Neovest 5.0. Order Entry. For Windows NT/2000/XP

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2 Neovest 5.0 Order Entry For Windows NT/2000/XP

3 Neovest, Inc. Disclaimer Information in this document is subject to change without notice. Changes may be incorporated in new editions of this publication. Neovest, Inc. may make improvements and/or changes to the product described in this publication at any time. No part of this document may be reproduced, transmitted, transcribed, stored in a retrieval system, or translated into any other language in whole or in part, in any form or by any means, whether it be electronic, mechanical, optical, manual, or otherwise, for any purpose, without the written approval of Neovest, Inc. NEOVEST, INC. DISCLAIMS ALL WARRANTIES AS TO THE SOFTWARE DESCRIBED IN THIS PUBLICATION WHETHER EXPRESSED OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, FUNCTIONALITY, DATA INTEGRITY, OR PROTECTION. Neovest, Inc. may have patents or pending patent applications, trademarks, copyrights, or intellectual property rights covering subject matter in this document. The furnishing of this document does not give license to these patents, trademarks, copyrights, or other intellectual property except as expressly provided in any written license agreement from Neovest, Inc. Copyright Neovest, Inc All rights reserved. Neovest, Inc. Neovest, Inc. Two Piedmont Center 80 Broad Street Suite 200 Suite 506, Fifth Floor Atlanta, GA New York, NY (800) (917) Neovest, Inc. Second Floor 524 W. 300 North Provo, UT (801) Printed in the United States of America

4 Contents Order Entry (Large) Pending Orders Order Entry Log ProfitCalc..4-1 Destinations...5-1

5 Chapter 1 Order Entry (Large) Overview Neovest 5.0 s Order Entry window provides the most advanced order routing and order execution technology available, ensuring that your orders are executed in the timeliest manner possible. Neovest 5.0 s revolutionary technology supports all NYSE, AMEX, and NASDAQ equities and provides direct access to major ECNs such as ARCA, BRUT, INCA, and ISLD. Sections In This Chapter Order Entry Introduction How to Log On to the Order Entry Window Order Entry Window Descriptions Order Entry Window Properties How to Change Order Entry Colors (Color Settings)

6 Order Entry Introduction Neovest 5.0 s Order Entry (Large) window provides the most advanced order routing and order execution technology available. Neovest 5.0 s revolutionary Order Entry technology features a variety of order variables; supports all NYSE, AMEX, and NASDAQ equities; and provides direct access to major ECNs such as ARCA, BRUT, INCA, and ISLD. Once you execute an order in Neovest 5.0 s Order Entry window, you may turn to Neovest 5.0 s Pending Orders, Order Entry Log, and ProfitCalc windows to view the real-time status of each order, to view a log of all positions and transactions, and to view your current profit and loss, respectively. The following sections discuss how to log on to Neovest 5.0 s Order Entry (Large) window, describe the features available in the Order Entry window, discuss the Order Entry window s properties, and discuss how to use colors as indicators in various Order Entry windows. How to Log On to the Order Entry Window Once you open a Neovest 5.0 Order Entry (Large) window, you may enter and route high-speed orders to selected destinations. The following instructions describe how to log on to Neovest 5.0 s Order Entry (Large) window: 1-2 Order Entry

7 Select Order Entry Order Entry (Large) to access the Order File box. Select New. (Note: To open an existing Order Entry window, simply select its name in the Order File box, and click OK.) Enter the name you wish to give the new Order Entry (Large) window in the Enter Order File Name box, and click OK. Order Entry 1-3

8 Enter your Username and OE Password in their appropriate boxes, and click OK. For further assistance logging on to Neovest 5.0 s Order Entry server, contact Neovest Technical Support at (801) Order Entry Window Descriptions Features in Neovest 5.0 s Order Entry (Large) window let you determine specific order parameters such as Size, Order Type, Limit Price, Stop Price, Destination, TIF (Time In Force), and other essential order information. The following table provides descriptions of the various components of Neovest 5.0 s Order Entry (Large) window. By using the following table as a guide to Neovest 5.0 s Order Entry (Large) window, you may easily enter specific order parameters in their appropriate fields to route an order. Feature: Symbol Description: Lets you enter the ticker symbol for which you wish to create an order. 1-4 Order Entry

9 Size Order Type Order Type: MKT Order Type: LMT Order Type: LOB Order Type: STOP Order Type: SLMT Lets you enter the size of the order. The default is 100, but you may change the default number via the Properties For Order Entry box if you wish. Lets you select, depending on the destination you select, one of eight different order types: MKT, LMT, LOB, STOP, SLMT, MOO, MOC, and PEG. If MKT (Market) is selected as the order type, then the order will be filled at the current market price. If LMT (Limit) is selected as the order type, then the order will be filled if the entered symbol reaches or betters the price specified in the Limit Price field. If LOB (Limit or Better is only available if ARCA is selected as the destination) is selected as the order type, then the order is matched first with the ARCA Book if ARCA is at the inside Limit Price. If ARCA is not at the inside Limit Price, the order is routed for immediate execution to a select group of market participants at the inside Limit Price. If any volume remains, the residual volume will be filled at the inside Limit Price or better with ARCA or other market participants. If STOP is selected as the order type, then the order will only be filled if the entered symbol reaches or betters the price specified in the Stop Price field. Stop orders are entered below the current price if you are selling and above the current price if you are buying. Sell Stop orders are generally used to limit potential losses on long stock positions in falling markets, and buy Stop orders are generally used to protect against an upside risk if you sold short a stock. Once the order reaches or betters the price specified in the Stop Price field, a Market order will be immediately generated. If SLMT (Stop Limit) is selected as the order type, then the order will only be filled if the entered symbol reaches or betters the price specified in the Stop Price field but does not exceed the price specified in the Limit Price field. Stop Limit orders, as with Stop orders, are entered below the current price if you are selling and above the current price if you are buying. Additionally, sell Stop Limit orders are generally used to limit potential losses on long stock positions in falling markets, and buy Stop Limit orders are generally used to protect against an Order Entry 1-5

10 Order Type: MOO Order Type: MOC Order Type: PEG Limit Price Stop Price Dest (Destination) Instruction Discr. Qty. (Discretionary Quantity) upside risk if you sold short a stock. What differentiates a Stop Limit order from a Stop order specifically is the price entered in the Limit Price field, which is designed to stop a buy or sell order from being filled if the price of the symbol exceeds the Limit Price. Once the order reaches or betters the price specified in the Stop Price field, a Limit order will be immediately generated. If MOO (Market On Open) is selected as the order type, then the order will be filled as a Market order as close as possible to the beginning of the current day. If MOC (Market On Close) is selected as the order type, then the order will be filled as a Market order as close as possible to the end of the current day. If PEG is selected as the order type, then various pegging order options, depending on the destination you select, will appear in the Pegging field menu. Lets you enter the price at or below which you wish to buy the specified ticker symbol, or at or above which you wish to sell the specified ticker symbol. Depending on the order type you select, this field may be either active or inactive. Lets you enter a maximum Stop Price for a buy order or a minimum Stop Price for a sell order. This field only becomes active if either STOP or SLMT is selected as the order type. Lets you select a specific destination for the current order. For information on the destinations that Neovest 5.0 currently supports, refer to the Destinations chapter in this guide. Lets you select an order instruction to send to the selected destination. Each destination supported by Neovest provides its own instructions; therefore, as you select different destinations in the Order Entry window, the selections in this field will change. For information on the instructions that Neovest 5.0 currently supports, refer to the Destinations chapter in this guide. Lets you specify a Discretionary Quantity value in connection with various types of orders. This feature is generally used to determine a discretionary quantity in connection with the 1-6 Order Entry

11 Pref MM (Preferred Market Maker) Bid, Last, Ask Pegging Peg Offset TIF (Time In Force) TIF: Day quantity specified in the Display field. This feature may be used differently in conjunction with different types of orders, so for assistance with specifying a Discretionary Quantity, refer to the descriptions of the order types that each Neovest 5.0 supported destination provides in the "Destinations" chapter in this guide. Lets you specify a Market Maker to which you wish the selected destination to route the current order. You must enter in this field the correct MMID of the Market Maker to which you wish to route for this feature to work correctly. Displays the bid, last, and ask prices of the entered ticker symbol. To quickly add the bid, last, or ask quote to the Limit Price and Stop Price fields (if they are currently active), simply click directly on the bid, last, or ask quote. Lets you select from various pegging order types, depending on the destination you select. As you select different destinations in the Order Entry window, the Pegging selections in this field will change. For descriptions of the Pegging order types that each Neovest 5.0 supported destination provides, refer to the Destinations chapter in this guide. Note: A Pegging order will automatically move up or down with the national best bid or offer (NBBO) once it is submitted. This type of order positions a trader to continuously participate in a moving market without directly driving the price of a ticker symbol in a specific direction. Lets you enter a Peg Offset amount that will follow the best bid, offer, or midpoint price (depending on the Pegging order type you select) of the selected symbol for the current order. Lets you select, depending on the destination you select, one of 13 different order expiration types: Day, Day+, GTC, OPG, FOK, IOC, GTD, GTW, GTM, GTY, GTX, GTT, and NOW. If Day is selected as the TIF type, then the order must be filled by the end of the current day or the order will be canceled. Order Entry 1-7

12 TIF: Day+ TIF: GTC TIF: OPG TIF: FOK TIF: IOC TIF: GTD TIF: GTW TIF: GTM TIF: GTY TIF: GTX If Day+ is selected as the TIF type, then the order must be filled by the end of the current extended trading day (how long each extended trading day is depends on the destination selected for each order) or the order will be canceled. If GTC (Good Til Cancel) is selected as the TIF type, then the order will remain active until it is filled or canceled by you. If OPG (Opening) is selected as the TIF type, then the order will be filled at the next market open. If FOK (Fill Or Kill) is selected as the TIF type, then the entire size of the order must be filled immediately or the order will be canceled. If IOC (Immediately Or Cancel) is selected as the TIF type, then at least a portion of the order must be filled immediately or the order will be canceled. Additionally, if IOC is selected and a portion of the order is filled immediately, then the remainder of the order will be canceled. If GTD (Good Til Date) is selected as the TIF type, then the order must be filled by a specified date (chosen by you on a popup calendar that appears once this feature is selected) or the order will be canceled. If GTW (Good Til Week) is selected as the TIF type, then the order must be filled by the close of the last trading day of the current week or the order will be canceled. If GTM (Good Til Month) is selected as the TIF type, then the order must be filled by the close of the last trading day of the current month or the order will be canceled. If GTY (Good Til Year) is selected as the TIF type, then the order must be filled by the close of the last trading day of the current year or the order will be canceled. If GTX (Good Til Cross) is selected as the TIF type, then the order must be filled by 6:30 p.m. ET of the current trading day or the order will be canceled. This type of expiration will cause the order to remain live until 4 p.m. ET. 1-8 Order Entry

13 TIF: GTT TIF: NOW Display Min Fill (Minimum Fill) Disp. Price (Display Price) Disp. Offset (Display Offset) Session If GTT (Good Til Time) is selected as the TIF type, then the order must be filled by a specified time (chosen by you on a popup calendar with a clock that appears once this feature is selected) or the order will be canceled. If NOW (NOW is only available if ARCA is selected as the destination), then the order is matched first with the ARCA Book if ARCA is at the inside bid or offer. If ARCA is not at the inside bid or offer, the order is routed for immediate execution to a select group of market participants at their quoted prices. Lets you determine a number of shares to be displayed once the current order is sent. This feature is contingent upon your specified destination allowing this functionality. Setting a display number lets you display a lower number of shares for the current order than the actual number entered in the Size field. This feature is useful when you are sending a large order and you do not wish to influence the price of the entered ticker symbol in either direction. The Display field is also where you would enter the display quantity when creating all types of reserve orders. Lets you determine a minimum fill amount for the current order. Once you enter an amount in this field, the order must meet this minimum size requirement before the order is filled. Lets you specify a Display Price in connection with certain types of orders. This feature may be used differently in conjunction with different types of orders, so for assistance with specifying a Display Price, refer to the descriptions of the order types that each Neovest 5.0 supported destination provides in the "Destinations" chapter in this guide. Lets you specify a Display Offset value in connection with various types of orders. The Display Offset may be a positive or negative number. For example, if you enter a Display Offset of ".10" for a national best bid or offer (NBBO) of $10, you will be shown at $ If you enter a Display Offset of "-.10" for a NBBO of $10, you will be shown at $9.90. Lets you specify during which session you wish the current order to be filled. ARCA is currently the only ECN destination that allows this functionality. If Order Entry 1-9

14 Sell, SShort, Buy, BCover Cxl Last, Cxl Sym, Cxl All Cash/Margin Part/AON Solicited Proactive ARCA is selected as the destination, you may then select P1 (8-9:30 a.m.), P2 (regular market hours), or P3 (4-8 p.m.) as the Session time. Lets you Sell, Sell Short, Buy, or Buy Cover the current order. Sell and Buy are self-explanatory. If Sell Short is selected, then you anticipate a drop in the entered symbol s price, so you borrow shares from your brokerage, sell them, and keep the proceeds until the entered symbol s price drops. If Buy Cover, then the current order will be used to replace the shares you borrowed from your brokerage to execute a previous Sell Short order. Lets you cancel various orders that appear in Neovest 5.0 s Pending Orders window. If Cxl Last is selected, then the last sent order will be deleted if it appears in the Pending Orders window. If Cxl Sym, then all sent orders for the current ticker symbol appearing in the Pending Orders window will be deleted. If Cxl All, then all sent orders appearing in the Pending Orders window will be deleted. Lets you select (via the toggle button) one of two different account types: Cash or Margin. If Cash is selected, then you agree to pay cash for the order once it is filled. If Margin, then money from a brokerage account (previously established between you and your broker) will be used to pay for the order once it is filled. Lets you select (via the toggle button) one of two different order restrictions: Part or AON. If Part is selected, then a portion of the order Size may be filled. If AON (all or nothing), then all of the order Size must be met for the order to be filled. Lets you specify that the current order is a solicited order. If this box is checked, you are signifying that you are acting in behalf of a client regarding the current order. Lets you specify that you wish the selected destination to actively attempt to fill the current order with other destinations at the national best bid or offer (NBBO) if it cannot fill the current order with its book Order Entry

15 By using the previous table as a guide to Neovest 5.0 s Order Entry (Large) window, you may easily enter specific order parameters in their appropriate fields to route an order. Note: Once you finish entering the parameters for an order and click on Sell, SShort, Buy, or BCover to send the order the Verify box will appear, which will allow you to review the components of the current order and will require that you enter your password before the order is sent. Additionally, the Verify box provides you with the option of assigning a Reference ID to an order. Reference IDs may be used to distinguish between two or more users trading with the same account. If you do not wish the Verify box to appear or if you do not wish to enter your password each time you send an order, you may disable one or both of these features via the System Properties box. For more information, refer to the Order Entry System Properties section in Neovest 5.0 s Help documentation. Order Entry Window Properties Neovest 5.0 s Properties For Order Entry box lets you establish personal parameters and defaults, specify the data to be displayed, and specify the increments by which prices and sizes are adjusted in the Order Entry (Large) window. The following instructions explain how to access the Properties For Order Entry box: Click with the right mouse button in the body of the open Order Entry (Large) window. Order Entry 1-11

16 Select Properties. The following table describes the features available in the Properties For Order Entry box: 1-12 Order Entry

17 Feature: Service Account Window Link Lock Window Send To Order Queue Window Default Settings Color Settings Description: Lets you select an order service or online broker for the active Neovest Order Entry (Large) window. Simply click on the down arrow to display the online brokerages that are currently setup to process your orders. Lets you select an account for the active Neovest Order Entry (Large) window. Simply click on the down arrow to display the accounts through which you are setup to send orders. Lets you change the active Order Entry (Large) window s link letter. The link letter in this box matches the letter in the upper-left corner of the active Order Entry (Large) window. All open Neovest windows with the same link letter cycle to the same symbol. For example, if you double-click on a symbol in an open Neovest QuoteWatch window, all open Order Entry windows with the same link letter will load the same symbol. Locks the active Order Entry (Large) window to remain open as different layouts are loaded and closed on the screen. Lets you send completed orders directly to a Neovest 5.0 Order Entry Queue window. This feature lets you save multiple completed orders in a Neovest 5.0 Order Entry Queue window so that the queued orders may be sent simultaneously or individually at a later time. If this box is checked, you are no longer enabled to send live orders. Once the selected Order Entry Queue window displays the orders you wish, simply click with the right mouse button in the body of the Order Entry Queue window, and select Send All Orders to simultaneously send all displayed orders in the window, or select Send Order to send just the highlighted order. For more information, refer to the Order Entry Queue chapter in Neovest 5.0 s Help documentation. Lets you set various default settings for all Neovest 5.0 Order Entry (Large) windows. Once you specify certain settings in the Order Entry Defaults box such as Size, Order Type, and TIF, these same settings will appear by default on all Neovest 5.0 Order Entry (Large) windows as they are accessed. Lets you set default text and background colors for Neovest 5.0 s Order Entry (Large), Orders Pending, and Order Entry Log windows. For more information, refer to the How to Change Order Entry Colors (Color Order Entry 1-13

18 Decimal Price Adjust Increment Size Adjust Increment Reference ID Settings) section following this table. Lets you specify the incremental number by which order prices are adjusted either higher or lower in both the Limit Price and Stop Price fields in Neovest 5.0 s Order Entry (Large) window. Lets you specify the incremental number by which order sizes are adjusted either higher or lower in the Size field in Neovest 5.0 s Order Entry (Large) window. Lets you assign a reference ID to the active Neovest 5.0 Order Entry (Large) window. Reference IDs may be used to distinguish between two or more users trading with the same account. How to Change Order Entry Colors (Color Settings) Neovest 5.0 s Properties For Order Entry box lets you set default text and background colors for Neovest 5.0 s Order Entry (Large), Pending Orders, and Order Entry Log windows. You may use colors as indicators in Neovest 5.0 s Order Entry windows to quickly see the status of an order. For example, the Buy button on Neovest 5.0 s Order Entry (Large) window may be set to turn red once an order has been received ( Acknowledged ) by the destination you selected, turn white while the order is Pending, and turn blue once the order has Traded. Furthermore, these same colors correspond to the colors that appear in Neovest 5.0 s Pending Orders and Order Entry Log windows once orders are acknowledged, as orders are pending, and once orders trade. The following instructions describe how to change the Acknowledge, Pending, and Traded status colors for buy, sell, sell short, and cancel orders for Neovest 5.0 s Order Entry (Large), Pending Orders, and Order Entry Log windows. Click with the right mouse button in the body of an open Neovest 5.0 Order Entry (Large) window Order Entry

19 Select Properties. Click on the Color Settings bar. Order Entry 1-15

20 Click on the Text or Back button corresponding to the Buy, Sell, Sell Short, or Cancel color that you wish to change in either the Acknowledge, Pending, or Traded status area. Select the desired color once the Color box appears, and click OK Order Entry

21 Chapter 2 Pending Orders Overview Neovest 5.0 s Pending Orders window provides essential information such as symbol, entry date, order type, destination, and price for each sent order. Neovest enters information from each sent order in a Pending Orders window, which lets you to monitor the progress of each order until it is filled. Sections In This Chapter Pending Orders Window Introduction How to Access a Pending Orders Window Pending Orders Window Template Pending Orders Window Right-Click Menu Pending Orders Window Properties Pending Orders Window Navigation Tips

22 Pending Orders Window Introduction Once an order is sent in a Neovest 5.0 Order Entry (Large) window, Neovest enters information from the order in a Pending Orders window, thereby allowing you to monitor the progress of the order until it is filled. Neovest 5.0 s Pending Orders window provides complete information for all pending orders in your account and is also designed to let you cancel or replace a pending order before it is filled. Neovest 5.0 s Pending Orders window displays essential information such as symbol, entry date, order type, destination, and price for each sent order. Additionally, Neovest lets you choose the type of information to be displayed in each Pending Orders window. As soon as an order in the Pending Orders window is filled, Neovest 5.0 s ProfitCalc window is updated with the latest information for the particular order. How to Access a Pending Orders Window Neovest 5.0 lets you name new and modify existing Pending Orders windows to match your style of trading. The following instructions describe how to open and name a new Pending Orders window: 2-2 Pending Orders

23 Select Order Entry Pending Orders Ctrl+U to access the "Pending" box. Select New. (Note: To open an existing Pending Orders window, simply select its name in the Pending box, and click OK.) Enter the name you wish to give the new Pending Orders window in the Enter Pending File Name box, and select OK. Pending Orders 2-3

24 Pending Orders Window Template The configuration of column headers (e.g., Symbl, "EntryD," "OType," Dest, etc.) across the top of each Neovest 5.0 Pending Orders window is referred to as the Pending Orders template. Neovest provides several column headers that you may use to create a Pending Orders template that best suits your style of trading. For now, however, these instructions describe the default column headers that appear on Neovest 5.0 s Pending Orders window. For more information on modifying the Pending Orders template, refer to the Modifying a Pending Orders Template section in Neovest 5.0 s Help menu documentation. The following table provides descriptions of the default column headers that appear on Neovest 5.0 s Pending Orders window. Feature: Cxl (Cancel) Side LvsQt (Leaves Quantity) Symbl Description: Lets you cancel a pending order. To cancel a pending order, click in the Cxl column on the X that corresponds to the order you wish to cancel. The Verify box will then appear and will require that you enter your password to cancel the order. Displays the Side ( Buy, Sell, or Short ) selected and the color status for each order. Background colors in the Side field are used to quickly indicate the status of each trade. For example, the background colors in the Side field for a Buy order may be set up to turn red once the order has been received ( Acknowledged ) by the destination you selected, turn white while the order is Pending, and turn blue once the order has Traded. For more information on changing the colors that appear in the Side field, refer to the How to Change Order Entry Colors (Color Settings) section in the Order Entry chapter of this guide. Displays the number of shares remaining if only a portion of the original number of shares entered for each order was filled. Displays the symbol selected for each order. 2-4 Pending Orders

25 EntryD (Entry Date) OType (Order Type) Dest (Destination) OrgQt (Original Quantity) Price Last OrderID Account Username Ref ID (Reference ID) Displays the date when each order entered its position. Displays the order type selected for each order. Neovest 5.0 lets you select, depending on the destination you select, one of eight different order types: MKT, LMT, LOB, STOP, SLMT, MOO, MOC, and PEG. For more information on Neovest 5.0 s order types, refer to the Order Entry Window Descriptions section in the Order Entry chapter of this guide. Displays the destination selected for each order. For more information on the destinations that Neovest 5.0 currently supports, refer to the Destinations chapter in this guide. Displays the original number of shares entered for each order. Displays the current price at which the selected destination is attempting to fill each order. Displays the last price of the selected symbol for each order. Displays the Order ID (assigned by Neovest) for each order. Displays the account selected for each order. Displays the username of the person who sent each order. Displays the reference ID assigned to the Neovest 5.0 Order Entry window from which each order was sent. Reference IDs may be used to distinguish between two or more users trading with the same account. Pending Orders Window Right-Click Menu By clicking with the right mouse button in the body of a Neovest 5.0 Pending Orders window, you will access a menu of helpful features. Pending Orders 2-5

26 This menu lets you perform functions such as replacing the prices and sizes of orders and canceling multiple orders. The following table describes the features available in the menu accessed by clicking with the right mouse button in the body of a Neovest 5.0 Pending Orders window: Feature: Properties F4 Export to Text File Find Symbol Ctrl+F Description: Accesses the "Properties For Pending" box, which lets you change specific settings in the active Pending Orders window and modify the active Pending Orders window s appearance. For more information, refer to the "Pending Orders Window Properties" section following this table. Lets you export the entire contents of the active Pending Orders window to a text file for importing into other applications. This file is exported in a.csv format, which is a standard used by other programs such as Microsoft Excel. Once you select this feature, the Order Pending File Export box will appear and will display the name given to the new text file. All Pending Orders window text files are saved by default in the NEOVEST/PENDING folder in your Neovest folder. Accesses the "Enter Symbol To Search For" box, which lets you search for a symbol in the active 2-6 Pending Orders

27 Track Order Status Order Cancel Order Cancel & Replace Order Cancel & Replace Price Cancel & Replace Size Cancel All Symbol Orders Cancel All Pending Orders Refresh Window Pending Orders window. (This feature is especially helpful if the active Pending Orders window contains a long list of symbols.) Opens the Order Tracking window, which shows the status of the highlighted order in the active Pending Orders window. The Order Tracking window possesses the same characteristics as an Order Entry Log window; however, the Order Tracking window only shows the status of the highlighted order in the active Pending Orders window. Lets you ask for the status of the highlighted order (if the order is pending and the selected symbol is a listed stock). Responses to a Status Order query are provided by the exchange on which the selected symbol is trading. Lets you cancel the selected pending order. Lets you cancel the selected pending order and replace it with a new order. Lets you modify the price of the selected pending order. Lets you modify the size of the selected pending order. Lets you cancel all pending orders for the selected symbol. Lets you cancel all pending orders. Lets you refresh the active Pending Orders window with the latest data from your server. Pending Orders Window Properties Neovest 5.0 s Properties For Pending Window box lets you define defaults and specify the data to be displayed in the active Pending Orders window. The following instructions explain how to access the "Properties For Pending Window" box: Pending Orders 2-7

28 Click with the right mouse button in the body of an open Pending Orders window. Select Properties. 2-8 Pending Orders

29 Select the Properties tab. The following table describes the features available in the "Properties" tab located in the Properties For Pending Window box: Feature: Service Account Lock Window Description: Lets you select the order service or online broker for which orders are to be displayed in the active Pending Orders window. Simply click on the down arrow to display the online brokerages that are currently setup to process your orders. Lets you select the account or accounts for which orders are to be displayed in the active Pending Orders window. You may select one account or all accounts. The dropdown menu lists the accounts currently available from your broker to handle your orders. Locks the active Pending Orders window to remain open as different layouts are loaded and closed on the screen. Pending Orders 2-9

30 Window Link Switch To Focus Symbol Send Focus Entry To OE Window Only Display Ref. ID: Only Display User Sort By Absolute Value Lets you change the active Pending Orders window s link letter. The link letter in this box matches the letter in the upper-left corner of the active Pending Orders window. All open Neovest 5.0 windows with the same link letter will cycle to the same symbol. For example, if you double-click on a symbol in an open Neovest 5.0 QuoteWatch window, an open Neovest 5.0 Pending Orders window with the same link letter will cycle to the same symbol (if the symbol is currently displayed in the window). Causes the active Pending Orders window to switch to a specific symbol (if the symbol is currently displayed in the Pending Orders window) each time a symbol is entered in an alternate window (such as a chart) if this box is checked. Sends all order information for a selected symbol to an open Neovest 5.0 Order Entry (Large) window. If this box is checked, then each time you double-click directly on a symbol in the active Pending Orders window all order information for the selected symbol such as size, order type, price, and destination will instantly populate an open Neovest 5.0 Order Entry (Large) window. Lets you specify that only orders with a specific reference ID be displayed in the active Pending Orders window. Reference IDs are used to distinguish between two or more users trading with the same account. For information on assigning reference IDs to orders, refer to the Order Entry Window Properties section in the Order Entry (Large) chapter of this guide. Lets you specify that only orders with a specific username be displayed in the active Pending Orders window. Lets you sort the active Pending Orders window by each symbol s absolute value, which is the numerical value of a number without regard to its sign. In other words, when this feature is selected, the active Pending Orders window will not regard whether a number is positive or negative when you choose to sort the active Pending Orders window based on the data displayed under a column header Pending Orders

31 Pending Orders Window Navigation Tips Neovest 5.0 lets you quickly change certain criteria of orders that appear in the Pending Orders window. For example, by double clicking directly on the price of a specific order under the Price column header in an open Pending Orders window, you will access the Replacing Order box, which will then let you change the price and other order information for a specific pending order. Neovest 5.0 currently lets you double-click directly on the data that appears under the Price, LvsQt (Leaves Quantity), and Display Price column headers to access the Replacing Order box and to change the criteria for a specific pending order. Keep in mind that 1) you may only change the order criteria of one pending order at a time, and 2) you must double-click directly on the data that appears under one of the above-mentioned column headers to access the Replacing Order box. Once the Replacing Order box appears, simply make your desired changes, and click on the blue Update button to change the pending order s criteria. Pending Orders 2-11

32 Chapter 3 Order Entry Log Overview Neovest 5.0 s Order Entry Log window displays important information about each sent order such as Date, Time, Account, Symbol, and Price, thus enabling you to track the status of individual orders and maintain a complete history of all orders for your account. Sections In This Chapter Order Entry Log Introduction How to Access an Order Entry Log Window Order Entry Log Window Template Order Entry Log Window Right-Click Menu Order Entry Log Window Properties How to Change Order Entry Log Window Colors

33 Order Entry Log Introduction Neovest 5.0 s Order Entry Log window is designed to track the status of individual orders and maintain a complete history of all orders for your account. Once an order is sent in a Neovest 5.0 Order Entry (Large) window, Neovest 5.0 s Order Entry Log window shows the real-time progress of the order by displaying different colors that serve as status (i.e., Acknowledge, Pending, and Traded ) indicators. Neovest 5.0 s Order Entry Log window also displays important information about each order such as Date, Time, Account, Symbol, and Price, thus enabling you to effectively monitor your orders. How to Access an Order Entry Log Window Neovest 5.0 lets you name new and modify existing Order Entry Log windows to match your style of trading. The following instructions describe how to open a new Neovest 5.0 Order Entry Log window: Select Order Entry Order Entry Log Ctrl+K to access the "Order Entry Log Window" box. 3-2 Order Entry Log

34 Select New. (Note: To open an existing Order Entry Log window, simply select its name in the Order Entry Log Window box, and click OK.) Enter the name you wish to give the new Order Entry Log window in the Enter Order Log File Name box, and click OK. Order Entry Log Window Template The configuration of column headers (e.g., Date, "Time," "Account," Size, etc.) across the top of each Neovest 5.0 Order Entry Log window is referred to as the Order Entry Log template. Neovest 5.0 s Order Entry Log template displays essential information for each sent order. Order Entry Log 3-3

35 Neovest 5.0 provides several different column headers that you may use to create an Order Entry Log template that best suits your style of trading. For now, however, these instructions describe the default column headers that appear on Neovest 5.0 s Order Entry Log window. For more information on modifying the Order Entry Log template, refer to the Modifying an Order Entry Log Template section in the Help menu documentation. The following table provides descriptions of the default column headers that appear on Neovest 5.0 s Order Entry Log window. Feature: Date Time Account Order ID Size Symbol Price Type TIF (Time In Force) Description: Displays the date that each order was sent from a Neovest 5.0 Order Entry (Large) window. Displays the time that each order was sent. You may choose to display the time with or without seconds by clicking with the right mouse button in the body of the Order Entry Log window, selecting Properties, and checking Time or Time (Sec) in the Properties For Log Window box. Displays the account selected for each order. Displays the order ID (assigned by Neovest) for each order. Displays the number of shares entered for each order. Displays the ticker symbol selected for each order. Displays the price entered for each order. Displays the order type selected for each order. Neovest lets you select, depending on the destination you select, one of eight different order types: MKT, LMT, LOB, STOP, SLMT, MOO, MOC, and PEG. For complete descriptions of the order types available in Neovest 5.0 s Order Entry window, refer to the Order Entry Window Descriptions section in the Order Entry chapter of this guide. Displays the order expiration type selected for each order. Neovest lets you select, depending on the destination you select, one of 13 different order expiration types: Day, Day+, GTC, OPG, FOK, IOC, GTD, GTW, GTM, GTY, GTX, GTT, and NOW. For complete descriptions of the order expiration types available in Neovest 5.0 s Order Entry window, refer to the Order Entry Window 3-4 Order Entry Log

36 Dest (Destination) Username Descriptions section in the Order Entry chapter of this guide. Displays the destination selected for each order. For information on the destinations that Neovest 5.0 currently supports, refer to the Destinations chapter in this guide. Displays the username of the person who sent each order. Reference ID Displays the reference ID assigned to the Neovest 5.0 Order Entry window from which each order was sent. Reference IDs may be used to distinguish between two or more users trading with the same account. Message Displays any messages relevant to each order. For example, if you attempted to cancel a specific order and the cancel was not successful, this column would provide an explanation. Order Entry Log Window Right-Click Menu By clicking with the right mouse button in the body of Neovest 5.0 s Order Entry Log window, you will access a menu of helpful features. This menu lets you perform functions such as exporting Order Entry Log text files and tracking individual orders. Order Entry Log 3-5

37 The following table describes the features available in the menu accessed by clicking with the right mouse button in the body of a Neovest 5.0 Order Entry Log window: Feature: Properties Export to Text File Track Order Status Order Refresh Window Description: Accesses the "Properties For Log Window" box, which lets you change specific settings in the active Order Entry Log window and modify the active Order Entry Log window s appearance. For more information on Order Entry Log window properties, refer to the "Order Entry Log Window Properties" section following this table. Lets you export the entire contents of the active Order Entry Log window to a text file for importing into other applications. This file is exported in a.csv format, which is a standard used by other programs such as Microsoft Excel. Once you select this feature, the Order Log File Export box will appear and will display the name given to the new text file. All Order Entry Log window text files are saved by default in the OELOG folder in your Neovest folder. Opens the Order Tracking window, which shows the status of the highlighted order in the Order Entry Log window. The Order Tracking window possesses the same characteristics as an Order Entry Log window; however, the Order Tracking window only shows the status of the highlighted order in the Order Entry Log window. Lets you ask for the status of the highlighted order (if the order is pending and the selected symbol is a listed stock). Responses to a Status Order query are provided by the exchange on which the selected symbol is trading. Lets you refresh the active Order Entry Log window with the latest data from your server. 3-6 Order Entry Log

38 Order Entry Log Window Properties Neovest 5.0 s Properties For Log Window box lets you define defaults and specify the data to be displayed in the active Orders Entry Log window. The following instructions explain how to access the "Properties For Log Window" box: Click with the right mouse button in the body of an open Order Entry Log window. Select Properties. Order Entry Log 3-7

39 The following table describes the features available in the Properties For Log Window box: Feature: Service Account Auto-Scroll Lock Window Max Log Entries Description: Lets you select the order service or online broker for which orders are to be displayed in the active Order Entry Log window. Simply click on the down arrow to display the online brokerages that are currently setup to process your orders. Lets you select the account or accounts for which orders are to be displayed in the active Order Entry Log window. You may select one account or all accounts. The drop-down menu lists the accounts currently available from your broker to handle your orders. Lets you check or uncheck the auto-scrolling feature, which places each newly sent order at the top of the active Order Entry Log window and scrolls downward. "Locks" the active Order Entry Log window to remain open as different layouts are loaded and closed on the screen. Lets you enter the maximum number of entries (or lines) you wish to be displayed in the active Order Entry Log window. 3-8 Order Entry Log

40 Window Link Fonts Colors Columns Check/ Uncheck All Sent Ack Pending Trades (H) Cancel Order Cancel Ack (G) Lets you change the active Order Entry Log window link letter. The link letter in this box matches the letter in the upper-left corner of the active Order Entry Log window. All open windows with the same link letter cycle to the same symbol; therefore, if you doubleclick on a symbol in the Order Entry Log window, all open windows with the same link letter will switch to the same symbol (if the symbol is listed). Lets you change the type, style, and size of font used in the active Order Entry Log window. Lets you set default text and background colors for Neovest 5.0 s Order Entry (Large), Orders Pending, and Order Entry Log windows. For more information, refer to the How to Change Order Entry Log Window Colors section following this table. Lets you select the columns to be displayed in the active Order Entry Log window template. Simply check the columns that you wish to be included. For complete descriptions of the columns that may be displayed in the Order Entry Log window template, refer to the Order Entry Window Descriptions section in the Order Entry chapter of this guide and the Order Entry Log Window Template section in this Order Entry Log chapter. Lets you check/uncheck all the boxes in the Actions section. Displays in the Order Entry Log window all orders that have been sent from your order server if this box is checked. Displays in the Order Entry Log window all orders that have been received by their appropriate destinations if this box is checked. Displays in the Order Entry Log window all orders with a pending status if this box is checked. Displays in the Order Entry Log window all filled orders if this box is checked. The H in parenthesis denotes the hotkey that may be used to activate this feature. Displays in the Order Entry Log window all orders for which cancel commands have been sent if this box is checked. Displays in the Order Entry Log window all orders for which cancel commands have been received by their appropriate destinations if this box is checked. The Order Entry Log 3-9

41 Canceled (I) Cancel Symbol Cancel Account Replace Replace Ack (Q) Replaced (X) Reject Show Today Show From Show Today to days back Show this Week Show this Month Only Display Symbol G in parenthesis denotes the hotkey that may be used to activate this feature. Displays in the Order Entry Log window all orders with a canceled status if this box is checked. The I in parenthesis denotes the hotkey that may be used to activate this feature. Displays in the Order Entry Log window all orders for which cancel commands for a selected symbol have been sent if this box is checked. Displays in the Order Entry Log window all orders for which cancel commands for a selected account have been sent if this box is checked. Displays in the Order Entry Log window all orders for which replacements have been sent if this box is checked. Displays in the Order Entry Log window all orders for which replacements have been received by their appropriate destinations if this box is checked. The Q in parenthesis denotes the hotkey that may be used to activate this feature. Displays in the Order Entry Log window all orders with a replaced status if this box is checked. The X in parenthesis denotes the hotkey that may be used to activate this feature. Displays in the Order Entry Log window all orders with a rejected status if this box is checked. Lets you view orders in the Order Entry Log window sent during the current day. Lets you view orders in the Order Entry Log window sent between the two specified dates. To change the beginning or ending date, simply click on the date you wish to change and select the desired beginning or ending date from the calendar that appears. Lets you view orders in the Order Entry Log window sent between the current day and a specified number of past days. To specify the number of past days you wish to view, simply enter the desired number in the box. Lets you view orders in the Order Entry Log window sent during the current week. Lets you view orders in the Order Entry Log window sent during the current month. Lets you specify a single symbol to be displayed in the Order Entry Log window. To specify the symbol to 3-10 Order Entry Log

42 Show Previous Days Holdings Auto-Export to File be displayed, simply enter the desired symbol in the box. Lets you view all your holdings in the Order Entry Log window previous to the current day if this box is checked. Lets you automatically export the entire contents of the active Order Entry Log window to a text file for importing into other applications. Text files are exported in a.csv format, which is a standard used by other programs such as Microsoft Excel. This feature lets you specify how often, during which times, and where you wish Neovest 5.0 to save the text files. Simply click on the Browse button to determine the path where you wish the files to be saved. By default, all Order Entry Log window text files are saved in the OELOG folder in your Neovest folder. How to Change Order Entry Log Window Colors Neovest 5.0 s Properties For Log Window box lets you set default text and background colors for Neovest 5.0 s Order Entry (Large), Orders Pending, and Order Entry Log windows. You may use colors as indicators in Neovest 5.0 s Order Entry windows to quickly see the status of individual orders. For example, in an Order Entry Log window, you may assign the colors of red, white, and blue to the Acknowledge, Pending, and Traded statuses, respectively, for all buy orders. Furthermore, these same colors correspond to the colors that appear in Neovest 5.0 s Order Entry (Large) and Pending Orders windows once orders are acknowledged, as orders are pending, and once orders trade. The following instructions describe how to change the Acknowledge, Pending, and Traded status colors for buy, sell, sell short, and cancel orders for Neovest 5.0 s Order Entry (Large), Pending Orders, and Order Entry Log windows. Click with the right mouse button in the body of an open Neovest 5.0 Order Entry Log window. Order Entry Log 3-11

43 Select Properties. Click on the Colors bar Order Entry Log

44 Click on the Text or Back button corresponding to the Buy, Sell, Sell Short, or Cancel color that you wish to change in either the Acknowledge, Pending, or Traded status area. Select the desired color once the Color box appears, and click OK. Order Entry Log 3-13

45 Chapter 4 Order Entry ProfitCalc Overview Neovest 5.0 s ProfitCalc window provides important information for all sent orders and positions in your account. Neovest 5.0 s ProfitCalc window displays essential information such as profit and loss (P&L), entry point, exit point, cost, and commission on a limitless number of sent orders, thereby allowing you to monitor the profit and loss of your positions. Sections In This Chapter ProfitCalc Window Introduction How to Access a ProfitCalc Window ProfitCalc Window Templates How Different Display Positions Change ProfitCalc Values ProfitCalc Window Right-Click Menu ProfitCalc Window Properties

46 ProfitCalc Window Introduction Neovest 5.0 s ProfitCalc window provides essential information for all orders and positions in your account. Once an order is sent in a Neovest 5.0 Order Entry (Large) window, Neovest 5.0 displays the order s information in a ProfitCalc window, thereby allowing you to monitor the profit and loss of your position. Neovest 5.0 s ProfitCalc window displays important information such as profit and loss (P&L), entry point, exit point, cost, and commission on a limitless number of orders. Furthermore, Neovest 5.0 lets you choose the type of order information to be displayed in each ProfitCalc window. How to Access a ProfitCalc Window Neovest 5.0 lets you name new and modify existing ProfitCalc windows to match your style of trading. The following instructions describe how to open and name a new ProfitCalc window: Select Order Entry ProfitCalc to access the "ProfitCalc" box. 4-2 Order Entry ProfitCalc

47 Select New. (Note: To open an existing ProfitCalc window, simply select its name in the ProfitCalc box, and click OK.) Enter the name you wish to give the new ProfitCalc window in the Enter ProfitCalc File Name box, and select OK. ProfitCalc Window Templates The two rows of column headers (e.g., Buy Power, "TPos," "TCost," Symbl, Last, Pos, etc.) across the top of each Neovest 5.0 ProfitCalc window are referred to as the ProfitCalc templates. Order Entry ProfitCalc 4-3

48 Neovest 5.0 s ProfitCalc templates display essential information such as profit and loss (P&L), entry point, exit point, cost, and commission for each displayed symbol. Neovest 5.0 provides several column headers that you may use to create ProfitCalc templates that best suit your style of trading. For now, however, these instructions describe the default column headers that appear on Neovest 5.0 s ProfitCalc window. For more information on modifying the ProfitCalc template, refer to the Modifying a ProfitCalc Template section in the Help menu documentation. Note: The main difference between the first and second templates in a Neovest 5.0 ProfitCalc window is that the fields in the top or first template display the totals of the fields displayed in the bottom or second template. Additionally, the type of information that the bottom or second template displays depends on the criteria selected in the Properties tab of the Properties for ProfitCalc Window box. For more information on selecting the type of information you wish to display in the bottom or second template, refer to the ProfitCalc Window Properties section in this chapter. The following table provides descriptions of the default column headers that appear in the top or first template in Neovest 5.0 s ProfitCalc window: Feature: Buy Power TPos TCost TMktVal TCommission TDay ReP&L TDay UnP&L Description: Displays the total buying power (the available cash plus margin) of the selected account or accounts. Displays the sum of all values (both positive and negative) displayed in the Pos column for the selected account or accounts. Displays the sum of all values displayed in the Cost column for the selected account or accounts. Displays the sum of all values displayed in the MktVal column for the selected account or accounts. Displays the sum of all values displayed in the Commission column for the selected account or accounts. Displays the sum of all values displayed in the Day ReP&L column for the selected account or accounts. Displays the sum of all values displayed in the Day 4-4 Order Entry ProfitCalc

49 TDay P&L TReal P&L TUnrealP&L Total P&L TShares UnP&L column for the selected account or accounts. Displays the sum of the TDay ReP&L and TDay UnP&L values for the selected account or accounts. Displays the sum of all values displayed in the Real P&L column for the selected account or accounts. Displays the sum of all values displayed in the Unreal P&L column for the selected account or accounts. Displays the sum of the TReal P&L and TUnrealP&L values for the selected account or accounts. Displays the total number of shares traded for the current day for the selected account or accounts. The following table provides descriptions of the default column headers that appear in the bottom or second template in Neovest 5.0 s ProfitCalc window: Feature: Symbl Last Pos L EntryP Description: Displays the symbol for which the ProfitCalc window is displaying totals and positions. Displays the last price of the symbol for which the ProfitCalc window is displaying totals and positions. Displays the number of shares of each position for each symbol. The Pos value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the entry price of all long positions for each displayed symbol. The L EntryP value will be an average price as long as multiple positions are held on a displayed symbol. If all long positions are closed for a displayed symbol and then the symbol is bought again, then the L EntryP value will reflect the price at which the new position was filled. For example, if 100 shares of a stock were purchased at $10.00 and then an additional 100 shares were purchased at a later time at $11.00, the L EntryP value would be $ If Order Entry ProfitCalc 4-5

50 L ExitP S EntryP S ExitP the long position was then completely closed and then an additional 100 shares were purchased at a later time at $12.00, the L EntryP value would be $ If the long position was then completely closed again, the L EntryP value would be $11.00, which is the average price of $10.00, $11.00, and $ The L EntryP value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the exit price of all long positions for each displayed symbol. The L ExitP will value will be displayed as Open until all long positions are closed for each displayed symbol. The L ExitP value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the entry price of all short (sell short and sell) positions for each displayed symbol. The S EntryP value will be an average price as long as multiple positions are held on a displayed symbol. The rules concerning how the S EntryP value is calculated and displayed are the same as L EntryP. The S EntryP value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the exit price of all short (sell short and sell) positions for each displayed symbol. The S ExitP value will be displayed as Open until all short positions are closed for each displayed symbol. The S ExitP value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as 4-6 Order Entry ProfitCalc

51 Day UnP&L Day ReP&L Unreal P&L different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the current day s unrealized profit and loss for each displayed symbol. Day UnP&L is calculated by subtracting the entry price from the market price and multiplying this sum by all open shares opened today for each displayed symbol; this value is then added to the sum of the previous day s close price minus the market price multiplied by all open shares opened before today for the displayed symbol. Formula: [(MktPrice EntryP) * UnitsToday] + [(MktPrice PClose) * PositionUnits]. The Day UnP&L value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the current day s realized profit and loss for each displayed symbol. Day ReP&L is calculated by subtracting the entry price from the exit price and multiplying this sum by all open shares opened today for each displayed symbol; this value is then added to the sum of the previous day s close price minus the exit price multiplied by all open shares opened before today for the displayed symbol; lastly, the current day s commission for each displayed symbol is subtracted from this value. Formula: [(ExitP EntryP) * UnitsToday] + [(ExitP PClose) * PositionUnits] Commission. The Day ReP&L value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the unrealized profit and loss for each displayed symbol. Unreal P&L is calculated by subtracting the cost from the market value of each displayed symbol. Formula: MktVal Cost. The Unreal P&L value will change as different positions are selected in the Display Position section in the Order Entry ProfitCalc 4-7

52 Real P&L Cost MktVal Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the realized profit and loss for each displayed symbol. Real P&L is calculated by multiplying the sum of the entry price minus the exit price by the number of shares of each position; the commission fee is then subtracted from this value to reach the Real P&L. Formula: ((ExitP EntryP) * Units) Commission. The Real P&L value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the cost of each position. Cost is calculated by multiplying the traded price of each displayed symbol by the number of shares of each position. Cost values are displayed as positive for buys and negative for sells and shorts. Formula: Trade Price * Units. The Cost value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the market value of each displayed symbol. Market value is calculated by multiplying the market price of each displayed symbol by the number of shares of each position. Market price is determined by the last, bid, or ask price of the displayed symbol depending on what is selected in the Calculating Profit & Loss section in the Properties for ProfitCalc Window box. Formula: MktPrice (Current Last, Bid, or Ask of Displayed Symbol) * Units. The MktVal value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the 4-8 Order Entry ProfitCalc

53 Commission Account How Different Display Positions Change ProfitCalc Values section following this table. Displays the commission fee charged for each position for the current day. The Commission value will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. For information on how ProfitCalc values change as different Display Positions are selected, refer to the How Different Display Positions Change ProfitCalc Values section following this table. Displays the account through which each displayed symbol was traded. How Different Display Positions Change ProfitCalc Values 1. Pos, Cost, MktVal, and Commission values will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. If Combined by Symbol is selected, then the Pos value will display the sum of all positive and negative positions, and the Cost, MktVal, and Commission values will be averaged for each displayed symbol. If Combined by Lot is selected, then each order for a symbol will be displayed separately; however, as positions close for each displayed symbol, the positions will be combined if they share the same Order ID. If Average Price is selected, then all Pos, Cost, MktVal, and Commission values will be combined by side for the current day. Lastly, if Trade History is selected, then each order for a symbol will be displayed separately if no Reference ID is specified in the Only Display Ref. ID section in the Properties for ProfitCalc Window box; if a Reference ID is specified, however, then all orders for a symbol will be combined by the specified Reference ID. 2. L EntryP and S EntryP values will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. If Combined by Symbol is selected, then the L EntryP value will reflect an average of all long position entry prices for each displayed symbol, and the S EntryP value will reflect an average of all short position entry prices for each displayed symbol. If Combined by Lot is selected, then each order for a symbol will be displayed separately; however, as positions close for each displayed symbol, all prices will be combined and averaged if they share the same Order ID. Neither Average Price nor Trade History applies to either of these features. Order Entry ProfitCalc 4-9

54 3. L ExitP and S ExitP values will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. If Combined by Symbol is selected, then the L ExitP value will reflect an average of all long position exit prices for each displayed symbol, and the S ExitP value will reflect an average of all short position exit prices for each displayed symbol. If Combined by Lot is selected, then each order for a symbol will be displayed separately and will display either Open or the long or short exit price of the displayed symbol. Neither Average Price nor Trade History applies to this feature. 4. Day UnP&L, Day ReP&L, Unreal P&L, and Real P&L values will change as different positions are selected in the Display Position section in the Properties for ProfitCalc Window box. If Combined by Symbol is selected, then prices for each displayed symbol will be averaged. If Combined by Lot is selected, then each order for a symbol will be displayed separately; however, as positions close for each displayed symbol, the positions will be combined if they share the same Order ID. If Average Price is selected, then all prices for the current day s trading for each displayed symbol will be averaged. Lastly, if Trade History is selected, then each order for a symbol will be displayed separately if no Reference ID is specified in the Only Display Ref. ID section in the Properties for ProfitCalc Window box; if a Reference ID is specified, however, then all orders for a symbol will be combined by the specified Reference ID. Note: For more information on each position in the Display Position section in the Properties for ProfitCalc Window box, refer to the ProfitCalc Window Properties section in this chapter. ProfitCalc Window Right-Click Menu By clicking with the right mouse button in either body section under the first or second template in a Neovest 5.0 ProfitCalc window you will access a menu of helpful features Order Entry ProfitCalc

55 This menu lets you perform functions such as tracking individual orders and buying and selling all open positions at market price. The following table describes the features available in the menu accessed by clicking with the right mouse button in either body section under the first or second template in a Neovest 5.0 ProfitCalc window: Feature: Properties F4 Export to Text File Add Entry Description: Accesses the "Properties For ProfitCalc Window" box, which lets you change specific settings in the active ProfitCalc window and modify the active ProfitCalc window s appearance. For more information, refer to the "ProfitCalc Window Properties" section in this chapter. Lets you export the entire contents of the active ProfitCalc window to a text file for importing into other applications. This file is exported in a.csv format, which is a standard used by other programs such as Microsoft Excel. Once you select this feature, the ProfitCalc File Export box will appear and will display the name given to the new text file. All ProfitCalc window text files are saved by default in the PROFIT folder in your Neovest folder. Accesses the Add Entry box, which lets you manually add a previously executed order in the active ProfitCalc window. This feature is especially helpful if the active ProfitCalc window does not display a previously filled order, but you would like to maintain a profit and loss record of it. Simply enter the specific order information such as the Order Entry ProfitCalc 4-11

56 Find Symbol Ctrl+F Track Order / Symbol Close Market Buy All Short Market Sell All Long Market Close All Market Refresh Window filled order s long or short position, its size, its price, etc., and click OK to add the order to the active ProfitCalc window. Additionally, the Add Entry box lets you remove an order from the active ProfitCalc window by using the Long/Short field in conjunction with a specific symbol. For example, if the active ProfitCalc window shows that you currently hold a long position on a symbol, simply enter an opposite short position for the symbol in the Add Entry box to remove the position. Accesses the "Enter Symbol To Search For" box, which lets you enter a symbol in order to locate it in the active ProfitCalc window. (This feature is especially helpful if the active ProfitCalc window contains a long list of symbols.) Opens the Order Tracking window, which displays detailed information for the highlighted order or symbol in the active ProfitCalc window. The Order Tracking window possesses the same characteristics as a Neovest 5.0 Order Entry Log window; however, in this case, the Order Tracking window only shows orders for the selected symbol in the active ProfitCalc window. For more information on Neovest 5.0 s Order Tracking window, refer to the Order Entry Log chapter in this guide. Closes the position for the selected symbol at market price. Buys all short positions in the active ProfitCalc window at market price. Sells all long positions in the active ProfitCalc window at market price. Closes all positions for all symbols in the active ProfitCalc window at market price. Refreshes the active ProfitCalc window with the latest data from your server Order Entry ProfitCalc

57 ProfitCalc Window Properties Neovest 5.0 s Properties For ProfitCalc Window box lets you define defaults and specify the data to be displayed in the active ProfitCalc window. The following instructions explain how to access the "Properties For ProfitCalc Window" box: Click with the right mouse button in either body section under the first or second template in a ProfitCalc window. Select Properties. Order Entry ProfitCalc 4-13

58 Select the Properties tab. The following table describes the features available in the "Properties" tab located in the Properties For ProfitCalc Window box: Feature: Service Account Last Price Description: Lets you select the order service or online broker for which orders are displayed in the active ProfitCalc window. Simply click on the down arrow to display the online brokerages that are currently setup to process your orders. Lets you select the account or accounts for which orders are displayed in the active ProfitCalc window. You may select one account or all accounts. The dropdown menu lists the accounts available from your broker to handle your orders. Lets you calculate the profit and loss in the active ProfitCalc window using the last price of each symbol Order Entry ProfitCalc

59 Bid On Short, Ask On Long Ask On Short, Bid On Long Lock Window Window Link Show Totals Recalculate Delay Auto- Export to File Switch To Focus Symbol Lets you calculate the profit and loss in the active ProfitCalc window using the last bid price on short positions and the last offer price on long positions. Lets you calculate the profit and loss in the active ProfitCalc window using the last offer price on short positions and the last bid price on long positions. Locks the active ProfitCalc window to remain open as different layouts are loaded and closed on the screen. Lets you change the active ProfitCalc window s link letter. The link letter in this box matches the letter in the upper-left corner of the active ProfitCalc window. All open Neovest 5.0 windows with the same link letter cycle to the same symbol. For example, if you doubleclick on a symbol in an open Neovest 5.0 QuoteWatch window, an open Neovest 5.0 ProfitCalc window with the same link letter will cycle to the same symbol (if the symbol is currently displayed in the window). Adds or removes the first or top template, which displays the totals of the fields displayed in the bottom or second template, in the active ProfitCalc window Lets you determine how often the fields in the active ProfitCalc window recalculate. If Auto is selected, then the active ProfitCalc window will recalculate more often if there are fewer entries and less often if there are many entries. The Auto recalculation times are as follows: One to 100 entries: every two seconds; entries: every five seconds; entries every seven seconds; and over 500: every 10 seconds. Lets you automatically export the entire contents of the active ProfitCalc window to a text file for importing into other applications. Text files are exported in a.csv format, which is a standard used by other programs such as Microsoft Excel. This feature lets you specify how often, during which times, and where you wish Neovest 5.0 to save the text files. Simply click on the Browse button to determine the path where you wish the files to be saved. By default, all ProfitCalc window text files are saved in the PROFIT folder in your Neovest folder. Causes the active ProfitCalc window to switch to a specific symbol (if the symbol is currently displayed in the ProfitCalc window) each time a symbol is entered in an alternate window (such as a chart) if this box is checked. Order Entry ProfitCalc 4-15

60 Send Focus Symbol To OE Window Only Display Ref. ID: Only Display User Sort By Absolute Value Hide Digits After Decimal Combined By Symbol Combined By Lot Sends all order information for a selected symbol to an open Neovest 5.0 Order Entry (Large) window. If this box is checked, then each time you double-click directly on a symbol in the active ProfitCalc window all order information for the selected symbol such as size, order type, price, and destination will instantly populate an open Neovest 5.0 Order Entry (Large) window. Lets you specify that only orders with a specific reference ID be displayed in the active ProfitCalc window. Reference IDs are used to distinguish between two or more users trading with the same account. For information on assigning reference IDs to orders, refer to the Order Entry Window Properties section in the Order Entry (Large) chapter of this guide. Lets you specify that only orders with a specific username be displayed in the active ProfitCalc window. Lets you sort the active ProfitCalc window by each symbol s absolute value, which is the numerical value of a number without regard to its sign. In other words, when this feature is selected, the active ProfitCalc window will not regard whether a number is positive or negative when you choose to sort the active ProfitCalc window based on the data displayed under a column header. For more information on sorting a ProfitCalc window, refer to the How to Sort a ProfitCalc Window section in this chapter. Hides or shows the numerals that appear after each decimal point in the active ProfitCalc window. Causes all positions to be combined and prices to be averaged for each displayed symbol in the active ProfitCalc window. Causes all positions to be combined as positions close for each displayed symbol in the active ProfitCalc window. If this feature is selected, then each order will be displayed separately in the active ProfitCalc window; however, as positions close for a displayed symbol, the positions will be combined. For example, if you buy 100 shares, then buy 200, then buy 1000 more of the same symbol, then all three orders will show up separately in the ProfitCalc window. However, if you sell 700 shares of the symbol, then the ProfitCalc window will begin to close (combine) existing entries, starting with the oldest, so the 100 and 200 share 4-16 Order Entry ProfitCalc

61 Average Price Trade History Open Closed orders will be closed and the 1000 share order will now be at 600. Causes all positions and shares to be combined by side and all prices to be averaged for each displayed symbol in the active ProfitCalc window. If this feature is selected, then the active ProfitCalc window will only display values for symbols traded during the current day. Additionally, if this feature is selected you may wish to add the AvgPrice column header to the second or bottom template in the active ProfitCalc window. For information on adding the AvgPrice column header, refer to the How to Modify a ProfitCalc Window Template section in Neovest 5.0 s Help documentation. Causes all orders for each displayed symbol to be displayed separately if no Reference ID is specified in the Only Display Ref. ID section in the Properties for ProfitCalc Window box; if a Reference ID is specified, however, then all orders for a symbol will be combined by the specified Reference ID. Note: If this feature is selected, then all P&L fields will not be calculated, since each order is displayed separately and will not be used as part of any P&L calculations. Additionally, if this feature is selected, you cannot close positions at market price. Lets you display all open positions in the active ProfitCalc window. Lets you display all closed positions in the active ProfitCalc window. Order Entry ProfitCalc 4-17

62 Chapter 5 Destinations Overview Neovest 5.0 supports the ECN and market maker destinations and their individual order types contained in this chapter as of 19 May Sections In This Chapter ARCA Order Types BRUT Order Types INCA Order Types ISLD Order Types ECN and Market Maker Functionality Advanced ECN and Market Maker Functionality ECN and Market Maker Pegging Functionality

63 ARCA Order Types This section provides descriptions of the order types supported by the ARCA ECN. The order types that ARCA provides will appear in Neovest 5.0 s Order Entry (Large) window after ARCA has been selected as the Destination. Note: In the following table, ARCA s SmartBook logic is referred to repeatedly. ARCA uses SmartBook, a proprietary execution algorithm, to find the best price available either within the ARCA Book or with other preferred market participants. Order Type MKT (Market) Orders Description A MKT order will be matched first with the ARCA Book if ARCA is at the inside bid or offer. If ARCA is not at the inside bid or offer, the order will be routed to other market participants by the use of ARCA s SmartBook logic. Any residual order volume will not be routed to the next price level until all current best bids and offers are exhausted. LMT (Limit) Orders To Create a MKT Order: Select ARCA as the Destination. Select MKT as the Order Type. If marketable, a LMT order will be matched first with the ARCA Book or will be routed to other market participants by the use of ARCA s SmartBook logic. If possible, the Limit order price will be improved. If a better price appears after the order has been routed outside the ARCA Book, it cannot be rerouted unless the market participant to which the order was routed declines the order. If non-marketable, a LMT order will be posted to the ARCA Book. Subsequently, the best bid and offer in the ARCA Book will be displayed on NASDAQ Level II (MMID = ARCA). 5-2 ECN Destinations

64 LOB (Limit or Better) Orders To Create a LMT Order: Select ARCA as the Destination. Select LMT as the Order Type. Enter your Limit Price. If marketable, a LOB order will be matched first with the ARCA Book or will be routed to other market participants at the inside bid or offer only. If possible, the Limit or Better order price will be improved. Any residual order volume will not be routed to the next price level until all current best bids or offers are exhausted. If non-marketable, a LOB order will be posted to the ARCA Book. Subsequently, the best bid and offer in the ARCA Book will be displayed on NASDAQ Level II (MMID = ARCA). Discretionary Limit Orders To Create a LOB Order: Select ARCA as the Destination. Select LOB as the Order Type. Enter your Limit Price. A Discretionary Limit order lets you (1) specify a discretionary Limit Price, (2) specify a display price (Disp. Price), and (3) determine a share quantity minimum (Discr. Qty.) that orders must meet before they are filled. An order for the specified displayed price that appears at or above the share quantity minimum will be routed to market participants by the use of ARCA s SmartBook logic at the specified bid or offer. However, when a bid or offer appears at or within the discretionary price range (which is the range between your discretionary Limit Price and your Display Price) and appears at or above the share quantity minimum, it will then be filled against the ARCA Book, or it will be routed to a NASDAQ market participant at the quoted price using SmartBook logic. To Create a Discretionary Limit Order: Select ARCA as the Destination. ECN Destinations 5-3

65 Passive Discretionary Orders Select LMT as the Order Type. Enter your Limit Price. Enter your Discretionary Quantity. Enter your Display Price. A Passive Discretionary order lets you specify a discretionary Limit Price and a display price (Disp. Price) for an order. The discretionary Limit Price allows orders to be filled outside the specified displayed price but only in the ARCA Book. Orders for the specified displayed price will be routed to market participants at the specified bid or offer. However, when a bid or offer appears in the ARCA Book at or within the discretionary price range (which is the range between your discretionary Limit Price and your Display Price), it will then be filled against the ARCA Book, even if the ARCA Book order is outside the national best bid or offer (NBBO). Proactive Discretionary Orders To Create a Passive Discretionary Order: Select ARCA as the Destination. Select LMT as the Order Type. Enter your Limit Price. Enter your Display Price. You may set a Display value (the box must be checked) if you wish to keep part of your order size in reserve. A Proactive Discretionary order lets you specify a discretionary Limit Price and a display price (Disp. Price) for an order. The discretionary Limit Price allows orders to be filled outside the specified displayed price. Orders for the specified displayed price will be routed to market participants at the specified bid or offer. However, when a bid or offer appears at or within the discretionary price range (which is the range between your discretionary Limit Price and your Display Price), it will then be filled against the ARCA Book, or it will be routed to other market participants at the national best bid or offer (NBBO). 5-4 ECN Destinations

66 Orders for symbols that have not been migrated to the combined platform will continue to be routed to market participants if the order is within the discretionary price range, not just the NBBO. NOW Orders To Create a Proactive Discretionary Order: Select ARCA as the Destination. Select LMT as the Order Type. Enter your Limit Price. Enter your Display Price. Check the Proactive box. You may set a Display value (the box must be checked) if you wish to keep part of your order size in reserve. A NOW order will be matched first with the ARCA Book if ARCA is at the inside bid or offer. If ARCA is not at the inside bid or offer, the order will be routed for immediate execution to a select group of market participants at their quoted prices. Any residual order volume that is not immediately executed at the quoted prices or better will be automatically cancelled. NOW market participants include only those who have a direct connection to ARCA for receiving and automatically executing orders. NOW orders may trade through better prices since they are routed only to electronic contra parties. Reserve Orders To Create a NOW Order: Select ARCA as the Destination. Select LMT, LOB, MKT, or PEG as the Order Type. Enter your Limit Price, if necessary. Select NOW as the TIF. A Reserve order lets you specify a display size quantity (Display) for an order while the balance of the reserve remains hidden. The displayed size quantity will be automatically replenished from the reserve as portions of the order are filled. Orders for the quoted size will be routed to market participants at the bid or offer. Orders routed to ECN Destinations 5-5

67 ARCA greater than the displayed size will be matched against the entire reserve quantity. PostNoPref (Post No Preference) Orders RsrvRandom (Reserve Random) Orders To Create a Reserve Order: Select ARCA as the Destination. Enter your order Size. Select LMT or LOB as the Order Type. Enter your Limit Price. Enter your Display size (the box must be checked). A PostNoPref order will be posted to the ARCA Book but will never be preferenced out. A PostNoPref order that would lock the market will be matched with the ARCA Book or will not be accepted. To Create a PostNoPref Order: Select ARCA as the Destination. Select LMT, LOB, or MKT as the Order Type. Enter your Limit Price, if necessary. Select PostNoPref as the Instruction. A RsrvRandom order lets you specify a display size (Display) and a random reserve size (Discr. Qty.) for an order. The random reserve is used to determine each consecutive displayed quantity. The random displayed quantity will be automatically replenished from the reserve as portions of the order are filled. For example, if the original displayed quantity is 2000 and the random reserve value is set at 200, then the next displayed quantity will appear within a 200 point range of 2000 (i.e., 1800, 1900, 2000, 2100, or 2200 shares) once the original order of 2000 shares is filled. If the random reserve value is set at zero, then the next displayed quantity will appear within 20 percent of the original displayed quantity. Orders for the quoted size will be routed to market participants at the bid or offer. Orders routed to ARCA greater than the displayed size will be matched against the entire reserve quantity. 5-6 ECN Destinations

68 RsrvSweep (Reserve Sweep) Orders To Create a RsrvRandom Order: Select ARCA as the Destination. Enter your order Size. Select LMT or LOB as the Order Type. Enter your Limit Price. Select RsrvRandom as the Instruction. Enter your Discretionary Quantity (the box must be checked). Enter your Display size (the box must be checked). A RsrvSweep order lets you specify a display size quantity (Display) for an order while the balance of the reserve remains hidden. The displayed quantity will be automatically replenished from the reserve as portions of the order are filled. Select market participants will be preferenced for the total reserve size by the use of ARCA s SmartBook logic when hitting the bid or taking the offer. Orders preferenced to ARCA, at sizes greater than the displayed size, will be matched against the entire reserve quantity. Market Pegged Orders To Create a RsrvSweep Order: Select ARCA as the Destination. Enter your order Size. Select LMT or LOB as the Order Type. Enter your Limit Price. Select RsrvSweep as the Instruction. Enter your Display size (the box must be checked). A Market Pegged order will be pegged to the opposite side (buy to offer, sell to bid) of the market. To avoid a locked or crossed market, your order will be displayed the smallest increment away from the opposite side of the national best bid or offer (NBBO). Your order price will float with the market to your Limit Price and has the discretion to trade at any level between your shown Limit Price and the opposite side of the NBBO. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is cancelled. ECN Destinations 5-7

69 To Create a Market Pegged Order: Select ARCA as the Destination. Select PEG as the Order Type. Enter your Limit Price. Select Market as the Pegging. You may specify a Peg Offset so that your order will float at a defined increment away from the opposite side of the NBBO. BRUT Order Types This section provides descriptions of the order types supported by the BRUT ECN. The order types that BRUT provides will appear in Neovest 5.0 s Order Entry (Large) window after BRUT has been selected as the Destination. Order Type MKT (Market) Orders BRUT-Only Orders Description A MKT order (OTC only) will be matched first with the BRUT Book if BRUT is at the inside bid or offer. If BRUT is not at the inside bid or offer, the order will be routed via BRUT s Liquidity Finder to another destination that is at the inside of the market. BRUT MKT orders are not displayed in the BRUT Book. To Create a MKT Order: Select BRUT as the Destination. Select MKT as the Order Type. A BRUT-Only order (OTC only) will be displayed in the BRUT Book and will not leave the BRUT Book. If the order crosses the market after executing against all matching orders within the BRUT Book, the order will be adjusted to 0.01 within the national best bid or offer (NBBO) and will be posted in the BRUT Book. To Create a BRUT-Only Order: Select BRUT as the Destination. Select LMT, MKT, MOC, or PEG as the Order Type. 5-8 ECN Destinations

70 BRUT-Out Orders Enter your Limit Price, if necessary. Select BRUT-Only as the Instruction. A BRUT-Out order (OTC only) will first hit all qualified orders in the BRUT Book. If shares remain to be executed after scanning the BRUT Book and the order is not marketable, the order will be displayed in the BRUT Book. When the order has open shares and is marketable, the order will be routed to other destinations to hit all bids or offers at the same price level. If the market shifts away from the order price, the unfilled shares will be added to the BRUT Book. Cross Orders Hunter Orders To Create a BRUT-Out Order: Select BRUT as the Destination. Select LMT, MKT, or MOC as the Order Type. Enter your Limit Price, if necessary. Select BRUT-Out as the Instruction. A Cross order (OTC only) will give preference to a designated market maker or another ECN, as in the Through BRUT order, except that the order will first be checked against the BRUT Book for liquidity. Shares that remain after being filled by the BRUT Book will then be routed to the specified destination. To Create a Cross Order: Select BRUT as the Destination. Select LMT or MKT as the Order Type. Enter your Limit Price, if necessary. Select Cross as the Instruction. A Hunter order is only available for NASDAQ listed securities during regular market hours (no pre- or aftermarket trades). Hunter orders will be filled with the BRUT Book, as well as SuperSOES and ECNs, where a matching order is found. Hunter orders will never appear in the BRUT Book or at the BRUT inside quote. To Create a Hunter Order: Select BRUT as the Destination. Select LMT or MKT as the Order Type. Enter your Limit Price, if necessary. Select Hunter as the Instruction. ECN Destinations 5-9

71 Through Orders A Through order will always be routed to the specified destination without crossing the BRUT Book first. A Through order that has been directed to BRUT has crossed but was never posted in the BRUT Book. A Through order may be sent to the following external exchanges for the following securities: OTC: SuperSOES, INCA, ISLD, ARCA, and selected market makers (via SNET) Market Pegged Orders To Create a Through Order: Select BRUT as the Destination. Select LMT or MKT as the Order Type. Enter your Limit Price, if necessary. Select Through as the Instruction. A Market Pegged order (OTC only) will be pegged to the opposite side (buy to offer, sell to bid) of the market. To avoid a locked or crossed market, your order will be displayed the smallest increment away from the opposite side of the national best bid or offer (NBBO). Your order price will float with the market to your Limit Price and will have the discretion to trade at any level between your shown Limit Price and the opposite side of the NBBO. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is cancelled. Primary Pegged Orders To Create a Market Pegged Order: Select BRUT as the Destination. Select PEG as the Order Type. Enter your Limit Price. Select Market as the Pegging. You may specify a Peg Offset so that your order will float at a defined increment away from the opposite side of the NBBO. A Primary Pegged order (OTC only) will be pegged to the same side (buy to bid, sell to offer) of the market. The order price will float to the Limit Price. If no Limit Price has been specified, the order will continue to be filled until the order is fully executed or the order is cancelled ECN Destinations

72 To Create a Primary Pegged Order: Select BRUT as the Destination. Select PEG as the Order Type. Enter your Limit Price. Select Primary as the Pegging. You may specify a Peg Offset so that your order will float at a defined increment away from the NBBO. INCA Order Types This section provides descriptions of the order types supported by the INCA ECN. The order types that INCA provides will appear in Neovest 5.0 s Order Entry (Large) window after INCA has been selected as the Destination. Order Type AMEX Orders AMI Orders Description If an AMEX order is marketable, it will be sent directly to the AMEX only. To Create an AMEX Order: Select INCA as the Destination. Select LMT or MKT as the Order Type. Enter your Limit Price, if necessary. Select AMEX as the Instruction. An AMI order allows you to utilize INCA s Smart Routing functionality to interact automatically with liquidity outside Instinet. As with any other INCA order, your NASDAQ National Market Securities (NNMS) order will first sweep the Instinet Book to find a match. If Instinet does not find a match, or if there are residual shares, Instinet will automatically route the order or residual shares outside Instinet. Marketable orders or order balances will alternate between the Instinet Book and external markets until they are filled, cancelled, or until they expire. ECN Destinations 5-11

73 INCA s Smart Routing works well with aggressively priced discretionary orders using the WinPeg functionality because it keeps spraying out orders to other liquidity pools without displaying them on the book. Returned portions of orders will be displayed at the display price. Cross Orders To Create an AMI Order: Select INCA as the Destination. Select LMT, MKT, or PEG as the Order Type. Enter your Limit Price, if necessary. Select AMI as the Instruction. Select Midpoint, Primary, or WinPeg as the Pegging, if necessary. You may specify a Peg Offset so that your order will float at a defined increment away from the NBBO. Enter your Display Price, if necessary. A Cross order provides you with the opportunity to participate in an overnight match at the market s closing prices for that day. Listed issues trade at the last traded price on the exchange; OTC issues trade at the midpoint between the day's closing bid and ask spread for the following day's trade date booking. Residuals and unexecuted orders are returned to customers after the cross is executed. The timing of Instinet's end-of-day cross has been selected specifically to maximize customer participation and concentrate liquidity. Direct+ Orders To Create a Cross Order: Select INCA as the Destination. Select LMT or MKT as the Order Type. Enter your Limit Price, if necessary. Select Cross as the Instruction. If a Direct+ order is marketable, it will be sent directly to the NYSE only. To Create a Direct+ Order: Select INCA as the Destination. Select LMT or MKT as the Order Type. Enter your Limit Price, if necessary. Select Direct+ as the Instruction ECN Destinations

74 DOT Orders ECN-Only Orders Best Peg Orders If a DOT order is marketable, it will be sent through the INCA DOT line to AMEX or NYSE only. To Create a DOT Order: Select INCA as the Destination. Select LMT or MKT as the Order Type. Enter your Limit Price, if necessary. Select DOT as the Instruction. If an ECN-Only order is marketable, it will be executed with Instinet, Island, or NASDAQ only. If the order is not marketable, it will appear in the INCA Book. Subsequently, the best bid and offer in the INCA Book will be displayed on NASDAQ Level II (MMID = INCA). To Create an ECN-Only Order: Select INCA as the Destination. Select LMT, MKT, or PEG as the Order Type. Enter your Limit Price, if necessary. Select ECN-Only as the Instruction. A Best Peg order will be displayed at the same side (buy to bid, sell to offer) of the market at the time the order is entered. If you specify a Peg Offset, your discretionary Limit Price will float the increment you specify away from the same side of the national best bid or offer (NBBO). Your discretionary Limit Price will only float your Peg Offset difference away from your ultimate Limit Price. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is cancelled. For European, Asian, US OTC Bulletin Board and other non-reg ATS* US OTC Equities, Best Peg orders will be displayed at the same side of the primary market and will float with the market to your Limit Price. US Listed securities will be pegged to the inside quote, which is not necessarily the primary market. *A Reg ATS security is regulated by the rule that if you have purchased more than five percent of the security s outstanding shares within the past four to six months, you must show your purchase to the entire street. ECN Destinations 5-13

75 Market Pegged Orders To Create a Best Peg Order: Select INCA as the Destination. Select PEG as the Order Type. Enter your Limit Price. Select Best as the Pegging. You may specify a Peg Offset so that your order will float at a defined increment away from the NBBO. A Market Pegged order will be pegged to the opposite side (buy to offer, sell to bid) of the market. To avoid a locked or crossed market, your order will be displayed the smallest increment away from the opposite side of the national best bid or offer (NBBO). Your order price will float with the market to your Limit Price and will have the discretion to trade at any level between your shown Limit Price and the opposite side of the NBBO. If no Limit Price has been specified, then there will be no default limit, and your order will float with the market forever and will never pay through the current contra side of the NBBO. For European, Asian, US OTC Bulletin Board and other non-reg ATS* US OTC Equities, Market Pegged orders will be displayed at the opposite side of the primary market and will float with the market to your Limit Price. US Listed securities will float with the opposite side of the inside quote. *A Reg ATS security is regulated by the rule that if you have purchased more than five percent of the security s outstanding shares within the past four to six months, you must show your purchase to the entire street. To Create a Market Pegged Order: Select INCA as the Destination. Select PEG as the Order Type. Enter your Limit Price. Select Market as the Pegging. You may specify a Peg Offset so that your order will float at a defined increment away from the opposite side of the NBBO ECN Destinations

76 Midpoint Pegged Orders A Midpoint Pegged order will be pegged to the midpoint between the best bid and the best offer. Your order price will float to your Limit Price. Your order will be pegged to the non-inca NBBO, so if INCA has the best bid or offer, it will be ignored, and your order will be pegged to the second best bid or offer. These orders only trade at the displayed price, and the order price does not float. If the midpoint is higher than your Limit Price, you will be pegged at your Limit Price. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is cancelled. For European, Asian, US Listed, US OTC Bulletin Board and other non-reg ATS* US OTC Equities, a Midpoint Pegged order will be displayed at the middle of the primary market and will float with the market to your Limit Price. *A Reg ATS security is regulated by the rule that if you have purchased more than five percent of the security s outstanding shares within the past four to six months, you must show your purchase to the entire street. Primary Pegged Orders To Create a Midpoint Pegged Order: Select INCA as the Destination. Select PEG as the Order Type. Enter your Limit Price. Select Midpoint as the Pegging. You may specify a Peg Offset so that your order will be pegged at a defined increment away from the midpoint between the best bid and offer. A Primary Pegged order will be pegged to the same side (buy to bid, sell to offer) of the market. Your order price will float to your Limit Price. If no Limit Price has been specified, you will continue to be filled until the order is fully executed, or the order is cancelled. Your order will be pegged to the non-inca national best bid or offer (NBBO), so if INCA has the best bid or offer, it will be ignored, and your order will be pegged to the second best bid or offer. ECN Destinations 5-15

77 If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is cancelled. For European, Asian, US Listed, US OTC Bulletin Board and other non-reg ATS* US OTC Equities, a Primary Pegged order will be displayed at the same side of the primary market and will float with the market to your Limit Price. *A Reg ATS security is regulated by the rule that if you have purchased more than five percent of the security s outstanding shares within the past four to six months, you must show your purchase to the entire street. WinPeg Orders To Create a Primary Pegged Order: Select INCA as the Destination. Select PEG as the Order Type. Enter your Limit Price. Select Primary as the Pegging. You may specify a Peg Offset so that your order will float at a defined increment away from the NBBO. A WinPeg order allows you to specify a Display Price (Disp. Price), which is fixed and does not float, and a Limit Price. The order will trade with any matching order between your Display Price and your discretionary Limit Price. If your Display Price is greater than your Limit Price for a buy order, then your order will appear at your Limit Price. If your Display Price is less than your Limit Price for a sell or short order, then your order will appear at your Limit Price. For European, Asian, US Listed, US OTC Bulletin Board and other non-reg ATS* US OTC Equities, a WinPeg order allows you to display your order at a fixed Display Price with a fixed discretionary Limit Price. You will only pay through the market up to your discretionary Limit Price if you can match more shares than those displayed at the contra side of the inside quote. If you have fewer shares remaining than those 5-16 ECN Destinations

78 displayed in the market, you will trade at any price up to your discretionary Limit Price. *A Reg ATS security is regulated by the rule that if you have purchased more than five percent of the security s outstanding shares within the past four to six months, you must show your purchase to the entire street. To Create a WinPeg Order: Select INCA as the Destination. Select PEG as the Order Type. Enter your Limit Price. Select WinPeg as the Pegging. Enter your Display Price. ISLD Order Types This section provides descriptions of the order types supported by the ISLD ECN. The order types that ISLD provides will appear in Neovest 5.0 s Order Entry (Large) window after ISLD has been selected as the Destination. Order Type Latent Orders Description If a Latent order is marketable at a given price and there is not currently a quote at that price, a stub quote with a nominal number of shares will be displayed in the marketplace to represent all of the Latent orders at that price. For example, if at a given price there is one displayed order for 200 shares and two Latent orders for 500 shares each then the 200-share order would be shown in the marketplace and the two Latent orders would be invisible. If the displayed order for 200 shares was subsequently cancelled or executed, then a 100- share stub would be shown in the market place to represent the two Latent orders of 500 each. ECN Destinations 5-17

79 Latent interest is always shown in the marketplace by a nominal number of shares, regardless of the combined number of shares of the various Latent orders being represented. In other words, there will always only be at the most one stub quote displayed at a certain price, and it will always only be for the minimum number of shares required to be able to quote. Latent orders will be treated like NonDisplay orders for priority purposes; hence, Latent orders will not appear in the ISLD Book, nor will they appear in Island s full Depth of Book. If it is not possible to show a stub at a given price because there are not enough shares in all of the displayed and Latent orders at that price, then the Latent orders at that price will be cancelled. For example, if there are no displayed orders at a given price but there are three Latent orders for 40 shares each (for a total of 120 shares) at that price then a stub quote of 100 shares will be shown in the marketplace to represent the three Latent orders. However, if one of the Latent orders is cancelled or executed, then the remaining two Latent orders will be cancelled since the remaining 80 shares would not be sufficient to show in the marketplace. NonDisplay Orders To Create a Latent Order: Select ISLD as the Destination. Select LMT as the Order Type. Enter your Limit Price. Select Latent as the Instruction. If a NonDisplay order is marketable, it will be executed with either ISLD or NASDAQ. If the order is not marketable, it will stay in the ISLD Book but will not appear in the ISLD Book, nor will it appear in Island s full Depth of Book. To Create a NonDisplay Order: Select ISLD as the Destination. Select LMT as the Order Type. Enter your Limit Price. Select NonDisplay as the Instruction ECN Destinations

80 Normal Orders Subscriber Orders If a Normal order is marketable, it will be executed with either ISLD or NASDAQ. If the order is not marketable, it will appear in the ISLD Book. Subsequently, the best bid and offer in the ISLD Book will be displayed on NASDAQ Level II (MMID = ISLD). To Create a Normal Order: Select ISLD as the Destination. Select LMT or PEG as the Order Type. Enter your Limit Price, if necessary. Select Normal as the Instruction. If a Subscriber order is marketable, it will be executed with either ISLD or NASDAQ. If the order is not marketable, it will appear in the ISLD Book but only to other Island subscribers. A Subscriber order will also appear in Island s full Depth of Book, but only to other Island subscribers. The Subscriber order is rarely used due to the Reg ATS regulation. This regulation applies to all Reg ATS securities and states that if you have purchased more than five percent of a Reg ATS security s outstanding shares within the past four to six months, you must show your purchase to the entire street. Therefore, Subscriber orders will only be allowed for symbols upon which little volume is traded. Market Pegged Orders To Create a Subscriber Order: Select ISLD as the Destination. Select LMT as the Order Type. Enter your Limit Price. Select Subscriber as the Instruction. A Market Pegged order will be pegged to the opposite side (buy to offer, sell to bid) of the market. To avoid a locked or crossed market, your order will be displayed the smallest increment away from the opposite side of the national best bid or offer (NBBO). Your order price will float with the market to your Limit Price and will have the discretion to trade at any level between your shown Limit Price and the opposite side of the NBBO. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is cancelled. ECN Destinations 5-19

81 Primary Pegged Orders To Create a Market Pegged Order: Select ISLD as the Destination. Select PEG as the Order Type. Enter your Limit Price. Select Market as the Pegging. You may specify a Peg Offset so that your order will float at a defined increment away from the opposite side of the NBBO. A Primary Pegged order will be pegged to the same side (buy to bid, sell to offer) of the market. Your order price will float to your Limit Price. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is cancelled. To Create a Primary Pegged Order: Select ISLD as the Destination. Select PEG as the Order Type. Enter your Limit Price. Select Primary as the Pegging. You may specify a Peg Offset so that your order will float at a defined increment away from the NBBO. ECN and Market Maker Functionality Neovest supports the ECNs and market makers and their individual order types, order expiration periods, and pegging order types contained in these sections as of 19 May The following sections are provided to assist you in creating orders. By using the following tables as guides, you may better understand the order flexibility and functionality that each ECN and market maker provides. Order Type The following table displays the order types provided by the various ECNs and market makers that Neovest supports ECN Destinations

82 The order types that an ECN or market maker provides will appear in Neovest 5.0 s Order Entry (Large) window after the individual ECN or market maker has been selected as the "Destination." For complete descriptions of the order types that are contained in the following table, refer to the Order Entry Descriptions section in the "Order Entry" chapter in this guide. Order Type Trading Hours (EST) General Stats ECN/MM Listed/ LMT LOC LOB MKT MOC MOO STOP SLMT PEG Open Close Size OTC ARCA Both Yes No Yes (OTC) Yes No No No No Yes 8:00 AM 8:00 PM 100,000,000 BRUT OTC Yes No No Yes No No No No Yes 8:00 AM 6:30 PM 1,000,000 DOT Listed Yes No No Yes Yes Yes Yes Yes No 9:30 AM 4:00 PM 30,000 MKT 99,000 LMT GSCO OTC Yes No No Yes No No No No No 9:30 AM 4:00 PM 100,000 INCA Both Yes No No Yes No No No No Yes 8:00 AM 8:00 PM 99,999,999 ISLD Both Yes No No No No No No No Yes 8:00 AM 8:00 PM 250,000 LFSJ Both Yes No No Yes No No No No No 9:30 AM 4:00 PM MILL Listed Yes No No Yes No No No No Yes 9:30 AM 4:00 PM 1,000,000 NITE OTC Yes No No Yes Yes Yes Yes Yes No 9:30 AM 4:00 PM 100,000 NYFX Listed Yes No No Yes Yes Yes No No No 9:30 AM 4:00 PM 1,000,000 TRIM Listed Yes No No Yes No No Yes No No 9:30 AM 4:00 PM 100,000 WDSB Listed Yes Yes No Yes Yes Yes Yes Yes No 9:30 AM 4:00 PM 200,000 Expire The following table displays the order expiration periods provided by the various ECNs and market makers that Neovest supports. The order expiration periods that an ECN or market maker provides will appear in Neovest 5.0 s Order Entry (Large) window after the individual ECN or market maker has been selected as the "Destination." ECN Destinations 5-21

83 For complete descriptions of the order expiration periods that are contained in the following table, refer to the Order Entry Descriptions section in the "Order Entry" chapter in this guide. TIF ECN/MM Day Day+ FOK GTC GTD GTW GTM GTY GTT GTX IOC NOW OPG ARCA BRUT DOT GSCO INCA ISLD LFSJ MILL NITE NYFX TRIM WDSB Yes Yes No No No No No No No No Yes Yes No Yes No Yes Yes No No No No Yes Yes Yes No No Yes No Yes No No No No No No No Yes No Yes Yes No No No No No No No No No No No No Yes No No No No No No No Yes No Yes No No Yes Yes Yes No No No No No No Yes Yes No No Yes No No No No No No No No No No No No Yes No Yes No No No No No No No Yes No No Yes No No Yes Yes Yes Yes Yes No No No No No Yes No No No No No No No No No Yes No No Yes No No Yes Yes Yes Yes Yes No No No No No Yes No Yes Yes Yes Yes Yes Yes No No Yes No Yes Pegging The following table displays the pegging order types provided by the various ECNs and market makers that Neovest supports. The pegging order types that an ECN or market maker provides will appear in Neovest 5.0 s Order Entry (Large) window after the individual ECN or market maker has been selected as the "Destination." For complete descriptions of the pegging order types that are contained in the following table, refer to the Destinations section in the "Order Entry" chapter in this guide. Pegging ECN/MM Best Last Market Midpoint Primary WinPeg ARCA No No Yes Yes No No BRUT No No Yes No Yes No INCA Yes No Yes Yes Yes Yes ISLD No No Yes No Yes No MILL No Yes Yes Yes Yes No 5-22 ECN Destinations

84 Advanced ECN and Market Maker Functionality Neovest supports the ECNs and market makers and their individual order parameters contained in these sections as of 19 May The following sections are provided to assist you in creating orders. By using the following tables as guides, you may better understand the order flexibility and functionality that each ECN and market maker provides. ARCA The following table displays the order parameters that may be used in connection with the ARCA ECN. The order parameters that you may utilize with ARCA will appear in Neovest 5.0 s Order Entry (Large) window after "ARCA" has been selected as the "Destination." For complete descriptions of the order parameters that are contained in the following table, refer to the Order Entry Descriptions and "Destinations" sections in the "Order Entry" chapter in this guide. ARCA Instruction Listed/ Order Limit Stop Pegging Peg TIF Discr. Disp. Disp. Pref Display Min Proactive Solicited OTC Type Price Price Offset Qty. Price Offset MM Fill None Both LMT, LOB, Opt. None Opt. Opt. All Opt. Opt. None None Opt. None Opt. Opt. MKT, PEG PostNoPref Both LMT, LOB, Opt. None None None All None None None None Opt. None None Opt. MKT RsrvRandom Both LMT, LOB, Opt. None None None All Opt. Opt. None None Opt. None None Opt. MKT RsrvSweep Both LMT, LOB, Opt. None None None All Opt. Opt. None None Opt. None None Opt. MKT ECN Destinations 5-23

85 BRUT The following table displays the order parameters that may be used in connection with the BRUT ECN. The order parameters that you may utilize with BRUT will appear in Neovest 5.0 s Order Entry (Large) window after "BRUT" has been selected as the "Destination." For complete descriptions of the order parameters that are contained in the following table, refer to the Order Entry Descriptions and "Destinations" sections in the "Order Entry" chapter in this guide. Instruction Listed/ OTC BRUT-Only OTC BRUT-Out OTC LMT, MKT, MOC Cross OTC LMT, MKT Hunter OTC LMT, MKT Through OTC LMT, MKT, MOC BRUT Order Limit Stop Pegging Peg TIF Discr. Qty. Disp. Disp. Pref Display Min Proactive Solicited Type Price Price Offset (Max) Price Offset MM Fill LMT, Opt. None Opt. Opt. All Opt. ( None Opt. None Opt. None None Opt. MKT, 1,000,000) MOC, PEG Opt. None None None All Opt. None None None Opt. None None Opt. ( 1,000,000) Opt. None None None All Opt. ( 1,000,000) None None None Opt. None None Opt. Opt. None None None All Opt. None None None None None None Opt. ( 1,000,000) Opt. None None None Day, Opt. None None Req. Opt. None None Opt. GTC, ( 1,000,000) GTT, GTX, & IOC INCA The following table displays the order parameters that may be used in connection with the INCA ECN. The order parameters that you may utilize with INCA will appear in Neovest 5.0 s Order Entry (Large) window after "INCA" has been selected as the "Destination." For complete descriptions of the order parameters that are contained in the following table, refer to the Order Entry Descriptions and Destinations sections in the "Order Entry" chapter in this guide. Instruction Listed/ OTC Order Type None Both LMT, MKT, PEG INCA Limit Stop Pegging Peg TIF Discr. Disp. Disp. Pref Display Min Proactive Solicited Price Price Offset Qty. Price Offset MM Fill Opt. None Opt. Opt. All None Opt. None None Opt. Opt. None Opt. ( 100,000) 5-24 ECN Destinations

86 AMEX Listed LMT, MKT Opt. None None None All None None None None None None None Opt. AMI Both LMT,MKT, Opt. None Opt. Opt. All None None None None None None None Opt. PEG Cross Both LMT, MKT Opt. None None None All None None None None None None None Opt. Direct+ Listed LMT, MKT Opt. None None None All None None None None None None None Opt. DOT Listed LMT, MKT Opt. None None None All None None None None None None None Opt. ECN-Only Both LMT, MKT, PEG Opt. None Opt. Opt. All None Opt. None None Opt. Opt. ( 100,000) None Opt. SuperSOES OTC LMT, MKT Opt. None None None All None None None None None None None Opt. ISLD The following table displays the order parameters that may be used in connection with the ISLD ECN. The order parameters that you may utilize with ISLD will appear in Neovest 5.0 s Order Entry (Large) window after "ISLD" has been selected as the "Destination." For complete descriptions of the order parameters that are contained in the following table, refer to the Order Entry Descriptions and Destinations sections in the "Order Entry" chapter in this guide. ISLD Instruction Listed/ Order Limit Stop Pegging Peg TIF Discr. Disp. Disp. Pref Display Min Proactive Solicited OTC Type Price Price Offset Qty. Price Offset MM Fill None Both LMT, Req. None Opt. Opt. All None None None None Opt. None None Opt. PEG Latent Both LMT, Req. None Opt. Opt. All None None None None Opt. None None Opt. PEG NonDisplay Both LMT Req. None None None All None None None None None None None Opt. Normal Both LMT, Req. None Opt. Opt. All None None None None Opt. None None Opt. PEG Subscriber Both LMT, Req. None Opt. Opt. All None None None None Opt. None None Opt. PEG ECN Destinations 5-25

87 WDSB The following table displays the order parameters that may be used in connection with the WDSB market maker. The order parameters that you may utilize with WDSB will appear in Neovest 5.0 s Order Entry (Large) window after "WDSB" has been selected as the "Destination." For complete descriptions of the order parameters that are contained in the following table, refer to the Order Entry Descriptions and Destinations sections in the "Order Entry" chapter in this guide. WDSB Instruction Listed/ Order Limit Stop Pegging Peg TIF Discr. Disp. Disp. Pref Display Min Proactive Solicited OTC Type Price Price Offset Qty. Price Offset MM Fill None Listed LMT, LOC, Opt. Opt. None None All None None None None None None None Opt. MKT, MOC, MOO, STOP, SLMT Direct+ Listed LMT, LOC, Opt. Opt. None None All None None None None None None None Opt. MKT, MOC, MOO, STOP, SLMT ETF Listed LMT, LOC, MKT, MOC, MOO,STOP, SLMT Opt. Opt. None None All None None None None None None None Opt. ECN and Market Maker Pegging Functionality Neovest supports the ECNs and market makers and their individual pegging order types contained in these sections as of 19 May The following sections are provided to assist you in creating pegging orders. By using the following tables as guides, you may better understand the pegging order flexibility and functionality that each ECN and market maker provides ECN Destinations

88 ARCA The following table displays the pegging order type that is provided by the ARCA ECN. The pegging order type that ARCA provides will appear in Neovest 5.0 s Order Entry (Large) window after "ARCA" has been selected as the "Destination." For a complete description of the pegging order type that is contained in the following table, refer to the Destinations section in the "Order Entry" chapter in this guide. Pegging Peg Offset TIF ARCA (Pegging) Discr. Disp. Disp. Display Proactive Solicited Qty. Price Offset Market Opt. All Opt. Opt. None Opt. Opt. Opt. (Except NOW) BRUT The following table displays the pegging order types that are provided by the BRUT ECN. The pegging order types that BRUT provides will appear in Neovest 5.0 s Order Entry (Large) window after "BRUT" has been selected as the "Destination." For complete descriptions of the pegging order types that are contained in the following table, refer to the Destinations section in the "Order Entry" chapter in this guide. BRUT (Pegging - OTC Equities Only) Pegging Peg TIF Discr. Disp. Disp. Display Proactive Solicited Offset Qty. Price Offset Market Opt. All None None None Opt. None Opt. Primary Opt. All None None None Opt. None Opt. ECN Destinations 5-27

89 INCA The following table displays the pegging order types that are provided by the INCA ECN. The pegging order types that INCA provides will appear in Neovest 5.0's Order Entry (Large) window after "INCA" has been selected as the "Destination." For complete descriptions of the pegging order types that are contained in the following table, refer to the Destinations section in the "Order Entry" chapter in this guide. Pegging Peg Offset TIF Discr. Qty. INCA (Pegging) Disp. Disp. Display Proactive Solicited Price Offset Best Opt. All None None None Opt. None Opt. Market Opt. All None None None Opt. None Opt. Midpoint Opt. All None None None Opt. None Opt. Primary Opt. All None None None Opt. None Opt. WinPeg Opt. All None Opt. None Opt. None Opt. ISLD The following table displays the pegging order types that are provided by the ISLD ECN. The pegging order types that ISLD provides will appear in Neovest 5.0's Order Entry (Large) window after "ISLD" has been selected as the "Destination." For complete descriptions of the pegging order types that are contained in the following table, refer to the Destinations section in the "Order Entry" chapter in this guide. ISLD (Pegging) Pegging Peg. TIF Discr. Disp. Disp. Display Proactive Solicited Offset Qty. Price Offset Market Opt. All None None None Opt. None Opt. Primary Opt. All None None None Opt. None Opt ECN Destinations

90 MILL The following table displays the pegging order types that are provided by the MILL market maker. The pegging order types that MILL provides will appear in Neovest 5.0's Order Entry (Large) window after "MILL" has been selected as the "Destination." For complete descriptions of the pegging order types that are contained in the following table, refer to the Destinations section in the "Order Entry" chapter in this guide. MILL (Pegging) Pegging Peg TIF Discr. Disp. Disp. Display Proactive Solicited Offset Qty. Price Offset Last None All None None None Opt. None Opt. Market Opt. All None None None Opt. None Opt. Midpoint None All None None None Opt. None Opt. Primary Opt. All None None None Opt. None Opt. ECN Destinations 5-29

91