Instruction guide August 2015 Spencer Jeffery ebroking +44 (0)20 7200 7079 sjeffery@tullettprebon.com tpirodealadmin@tullettprebon.com
Interest rate option matching platform tpirodeal is Tullett Prebon s enhanced auction based matching platform for Interest Rate Options. It offers clients real time electronic volume matching within frequent trading sessions. A full swaption grid is provided with a simple and clear method of inputting orders. Spreads are easily entered and vega weighted for matching on spread or legs. The platform is simple to use with participating users able to clearly view interests and trades on an anonymous basis. It includes customisable window management and filters, warning messages, pop-ups and alerts. Hold and kill buttons aid safety and enable quick action if necessary. Each matching session lasts for a pre-determined length of time (dependent on the product and the market conditions) providing our clients with focused liquidity sessions. Sessions are run at regular intervals throughout the day. tpirodeal is used and supported by our clients globally with new products to be added to the system soon. Current tpirodeal products include Swaptions in EUR, GBP, USD, JPY and SEK. Skew, CMS and Cap/Floor sessions will follow. 2
Login You will likely have a ready link set up on your desk top depending on your IT preferences, or the web address is https://ctx.tpebroking.com or https://ctx.ukcipn.tpebroking.com if you have a leased line. The desktop icon Then click here:
Adjust your view You can select one of several pre-designed workspaces or construct your own. Go to Workspace on the top toolbar and download any of our pre-set views. Switch between loaded workspaces, or simply adjust to your liking. Any adjustments you make will be saved for when you next open tpirodeal. 4
Auction schedule We will aim for regular auctions several times a day. Please see the Auctions Schedule window for upcoming and previous sessions. Just before an auction you will be alerted by a pop up and by the desk brokers. The auction will be preceded by a countdown, usually 10 seconds. 5
Orders and interests on the grid All types of order and interest are denoted by colour shown in the key on the right of the grid, whether your orders, other market participants or a colleague s. Trades are denoted by a red border. 6
Orders and interests on the grid 7
Order entry outright Product selection Use the mouse on the grid, arrow keys or type in the Instrument box. Type in the size in the Buy or Sell box, or use the toggle. Sizes and Increments: The minimum size on screen is half the voice market size and the tick size denotes the minimum increment for adjustment. Use Min fill for a minimum fill per ticket as per the platform minimum. Once entered and happy with your order, click on Accept. 8
Order entry spreads Product selection Use the mouse, arrow keys or type in for the first leg. Tick the Sprd box on the left and select the second leg using the mouse, or use the CTRL key and select a second leg. You can also select an existing interest in the spreads box. Type in the size of the bid or offer or use the toggle. The size for the other leg will display automatically. Sizes and Increments: The minimum notional on spreads is governed by the minimum size on each leg and the tick size denotes the minimum increment for adjustment. This increment is set at 12.5 m for the lower vega leg. This makes sure that the minimum increment in the higher vega leg is 0.5 million at least for all combinations. The ratio displayed for trading is weighted using normal vega and rounded to fit the higher vega Tick size. This rounding is set to be a maximum 2% deviation from the normal vega weighting. 9
Your orders Your orders and their status are shown below the main grid: Full fills are shown with a red border, partial fills with an orange border. Note also that spreads can trade on legs as well as on spread. 10
Change your order Throughout the auction you can adjust your orders. Increase the size of the order, pre or post any fill by entering your all day size. Hold, and then re-activate all orders, or just your bids/offers. Kill all orders If you get disconnected from the service for 15 seconds, all your orders are put on hold. When re-connected you will be able to re-activate them if you wish, rather than needing to re-enter individually. 11
Remember your orders Your unfilled, partially filled and any held orders will be remembered for you. When an auction starts, your previous orders will be displayed as below. You can re-enter your orders by two methods: Click on Activate All at the top, and then select those to re-activate. Tick the Live checkbox To remove a held order from the list, select and click cancel 12
Remembered orders detail Orders are remembered and presented for entry at the new mid price set for that auction. Size for your order is retained from the previous entry. Any residual size from a partially filled order is upsized to minimum if necessary. Spread size is maintained with the amount on the lower vega leg and a fresh vega calculation for the ratio. 13
Colleague Orders Your colleagues orders are denoted on the grid with a star *, listed in the activity view and in the order list under the grid. You cannot trade with a colleague s order. If you do try, a warning is set to pop up in order that you might trade internally if you wish. 14
Execution Trade execution details will pop up as soon as you trade, like the example below: A list of your trades will also be displayed as red surrounds in your list of orders below the grid, as well as in this box. 15
Trade details The details are displayed below the main grid and in the Trade Book. When matched, your voice broker will contact you in order to confirm the details and counterparty for your credit check. Trades will be processed as normal through MarkitWire. 16
Trade book Trade details are listed in the Trade Book, with further details to the right. Double click on a trade to reveal a more detailed ticket for export, email or print. You can also view other trades in the market (participants hidden of course). Use the Trades drop down and select date ranges for historical trade information. 17
Activity See the Activity view for your and your colleagues price action. You will also see other trades in the auction as they happen, without bank details. 18
Other features Hover over an active interest for strike info, or a spread leg for the other side. Hover over titles for a description. Right click on the grid to use Copy view to clipboard and paste to excel. Live updates or views of last night s closes of the grid outside auction times for information. Double click in the Trade Book for a trade description for email or a quick summary. Adjust windows size and positioning easily. Filter Columns in the Trade Book and Auction Schedule to your liking. 19
Issues and queries Contact: Spencer Jeffery ebroking Tullett Prebon Group Ltd 155 Bishopsgate London United Kingdom EC2M 3TQ Direct: +44 (0) 20 7200 7079 Email: sjeffery@tullettprebon.com or tpirodealadmin@tullettprebonm.com On Bloomberg. Or contact your Voice Broker and we will endeavor to help as soon as possible. 20