidity providers in the depth of book. The prices displayed in the FX Board and Ladder panels are VWAP prices. For VWAP execution, Sucden FX Trader Pro executes the order with prices that achieve an average execution price better than or equal to the price you clicked (the limit price). Sucden FX Trader Pro matches with a price worse than the order price if and only if there is no better price available and the average execution price remains better than or equal to the limit price. With VWAP, you get immediate execution at the price you need or better. Blotters Sucden FX Trader Pro provides the following tools in the Blotter panel so that you can better manage your trading activity: Spot MTM P/L: The bottom of the Blotter panel always shows your mark-to-market profit or loss for the time period in the Positions blotter. Done Trades: Shows completed trades. Double-click a trade to open a Trade Ticket window that contains the details of a trade. Orders: Shows the orders that have been submitted, their status, and any associated done trades. Click the Expand button ( ) to see the related trades, if any. Double-click an order to open an Order Summary window that contains the

14 Panels 14 details of the order. Buttons allow you to perform actions on orders, including copying, linking, cancelling, and amending. Positions: Shows your current positions by currency with dynamically calculated values for each open position. Buttons allow you to cover and roll your positions. Messages: Shows the system messages resulting from trading actions, such as order submission, verification, and cancellation. Exceptions: Highlights system message that result from pending trades or delayed trade verifications. Panels FX Board Panel Components Add Currency Pair button 2 Remove Currency Pair button 3 Auto Arrange toggle button 4 Bring All Panels To Front button 5 Excel Integration button (stream prices to Excel) 6 Detach toggle button to detach the panel from the dealing screen 7 Multiple panel tab: You can group currency pairs into multiple panels that you manage with these tabs. 8 Add FX Board button: Click to add a new tabbed panel. 9 Currency pair combo box. Enter or choose a currency pair. 10 Buy/sell amount combo box. Enter a size or choose a default. 11 Value date. If you enter an amount larger than the maximum size, the max size override button appears here and the currency pair is disabled until you click the button. 12 Dealt currency toggle button: Click to trade the base or term currency. 13 View Options button: Click to access settings specific to the currency pair. 14 Quick Orders button. Click to submit an order based on the current best price. 15 Big figure of the top of the book 16 Liquidity provider supplying best bid price. A plus sign (+) indicates a VWAP price composed of prices from several providers. 17 Price movement indicator 18 Spread between best bid/offer prices 19 Pips with fractional pips 20 Total amount available at this price 21 Liquidity provider supplying best offer price

15 Panels 15 Ladder Panel Components Currency pair combo box 2 Value date. If you enter an amount larger than the maximum size, the max size override button appears here and the currency pair is disabled until you click the button. 3 Dealt currency toggle button 4 Detach button to detach the panel from the dealing screen 5 Tier size combo box. Enter a size or choose a default. 6 Big figures of the tier prices 7 Tier 1 price (up to 5M) 8 Tier 2 price (greater than 5M to 10M) 9 Tier 3 price (greater than 10M to 20M)

16 Panels 16 Full Book Panel Components Note: The prices in the depth of book change constantly to reflect the active market. The top two buttons always show the top of the book. The remaining prices are sorted dynamically in descending order from best to worst and grouped by color according to numerical value. Ties are broken by the secondary priority setting (Tools > Settings > Advanced Orders) Button bar with the following buttons: / Aggregated View toggle button: Click to switch between aggregated and individual prices. Bring All Panels to Front button: Click to bring all detached panels into view. / Always On Top toggle button: Only appears when the panel is detached. Click to pin the panel on top of all windows on your desktop. Ticker button: Click to expand the panel to show the ticker. Chart button: Click to expand the panel to show charts. 2 Detach toggle button to detach the panel from the trading screen 3 Currency pair combo box. Enter or choose a currency pair. 4 Buy/sell amount combo box. Enter a size or choose a default. 5 Max size override button. If you enter an amount larger than the maximum size, the currency pair is disabled until you click this button. 6 Value date of prices 7 Dealt currency toggle button 8 Big figure of bid prices 9 Spread between the prices at the top of the book 10 Pips of the best offer price 11 Size of best offer price 12 Liquidity provider supplying best offer price 13 Total amount available at this price 14 Your own displayed order price in the depth of book 15 Price movement indicator 16 Liquidity provider supplying best bid price 17 Quick Orders button. Click to submit an order based on the current best price. Full Book Panel Components (Aggregated Prices) 2 1 Aggregated prices indicated by plus sign (+) showing aggregate available amounts from all liquidity providers supplying equivalent prices 2 Aggregated View toggle button: Click to switch between aggregated and individual prices. 1

17 Panels 17 Price Grid Panel Components Bring All Panels to Front button: Click to bring all detached panels into view. 2 Always On Top toggle button: Only appears when the panel is detached. Click to pin the panel on top of all windows on your desktop. 3 Detach toggle button to detach the panel from the trading screen 4 Currency Pair combo boxes 5 Provider combo boxes: The source of the price stream 6 Order Amount combo boxes 7 Dealt Currency combo boxes 8 Bid price 9 Spread 10 Offer price 11 Add button: Click to add a row. 12 Remove button: Click to remove a row.

18 Panels 18 Orders Panel Components The components of the Orders panel change according to the order type that you choose to submit Bring All Panels to Front button 2 Always On Top toggle button: Only appears when the panel is detached. Click to pin the panel on top of all windows on your desktop. 3 Detach toggle button to detach the panel from the trading screen 4 Indicative ESP prices from the top of the book for your reference 5 Currency pair combo box. Enter or choose a currency pair. 6 Order entry tools to define order type, direction, order size, dealt currency, show size and rate. These tools change according to the order type you choose. 7 If Done order tools to add linked TP and SL closing orders 8 Tools to specify when your order becomes active and prices are matched 9 Tools to specify how long prices are matched with your order 10 Notes checkbox: Check to add notes to your order (max 256 characters, angle brackets < and > not allowed). 11 A textual description of your order so you can quickly and easily confirm its properties and behavior 12 Click to submit your order 12

19 Panels 19 Order Status Panel Components Bring All Panels to Front button 2 Dock/Undock toggle button: Click to dock and undock the panel. 3 Buttons to suspend and resume all active orders 4 Detach toggle button to detach the panel from the trading screen 5 Buttons to suspend and amend active orders, and fill partially filled orders as market order 6 Active stop bid order with an offer trigger rate and tools to amend the size and price 7 Expired displayed limit order (2M show) partially filled to 10M 8 Active displayed market order (2M show), 40M filled so far 9 Filled displayed limit order (2M show) 10 Button to copy an order 10

20 Panels 20 Sales Dealer Panel Components (ESP) ESP and RFS option buttons. Switch the panel interface between ESP and RFS trading. 2 Value Date combo box. Inactive. Not applicable to ESP. 3 Configure Liquidity Providers button. Inactive. Not applicable to ESP. 4 Bring All Panels to Front button 5 Trade type drop-down list. Inactive. Not applicable to ESP. 6 Date field. Inactive. Not applicable to ESP. 7 Currency pair combo box. Enter or choose a currency pair. 8 Direction drop-down list. Inactive. Not applicable to ESP. 9 Dealt currency drop-down list. Choose either the base or term currency. 10 Org drop-down list. If you have the correct permissions, choose an organization to trade on behalf of. 11 Account drop-down list. If you have the correct permssions, choose an account to trade on behalf of. 12 Detach toggle button to detach the panel from the trading screen 13 Amount combo box. Enter or choose an amount. 14 Details of best offer price 15 Sell button. Click to take the bid price. 16 Buy button. Click to take the offer price. 17 Additional Instructions field. Inactive. Not applicable to ESP.

21 Panels 21 Sales Dealer Panel Components (RFS) ESP and RFS option buttons. Switch the panel interface between ESP and RFS trading. 2 Tenor drop-down lists. Enter or choose a tenor for each leg. 3 Configure Liquidity Providers button (RFS providers) 4 Bring All Panels to Front button 5 Trade type drop-down list: SP (spot), OR (outright), SW (swap) 6 Currency pair combo box. Enter or choose a currency pair. 7 Date fields. Enter a broken date or click a calender button to choose a date. 8 Direction drop-down list. Choose 2-way, buy, or sell. 9 Dealt currency drop-down lists 10 Org drop-down list. If you have the correct permissions, choose an organization to trade on behalf of. 11 Account drop-down list. If you have the correct permssions, choose an account to trade on behalf of. 12 Detach panel and panel options buttons 13 Amount combo boxes. Enter or choose amounts. The Matched checkbox links the near- and far-leg amount. Uncheck to enter a mismatched swap. 14 Details of best offer price 15 Sell button. Click to take the bid price. 16 Mid price. 17 Buy button. Click to take the offer price. 18 Additional spreads tools. Customize the spreads as necessary. 19 Get Price/Cancel button with expiry timer and regulatory link 20 Additional Instructions field. Enter special instructions, if any. Check the Remember checkbox to save the text.

22 Panels 22 RFS Panel Components RFS Full Book Panel Components Tenor combo boxes. Enter or choose a tenor for each leg. 2 Currency pair combo box. Enter or choose a currency pair. 3 Configure Liquidity Providers button 4 Bring All Panels to Front button 5 Date fields. Enter a broken date or click a calender button to choose a date. 6 Trade type drop-down list: SP (spot), OR (outright), SW (swap) 7 Direction drop-down list. If you have the correct permissions, choose 2-way, buy, or sell. 8 Dealt currency drop-down lists 9 Org drop-down list. If you have the correct permissions, choose an organization to trade on behalf of. 10 Account drop-down list. If you have the correct permssions, choose an account to trade on behalf of. 11 Detach toggle button to detach the panel from the trading screen 12 Amount combo boxes. Enter or choose an amount. The Matched checkbox links the near- and far-leg amount. Uncheck to enter a mismatched swap. 13 Details of best offer price 14 Sell button. Click to take the bid price. 15 Mid price 16 Additional spreads tools. Customize the spreads as necessary. 17 Buy button. Click to take the offer price. 18 Get Price/Cancel button with expiry timer and regulatory link 19 Additional Instructions field. Enter special instructions, if any. Check the Remember checkbox to save the text Trade type drop-down list: SP (spot), OR (outright), SW (swap) 2 Configure Liquidity Providers button 3 Sort toggle button: Click to sort the prices in the depth of book according to best price (the default value) or according to liquidity provider. 4 Bring All Panels to Front button 5 Currency pair combo box. Enter or choose a currency pair. 6 Org drop-down list. If you have the correct permissions, choose an organization to trade on behalf of. 7 Account drop-down list. If you have the correct permssions, choose an account to trade on behalf of. 8 Detach toggle button to detach the panel from the trading screen 9 Tenor combo boxes. Enter or choose a tenor for each leg. 10 Date fields. Enter a broken date or click a calender button to choose a date. 11 Direction drop-down lists: 2-Way, Buy, or Sell 12 Dealt currency drop-down lists 13 Amount combo boxes. Enter or choose an amount. The Matched checkbox links the near- and far-leg amount. Uncheck to enter a mismatched swap. 14 Top of Book/Full Book toggle button: Hide/shows full book 15 Expiry countdown timer 16 Get Price/Cancel button with regulatory link 17 Top of book price. Click to take the price. 18 Mid price

23 Ticker 23 Ticker To open the trade ticker, click the Ticker toggle button ( expands to include the trade ticker. ) in the Full Book panel s button bar. The Full Book panel Figure 1 Trade Ticker The trade ticker shows both top-of-book rates and trades with the market. Buy trades are shown in green and sell trades are red. Broker trades are not listed. The trade ticker updates whenever the top-of-book price changes either in price or size.

24 Charts 24 Charts To open charts, click the Chart toggle button ( include charts. By default, the tick chart opens. ) in the Full Book panel s button bar. The Full Book panel expands to i Figure 2 Tick Chart The tick chart shows top-of-book rates. Trades with the market are green (buy) and red (sell) pips. Chart lines follow your mouse pointer interactively, showing exact values in the chart and allowing you to better analyze the data. To view a candlestick chart, click the other time periods at the top of the chart. Click and drag the sliders in the navigation section at the bottom of the candlestick chart to navigate through the chart and to zoom in on specific time periods.

25 Charts 25 i Figure 3 Candlestick Chart with Navigation Sliders