Chapter 7 - Trades Chapter 7 Trades Prods Introduction About this Chapter This chapter describes: Reporting trades using the Enter Trade Report window. Examples of late trading. Entering Trade Reports and Initial Trade Notifications. Viewing Trade Reports and Pending Trades. Changing Trade Reports. Cancelling trades. Trade Preferences. Trade Reports Prods What is a Trade Report? When a deal is executed outside the electronic marketplace, you need to report the trade to ASX Trade. These trades are referred to as Trade Reports. Trade Reports are entered using the Trade Report window. Where the trade executed outside the electronic marketplace is not a crossing, both the buying and selling Trading Participants are required to report their side of the trade to ASX Trade. Where the trade is a crossing, the Trading Participant is able to report the trade using a single Trade Report. For more information refer to the section on one-sided and twosided Trade Reports below. When a Trade Report is entered, ASX Trade will update statistics based on the update rules configured in the central system by ASX. For example, a Special Crossing will update number of trades, volume and value but will not update last, high, low and open prices. Whereas, a XT trade report which is a crossed trade will update all statistics, last, high, low, open, ASX Trader Workstation Reference Manual December 2011 7-1
Chapter 7 Trades number of trades, volume and value. One-sided and Twosided Trade Reports Depending on the rules set for each type of trade report, you may enter either a one-sided Trade Report or a two-sided Trade Report. All trades are entered using the same Trade Report window, however, within the window you enter a one-sided trade report by selecting either buy or sell in the Side field, or a two-sided trade report by selecting crossed in the Side field. One-sided Trade Report In a one-sided trade report, only your side of the trade is reported. This is then matched by ASX Trade when the counterparty enters their side of the trade. Two-sided Trade Report In a two-sided trade report, both sides of the trade, buy and sell are reported to ASX Trade using a single Trade Report. Crossings are entered using a two-sided Trade Report. Trade Report Types The following table provides a list of trade types and the condition code to use when reporting each type of trade. The table is sorted in alphabetical Condition Code order. Trade Type Conditio n Code Applicable to Booking Purposes BP Cash Products Buy Back BK Products Centre Point CX, and cash-like Listed Funds, Warrants and ured Products Directed Reporting DR All products Exercise Call EC Options Products Exercise Put EP Options Products Equity/Option Combination EQ Cash / Derivatives Products ETF Special Trade ET Cash Products Forward Delivery FD Cash Products Index Replicating Special Crossing IB Cash Products Loan LN Cash Products Loan Return LR Cash Products Late (Overnight) Trade L1 Cash Products 7-2 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades Late (Overnight) Trade L2 Cash Products Late (Overnight) Trade L3 Cash Products Late (Overnight) Trade L4 Cash Products Late (Overnight) Trade L5 Cash Products Late Trade LT All products Late Tailor Made Combination Trade Normal Trade (MC rebooking of an auto matched trade) LTCT NORM All products All products Foreign-To-Foreign Transaction OR Cash Products Overseas Trade OS All products Put-Through Special Crossing P1 Cash Products (for Special Size Categories 1 & 2) Put-Through Special Crossing P2 Cash Products (for Special Size Category 3) Quote Display Board Trade QB Quotation Products within the Quote Display Board Completion of Order Special Crossing Shortfall In Underwriting/Other Special Crossing SA SO Cash Products Cash Products Block Special Crossing S1 Cash Products (for Special Size Category 1) Block Special Crossing S2 Cash Products (for Special Size Category 2) Block Special Crossing S3 Cash Products (for Special Size Category 3) Price Stabilisation ST Cash Products Portfolio Special Crossing SX Cash Products Tailor-Made Combination TM All products VolumeMatch VM Tailor Made Combination Crossing XTTM All products Entering a Trade Report To enter a trade report: ASX Trader Workstation Reference Manual December 2011 7-3
Chapter 7 Trades 1 Open the Enter Trade Report window by one of the following: Press F11. Select Trades > Enter Trade Report from the menu bar. Right click in a window and select Enter Trade Report from the pop up window that is displayed. Click on the Enter Trade Report button on the toolbar when you move your cursor over this button a pop up will identify it as the Enter Trade Report button. Note F11 only works if you have selected the Use hotkeys option in your user preferences. See Turning the Hotkeys on in Chapter 1 Using the Trading Platform. The Enter Trade Report window is displayed: gdn 2 Enter an instrument in the ID field. The Enter Trade Report window opens up more fields for you: 7-4 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades Note If you have selected an instrument in the Price Information window before opening the Enter Trade Report window, this instrument is already displayed in the ID field. 3 Enter a quantity in the Qty field. 4 Enter a price in the Ext Price field. Prices are entered in cents and may be reported to 4 decimals of a cent. For example, a price of $123.4567 would be entered as 123.4567. Note The minimum price accepted by ASX Trade for a trade report is $0.001 (0.1 cents). 5 Select a condition code for the trade from the Cond drop-down list box. Where the condition code entered may only be reported as a crossing (e.g. Portfolio Special Crossing), the Side automatically defaults to CROSSED. 6 Select a side for the trade from the Side drop-down list box. If you select: BUY ASX Trade will automatically enter your Trading Participant ID in the Buy Participant field and leave the Sell Participant field blank. ASX Trader Workstation Reference Manual December 2011 7-5
Chapter 7 Trades Trade Report window automatically updated with Buy Participant ID completed SELL ASX Trade will automatically enter your Trading Participant ID in the Sell Participant field and leave the Buy Participant field blank. Trade Report window automatically updated with Sell Participant ID completed 7-6 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades The Short sell check box will be enabled, as per the screen shot above when SELL or CROSSED has been selected in the Side field. CROSS ASX Trade will automatically enter your Trading Participant ID in both the Buy Participant and the Sell Participant field. Trade Report window automatically updated with Buy Participant ID and Sell Participant ID completed 7 If the Side is Buy, enter the counterparty s ID in the Sell Participant field. If the Side is Sell, enter the counterparty s ID in the Buy Participant field. 8 OPTIONAL: Enter any additional information of your choice, for either or both sides of the trade. Refer to Chapter 2 Functions for more information on fields. 9 Click Send. 10 You will be asked to confirm the Trade Report. If Trade Report details are correct, click Yes. Otherwise click No, to amend Trade Report details. ASX Trader Workstation Reference Manual December 2011 7-7
Chapter 7 Trades For Crossed (or two-sided) Trade Reports, ASX Trade creates a trade and displays it in the window. Records of the trade are also displayed in the Order History window as New and Fill order actions. Depending on the trade type, the trade may be displayed in the Ticker window and may update the Price Information, Price Quotation and windows. Crossed trade reports will not display in the Pending Trades window. For Buy and Sell (or one-sided) Trade Reports, ASX Trade displays the Buy or Sell Trade Report in the Pending Trades window until the counterparty has reported their side of the trade. A record of the one-sided Trade Report is also displayed in the Order History window as a New order action. Once ASX Trade receives the opposing Trade Report, ASX Trade matches the two Trade Reports, creates a trade and displays it in the Trade History window. The original one-sided Trade Report is removed from the Pending Trades window. The Order History window is also updated to display a Fill order action. Depending on the trade type, the trade may be displayed in the Ticker window and may update the Price Information, Price Quotation and windows. Trade Report Example - Reporting a Late Trade To report late or overnight trades, use one of the following condition codes: L1 LATE TRADE Reason Code A; Genuine book squaring trades. L2 LATE TRADE Reason Code B; Hedging trades. L3 LATE TRADE Reason Code C; Order completion. L4 LATE TRADE Reason Code D; Error rectification. L5 LATE TRADE Reason Code E; Put through trades. In this example, a two-sided crossed late trade is reported for 190,000 TAH at $15.17. Client references are not used in this example. 7-8 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades Trade Report Example - Reporting a Quote Display Trade Use condition code QB QUOTE DISPLAY BOARD TRADE to report a trade that was executed in a quotation instrument that appears in the Quote Display Board. Example of a two-sided (crossed) trade In this example, a two-sided crossed Quote Display Board trade is reported for 1500 WETIYG at $4.98. Client references are not used in this example. ASX Trader Workstation Reference Manual December 2011 7-9
Chapter 7 Trades Example of a one-sided (buy side) trade In this example, a one-sided (buy side) Quote Display Board trade is reported for 2570 UMIUAC at $12.79. Client references are not used in this example. 7-10 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades Trade Report Example - Reporting an Overseas Trade Use condition code OS OVERSEAS TRADE to report an overseas trade. In this example, on overseas trade is reported for 200 ZZA at $15.179555 with an As-Of Date specified for the previous trading day. Client References and Clearing Participant IDs are used in this example. Trade Report Example - Reporting on a Different Basis of Quotation To report a trade on a different basis of quotation, the trade must be a Special Crossing, Overnight or Overseas trade. The relevant basis quotation is entered into the BoQ field. In this example, a Block Special Crossing is reported for 200,000 ZZA at $25.28 on an Ex-Dividend basis. ASX Trader Workstation Reference Manual December 2011 7-11
Chapter 7 Trades Note The example below is the last step in the process for reporting a Combination Trade Report. Refer to Chapter 6 Crossings for the steps to follow prior to submitting a trade report. Trade Report Example - Entering a Combination Trade Report The Trade Report window will allow you to specify and submit a list of Trade Reports in one single transaction instead of submitting single trade reports for each of the combination legs. It is possible to report up to 10 trade reports at the same time. You can enter a combination crossing trade report from the Enter Trade Report window, by selecting one of the following condition codes that indicate a combination trade report: XTTM Tailor Made Combination Crossing LTCT Late Tailor Made Combination Crossing The Workstation adds buttons to the Enter Trade Report window that allows you to add the component legs of the combination to the trade. It also displays a table of the legs that will be reported in your trade report. 1 Open the Enter Trade Report window by one of the following: Press F11. Select Trades > Enter Trade Report from the menu bar. Right click in a window and select Enter Trade Report from the pop up window that is displayed. Click on the Enter Trade Report button on the toolbar when you move your cursor over this button a pop up will identify it as 7-12 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades the Enter Trade Report button. Note F11 only works if you have selected the Use hotkeys option in your user preferences. See Turning the Hotkeys on in Chapter 1 Using the Trading Platform. The Enter Trade Report window is displayed: 2 Enter an instrument for the first leg in the combination in the ID field. The Enter Trade Report window opens up more fields for you. Note If you have selected an instrument in the Price Information window before opening the Enter Trade Report window, this instrument is already displayed in the ID field. 3 Enter a quantity for the first leg in the combination in the Qty field. 4 Enter a price for the first leg in the combination in the Ext Price field. 5 Select one of the condition codes (XTCT, XTTM, SPCT or LTCT) that indicate you want to enter a trade report for a combination from the Cond drop-down list box. More fields will be unlocked, depending on what condition code you selected. ASX Trader Workstation Reference Manual December 2011 7-13
Chapter 7 Trades 6 The Participant ID for the Buy and Sell sides will automatically populate with your own Trading Participant ID as these trade reports can only be executed as crossed trade reports. 7 OPTIONAL: Enter any additional information of your choice, for either or both sides of the trade. Refer to Chapter 2 Functions for more information on fields. 8 Click Add Leg. The component leg appears in the window as shown: 7-14 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades 9 Enter the information for the next leg of your combination and click Add Leg. Repeat this for all remaining legs. Note Click on a leg in the display to highlight it and then click Remove Leg if you want to remove a leg you have added. 10 Click Send when you have entered all the legs of your combination. 11 You will be asked to confirm your trade report. Click Yes. The combination trade reports will be displayed in the and Ticker windows. Records of the trade are also displayed in the Order History window as New and Fill order actions. Depending on the trade type, the trade may update the Price Information, Price Quotation and windows. In accordance with crossed trade reports, these trades will not be displayed in the Pending Trades window. Initial Trade Notifications Prods ASX Trader Workstation Reference Manual December 2011 7-15
Chapter 7 Trades What is an Initial Trade Notification? An Initial Trade Notification (ITN) is used to notify ASX of a trade which has been executed and where the reporting of the trade to the market may be performed at a later time. Initial trade notifications are entered using the Enter ITN window and are displayed in the Pending Trades and Trade History window highlighted with a in the ITN column. ITNs are displayed to the user who reported the trade and ASX Control only. Initial Trade Notifications do not update any trade statistics, such as open, high, low, last, number of trades, volume or value. Initial Trade Notifications must always be reported to the market. When you are ready to report the trade to the market, using the ASX Trader Workstation you may easily turn the ITN into a Trade Report. This process is referred to as Executing an ITN. If you do not Execute the ITN by the required time, ASX Trade will automatically perform this step for you. For more information, refer to the section Executing an Initial Trade Notification on page 7-18. Entering an Initial Trade Notification Currently, Initial Trade Notifications are only applicable to Facilitated Specified Size Block Special Crossings (FSSBSC). For more information on FSSBSCs, refer to the section Facilitated Specified Size Block Special Crossing (FSSBSC) on page 7-33. To enter an Initial Trade Notification (ITN) : 1 Open the Enter ITN window by one of the following: Select Trades > Enter ITN from the menu bar. Right click in a window and select Enter ITN from the pop up window that is displayed Click on the Enter Initial Trade Notification button on the toolbar The Enter ITN window is displayed: 7-16 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades 2 Enter an instrument in the ID field. The Enter ITN window opens up more fields for you. Note If you have selected an instrument in the Price Information window before opening the Enter ITN window, this instrument is already displayed in the ID field. 3 Enter a quantity in the Qty field. 4 Enter a price in the Price field. 5 Select condition code S1, S2 or S3 in the Cond field (only one of these condition codes will appear in the drop down list for selection). For more information on when to use S1, S2 or S3 refer to the section Block Special Crossing on page 7-32. If you select another condition code the ITN will be rejected. 6 The Side field defaults to CROSSED since ITNs are only applicable to Block Special Crossings. 7 OPTIONAL: Enter any additional details, eg Client Reference, Clearing Participant, etc. 8 Click Send. 9 You will be asked to confirm the Initial Trade Notification. Click Yes. ASX Trade stores the trade as a pending trade which you can view in the Pending Trades window. You can also view the trade in the window, marked as ITN. A New and Fill record is included in the Order History window for both sides of the trade. The rest of the market cannot see this trade. ASX Trader Workstation Reference Manual December 2011 7-17
Chapter 7 Trades Executing an Initial Trade Notification To execute an ITN: 1 Open the Pending Trades window by one of the following: Select Trades > Pending Trades on the menu bar Click this button on the toolbar 2 Double-click the ITN in the bottom section of the Pending Trades window to display the Execute ITN window. 3 Click the Send button. You cannot change the details of the ITN. If you want to change the details, you need to cancel and re-report the ITN with the correct details prior to executing the corrected ITN. The window is updated to display the trade report as well as a trade reversal for the ITN. The ITN is removed from the Pending Trades window. Note ASX Trade will automatically report the ITN on your behalf if the trade has not been reported by the time specified. 7-18 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades Cancelling an Initial Trade Notification To cancel an ITN: 1 Open the Pending Trades window by one of the following: Select Trades > Pending Trades on the menu bar Click this button on the toolbar 2 Highlight the ITN in the bottom section of the Pending Trades window and press the Cancel button. The ITN is cancelled and removed from the Pending Trades window. Viewing Trade Reports Prods Viewing Trade History You may view details of all trades, including Trade Reports using the Trade History window. You can also use this window to cancel trades. Please note that the maximum number of days of trade history that you can display is set in your user preferences (see Setting Your History Cache in Chapter 1 Using the Trading Platform). You cannot display trades older than this maximum (up to 5 days). For full details on the window, refer to Window in Chapter 2 Functions. Viewing Pending Trades and Initial Trade Notifications You may view Pending Trades and Initial Trade Notifications in the Pending Trades window. This window has two sections. Use the top section of the Pending Trades window to view the details of cancelled trades to see whether one or both sides of the trade have been cancelled. Use the bottom section of the window to view the details of unmatched trade reports and Initial Trade Notifications (ITNs). ASX Trader Workstation Reference Manual December 2011 7-19
Chapter 7 Trades For full details on the Pending Trades window, refer to Pending Trades Window in Chapter 2 Functions. Changing Trade Reports Prods Changing a Trade Report If the trade report is one-sided and has not yet been confirmed by the counterparty, it can be changed in the Pending Trades window. To change a trade report: 1 Open the Pending Trades window by either: Select Trades > Pending Trades on the menu bar Click this button on the toolbar Right click in a window and select Pending Trades from the pop up window that is displayed. 2 Double-click the pending trade report in the bottom section of the window. The Change Trade Report window is displayed: 7-20 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades 3 Change the data you want to change. 4 Click Send. ASX Trade deletes the original trade report and replaces it with the new one. Errors and Cancelling Trades Prods Cancelling Trades Trades can only be cancelled if directed by the ASX. Trades can only be cancelled on ASX Trade the day the trade was executed. Control must be contacted to cancel trades for any date T+1. Entering a Trade Cancellation To cancel a trade on the day of the trade (T): Open the window by either: Select Trades > on the menu bar Click this button on the toolbar Select the trade you want to cancel (you can press Shift or Ctrl to ASX Trader Workstation Reference Manual December 2011 7-21
Chapter 7 Trades select several trades). Press the Cancel Trade button. Cancelled trades awaiting counterparty cancellation, that is, trades where your side of the trade has been cancelled and the counterparty has not yet cancelled his/her side will be displayed in the Pending Trades window with the State Awaits countersign. Once ASX Trade receives the matching cancellation requests, i.e. for both sides of the trade, the trade is cancelled automatically and no further action is required. The original trade line is highlighted in red, and displayed with Rev in the TType column. The State of the trade cancellation displayed in the Pending Trades window is updated to Completed after Pending. Cancelling Crossings Cancel crossings on the day of the trade (on T) in the same manner as other trades. As the same Trading Participant is acting on both sides of the trade, there is no opposing Trading Participant to contact. To cancel a crossing: Open the window by either: Select Trades > on the menu bar Click this button on the toolbar Select the crossing you want to cancel (you can press Shift or Ctrl to select several trades). Press the Cancel Trade button. The crossing is cancelled automatically and no further action is required. The original trade line is highlighted in red, and Rev is displayed in the TType column of the window. The tooltip displayed when you hover over Rev in the TType field reveals the date and time the trade was cancelled. A record of the cancellation is not displayed in the Pending Trades window. Cancelling Trades on T+1 If you wish to cancel a trade executed on the previous trading day, Control will cancel the trade on ASX Trade on your behalf. The original trade line is highlighted in red, and Rev is displayed in the TType column 7-22 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades of the window. The latest time that Control can cancel a trade on ASX Trade is 18:00 on the evening of T+1 (the day of the trade plus one day). Please note when a trade is reported with an as-at-date of a previous day the trade can only be cancelled on the day it is reported, not the reported day +1. Cancelling a Trade after T+1 The latest time that a trade can be cancelled on ASX Trade or CHESS is 18:00 on the evening of T+1 (the day of the trade plus one day). Once this time has passed it is not possible to enter a cancellation into ASX Trade. If you need to cancel a trade after 18:00 on T+1: Notify the cancellation to CHESS using CHESS messaging. Notify the cancelled trade details to Control by email as soon as possible. Include full details of the reason for the cancellation, a notice that both brokers have agreed to the cancellation and full details identifying the trade (including date, time, instrument series id, quantity, price, buying participant, selling participant, condition code and trade slip number). The trade cannot be removed from ASX Trade, however, ASX will mark the trade as cancelled in the ASX s Information database and will notify the market of the cancelled trade via an ASX circular to Participants. Note As CHESS netting occurs on the evening of T+1, it is not possible to cancel the trade through ASX Trade after T+1 has passed. Trade Preferences Prods About Trade Preferences ASX Trade allows you to select two preferences associated with trades and trade history. These are: Trade Sounds. If the Trade Sounds are turned on, a beep sounds each time an own Trading Participant trade is executed or reported.. You can select how many days trade history to retain. For full details on setting your preferences refer to Setting Your Preferences in Chapter 1 Using the Trading Platform. Trade Report Types Trade Report Types The following sections provide details on the different types of trades, their applicability and basic rules surrounding their use. ASX Trader Workstation Reference Manual December 2011 7-23
Chapter 7 Trades Buy Back Trade Prods What is a Buy Back Trade? A Buy Back trade is performed for the purpose of restoring ownership to the original holder of the security. When ownership is restored, the security is returned along with interest on the sum involved. Buy Back trades are displayed to all ASX Trade users in the window with a condition code of BK (or BKXT if the Buy Back trade is a crossing). condition code BK and may be viewed by all users of your Trading Buy Back trades do not update official prices such as open, high, low, last or closing prices, however, they do update the daily trade statistics including the number of trades, volume and value traded. Booking Purposes Trade Prods What is a Booking Purposes Trade? A Booking Purposes trade is used for internal accounting/book-keeping purposes, for example, the purpose of correcting a client s identification on a trade. Booking Purposes trades are displayed in the window with a condition code of BP (or BPXT if the Booking Purposes trade is a crossing). These trades are displayed for all users of your Trading Participant only. a condition code of BP and may be viewed by all users of your Trading Booking Purposes trades do not update official prices or daily trade statistics, that is, they do not update open, high, low, last or closing prices, number of trades, volume or value traded. 7-24 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades ETF Special Trade Prods What is an ETF Special Trade? Stats An ETF Security is a listed security issued by an Exchange Traded Fund that tracks the performance of an established index or pre-determined basket of securities. Subscribing for or redeeming ETF units (ETF Securities) in the ETF primary market involves the in-kind exchange of large parcels of securities corresponding to the ETF basket (the ETF Portfolio) in return for units in the fund. The ETF Special Trade report is used to report the individual trades in the ETF Portfolio which are part of the subscription or redemption process. The ETF Special Trade report applies to primary market activity associated with the subscription and redemption of ETF units. The ETF Special Trade report is not applicable to trading in the ETF Security itself (secondary market trading). ETF Special Trades are displayed to all ASX Trade users in the Trade History window with a condition code of ET (or ETXT if the ETF Special Trade is a crossing). condition code ET and may be viewed by all users of your Trading ETF Special Trades do not update official prices such as open, high, low, last or closing prices, however, they do update the daily trade statistics including the number of trades, volume and value traded. Forward Delivery Transaction Prods What is a Forward Delivery A Forward Delivery Transaction is performed when both the buyer and seller agree to a settlement date which is later than the settlement period applicable to the instrument series. ASX Trader Workstation Reference Manual December 2011 7-25
Chapter 7 Trades Transaction? Note Forward Delivery Transactions are displayed to all ASX Trade users in the window with a condition code of FD (or FDXT if the Forward Delivery transaction is a crossing). condition code FD and may be viewed by all users of your Trading Forward Delivery Transactions do not update official prices such as open, high, low, last or closing prices, however, they do update the daily trade statistics including the number of trades, volume and value traded. If a trade occurs on ASX Trade through the normal matching process and the two brokers / parties later decide to alter the settlement date, both parties to the trade must notify the new settlement date using a CHESS '121' message. The future settlement date may not be greater than 30 days from the trade date. Index Replicating Special Crossing Prods Prods VMB QDB Options Futures What is an Index Replicating Special Crossing? An Index Replicating Special Crossing is a Special Crossing in a portfolio of securities which mirrors an Approved Index. Index Replicating Special Crossings are displayed to all ASX Trade users in the window with a condition code of IBXT. condition code IB and may be viewed by all users of your Trading Index Replicating Special Crossings do not update official prices such as open, high, low, last or closing prices, however, they do update the daily trade statistics including the number of trades, volume and value traded. 7-26 December 2011 ASX Trader Workstation Reference Manual
Chapter 7 - Trades Loan Trade Prods Prods VMB QDB Options Futures What is a Loan Trade? A Loan trade is reported when a Trading Participant borrows securities to be returned at a later date. Loan trades are displayed in the window with a condition code of LN (or LNXT if the Loan trade is a crossing). These trades are displayed for all users of your Trading Participant only. a condition code of LN and may be viewed by all users of your Trading Loan trades do not update official prices or daily trade statistics, that is, they do not update open, high, low, last or closing prices, number of trades, volume or value traded. Loan Return Trade Prods Prods VMB QDB Options Futures What is a Loan Return Trade? A Loan Return trade identifies a trade where borrowed securities are returned. Loan Return trades are displayed in the window with a condition code of LR (or LRXT if the Loan Return trade is a crossing). These trades are displayed for all users of your Trading Participant only. a condition code of LR and may be viewed by all users of your Trading Loan Return trades do not update official prices or daily trade statistics, ASX Trader Workstation Reference Manual December 2011 7-27