APX POWER UK EUROLIGHT TRAINING GUIDE VERSION 3.0
Document Control Document Location An electronic version of this document is available in the member s area of APX-ENDEX s website (www.apxendex.com). A valid username and password are required. Revision History Revision Date Version Author Revision Summary June 2010 3.0 John Farthing 2
Contents page Document Location 2 Revision History 2 Approvals Error! Bookmark not defined. 1 Introduction 5 2 Starting up Eurolight 5 2.1 Starting for the first time 5 2.2 Connecting to the Eurolight Servers 6 2.3 Disconnecting from the Eurolight Servers 7 3 Eurolight settings 8 3.1 Global Settings 8 Confirm Logout 8 3.2 Help 8 4 The Trader Module 9 4.1 Trader User Settings 9 Module Settings 9 4.2 The Market View 14 Setting Preferences 14 Day Ahead View 18 Order Entry 19 Enter / Modify Order 21 Withdraw/Hold 24 Task List 25 3
4.3 The Order Book 28 Settings 28 Export to Excel 32 4.4 The Contract Book 33 Settings 33 4.5 Ticker 33 4.6 UK Power WAP 33 Settings 34 5 Position View 37 6 Auction Results 38 7 Financial Module 39 7.1 Credit Status Report 39 7.2 Initial Margin Details 39 7.3 Positions 40 7.4 Event log 40 8 Contact details 41 4
1 Introduction This document is provided for the purpose of training trading users on the Eurolight software. It is not intended as an exhaustive list of the functionality of the system, but as a training script to ensure that users of Eurolight will be confident in setting up their screens, using the trading functionality, setting warning messages and viewing trade and financial information. 2 Starting up Eurolight Eurolight will start after selecting Eurolight from the Windows Start menu, or double clicking the icon on the desktop. 2.1 Starting for the first time Before a connection can be made to the Eurolight servers, the Network Settings need to be defined. Note that modifying these settings can result in the inability to connect to the correct Eurolight servers. These should only be modified on advice from an APX Operator. To access the Global Network Settings, click the Open Settings icon on the Eurolight Client. 5
Test Server address is 194.72.247.88 Test Server Port is 443 2.2 Connecting to the Eurolight Servers A connection to the Eurolight servers can be established in two ways: By selecting the option Connect from the Tool menu or by clicking the Connect icon in the tool bar: A dialogue box will open requesting your UserID. This UserID will be checked in the database for validity. You will be given separate UserIDs for use in the Member test environment and for Production. 6
Once you have entered your UserID, Eurolight will provide a challenge code. This code must be entered into your Vasco Digipass. Press the Triangle to switch on the digipass and enter in the PIN number. Type in the challenge code provided by Eurolight followed by the Triangle key. This will then produce a response to type into the Response field of the Login Challenge window. Please note that you have a maximum of three attempts to enter a correct response code. After the third invalid attempt your User ID will be locked, and can only be unlocked by obtaining the unlock code from APX Operations. (When you click Cancel, it will not be counted as a response. Therefore it is 'safe' to click Cancel). Please note that for any APX test environment, the response entered should be maggie. By clicking the Connect button, Eurolight matches the response code with the challenge. Assuming you have logged in successfully you will be presented with the Eurolight Console, containing icons for modules for which permission has been granted. The connection state bar at the bottom of the console indicates that you are logged in, accompanied by the appropriate server time and server address. 2.3 Disconnecting from the Eurolight Servers Terminating the connection with the Eurolight servers can be done in a number of ways. a) By selecting the Disconnect option in the Eurolight Tool drop down menu; b) By clicking the Disconnect icon in the Eurolight toolbar: c) By clicking the Windows X in the upper right corner of the Eurolight toolbar. 7
3 Eurolight settings One of Eurolight s major advantages is the extent to which individual users can configure their own screens. The following section focuses on User Settings, an early understanding of which will help you get the most out of Eurolight. 3.1 Global Settings The Time/Date/Number notation, determines the format of time and dates listings as applicable for each country. Time Zone determines which time zone you are operating from. Please note, changing these preferences will not affect Windows or Excel settings in any way. Confirm Logout The option to set Confirm Logout will enable or disable an additional warning dialogue box during logging off, warning you that you are about to log off. It is recommended to have this option ticked. 3.2 Help The Help option in the Help menu displays the main Eurolight Trader Manual in HTML Help file format. This allows easy searching for specific topics. PDF help files are also available via the Start -> All Programs -> Eurolight 4 link. 8
4 The Trader Module The Trader is the tool where orders are entered and monitored and is the main tool for participants to use. In the Eurolight tool, click the icon, or select the Trader option from the Tool drop down menu. Alternatively, use the ALT-T to open the Tool menu, then ALT-T to select Trader. The Trader application will open with any previously defined default settings. 4.1 Trader User Settings Generally, the User Settings are only set once. Some default values are set during installation, but we recommend you confirm these settings. You can bring up the user settings by selecting Settings then Module or View Settings. Module Settings Visual The Visual tab allows you to set the default start-up screen, and also to select whether or not you wish the Withdraw or Hold icons to appear on your toolbar. - Startup screen This will denote which screen will open when starting the Trader application, or when opening a new window with the File/New Window toolbar option. 9
Select a screen from the list. Press Save to set, or press Reset to revert to the previous saved state. - Icons You can select whether or not to display the Withdraw and Hold icons on your main toolbar. You have the option of removing these from view to prevent accidentally clicking on them. General The General tab allows you to make a number of settings, relating to warning, the ticker log file and setting a confirmation password. 10
- Warnings Warn user about pending orders when exiting the application. If you select this option you will receive the following message when you exit Eurolight with pending orders in the market. - Confirmation These options give an additional confirmation dialogue box, requesting acceptance of the chosen action. - Withdrawing Orders These options describe what you would like Eurolight to do when you log out. Just click on the radio button next to your choice. - Connection Failure If a connection failure is detected there are various options available to the user. - Ticker Log File The Ticker Log File is an external file that logs all reported events from all users that have appeared in the Ticker. 11
Phase Colours With this option you can set the colours indicating a certain Market Phase per Market. These colours will be displayed as a background colour in the first column of the Market View. Note: Idle Phase defaults to red, so we recommend that you do not choose this colour. Event Log Notification In the Event Log Notification you can select which Events you want to be logged in the Event Log, whether you want to receive a pop up message and/or want to hear a beep when a certain event happens and is logged. 12
User Risk Alerts This allows you to set various warning limits which you will be warned of if they are exceeded by a visual warning in red in the confirmation dialogue box when you submit an order. Please note that even if you have switched off your confirmation dialogue box, if you exceed a User Risk Alert, the confirmation dialogue box will automatically appear requesting acceptance. These warnings can be overridden. Example of a warning message during a order entry confirmation. The reason for the warning message in red is explained in the field below. A separate message will appear for each User Risk Alert that is applicable. In Eurolight, there are four different price and volume caps that are validated, of which the User Risk Alerts form a part: 1. User Risk Alerts (user defined minima and maxima). These values are set in the settings screen above and will trigger a warning. Confirmation will accept the order. 2. Exchange defined minima and maxima per account. Orders with prices or volumes exceeding the account parameters will be moved to the operator watch list to be validated manually. 3. Exchanged defined minima and maxima per market segment. During order creation the validation will give a warning message. Order cannot be submitted. 4. System maxima. Orders will be rejected. This maximum is in practice not reached due to earlier validations. 13
4.2 The Market View The Market View can be opened either from the View drop down menu or by the Market View icon highlighted below. The Market View displays an overview of all orders for any market you have subscribed to in the Preferences. Setting Preferences To set your preferred view for the Market View window, select Settings then View Settings. Setting view preferences will dictate what and how the User will see the Market View display. View Settings In order to create a custom View Setting, you need to make a copy of the Factory View. Select the screen you want to create a view for and click on the Copy View button. A New View will appear, and automatically be selected. You can now edit the items in the tabs pane. You can also make this your default setting by clicking on the Make Default button. A green background colour in the Market View indicates an order owned by a Position Account of your User ID. Bold characters for Bid Vol, Bid, Ask and Ask Vol indicate the order to be owned by your User ID. No bold or Green indicates an order from any other participant. When you hover the mouse over your order it will show details (such as the position account the order was entered on and which user entered the order). Selecting a row will display the market depth in the lower pane. 14
General In the General tab you can define what Rows to Display, the Sort Sequence of the three main Columns and how many Rows you want to display for each Market Segment. The user can select the number of open and closed instruments for each product type to be displayed on the Market View window. Any closed instruments will be greyed out so as not to allow any trading, but will display last trade, volume, high and low information. There will be no bids or offers left showing in the market after a series has expired. - Animation This function allows the user to highlight any changes on the market view, i.e. change in price, last trade, changes in volume depth, and Hi and Low price. By clicking on the segment you wish to highlight it will give you various choices and colours. Once you have chosen, click Save in the bottom right corner. - Rows to Display Having selected how many open and closed instruments you wish to be able to view, you can also specify whether you wish to see All Rows or another of the options listed below. N.B. in each case, the maximum number of open instruments displayed will be governed by the number of rows selected for each product as described above. o Rows with Open Orders This view displays all Markets that you have subscribed to, but only those products that have active orders in the market. These orders can be your own, or those of other trading parties. o Rows with Prior Activity or Open Orders This view displays all Markets that you have subscribed to, but only those products that have active orders in the market or with prior activity. These orders can be your own, or those of other trading parties. 15
o All Rows This view displays all rows for the instruments that you have selected to view. - Column Sort Sequence o Sort on Instrument Begin Time Here you can set the sorting priority for the whole Market View, making it possible to sort Instruments with the same Instrument Begin Time directly below each other. o Sort Instrument Descending Here you can sort the instrument in descending order. Market View Columns In the Market View Columns tab you can define which columns you wish to have displayed and with what width. Market Depth Columns In the Market Depth Columns tab you can define which columns you wish to have displayed and with what width. 16
Instrument Depth By right clicking on a segment row it will give you the option View Instrument. This will give you the market depth. There are no limits to how many Instrument Depth windows you have open and you are also able to trade direct from this window. 17
Day Ahead View Selecting the icon or selecting the Day Ahead View option from the View drop down menu opens the Day Ahead View screen. Setting Preferences will dictate what and how the User will see the Day Ahead View display. 18
Order Entry The basic Order Entry tool allows for entry of a single order. It can be opened from the View list, by pressing on the tool bar or by clicking on the row of the contract. The following fields must be entered:* Account:* Market:* Market Segment:* Instrument:* Expiration:* Mkt:* Iceberg List the position accounts you have permission to trade Select a Market from the list (default if you open order entry in a product) Select a market Segment from the list (default if you open order entry in a product). Select an Instrument from the list ((default if you open order entry in a product) Select either Instrument close, or Good Till Date. The latter requires you to enter the expiry date and time in the new fields which will be displayed below Click this box to enable Market Order i.e. best price in the market for the volume required. This feature allows you to place large orders but only show small clips to the market. When you tick the Iceberg box the Price Increment and Volume Clip boxes become active. This allows you too chose the volume clip size and any 19
Price:* Volume:* Execution Condition price increments you wish to use. Enter the price. Enter the volume (Minimum order size 1 MW) Select a condition from the list See explanations below: Reason Code Hold Cancel Buy Sell Select from the list if required by Market Segment and Account Check to submit order as hold Click this button to NOT submit an order, and close the order entry tool Click to submit a BUY order, and close the order entry tool Click to submit a SELL order, and close the order entry tool Aside from the default order type position which allows partial matching, there are three selectable order types: AON FAK FOK All or Nothing Fill and Kill Fill or Kill Can only trade for the full volume specified and not partially Market order which will trade the available volume and kill the balance of the order Market order which will be withdrawn if unable to trade ALL of the specified volume Exceeding Market set parameters will cause orders to be sent to a Market Operator Watch list, where these orders are manually validated. Any orders that are entered exceeding your own warning parameters can still be sent into the market by clicking the submit button. Iceberg orders in market view: 20
Enter / Modify Order In the Market View this option is available. Place the Mouse cursor over an active order display and double click. If the instrument does not contain any order, the Order Entry window opens. If any order is clicked in the instrument, not belonging to your own position account, then the Hit /Lift order function activates. If an owned order is clicked in the instrument, the Modify Order screen opens. If you right click on the instrument various options become available too you depending on what is already showing in that instrument. 21
Modify Orders The Modify Order tool allows for modification of a single order. This option is available via the right click pop-up menu option Modify Order. Select the order you want to modify first, and then right click with the mouse, to open the pop-up menu. 22
You can also modify orders from the order book in the same way. The Modify Order option is only available if an order is selected to which you have sufficient permission to modify, for example one that you entered yourself, or one for which you have Overwrite permission for within your organization. The grey coloured entries in some fields indicate that these values cannot be modified. Only the Price, Volume and Reason Code can be modified. To change anything else the order must be withdrawn and reentered. Please note that your original order will still be live in the market while you are modifying unless you place your order on hold first. Hit/Lift In the Market View this option is available. Place the mouse cursor over an active order display and double click. The Hit/Lift option will submit the corresponding counter order and will display the Order Confirmation Dialogue box. The Hit/Lift order is created with the clicked price. Depending on the place in the Market Depth that is clicked, the volume of the Hit/Lift order will be the added total of the selected price and all that are better. 23
Withdraw/Hold Withdraw All The Withdraw All option allows a user to quickly withdraw orders from all Markets and Market Segments, for all Position Accounts the user has permission to use. This is a 'Panic' action and should only be used in urgent cases. Ensure warnings are selected in User preferences to minimize the risk of withdrawing all in error. You can access this option by clicking the icon, or use the View menu and select the Withdraw All option, or right click whilst in Order Book or Market View. Withdraw Mine The Withdraw Mine option allows a user to quickly withdraw all orders they have entered under their LoginID only. This is a 'Panic' action and should only be used in urgent cases. Ensure warnings are selected in User preferences to minimize the risk of withdrawing orders in error. You can access this option by clicking the icon, or use the View menu and select the Withdraw Mine option, or right click whilst in Order Book or Market View. Hold All The Hold All button allows a user to quickly hold orders from all markets and market segments, for all Position Accounts the user has permission to use. Hold Mine The Hold Mine option allows a user to quickly withdraw all orders they have entered under their Login ID only. Your own Hold Orders can now be seen in the Market views depth window. 24
Task List The Task List tool allows for entry of multiple orders at the same time. These can then be placed on the market straight away or placed on hold and submitted rapidly to the market when required. Orders can be sent into the market by ticking the box, or by highlighting the order. All orders that are ticked will be sent to the market when submitting the buy/sell order. 25
Limit Order Entry The Limit Order Entry screen mainly consists of to parts; the main characteristics of an order and the detailed characteristics of an order. The menu is largely the same as the one in the Market View and the Order Book, but has an additional feature: File:-> Paste from Excel: Pastes a section from Excel into the order details. This function requires the following columns to be included in the Excel selection: Column 1: Column 2: Column 3: Column 4: Column 5: Number of the periods up to the maximum allowed for that Market Segment and day Volume Price Volume etc The main characteristics of an order are located in the upper pane. Account Select a position Account from the list Market Select a market from the list Market Segment Select a market Segment from the list Description Free text, not required Buy / Sell Select one. Buy will colour the background Red, Sell will colour it Green. Cash Value Calculated total of the order. Applying Date Enter as the date, or double-click the field to open the calendar function. 26
Auction Order types Sale limit orders Price (GBP) 3 orders for same instrument GBP 50 GBP 40 Order 1: Party wants to sell up to 200 MW for minimum price of 20 GBP GBP 20 Order 1 Order 2 200 MW Order 3 100 MW 100 MW Total offered Volume is 400 MW Volume (MW) Order 2: They want to sell up to 100 MW additionally for minimum price of 40 GBP Order 3: They want to sell up to 100 MW additionally for minimum price of 50 GBP Auction Order types Purchase limit orders Price (GBP) GBP 50 GBP 40 GBP 20 3 orders for same instrument Order 1: Party wants to buy up to 200 MW for maximum price of 50 GBP Order 2: They want to buy up to 100 MW additionally for a maximum price of 40 GBP Order 1 200 MW Order 2 100 MW Order 3 100 MW Volume (MW) Order 3: They want to buy up to 100 MW additionally for a maximum price of 20 GBP Total purchase volume is 400 MW 27
4.3 The Order Book The Order Book can be opened by selecting the icon or selecting the Order Book option from the View drop down menu. Status Filled Display Filled orders Open Display Open orders Withdrawn Display Withdrawn orders Rejected Display Rejected orders On hold Display On Hold orders Watch List Order sent to watch list The Order Book displays an overview of all orders across all markets and products you have subscribed to in the Preferences. In the order details pane the previous versions of the order is displayed when the order is selected in the order overview. These orders can be saved in Excel by selecting File and Export to Excel. The Order Book consists of: Settings Setting Preferences will dictate how the current logged in User will see information displayed in the Order Book. 28
In order to create a custom View Setting, you need to make a copy of the Factory View. Select the screen you want to create a view for and click on the Copy View button. A New View will appear, and automatically be selected. You can now edit the items in the tabs pane. You can also make this your default setting by clicking on the Make Default button. After saving or updating your new view is automatically selected in the Order Book. Visual Choose whether you would like to see the Eurolight toolbar on the Market View Window. Market Segments Filter The Market Filter tab allows the user to set which markets and products they want to see. By clicking a market or segment once, you select it as indicated by the check marker in the Show column. By clicking an already checked market or segment, you deselect it again. It is important that these are selected to allow the user to display information in the order book. 29
Timing Filter In the Timing Filter tab you can define two time filter settings that set what you want reported in the Order Book. - Instrument Start time filter When: A list of options is provided, allowing you to fine tune the period over which you want to see the orders. Use the from: and to: fields to set the dates. Both fields will become active depending on the choice from the list. - Modification time filter When: A list of options is provided, allowing you to fine tune the period over which you want to see the orders. Use the from: and to: fields to set the dates. Both fields will become active depending on the choice from the list. N.B: Reports in the Eurolight client only provide a maximum of three days. Further reporting options are available via the Back Office website or DataCapture. 30
Other Filter In this tab you can set a number of settings that help define exactly what you want reported in the Order Book. - Submitting Login Filter Mine only Only displays orders submitted with this Login ID All Displays orders for all Position Accounts you have permission to view Details Columns 31
You can define which columns you wish to have displayed, with what width and in which order. The Order Details panel also displays all previous versions of the order selected in the main order book, allowing you to build up a complete historic picture of each order. Orders Columns You can define which columns you wish to have displayed, with what width and in which order. The Order Book can display the following data: Export to Excel In the File menu of the Order Book Export to Excel options are available. This option allows you to send a copy of the Order Book display to MS Excel. 32
4.4 The Contract Book The Contracts screen is opened by selecting the icon, or selecting the Contract Book option from the View menu. The Contract Book displays an overview of all contracts that the User ID or the position account has transacted for all Markets. As with most Eurolight screens, information can be saved in Excel by selecting File and Export to Excel. Settings Setting Preferences will dictate how the current logged in User will see information displayed in the Order Book. These are very similar to the look and feel of the Order Book Settings in the previous section. 4.5 Ticker The Ticker is a logbook that will keep track of best bids best offers and contracted trades on the market. This information can be copied into Excel by selecting File and then Export to Excel. 4.6 UK Power WAP Weighted Average Price, indicative price where the volume dictates the importance (weight) on the price display. Showing 12 HH periods on a rolling basis. 33
Settings From the menu bar, select Settings. Choose the option View Settings. Market Segments This filter allows you to define which columns you wish to have displayed. Events Set which events you wish to be notified about and whether you require an entry in the Ticker window, and/or beep sound notification. You can also set certain events to show in different colours. 34
Ticker Columns In the Ticker Columns settings you can define which columns you wish to have displayed and with what width. Event Log 35
The Event Log displays an overview of events that happened with your orders in the markets. The events that are displayed depends on your settings. Messages are sent automatically by the trading system. By default the newest message appears on top, but you can at any time sort the messages by clicking on the column heading. 36
5 Position View The Position View screen is opened by selecting the Position View option from the View drop down menu or by selecting the appropriate icon on the Tool Bar The Position view displays the net position of each half hour for a given day as selected by the user. The net position displayed depends upon the preferences set and the query run. The user can set preferences to show either just the net position for each half hour in a day or the net position for each half hour and into the products that net position breaks into. Selecting the Show Segments without results will list all half hours even if there is no position. Position View window with detailed positions for each segment type, as specified in View Preferences. Position View window listing positions as net per Half Hour. 37
6 Auction Results Set a date in the applying date field then click on Query. In the Report Type you have a choice Organization and Position Acct which allows you to see what orders you have matched. 38
7 Financial Module The Financial Module is the tool where the user can monitor Margin requirements, Collateral, Credit Limits and Unrealized Settlements for each position account. In the Eurolight tool, click the icon, or select the Financial Module option from the Tool drop down menu: All Eurolight Financial Module screens are exportable to Excel from the File -> Export to Excel menu option within each report. 7.1 Credit Status Report The Credit Status Report is an up to date overview of the credit state of all settlement accounts that you have permission to view. This should be monitored to ensure you have enough available collateral to continue trading. During heavy trading activity monies can be depleted and a position account will be highlighted yellow and then amber as a warning to post more monies with APX. Once this money is exhausted the line will be highlighted red and your orders will no longer be able to access the market and will be sent instead to the Operator Watch list. This function is read only, apart from the selection box: You can select between various levels of detail: The following information is displayed in the Credit Status Report: 7.2 Initial Margin Details 39
This screen displays the make up of your margin requirements, and is read only. Further detail is available in the Eurolight Financial Module manual. A report is given for each Settlement Account that the User ID has permission to view. 7.3 Positions This on screen report displays your buy and sell positions by individual instrument, and calculates your overall net buy/sell position. The screen also shows the price of your last trade, Weighted Average Sell and Buy Prices and a profit/loss column, a figure based on the price and volume of your buys and sells. This function is read only, apart from the selection box. 7.4 Event log The event log alerts you to a change in your collateral position that exceeds a warning limit. We recommend that you set the Event Log to pop up whenever a warning is invoked, and you can do this via the General Settings option within the Financial Module. 40
8 Contact details Please feel free to contact our team with any comments or questions. Contact Person Telephone Number Email Commercial Manager, UK Howard Wright +44 (0)20 7841 5663 h.wright@apxendex.com Commercial Manager, NL Christian Moger +31 20 305 4076 c.moger@apxendex.com Account Manager, UK Therese Simberg +44 (0)20 7841 5675 t.simberg@apxendex.com Account Manager, UK Joanna McMaster +44 (0)20 7841 5635 j.mcmaster@apxendex.com Operational Account Manager John Farthing +44 (0)20 7841 5653 j.farthing@apxendex.com Data Manager Vlad Kaltenieks +44 (0)20 7841 5668 data@apxendex.com Operations 24/7 Helpdesk +44 (0)115 921 7400 ukoperations@apxendex.com ICT Manager, UK Barry Deevey +44 (0)115 921 7430 b.deevey@apxendex.com Credit Management Chris Spicer +31 20 305 4094 c.spicer@apxendex.com Settlements Team Credit & Settlements enquiries +31 20 305 4045 settlements@apxgroup.com 41