Sucden Financial. STAR 5.63 User Guide

Transcription

1 Sucden Financial STAR 5.63 User Guide

2 Contents 1 Introduction 1.1 Installing and launching Logging on The master window Connection status Markets and prices 2.1 The markets window Futures and options Drag and Drop Price panels Active price panels Calendar spread price panels Price discovery Fraction price display style Active option price panels Option calculator Strategies and Synthetic Markets Strategy creator LME Carry Creator Active Strategies Dynamic Spreads Dynamic Spread Creator Location Leg table Price Types Using Dynamic Spreads Market depth panels Trading from market depth panels Tickers Price alerts Price alert tickets Price alert notification Price alert panels Price alert history panels Foreign exchange Sucden Financial STAR user guide

3 3 Orders 3.1 Opening an order ticket Order tickets Order type Time in force Algorithm Cross Iceberg Scale Sleep Switch Tracker Tactics to handle Legged Dynamic Spread Orders Comments MIFID II Multiple simultaneous order tickets Multiple independent order tickets Exchange and order type combinations Request for quote Order panels Table columns Locking a table Actions Pulling all working orders Copy to clipboard Order history panel Order states Current and previous trades Current trade panels Previous trade panels Positions 4.1 Position panels Profit and loss calculation Risk 5.1 Risk panels A More about STAR A.1 Sorting and filtering tables A.2 Panel configuration A.3 Slave windows A.4 Master and slave window configuration A.5 The workspace A.6 Settings A.6.1 Trading A.6.2 Gui A.6.3 Markets A.7 Transferring workspaces and settings to another computer B Technical support 3 Sucden Financial STAR user guide

4 1 Introduction STAR is a futures and options trading platform with fully integrated shared order book and risk management features. STAR has a customisable user interface and provides advanced price displays with market depth and a calendar spread matrix with implied pricing, position keeping with real-time profit & loss and initial margin calculation, multiple order types, a strategy creator and an option calculator. With STAR, you can trade on these exchanges: DGCX Dubai Gold and Commodities Exchange EURONEXT Euronext NV GLOBEX CME Globex CBOT Chicago Board Of Trade CME Chicago Mercantile Exchange COMEX Commodity Exchange NYMEX New York Mercantile Exchange HKEX Hong Kong Futures Exchange ICE Futures ICE Futures Europe LME London Metal Exchange NYBOT ICE Futures US (New York Board Of Trade) SGX Singapore Exchange TOCOM Tokyo Commodities Exchange 1.1 Installing and launching To install and launch STAR: 1. Open the launch page in a web browser and click on the orange launch button. 2. STAR requires Java 8. If the required version of Java is not installed on your computer, a link to the Java installation web page at will be displayed instead of the launch button. 3. After a successful installation, you will be able to launch STAR by clicking on the STAR desktop shortcut, or by visiting the launch page again, or by using your computer s start menu: Start Programs Sucden Financial Star. When launched, STAR automatically checks for updates. This document corresponds to STAR Sucden Financial STAR user guide

5 1.2 Logging on When you launch STAR, you will be prompted for your user name and password, which are case-sensitive. By convention, your user name is all upper case and your password all lower case. Once you have logged on, STAR will pop up a progress splash screen and subsequently show its central user interface the Master Window. 1.3 The master window The Master Window is STAR s central user interface. menu and tool bar view container system log default account selector default volume selector connection status 5 Sucden Financial STAR user guide

6 The menu and toolbar provide access to STAR s main functionality and are described in Tables 1.1 and 1.2. The view container is a holder for price, order, position, risk, trade and price alert panels. The system log shows internal status messages. The default account and volume selectors allow you to select defaults for new order tickets. Press F1 and F2 to focus. The connection status is described in Section Icon Action Section new Slave Window A.3 configure window A.4 open Option Calculator 2.8 open Markets Window 2.1 new price panel 2.2 new calendar spread price panel 2.4 new fx rate panel 2.14 open Dynamic Spread Creator 2.10 new order panel 3.5 new current trade panel new previous trade panel new position panel 4.1 new risk panel 5.1 open Strategy Creator 2.9 new price alert ticket new price alert panel open Dynamic Spread Creator 2.10 Table 1.1 Tool bar icons Menu Description STAR exit STAR Window new Slave Window, Section A.3 load and save workspace, Appendix A.5 configure Master Window, Appendix A.4 show the Option Calculator, Section 2.8 show the Markets Window, Section 2.1 show the Dynamic Spread Creator, Section 2.10 Settings load, change and save STAR s settings, Appendix A.6 View create new price panel, Section 2.2 calendar spread price panel, Section 2.4 fx rate panel, Section 2.14 order panel, Section 3.5 current trade panel, Section previous trade panel, Section position panel, Section 4.1 risk panel, Section 5.1 price alert panel, Section Exchange connect to or disconnect from a particular exchange Research Help links to external research-related web-sites about dialog (shows the support telephone number, Appendix B) memory usage and system properties Table 1.2 Master Window menu Connection status STAR relies on a server connection which may, depending on the state of the physical network, at times degrade or be severed. You can see the current connection status in the top right corner of the Master Window: means that the connection is good and it is safe to trade means that the connection is poor and you should not trade means that the connection has been severed If the connection is poor for more than 35 seconds, it will be severed. When the connection gets severed, STAR will automatically reconnect to the fastest available server. After an automatic reconnection, you should check your working and finished orders. See Section Sucden Financial STAR user guide

7 2 Markets and prices 2.1 The markets window In STAR, you can monitor market activity for futures, options and FX rates through different types of price panels. Price panels can be created and populated from the Markets Window, which shows the available exchanges, contracts and markets. Synthetic markets can be added through STAR s Strategy Creator, LME Carry Creator and Dynamic Spread Creator. Complementary to price panels, STAR provides price alerts, which are triggered when a market moves above or below a given threshold. The Markets Window allows you to populate price panels. You can open the Markets Window via the Master Window menu Window Markets or the tool bar icon. If your account is configured for FX, the Markets Window will have two tabs: Futures and Options see Section Foreign Exchange see Section 2.14 Otherwise, the Markets Window will show just futures and options Futures and options The Markets Window s Futures and Options tab shows the contracts that you can monitor and allows you to populate price panels with markets. exchanges and contracts tree lists the available exchanges and contracts as per the permissions on your user account subscribed markets table lists the markets you have subscribed to; can be sorted and filtered (see Appendix A.1) Before you can populate a price panel with markets, you have to subscribe to the relevant contracts. To subscribe to a contract, right-click on it in the exchanges and contracts tree and select Subscribe. Once you have subscribed to a contract, it is highlighted in the tree in red, and its markets are added to the subscribed markets table. To populate a price panel: 1. open a context menu by right-clicking on: a subscribed contract, or an arbitrary selection of subscribed markets 2. from the context menu, select whether you want to manipulate: 7 Sucden Financial STAR user guide

8 a new price panel, an existing price panel, or a copy of an existing price panel 3. choose a price panel type: Price Panel standard price panel, always available, see Section 2.2. Active Price Panel shows active markets for a single contract, see Section 2.3. Available if: you right-clicked on a subscribed contract, or you selected a single "Complete Series" from the subscribed markets table Calendar Spread Price Panel shows a matrix-view of two-legged calendar spreads, see Section 2.4. Available if: you right-clicked on a subscribed contract and the contract has calendar spreads, or you selected outrights from the subscribed markets table - the panel will show spreads which have legs in the outrights you selected Active Option Price Panel option price panel for a single contract, see Section 2.7. Available if: you right-clicked on a subscribed option contract, or you selected a single "Complete Series" from the subscribed markets table New price panels will appear in the most recently used Master or Slave Window s view container Drag and Drop When markets have been selected in the subscribed markets table, they can also be dragged and dropped into an existing price panel or calendar spread price panel in a similar way to using the context menus. 8 Sucden Financial STAR user guide

9 2.2 Price panels Price panels show market prices and allow you to enter orders. Price panels comprise: price table action buttons price type selector The price table comprises the following columns: Exchange, Commodity, Expiry identify a market. Bid, Volume, Offer, Volume show the best bid/offer prices and their volumes in the current session. Last, Volume show the price and volume of the last trade in the current session. Total shows the total traded volume in the current session. Trade shows the type of the last trade, e.g. conventional or block trade. Time shows the time of the last trade. High, Low show the highest/lowest trade price in the current session. Open shows the price of the first trade in the current session. Settlement Price shows the settlement price towards the end of the current session. Not all exchanges broadcast this information. COB Settlement Price shows the settlement price at the Close Of Business of the previous business day. Change shows the difference between the last trade price and the COB settlement price. Valuation used only for LME Carries to show their valuation against the current 3M valuation price. For any other markets this figure will be identical to the COB Settlement Price. The action buttons allow you to show market depth, arrange markets in the price table, and open order tickets. The price type selector allows you to adjust the level of price discovery (see Section 2.5) and when a price panel contains any market priced in fractions, the price display style (see Section 2.6). Finally, a price ticker can be added to the price panel. See Section Icon Function Section remove selected rows show market depth 2.11 move selected rows up move selected rows down insert blank row open the Option Calculator 2.8 bring up an order ticket 3.2 issue a request for quote Sucden Financial STAR user guide

10 2.3 Active price panels 2.4 Calendar spread price panels An active price panel is a price panel for a single contract, that can filter the markets to only those which have a current bid or offer, or have traded already. When an inactive market becomes active, it will appear on the panel in its natural location. You can toggle this filtering mechanism by clicking on the action button. Calendar spread price panels allow you to monitor prices and submit orders for two-legged near-far long-short calendar spreads. spread matrix action buttons price type selector The spread matrix has the following layout: The top left cell shows the contract. The cell immediately below shows the earliest outright leg. The diagonal run of cells shows outright legs of the spreads. The horizontal run of cells at the top shows the same outright legs of the spreads. The format of an outright cell is: Expiry buy price sell price last traded price buy volume sell volume last traded volume The triangle of cells delimited by the outright cells contains the calendar spreads. A calendar spread s first leg is the outright in the spread cell s row second leg is the outright in the spread cell s column The format of a spread cell is: buy price sell price last traded price buy volume sell volume last traded volume The action buttons allow you to show market depth, remove outrights, and open order tickets. The price type selector allows you to adjust the level of price discovery (see Section 2.5) and when a price panel contains any market priced in fractions, the price display style (see Section 2.6). Icon Function Section remove selected outright show market depth 2.11 bring up an order ticket 3.2 issue a request for quote 3.4 Finally, a price ticker can be added to the calendar spread price panel. See Section Price discovery STAR provides several levels of increasing best price discovery: 10 Sucden Financial STAR user guide

11 true (white background) - the prices of the actual resting orders on the exchange implied (yellow background) - the implied-out prices of outrights and the implied-in prices of spreads, implied from true prices implied-implied (orange background) - the implied-in prices of spreads, implied from implied leg prices derived (green background) - the derived prices of spreads, implied from spreads elsewhere in the matrix The price type selector comprises three radio buttons and two toggle buttons. Select: to show only true prices to show the best price from true and implied prices to show the best price from true, implied and implied-implied prices Toggle: to show the best possible prices throughout the matrix to use implied-out leg prices calculated by STAR. For various reasons, some exchanges do not broadcast all of the possible implied prices. STAR compensates for this by calculating the missing implied-out leg prices, which in turn may generate better implied prices in the spreads. Turning this function on will affect the implied prices of the contract within the entire STAR client, not just the spread matrix. Not all exchanges support trading at the best possible implied prices shown in STAR. 2.6 Fraction price display style Most of the CBOT markets are priced in fractions and many are priced in fractions-of-fractions. Users who are familiar with these markets will have seen the various ways that are used to convey the prices in a concise way. STAR attempts to provide you with alternative price display styles that are similar to those seen on Bloomberg terminals or prescribed by the CME themselves. STAR also provides a display style showing fractions in the common form. In the examples below we use the following contracts: 10-Year U.S. Treasury Note Futures outright months are priced in halves-of-thirty-seconds (simply sixty-fourths) 10-Year U.S. Treasury Note Futures spreads are priced in quarters-of-thirty-seconds (simply one-hundred-and-twenty-eighths) 2-Year U.S. Treasury Note Futures outrights and spreads are priced in quarters-of-thirtyseconds (simply one-hundred-and-twenty-eighths) Corn Futures outrights and spreads are priced in eighths (but tick in two-eighths or onequarter) When a price panel contains any market priced in fractions, an extra button is presented with which you can change the price display style for that panel. Hover the mouse pointer over any of the prices and a tool-tip will indicate what the fraction of that market is. Classic Style fractional prices are all displayed in common form: Bloomberg style fractional prices are displayed in a form similar to those on a Bloomberg terminal: 11 Sucden Financial STAR user guide

12 One-quarter, one-half and three-quarters of thirty-seconds are denoted by the symbols ¼, + and ¾ respectively. 10-Year U.S. Treasury Note Futures SEP18/DEC18 bid is which means eight-thirtyseconds-and-two-quarters-of-a-thirty-second, or eight-and-a-half-thirty-seconds. Corn Futures prices are shown in quarters (because it always ticks in two-eighths). CME style fractional prices are displayed in a form prescribed by the CME: One-quarter, one-half and three-quarters of thirty-seconds are denoted by the symbols 2, 5 and 7 respectively. 2-Year U.S. Treasury Note Futures SEP18/DEC18 bid is which means nine-thirtyseconds-and-three-quarters-of-a-thirty-second. Corn Futures SEP18 offer is which means 354 and six-eighths. 12 Sucden Financial STAR user guide

13 2.7 Active option price panels Active option price panels show market prices and allow you to enter orders for options. You can create an active option price panel for a particular contract from the Markets Window. price table action buttons price type selector The table consists of three parts: The strike price is shown in the table s central column calls are to the left of the strike price puts are to the right of the strike price The rows with a grey background represent the underlying future on which the options in the rows immediately below, are based. The underlying future is shown on both the left and right side of the option expiry which is shown in the central column. Calls and puts are described by the following columns: Volume, Bid show the best bid volume and price in the current session. Offer, Volume show the best offer price and volume in the current session. Last, Volume show the price and volume of the last trade in the current session. Total shows the total traded volume in the current session. Trade shows the type of the last trade, e.g. conventional or block trade. Time shows the time of the last trade. High, Low show the highest/lowest trade price in the current session. Open shows the price of the first trade in the current session. Settlement shows the settlement price towards the end of the current session. Not all exchanges broadcast this information. COB Settlement shows the settlement price at the Close Of Business of the previous business day. Change shows the difference between the last trade price and the COB Settlement price. The action buttons allow you to toggle filtering for active markets, show market depth, and open order tickets. The price type selector allows you to adjust the level of price discovery (see Section 2.5) and when a price panel contains any market priced in fractions, the price display style (see Section 2.6). Icon Function Section toggle active market filtering show market depth 2.11 open the option calculator 2.8 bring up an order ticket 3.2 issue a request for quote 3.4 Finally, a price ticker can be added to the active option price panel. See Section Sucden Financial STAR user guide

14 2.8 Option calculator The Option Calculator allows you to calculate prices and greeks for calls and puts. You can open the Option Calculator by clicking on the toolbar icon or via the Master Window s Window Option Calculator menu. If you invoke the Option Calculator after you have selected an option on a price panel, the Option Calculator will be populated accordingly. Once you have entered values for volatility and interest rate, you can obtain prices and greeks by clicking on Calculate. 2.9 Strategies and Synthetic Markets Strategy creator A "Strategy" or "Synthetic" market is a general term given to instruments that are dynamically created on exchange platforms which enable two or more separate outright markets to be traded simultaneously without legging risk. STAR supports the creation of such strategy markets directly on exchanges that also support this feature. The Strategy Creator allows you to create strategies which are natively supported on an exchange. You can open the strategy creator by clicking on the toolbar icon or via the Master Window s Window Strategy Creator menu. The Strategy Creator has three tabs: LME Carry Creator (see Section 2.9.2), Strategy Creator Wizard, My Strategies and Active Strategies (see Section 2.9.3). Initially, the Strategy Creator Wizard tab is selected. The Strategy Creator Wizard has the following layout: strategy legs list you can add a leg by clicking on a market in a price panel possible strategies list populated based on the chosen legs You can clear the strategy legs list by clicking on Clear. Once you have added the appropriate legs, you can select a possible strategy. Selecting a possible strategy may add buy/sell information to the strategy legs list for clarification and will enable the Next or Submit button. If Next is enabled, the selected strategy requires further setup. Once you have submitted a strategy, it will appear in the Markets Window, so that you can add it to a price panel. The Strategy Creator has a price panel on the My Strategies tab, to which the strategy will be added unless it already existed at the exchange. Once there is some activity on the strategy, it will automatically appear in active price panels. The following strategies are currently supported on ICE and Globex: Box Bundle Butterfly Calendar Spread 14 Sucden Financial STAR user guide

15 Calendar Spread vs Underlying Call Ladder Call Ladder vs Underlying Call Spread Call Spread vs Put Call Spread vs Put vs Underlying Call Spread vs Underlying Call Strip Call Volatility Trade Combo Combo vs Underlying Condor Conversion/Reversal Diagonal Calendar Spread Diagonal Straddle Calendar Spread Guts Iron Butterfly Iron Condor Jelly Roll Pack Put Ladder Put Ladder vs Underlying Put Spread Put Spread vs Call Put Spread vs Call vs Underlying Put Spread vs Underlying Put Strip Put Volatility Trade Straddle Straddle Calendar Spread Straddle Strip Straddle vs Call Straddle vs Put Straddle vs Underlying Strangle Strangle vs Underlying 15 Sucden Financial STAR user guide

16 Strip Synthetic Underlying Two by One Ratio Call Spread Two by One Ratio Call Spread vs Underlying Two by One Ratio Put Spread Two by One Ratio Put Spread vs Underlying The Strategy Creator requires an explicit permission on your user account LME Carry Creator The LME Carry Creator allows you to create two-legged carries. To open the LME Carry Creator: 1. click on the toolbar icon or use the Master Window menu Window Strategy Creator 2. navigate to the LME Carry Creator tab The LME Carry Creator has the following layout: contract chooser legend shows the colour codes used in the date choosers date choosers submit / cancel buttons To create a carry and submit an order for it: 1. select the desired contract 2. select the two expiry dates The carry will appear on the price panel on the Strategies Created tab. 3. click on Launch Order Ticket for information on order tickets and order panels see Chapter 3. The LME Carry Creator requires an explicit permission on your user account Active Strategies 2.10 Dynamic Spreads Dynamic Spread Creator STAR can detect new strategies created by other users, in any contract that you are subscribed to, that have bid or offer prices and display them on the Active Strategies tab. This feature requires an explicit permission on your user account. STAR is also able to create fully synthetic markets with legs in the same or even separate exchanges. STAR uses the term "Dynamic Spread" to describe such a market. Trading a Dynamic Spread carries a legging risk, because there is no guarantee that all legs will trade effectively simultaneously. To mitigate this risk, STAR requires that a Dynamic Spread order is created as a synthetic iceberg. STAR also provides you with strategies to use if you are legged. See Switch and Tracker orders. The Dynamic Spread Creator allows you to create a two legged synthetic strategy market with a combination of any CBOT, COMEX, NYMEX, ICE Futures, NYBOT, LME, HKEX, SGX and TOCOM markets. Using this tool you can define a spread market whose implied bid and offer prices will update in unison with the best prices of its leg markets. The defined spread market can be placed on a Price Panel and used to indicate the differential between the two selected leg markets in real time. 16 Sucden Financial STAR user guide

17 To open the Dynamic Spread Creator, click on the menu Window Dynamic Spread Creator. The Dynamic Spread Creator has the following layout: toolbar icon or use the Master Window location Hong Kong or London exchange spread name effective spread price contract price type see Section expiry add/remove leg press + to add a leg with the selected market or press - to remove a leg selected in the table leg table exactly two legs required To create a Dynamic Spread: test toggle button in test mode, the effective spread price illustration is updated according to the values in the legs table create button cancel button 1. Add two legs to the leg table by selecting an exchange, contract and expiry, and clicking the + button. 2. Select side, ratio and other details for each leg in the leg table see Section Choose a price type see Section Choose a location see Section Click on Create. Newly created dynamic spreads will appear in the Markets Window under the Dynamic Spreads Hong Kong or London "exchange". Dynamic spread orders are based on either the Switch or the Tracker algorithm, which are described in Section Location STAR gives you the choice of where you want your dynamic spread to physically reside: either in the London data centre, or the Hong Kong data centre. The location is important if you plan to execute Tracker orders for your dynamic spread, where you will be choosing the liquid leg. We recommend that you create your dynamic spread where the liquid leg is closest. STAR connects to the CBOT, COMEX, NYMEX, ICE Futures, NYBOT and LME exchanges from London, whilst it connects to the HKEX, SGX and TOCOM exchanges from Hong Kong. If you wish, you can create identical dynamic spreads in both Hong Kong and London. For example, when planning a Tracker order in a COMEX/TOCOM dynamic spread to take advantage of liquidity in TOCOM, you should place the order in the Dynamic Spreads Hong Kong exchange, because (all other things being equal) communication between TOCOM and Hong Kong will be a little bit quicker than it will be between TOCOM and London. 17 Sucden Financial STAR user guide

18 If you will be trading a dynamic spread between COMEX and LME for example, we recommend you create the dynamic spread in London rather than Hong Kong, because London is closer to both legs Leg table The leg table has the following rows: Buy/Sell the leg s side click to choose from combo box Ratio the leg s volume click to choose from combo box Exchange, Commodity, Expiry the leg s market Price Quotation the price the contract is quoted in click to choose the correct value from the combo box Convert To spread price quotation click to check the desired price quotation if the legs have different price quotations Factor right-click to choose (or left-click to type) the correct conversion factor for the spread price quotation; for example: if the first leg is quoted in USD cent/lb and the second leg is quoted in USD/TONNE and the spread is to be quoted in USD/TONNE, right-click on the first leg s Factor cell and choose USD cents/lb to USD/TONNE = The Effective Bid and Offer prices will be calculated as leg price x Factor x Multiplier. Multiplier multiplier that can be used to adjust the order of magnitutude of the effective leg prices to make them comparable to the other leg s prices click to choose from combo box Bid Price current leg bid price populated from market data; you can enter a value if no market prices are available Offer Price current leg offer price populated from market data; you can enter a value if no market prices are available Effective Bid Price adjusted leg bid price after applying factor and multiplier Effective Offer Price adjusted leg offer price after applying factor and multiplier Price Types The three price types dictate how you would like the price of the Dynamic Spread to be calculated and displayed. Differential the bid price is the difference between the bid price of the first leg multiplied by its leg ratio and the offer price of the second leg multiplied by its leg ratio. The offer price is the difference between the offer price of the first leg multiplied by its leg ratio and the bid price of the second leg multiplied by its leg ratio. Ratio the bid price is the bid price of the first leg divided by the offer price of the second leg. The offer price is the offer price of the first leg divided by the bid price of the second leg. The leg ratios are not included in a Ratio price calculation Tonnage the bid price is the difference between the bid price of the first leg and the offer price of the second leg. The offer price is the difference between the offer price of the first leg and the bid price of the second leg. The leg ratios are not included in a Tonnage price calculation. For example you could create a Dynamic Spread market whose first leg is to buy 3M Lead (PB) and second leg is to sell 3M Zinc (ZS). As the bid and offer prices in 3M Lead and 3M Zinc change, implied bid and offer prices for the spread will be calculated automatically according to which price type you selected: When there is a bid price of 2100 for PB 3M with 2 lots available and an offer price of 2000 for ZS 3M with 1 lot available: Differential bid price (buy 2 lots of 3M Lead (PB), sell 1 lot of 3M Zinc (ZS)) (PB bid x PB legs) - (ZS offer x ZS legs) (2100 x 2) - (2000 x 1) = Sucden Financial STAR user guide

19 Ratio bid price (PB bid) / (ZS offer) (2100) / (2000) = 1.05 Tonnage bid price PB bid - ZS offer = 100 When there is an offer price of 2200 for PB 3M with 2 lots available and a bid price of 1950 for ZS 3M with 1 lot available: Differential offer price (buy 2 lots of 3M Lead (PB), sell 1 lot of 3M Zinc (ZS)) (PB offer x PB legs) - (ZS bid x ZS legs) (2200 x 2) - (1950 x 1) = 2450 Ratio offer price (PB offer) / (ZS bid) (2200) / (1950) = Tonnage bid price PB offer - ZS bid = 250 Dynamic Spread implied prices will be calculated only when sufficient volume exists in both of its leg markets. If a ratio greater than 1 is specified for a leg, then the price of that leg is calculated as the average price at which the complete ratio volume exists within the depth of market of that leg. If insufficient volume exists within the leg s depth of market, no leg price will be calculated and therefore no spread price can be implied Using Dynamic Spreads 2.11 Market depth panels Once created, a Dynamic Spread market will appear in the Markets Window under the Dynamic Spreads exchange, in the branch for the contracts you chose. As the creator of the Dynamic Spread, your STAR user name will be appended to the spread description. Your colleagues who have equivalent trading account rights will also see the Dynamic Spread in their STAR client. You can use the Dynamic Spread like any other market by subscribing at the contracts level and adding it to a Price Panel, where you will see the generated prices. From there, you can launch the Order Ticket to enter Switch and Tracker orders. The Dynamic Spread creator requires an explicit permission on your user account. Market depth panels show market depth in terms of price, volume, cumulative volume and (where available) number of orders at each price level, for bids and offers. bid market depth offer market depth You can open a market depth panel from a price panel by double-clicking on a market, or selecting a market and clicking on The market depth panel will appear in a new Slave Window Trading from market depth panels You can bring up an order ticket (see Section 3.2) by double-clicking on a price or volume cell. The column you click on affects the type of order ticket that is produced: 19 Sucden Financial STAR user guide

20 Double-clicking on the bid (offer) price column will bring up an order ticket to join the bid (offer) with the current default volume and the selected price. Double-clicking on the bid (offer) volume column will bring up a matching sell (buy) order ticket with the current default volume and the selected price. Double-clicking on the bid (offer) cumulative volume column will bring up a matching sell (buy) order ticket with the intention of selling (buying) the entire depth to the selected price level Tickers Tickers show the volume, price and time of the most recent relevant trades. To add a ticker to a price panel, right-click on the price panel s tab and select Configure Ticker. Choose: None to disable the price panel s ticker. List Ticker to show a list ticker. Scrolling Ticker to show a scrolling ticker. Tickers show up to 500 trades and require an explicit permission on your user account Price alerts Price alert tickets You can use price alerts to be notified when a particular market trades above or below a given price threshold. You can set up and manage price alerts via price alert tickets and price alert panels. A price alert ticket allows you to set up a new price alert. You can open a price alert ticket via the toolbar icon. A price alert ticket comprises: account selector shows available accounts exchange selector shows available exchanges commodity selector shows available commodities time in force selector day or GTC recipient selector all, desk, or yourself recipient selector optional 20 Sucden Financial STAR user guide

21 expiry selector shows available expiries price threshold selector criterion selector above or below threshold message field for custom notification message summary field shows a summary of the price alert create / cancel buttons The recipient choices are: all all users (brokers and clients) who have access to the chosen account. desk all brokers who have access to the chosen account. yourself just you. Once you have selected/entered the desired account, market, price threshold, time in force, recipients and message, and clicked on Create, the new price alert is working. A working price alert is triggered when a trade takes place whose price is equal to or above (below) the specified threshold. A working price alert can be triggered at most once Price alert notification When a working price alert is triggered, STAR pops up a notification dialog: The dialog shows the price alert s market, account, price threshold, id, status (triggered / actioned), summary message, and user message. You can click on to action the price alert, see Section to show the price alert s history (see Section ) to move to the next triggered price alert to dismiss all triggered price alerts without actioning them Price alert panels Price alert panels allow you to manage price alerts. You can open a price alert panel by clicking on the toolbar icon or by using the Master Window menu View New Price Alert Panel. A price alert panel comprises: working price alerts table finished price alerts table message area The working and finished price alerts tables comprise the following columns: 21 Sucden Financial STAR user guide

22 ID shows the price alert s unique id. Account shows the price alert s account. Type shows the price alert s time in force (day or GTC). User shows the originator of the price alert. Exchange, Commodity, Expiry identify a market. Status shows the price alert s status (working, triggered or actioned). Price shows the price threshold and criterion (green upwards arrow = above, red downwards arrow = below). Time shows the time of the most recent state change. You can view a summary (including recipient and message) of a price alert by hovering the mouse pointer over the respective table row. When a working price alert is triggered, it remains in the working price alerts table until you action it. You can use this mechanism to flag whether you have carried out any external work that may be associated with the price alert, such as contacting a client. Once you have actioned a price alert, it moves into the finished price alerts table. Triggered but not yet actioned price alerts are highlighted in the working price alerts table with a yellow background. You can right-click on a price alert table row to open a context menu: cancels the price alert allows you to revise the alert s price, criterion, time in force, message and recipients opens a new price alert ticket, where all fields are populated from the seleted price alert shows the price alert s history on a price alert history panel (see Section ) Price alert history panels A price alert history panel shows the states a particular price alert has gone through. price alert summary price alert history message area 22 Sucden Financial STAR user guide

23 2.14 Foreign exchange If your account is configured for FX rates, the Markets Window s has a Foreign Exchange tab with currency pairs that you can monitor on FX rate panels. To monitor FX rates, right-click on a selection of currency pairs and choose Add to new FX Rate Panel. FX rate panels comprise: FX rate table The table has columns for currency pair, bid, and offer. The action buttons allow you to re-arrange the table. action buttons Icon Function remove selected rows move selected rows up move selected rows down insert blank row 23 Sucden Financial STAR user guide

24 3 Orders In STAR, you can place orders via order tickets, track and modify orders via order panels, examine orders via the order history panel, and examine trades via current and previous trade panels. 3.1 Opening an order ticket There are several ways to open an order ticket: 1. On a price panel, select a market and click on. 2. On a price panel or calendar spread price panel, select a market and press F9 for a sell order ticket matching the price and volume of the best bid F12 for a buy order ticket matching the price and volume of the best offer 3. On a price panel, right-click on a market s Bid or Offer column. This brings up a price ladder. Use the ladder to select price and optionally volume and account to launch an order ticket for a limit order. If you right-click on a volume column, a volume ladder appears and the order ticket will be for a market order (where supported). 4. On a calendar spread price panel, right-click on a buy/sell price/volume in a spread cell. This brings up a price ladder. 5. On a market depth panel, double-click on a price or volume cell. 6. On an RFQ popup, click on. 3.2 Order tickets Order tickets allow you to place orders. buy / sell toggle exchange and market account selector volume selector price selector order type selector trigger selector limit selector algorithm selector time in force selector comment area toggle mifid details toggle execute / cancel buttons If you have a mouse with a wheel, you can use the wheel to adjust the values of any of the price or volume fields that appear anywhere on the ticket. 24 Sucden Financial STAR user guide

25 3.2.1 Order type The order ticket s type selector lets you choose between: Normal the order is to be executed at a given price; a limit order. Market the order is to be executed at market price filling as much volume as possible and cancelling the balance. Choosing this type of order disables the ticket s price selector. Market Limit the order is to be executed at market price. If any volume remains unfilled, the order will transition to a limit order at the original market price. Stop Limit the buy (sell) order is to be executed at a given limit price or better when the market has reached or exceeded (fallen below) a given trigger price. Choosing this type of order disables the ticket s price selector and enables the trigger and limit selectors. Please familiarize yourself with the exchange-specific rules about which contracts, months, and price ranges are supported. Stop Pro a Stop with Protection order is a Stop Limit order where the exchange automatically determines the limit price such that it is valid when the stop is triggered. Please familiarize yourself with the exchange-specific rules about which contracts and months are supported. Stop the buy (sell) order is to be executed at market price when the market has reached or exceeded (fallen below) a given trigger price. Choosing this type of order disables the ticket s price selector and enables the trigger selector. Use a buy stop order to limit a loss or to protect a profit on a short position in a market whose price may rise. Use a sell stop order to limit a loss or to protect a profit on a long position in a market whose price may fall. M.I.T. (Market if Touched) the buy (sell) order is to be executed at market price when the market has reached or fallen below (exceeded) a given trigger price. Choosing this type of order disables the ticket s price selector and enables the trigger selector. Use a buy MIT order to create a long position in a market whose price may rise. Use a sell MIT order to create a short position in a market whose price may fall Time in force The order ticket s time in force selector lets you choose between: Day unless filled or cancelled, the order expires at the end of the current trading session IC (Immediate and Cancel aka Fill and Kill) any part of the order that is not immediately filled is cancelled. IC is not supported for Scale and market limit orders. MOO (Market On Open) the order is matched with other MOO orders as soon as the market opens and trades at the opening price. Any unfilled volume will be converted to a limit order at the opening price. GTC (Good Till Cancelled) the order does not expire at the end of the current session, but remains in the market until it is filled or cancelled, or until its market expires. S-GTC (Synthetic Good Till Cancelled) the order expires at the end of the current session, but at the start of the next session STAR will submit a new order for the remaining volume. Only for LME Carry markets. GTD (Good Till Date) like a GTC, the order does not expire at the end of the current session, but remains in the market until the end of the session on a given date Algorithm Cross The order ticket s algorithm selector lets you choose a mechanism for managing multiple orders in different ways. Choosing None will allow plain and stop order types as described in Section The remaining choices are described below. A cross between two accounts. 25 Sucden Financial STAR user guide

26 A buy (sell) order for the first account and a sell (buy) order for the second account are created at the same time; this does not guarantee a cross at the exchange, especially if the price is not within the best bid/offer spread Iceberg An Iceberg is an order that, any point in time, is revealing only a portion of its quantity to the wider market. Iceberg orders require an explicit permission on your user account. Native some exchange platforms (GLOBEX, ICE Futures, Nybot, LME) directly support Iceberg orders. Use the volume selector to set the total quantity of the iceberg order. Use Clip Size to set the maximum portion that should be visible in the market at any point in time. Synthetic where the exchange platform does not directly support Iceberg orders, STAR issues automatically managed child orders. Use the volume selector to set the total quantity of the iceberg order. Use Clip Size to set the maximum volume for each child order. At most one child order is active in the market at any point in time. Each time a child is filled, STAR will wait Interval seconds before issuing the next child order. If the random checkboxes are ticked, STAR will vary the clip size and interval between child orders to help disguise the iceberg. The variations will not exceed the specified values Scale A Scale is a meta-order that creates child orders with staggered prices. Scale orders require an explicit permission on your user account. Use the volume selector to set the total volume of the scale order. Use Clip Size to set the volume that each child order will have. The number of child orders = (total volume / clip size) and there may be no more than 100 child orders. Use the price selector to set the price of the first child order. The price for each subsequent child order is the price of the previous child order offset by the Price Delta. Each child is a limit order and all children are submitted to the market at the same time. In a buy scale order, the prices decrease. Buy a scale of 10 lots at 1465 reducing by 5 ticks for a total of 300 lots means: create 30 child buy orders with a quantity of 10 lots each, as 300 lots /10 lots = 30 the first order s price is 1465 the last order s price is 1320, as 1465 (29 5) = 1320 In a sell scale order, the prices increase. Sell a scale of 5 lots at 1470 increasing by 2 ticks for a total of 100 lots means: create 20 child sell orders with a quantity of 5 lots each, as 100 lots /5 lots = 20, the first order s price is 1470 the last order s price is 1508, as (19 2) = Sleep A Sleep is an order that is not submitted to the market until it is explicitly woken up either manually (see Section 3.5.3) or at a predetermined date and time. The wake up time may be revised only when the order is sleeping. Day Sleep orders are cancelled at the end of the current session even if the wake up time is after the end of the current session. Once a Sleep order has been woken up, any wake up time previously specified will be discarded. 26 Sucden Financial STAR user guide

27 Sleep orders can be individually or collectively woken up and put back to sleep (withdrawn from the market) again at any time during the session Switch A Switch is a synthetic Iceberg order which creates child orders for each of the legs in a Dynamic Spread market (see Section 2.10). STAR will submit each child order to its market as soon as the price and available volume in the spread market is matched with the Switch order and the order is triggered. Each child order will be a limit order at the price of its market (+/- specified slippage) at the exact moment the Switch order was triggered. The volume of each child order will be a function of the Dynamic Spread leg volumes and the Switch order volume. The Switch order type can be used to simultaneosuly trade in separate markets. Switch orders are managed as synthetic Icebergs with a fixed 1 lot clip size to minimize the legging risk. See Section for a description of the synthetic Iceberg parameters. Before a Switch order is triggered: it may be revised it may be pulled, which will also pull it s child orders it s child orders may not be revised it s child orders may be pulled thus pulling the Switch order completely After a Switch order is triggered: it may not be revised it may be pulled, which will also pull any of it s child orders that are still working it s child orders may be revised or pulled in the same way as a normal limit order when all of it s child orders are finished, the switch order will also become finished Tracker A Tracker is a synthetic Iceberg order which creates child orders for each of the legs in a Dynamic Spread market (see Section 2.10). For each clip of the Iceberg, the Tracker will submit one order for the illiquid leg only. The user must choose the liquid leg when entering the Tracker. This illiquid leg order is then actively revised by monitoring the price movements in the liquid leg maintaining a differential equal to the price specified on the Tracker order. When the illiquid leg order is filled, a new order is immediately entered in the liquid leg of the spread. If the "Use Discretion" option was chosen, the price of this liquid leg order is the best price. Otherwise the price will be a combination of the average fill price of the illiquid leg order and the Tracker order price. Tracker orders are managed as synthetic Icebergs with a fixed 1 lot clip size to minimize the legging risk. See Section for a description of the synthetic Iceberg parameters. During a Tracker order s life cycle: it s price may be revised - the price of the working illiquid leg order will be revised accordingly it s volume may be revised 27 Sucden Financial STAR user guide

28 it may be pulled, which will also pull it s child orders it s child orders may not be revised it s child orders may be pulled thus pulling the Tracker order completely Tactics to handle Legged Dynamic Spread Orders Switch and Tracker orders are managed as Icebergs to minimize the legging risk associated with trading large volumes in different markets simultaneously but there is still a risk that only one leg gets filled in each clip of the Iceberg. In these situations, STAR will wait for two seconds before prompting you to take some action. Imagine that you have a working Switch or Tracker order for buying LME ZS 3M and selling LME CA 3M: imagine that the order s current clip gets "legged" because the ZS leg was bought but the CA leg was not sold. In this situation the CA order is still working and you have a 1 lot long ZS position for this clip. STAR will present you with a pop up alert panel showing a red band with two choices: continue STAR will revise the working sell CA order to the best available price - in the example below this would be achieved by pressing the Revise button. You would expect the revised CA order to trade immediately, achieving a net 0 position for this clip. get flat STAR will pull the working sell CA order and enter a sell ZS order at the best available price to reverse the bought ZS leg - in the example below this would be achieved by pressing the Sell button. You would expect the sell ZS order to trade immediately, effectively cancelling this clip by restoring a net 0 position. If you choose to get flat, STAR will compensate for this flattened clip by adding an extra clip in the Iceberg in an attempt to achieve the original volume specified. Note that you can also choose to do nothing at all and wait for the working sell CA order to trade by itself. Whichever option you choose, STAR will know when the legged situation is resolved and the popup will change to show a green band to indicate that all is well again. 28 Sucden Financial STAR user guide

29 3.2.5 Comments You can attach a comment to an order via the order ticket s comment area. The comment area is collapsed by default and is limited to 100 characters. Order comments are shown in the order panel and can be amended via the order panel s Edit Comment context menu; see Section Order comments and amendments are included in the order history see Section MIFID II For markets which fall under the MIFID II jurisdiction, certain users may alter the default values that are necessary for reporting purposes here Multiple simultaneous order tickets You can open up to three order tickets for simultaneous submission by selecting up to three markets in a price panel and then clicking on. The order ticket action button is only enabled if no blank lines and no more than three markets are selected. At the bottom of each individual order ticket is an Active / Inactive toggle. When you click on Execute, STAR will submit only those tickets that are active. 29 Sucden Financial STAR user guide

30 3.2.8 Multiple independent order tickets It can be useful to populate several order tickets and leave them on the screen so you can quickly submit them when appropriate. To enable up to six open independent order tickets at a time: 1. select Settings Settings from the Master Window s menu 2. open the Trading tab 3. adjust Maximum number of Order Tickets 4. check Keep Order Ticket on Screen 5. click on Ok 6. save your settings by selecting Settings Save Settings For each commodity, you can have at most one open order ticket at a time. 30 Sucden Financial STAR user guide

31 3.3 Exchange and order type combinations The tables below show which combinations of order type, time in force and algorithm are valid per exchange (Iceberg n = native, Iceberg s = synthetic, Stop n = native, Stop s = synthetic, GTC s = synthetic). Globex (CBOT, CME, COMEX, NYMEX) Normal x Day IC MOO GTC GTD x None Cross Iceberg ns Scale Sleep Normal x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Mkt Limit x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Stop n Limit x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Stop n Pro x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep ICE Futures, NYBOT Normal x Day IC MOO GTC GTD x None Cross Iceberg ns Scale Sleep Normal x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Market x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Stop n Limit x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Stop n Pro x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep M.I.T. x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep LME Normal x Day IC MOO GTC GTC s x None Cross Iceberg ns Scale Sleep Normal x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Stop n Limit x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep HKEX, SGX, TOCOM Normal x Day IC MOO GTC GTD x None Cross Iceberg s Scale Sleep Normal x Day IC MOO GTC GTD x None Cross Iceberg s Scale Sleep Market x Day IC MOO GTC GTD x None Cross Iceberg s Scale Sleep Stop n Limit x Day IC MOO GTC GTD x None Cross Iceberg s Scale Sleep Stop n x Day IC MOO GTC GTD x None Cross Iceberg s Scale Sleep DGCX Normal x Day IC MOO GTC GTD x None Cross Iceberg ns Scale Sleep Normal x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Market x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Stop n Limit x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Stop n x Day IC MOO GTC GTD x None Cross Iceberg n Scale Sleep Dynamic Spreads Normal x Day IC MOO GTC GTD x Switch Tracker Market x Day IC MOO GTC GTD x Switch Tracker 3.4 Request for quote A Request For Quote (RFQ) is a announcement of the intention to trade, typically in a new strategy market. Please familiarize yourself with the exchange-specific rules on RFQs. STAR allows you to enter and receive RFQs. You can open an RFQ ticket by selecting a market in a price panel and clicking on the action button. exchange and market volume selector submit / cancel buttons When STAR receives an RFQ, it pops up a notification dialog. 31 Sucden Financial STAR user guide

32 The dialog shows the RFQ s market, volume, and time. You can click on to open a corresponding order ticket to show the next RFQ message (if any) to dismiss all RFQ messages You can configure STAR s RFQ popup behaviour in the Settings dialog, which you can reach from the Master Window s menu: Settings Settings Trading Events; also see Appendix A Order panels Order panels represent your desk s order book. You can open an order panel from the Master Window by clicking on the toolbar icon or by using the menu: View New Order Panel. An order panel comprises: working orders table filter, expand/collapse and lock but- tons action buttons for pulling all working orders filter, expand/collapse and lock buttons finished orders table Table columns The working and finished orders tables in an order panel have the following columns: Pull is a button for pulling the order. This column is only shown in the working orders table. Account shows the account that the order belongs to. Exchange, Commodity, Expiry identify a market. Status shows the current state of the order. During its lifetime, an order goes through a series of states, which are described in more detail in Section Type shows a description of the order type, which comprises three parts: 1. time in force, see Section NL GTC S-GTC GTD IC MOO plain order good till cancelled synthetic good till cancelled (only for LME carry markets) good till date immediate and cancel market on open 2. trigger (only shown if applicable), see Section Sucden Financial STAR user guide

33 STOP TOUCH stop trigger touch trigger 3. algorithm (only shown if applicable), see Section ICE S-ICE SLE SCA SWI TRA iceberg synthetic iceberg sleeping scale switch tracker Scale orders and synthetic icebergs comprise child orders. These child orders can be expanded / collapsed by clicking on the / icons in the type column. You can expand / collapse all child orders in the table at once by clicking on /. Buy/Sell shows the side of the order, i.e. either buy or sell Volume shows the order s volume Trigger Price shows the trigger price if applicable Price shows the order s price (quotationmarket for market orders) Filled Volume shows the number of lots that have been filled so far Average Price shows the average lot price for the received fills Progress shows filled lots / unfilled lots Order Id shows the order s unique identifier within STAR Exchange Order Id shows the order s unique identifier at the exchange Time shows the time at which the order entered its current state Trader shows who originated the order Gateway shows which of STAR s internal gateways the order was routed through Parent Order Id links a child order to its parent order. If the order is a parent order, this column shows the order s id. Comment shows the order s comment if present; see Section Order panels can be sorted and filtered see Appendix A Locking a table Actions The order panel is automatically updated as trades are processed. Once a working order is complete, i.e. filled, pulled or rejected, it is moved to the finished orders table. By clicking on, you can temporarily freeze an order table. This can be helpful if you want to revise an order in a busy market. You can perform actions on an order by right-clicking on any of its cells in the working or finished orders table. Some actions depend on or change the status of an order. For more information on order states, see Section Right-click on a volume, price or trigger price cell in the working orders table to revise an order. This will first pop up a ladder and then a revision ticket. Right-click on any other cell in the working orders table to open a context menu: wakes up a sleeping sleep order puts a sleep order back to sleep pulls the order 33 Sucden Financial STAR user guide

34 opens the order s ticket for revision copies the order s details into a new order ticket opens and populates the order history panel with the selected order or child order; see Section 3.6 opens a current trade panel (filtered to the selected order) see Section opens a dialog for amending the order s comment see Section Right-click on any cell in the finished orders table to open a context menu comprising copy, history, current trades, and: changes the order status to checked. On the completion of some orders, you may need to contact a client or fill out paperwork. You can use the checked facility as a marker to remind you that you have (or have not yet) completed this external work for a particular order. The use of checked is entirely optional and has no impact on the behaviour of STAR. Select multiple orders which have some filled volume, then right-click to open a context menu: launches a popup which will show you the average trade price of the selected orders. where you have selected strategy orders, launches a popup which will show you the average trade price of all the legs of the strategy orders Pulling all working orders Click on to pull all of your orders (i.e. those with your user name in the Trader column) to pull all of your desk s orders STAR will prompt you to confirm or cancel your pull request Copy to clipboard You can copy the working and finished orders tables into your computer s clipboard. 1. right-click on the order panel s tab 2. select Copy to Clipboard 3. paste into a spreadsheet or word processor 3.6 Order history panel The order history panel allows you to inspect the evolution of an individual order. You can open the order history panel from an order panel by double-clicking on an order or by right-clicking and selecting History. general order information order history table The general order information comprises: 34 Sucden Financial STAR user guide

35 market order type account volume price order id algorithm-specific details comment see Section Each row in the order history table represents a state that the order has been in. The last row shows the current state of the order. The table has the following columns: Narrative a description of the order state, comprising a state name as well as details if applicable Time the time at which the order entered the state Volume the order quantity Price the order s price Fill Volume the fill quantity if applicable Fill Price the price of a fill if applicable Filled Volume how much of the order has been filled so far Average Price the average trading price Origin the originator of a state, i.e. one of: a user name local, i.e. STAR s user interface admin, i.e. STAR s order book State the order state, see Section Exchange Order Id the id that has been assigned to the order by the exchange; blank for synthetic parent orders You can have at most one order history panel in STAR. When you ask a different order to show its history, your order history panel will be updated accordingly. You can right-click on the order history panel s tab to open a context menu with order actions. The possible actions are described in Section Order states Each order in STAR has a current state, such as Working or Filled, and a history of previous states. This allows you to examine the evolution of your order. State Fresh Prepared Sent Submitted Description The Order has just been created in the Central Order Book with a new order id, ready for the remaining details specified by the user to be applied. The details of the Order have all been filled in and it is ready to be dispatched to its Exchange. The Order has been transmitted from the Central Order Book to the Exchange Gateway. The Order has been transmitted from the Exchange Gateway to the Exchange. 35 Sucden Financial STAR user guide

36 Working A response from the Exchange has been received which confirms that all the Order details were valid and that that the Order is now active. Filled The Order has been completely Filled. Checked External work for this order, such as contacting a client, has been marked as completed. Pending The Order is waiting for the event that will send it to the Exchange. Rejected The order has been rejected by the exchange. Cancelled The order has been cancelled. UnMatched The local Order is not matched with an Order at the Exchange. Such Orders are assumed to be exchange-persistent (GTC). TaintedWorking The Order is working at the exchange, but we missed a trade when we were off line, so what we thought should be the working volume is different to what the exchange knows it to be. We can manually reconcile the difference with the help of the trade settlement systems and then Untaint the order, when we are satisfied of what happened to cause the discrepancy. Inactive The Order is Inactive at the exchange. Pull A user has requested that the Order should be pulled out of its active state at the Exchange. PullSent The Pull message has been transmitted from the Central Order Book to the Exchange Gateway. Pulled A response from the Exchange has been received which confirms that the Order is no longer Working and has been Pulled out of its active state. Revise A user has requested an order revision. RevisePrepared The order revision is ready to be dispatched to its respective Exchange. ReviseSent The revision message has been transmitted from the Central Order Book to the Exchange Gateway. ReviseSubmitted The revision message message has been transmitted from the Exchange Gateway to the Exchange. Revised A response from the Exchange has been received which confirms that the Order has been revised. 3.7 Current and previous trades STAR keeps track of your trades. You can examine your current sessions s trades on a current trade panel, and your previous sessions trades on a previous trade panel. Your current session is determined by your time zone and the exchange opening hours Current trade panels You can open a current trade panel from the Master Window by clicking on the toolbar icon or by using the menu View New Current Trade Panel. trade table outright / strategy toggle Depending on the toggle, the trade table will show outright or strategy trades. In outright mode, the trade table comprises the following columns: 36 Sucden Financial STAR user guide

37 Exchange, Commodity, Expiry identify a market Type shows the order s type, see Section Buy/Sell shows the order s side, i.e. buy or sell Account shows the account the order belongs to Order Id shows the order s id Parent Order Id for a child order, shows the parent order s id; otherwise shows the order s own id Child indicates whether the order is a child order or not Narrative shows a description of the order s state Time shows the time at which the order entered its current state Volume shows the order s volume Price shows the order s price Fill Volume shows the order s fill volume Fill Price shows the order s fill price Filled Volume shows the order s filled volume Average Price shows the average price per lot Trader shows the originator of the order State shows the order s state, see Section Exchange Order Id the id that has been assigned to the order by the exchange; blank for synthetic parent orders In strategy mode, the trade table uses one row for each leg of a strategy and has the following additional columns: Buy/Sell shows the leg s side, i.e. buy or sell Leg identifies the leg Leg Volume shows the leg s volume Leg Price shows the leg s price The bottom of the trade table shows a summary of the session s trades, ordered by market and average fill price. The trade table can be sorted and filtered see Appendix A.1. You can export the contents of the trade table to your computer s clipboard. 1. right-click on the current trade panel s tab 2. select Copy Details to Clipboard or Copy Summary to Clipboard 3. paste into a spreadsheet or word processor Previous trade panels You can open a previous trade panel from the Master Window by clicking on the toolbar icon or by using the menu View New Previous Trade Panel. 37 Sucden Financial STAR user guide

38 trade table outright / strategy toggle date filter Previous trade panels work like current trade panels. In addition, they are water-marked with the word PREVIOUS and allow you to filter the trades by date. 38 Sucden Financial STAR user guide

39 4 Positions 4.1 Position panels You can get an overview of your positions through a position panel. Position panels give you an overview of your positions. You can open a position panel by clicking on the icon in the Master Window s toolbar or by using the menu View New Position Panel. positions table The positions table has the following columns: Account Group, Account show the account and account group to which the position belongs Exchange, Commodity, Expiry identify a market Net shows the net position Mid/Last shows the last trade price Close shows the close of business position Settlement shows the settlement price Volume, Price shows the volume and average trade price of lots bought/sold USD/GBP/EUR Open P&L shows the open profit & loss in USD/GBP/EUR; you must subscribe to these markets so that the mid/last trade price can be compared to the settlement price, as part of the calculation USD/GBP/EUR Cum P&L shows the cumulative profit & loss in USD/GBP/EUR calculated from the average prices of balancing bought and sold volume in the current session Ccy shows the the contract currency Position panels can be sorted and filtered see Appendix A Profit and loss calculation You can view a detailed profit & loss calculation by hovering the mouse pointer over a row in the positions table. The calculations are based on available closing prices and current mid/last trade prices. 39 Sucden Financial STAR user guide

40 5 Risk 5.1 Risk panels STAR provides fully integrated risk management based on lot limits and a maximum trading limit (MTL). You can access STAR s risk management via risk panels. You can open a risk panel from the Master Window by clicking on the toolbar icon using the menu View New Risk Panel. or by risk elements table risk limits table default risk limits table The risk elements table has the following columns: Account Group shows your account group. Currency shows the currency in which your account group is valued. Cob VM shows the close of business variation margin (calculated by the back-office system). This is the valuation of your positions marked to the previous day s closing prices. Ledger Balance shows the amount of money you have deposited in your account. Initial Margin shows the initial margin (clearing house deposit) for your positions. The Initial Margin is always displayed as a negative amount. Potential Initial Margin shows what the initial margin would be if all your currently working orders were filled. This value will always be the same as or larger than the initial margin. Variation Margin shows the sum of open and cumulative profit & loss, i.e. an instant valuation. Profit & loss can only be calculated correctly if you have subscribed to the relevant markets in the Markets Window. Free Equity is for indication only and is not used for risk management. It is the sum of Cob VM, Ledger Balance, Initial Margin, and Variation Margin. Lots Limits Active shows Y if lot limits are active for your account, N otherwise. Maximum Trading Limit Active shows Y if a maximum trading limit (MTL) is active for your account, N otherwise. Maximum Trading Limit shows your MTL. You can trade as long as your potential initial margin does not exceed your MTL. If your initial margin has exceeded the MTL, you can only trade in a way that will reduce your initial margin. If both lot limits and MTL are active, STAR checks new orders first against your lot limits and then against your MTL. If lot limits are active and there is no specific lot limit for the respective market in the risk limits table, STAR will use the exchange-wide defaults as specified in the default risk limits table. Your lot limits and MTL are configured by the Risk Management Team. When you select a row in the risk elements table, the risk limits and default risk limits tables are populated with details. The risk limits table gives you an at-a-glance summary of your positions. The risk limits and default risk limits tables have the following columns: 40 Sucden Financial STAR user guide

41 Account Group shows your account group. Exchange, Commodity identify a contract. Order Limit shows maximum volume you are allowed for a single order. Working Lots shows the total volume of your currently working orders for the contract. Net Long Pos shows a value if the sum of your gross long and short is positive. Net Short Pos shows a value if the sum of your gross long and short is negative. Gross Long Pos shows the gross long position for the contract. Gross Short Pos shows the gross short position for the contract. If you double-click on a row in any of the risk tables, STAR will open a filtered positions panel showing the relevant positions. The tables on the risk panels can also be sorted and filtered see Appendix A Sucden Financial STAR user guide

42 A More about STAR A.1 Sorting and filtering tables You can customize STAR s user interface in many ways. You can create a custom workspace layout by arranging Master and Slave Windows and you can configure aspects of STAR through settings and configuration dialogs. Tables in STAR can be sorted and filtered. To sort a table based on a column, click on the column title. To filter a table based on column content: 1. expand the filter row by clicking on 2. click on a cell in the green filter row to select a filtering criterion All allows all rows Multiple allows rows that match one of the selected values in this column concrete value allows rows that match the selected value in this column!regex allows rows that match the regular expression in this column You can combine multiple column filters. You can disable / enable filtering by clicking on you can clear all filters by clicking on. and A.2 Panel configuration A.3 Slave windows In general, you can configure panels by right-clicking on their tab and selecting Configure. Slave Windows provide additional view containers, so that you can display multiple panels at the same time. You can move panels between view containers by dragging their tabs. You can create Slave Windows from the Master Window via the menu Window New Slave Window or by clicking on the toolbar icon. A.4 Master and slave window configuration You can configure a Master or Slave window by clicking on the Master Window menu: Window Configure On the configuration dialog, use: Title to set the window s title. Press to apply. Font to set the window s font. This font is used in the window s information panels. Press to apply. Always on Top to keep the window visible and on top of other windows at all times. Show Borders to show (or hide) the account and volume choosers. toolbar icon, or by using the Tabbed if you want to use a tabs to navigate between information panels Card if you want to use a combo box to navigate between information panels A.5 The workspace A.6 Settings The position, configuration and contents of the Master and Slave Windows define STAR s workspace. You should save your workspace once you have made changes to it. You can save and load workspaces via the Master Window s Window menu. On startup, STAR will ask you whether you would like to restore your last saved workspace. If you would like to transfer your workspace to another computer, see Section A.7. On startup, STAR loads its settings from a specific file on your computer. If you adjust your settings and want to keep the changes, you must save them using Settings Save Settings. To adjust your settings, open STAR s settings dialog via the Master Window s menu: Settings Settings. 42 Sucden Financial STAR user guide

43 The settings dialog has three tabs: Trading, GUI, and Markets. A.6.1 Trading Miscellaneous Fat Finger Limit restricts the maximum number of lots you may enter into an order ticket. If set to 0, the limit is disabled. Top Accounts moves the given accounts (comma-separated list) to the top in the account chooser. Keep Order Ticket on Screen toggles whether order tickets remain on screen after you press buy/sell. If enabled, STAR will set the lots to 0 after you have submitted an order. Also see Section 3.2. Maximum number of Order Tickets sets the maximum number of simultaneously open independent order tickets. See Section Confirmation required when submitting Order enables / disables the respective confirmation dialog. Confirmation required when pulling Order enables / disables the respective confirmation dialog. Show dynamic spread legged warning enables / disables warning on a dynamic spread order which has not filled effectively. See Section 2.9. Show desk dialog enables / disables a desk chooser prompt on submission of orders. This is only available if you are a member of more than one desk. You can use the combo box to select your default desk. Sounds allows you to associate certain events with sounds. You can disable a particular sound by checking the silent box. Menus allows you to configure STAR s price ladder menus. Speed sets the ladder s scrolling speed. Font sets the ladder s font. Style allows you to choose between: Hover if you want the ladder to scroll when you hover the mouse pointer over an up or down arrow. Click if you want the ladder to scroll when you click on an up or down arrow. Test brings up an example ladder with the current settings. Events allows you to configure STAR to react to different kinds of events. Always focus Fill Popup if you want fill pop ups to steal the focus. Show warnings for unspecified Lot Limit if you want to be notified when there is a position taken on from the back-office system which did not originate in STAR. This is useful if you are a risk manager. Show RFQ Popup if you want STAR to show RFQ messages. 43 Sucden Financial STAR user guide

44 Always focus RFQ Popup if you want RFQ pop ups to steal the focus. Volume to only show RFQ messages whose volume exceeds the given threshold. Always load workspace when exchanges are reconnected if you want STAR to automatically reload the last saved workspace when an exchange is reconnected. If unchecked, STAR will always ask you whether you want to reload your workspace in this situation. A.6.2 Gui The Gui tab reports the number of screens connected to your computer and the resulting desktop size. Recalculate Desktop Size re-evaluates the number of screens and resulting desktop size. Test Screens pops up test windows on all of your screens. The test windows show their desktop coordinates and are automatically closed after 10 seconds. A.6.3 Markets The Markets tab allows you to enable/disable market pre-close notification pop ups and select your preferred price display style for markets that are priced in fractions. Default Fractional Price Display Style the chosen setting will apply whenever new price, order, position or price alert panels are created. The chosen style is not saved as part of the workspace. It is here to provide the default style that you are most comfortable with, when dealing with markets that are priced in fractions. An order ticket launched from a price panel will honour the currently selected display style on that panel, which you may have have changed from the default setting. Classic Style fractional prices are all displayed in common form. Bloomberg style fractional prices are displayed in a form similar to those on a Bloomberg terminal. CME fractional prices are displayed in a form prescribed by the CME. A.7 Transferring workspaces and settings to another computer You can transfer your workspaces and settings by saving them to and loading them from a network drive or portable storage medium. Saving and loading are accessible from the Master Window s menu. Settings: Settings Save Settings As Settings Load Settings Workspaces: Window Save Work Space As Window Load Work Space Once you have loaded a workspace and settings from a network drive or portable storage medium, you should save them locally on the target computer. 44 Sucden Financial STAR user guide