TT User Login and Risk Administration - Trading Technologies

TT USER LOGIN 

AND RISK 

ADMINISTRATION 

VERSION 7.X 

DOCUMENT VERSION 7.X.DV1 3/5/14

This document and all related computer programs, example programs, and all TT source code are the exclusive 

property of Trading Technologies International, Inc. (“TT”), and are protected by licensing agreements, 

copyright law and international treaties. Unauthorized possession, reproduction, duplication, or dissemination 

of this document, or any portion of it, is illegal and may result in severe civil and criminal penalties. 

Unauthorized reproduction of any TT software or proprietary information may result in severe civil and criminal 

penalties, and will be prosecuted to the maximum extent possible under the law. 

Information in this document is subject to change without notice. Companies, names, and data used in examples 

herein are fictitious unless otherwise noted. No part of this document may be reproduced or transmitted in any 

form or by any means, electronic or mechanical, for any purpose, without the express written permission of TT. 

All trademarks displayed in this document are subject to the trademark rights of TT, or are used under agreement 

by TT. These trademarks include, but are not limited to, service brand names, slogans and logos and emblems 

including but not limited to: Trading Technologies®, the Trading Technologies Logo, TT, X_TRADER®, 

X_RISK®, MD Trader®, Autospreader®, X_STUDY®, TT_TRADER®, TT CVD®, ADL®, Autotrader, TT Trainer, 

Back Office Bridge, TTNET. All other referenced companies, individuals and trademarks retain their rights. All 

trademarks are the property of their respective owners. The unauthorized use of any trademark displayed in this 

document is strictly prohibited. 

Copyright © 2008-2014 Trading Technologies International, Inc. 

All rights reserved.

TT User Login and Risk Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 

Related Documentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 

TT User Logins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 

Gateway Logins: Exchange Trader IDs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 

Aliases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 

Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 

Trader Login Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 

Gateway Logins: TTORD IDs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 

Aliases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 

Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 

TTORD Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 

Exchange Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 

Question 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 

Question 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 

Gateway Logins: SE Logins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 

Aliases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 

Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 

Login Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 

Order Book Sharing and Account Numbers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 

Order Book Sharing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 

Order Book Sharing ‐ Synthetic SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 

Order Book Sharing ‐ Autospreader SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 

Account Numbers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 

Question 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 

Administrator Logins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 

Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 

Master Administrator (TTADM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 

Risk Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 

Network Administrator (TTNET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 

Example 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 

Example 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 

Question 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 

Universal Login Usernames. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 

Aliases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 

Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 

Example 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 

Case Study . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 

Scenario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 

Sample Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 

3 

Trading Technologies International, Inc.

User Login Creation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 

Creating User Logins in TT User Setup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 

ID Creation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 

New User Window . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 

Main Tab. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 

Gateway Logins Tab . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 

X_RISK®/X_TRADER® Tab . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 

Gateway Logins Window . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 

Creating User Logins in Windows User Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 

ID Creation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 

Computer Management Window . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 

Risk Checking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 

Enabling Risk Checking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 

Credit Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 

Credit Limit ‐ User Level . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 

New Risk Component! Calculating Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 

Calculating Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 

Example 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 

Example 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 

Additional Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 

Question 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 

Question 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 

Question 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 

Credit Limits and Order Book Sharing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 

Credit Limits and Traders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 

Position Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 

Product Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 

Calculating (Worst Case) Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 

Question 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 

Question 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 

Trade Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 

Question 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 

Question 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 

Position Limits: Product Limits Versus Contract Limits. . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 

Trading Technologies International, Inc. 

4

Course Name 

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 

Defining Max Order Quantity and Max Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 

New Risk Component! 

Max Long/Short . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 

Scenario 1: Example 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 



Scenario 2: Question 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 







Spreads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 

Block Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 

Position Limits Question . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 

Position Limits: Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 


Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 

Position Limits: Energy Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 

Energy Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 






Position Limits: Autospreader. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 


Autospreader Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 

Example 1 ‐ Calendar Spread . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 

Example 2 ‐ Butterfly Spread . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 

Setting Risk Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 

Pre‐Execution Risk in TT User Setup. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 

Edit Gateway Login Window . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 

Trader Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 

Product Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 

Publish Reminder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 

Guardian Product Administration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 

Margin (Guardian Product Table) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 

Exchange Rates (Guardian Currency Table) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 


5

Course Name 

User Notes 

6 


TT User Login and Risk Administration 


Introduction 

Overview 

This reference document describes the different types of logins used in TT 

trading environments, as well as how those logins interact and work with 

each other when setting up traders. In addition, this document describes 

how risk limits are calculated for traders when pre‐execution risk is set up. 

Related 

Documentation 

For additional information, please refer to the following TT Products’ 

Online Help Systems: 

• TT User Setup Help System 

• Guardian Help System 

• X_TRADER® Help System 

7 



TT User Logins 

Overview 

TT utilizes three groups of user logins. It is imperative to understand the 

differences between each, as well as when each must be created and 

used. Within a TT trading environment, you may come across the 

following logins: 

• Gateway Logins – These logins include any of the following: 

‐ Exchange Trader IDs – A login assigned in part by the exchange; 

indicates the user’s membership with the exchange. 

‐ TTORD IDs – A proxy login that allows multiple logins to be 

mapped to a single exchange membership; also allows for more 

configurable order routing and risk limit setups. 

‐ SE (Synthetic Engine) Logins – These logins provide access to 

Synthetic Strategy Engine (SSE) or Autospreader Strategy 

Engine (ASE). 

• Administrator Logins – These logins include the following: 

‐ Guardian Logins ‐ A login used to perform administrator 

functions in Guardian, such as setting pre‐execution risk limits 

or publishing license files. 

‐ Administrator Gateway Logins – A login used to log into 

X_TRADER or X_RISK® in which you can oversee traders by 

viewing trading activity across multiple exchanges. 

Note: Even though administrator logins have been split into two 

sub‐groups, you use the same administrator login to log into 

Guardian or X_TRADER/X_RISK. 

• Universal Login Usernames – These logins are used to tie individual 

Gateway Logins (or Administrator Logins) to one user so the user 

can simultaneously log into many exchanges with one Username 

and password. 

Each will be explained in detail in the next sections. 

8 



Gateway Logins: Exchange Trader IDs 

Aliases 

Exchange trader IDs may also be referred to as Direct Trader IDs, 

Registered Trader IDs, MemberGroupTrader IDs, MGTs, Exchange 

Gateway Logins, or just Gateway Logins. 

Definition 

An exchange trader ID is one that is given (in part) by the exchange and 

indicates that the trader is registered with the exchange. An exchange 

trader ID contains three parts: a Member ID, a Group ID, and a Trader ID. 

One or more of these components is defined by the exchange. All traders 

need their own exchange trader ID or must be associated with one in 

order to trade with an exchange. 

Example: A trader registering with Eurex would be assigned a Member ID, 

a Group ID, and a Trader ID by the exchange. However, a trader registering 

with CME would only be assigned a Member ID. See the next page for a list 

of requirements per exchange. The following table describes what each 

component may define… 

Field 

Member 

Group 

Trader 

Description 

• Member is the broadest type of ID and may identify one 

of the following: 

‐ The exchange that the user is trading. 

‐ The firm with which the individual user is associated. 

‐ A branch office. 

• Member content depends on exchange‐specific 

requirements, as described in the Trader Login 

Requirements table. 

• Group identifies the traders who want to share an order 

book (i.e., traders with the same Member and Group can 

access orders from a common order book). This is 

commonly used for brokers who manage each other’s 

customer accounts. 

• Traders who do not want to share an order book use a 

unique Group. 

• Trader is the user‐specific login. 

• Trader typically identifies the individual trader who will 

be making trades. 

• Exchanges might have specific requirements regarding 

the Trader ID portion as well. For instance, with CME, 

each Trader ID must be unique across the firm. 

9 



Trader Login 

Requirements 

The following table describes trader ID login requirements by exchange. A 

trader will have a different login for each exchange membership. 

Exchange 

CME/CBOT 

Member 

(TT max. of 7 

characters) 

Exchangeprovided 

Group 


characters) 

User‐selected 

Trader 

(TT max. of 11 characters) 

Coordinate with CME to make 

sure each ID (FIX tag 50) is 

unique across the whole firm. 

Password 

(Case‐sensitive) 

User‐selected 

Note: N/A if using 

Universal Login. 

Note: CME Group assigns a firm a SessionId and a FirmId for each login requested. The SessionId and 

FirmId together make up the exchange trader’s Member ID. The Group ID and Trader ID are user‐selected; 

however, you must ensure all Trader IDs are unique across the firm membership. This is a CME risk 

requirement. 

Eurex, Xetra 

Exchange‐provided 



Exchangeprovided; 

may be 

changed via the 

MISS device. 

eCBOT, LIFFE 

Connect (i.e., 

LIFFE and 

Euronext) 

User‐selected User‐selected Exchange‐provided. 

Note: NYSE Euronext assigns a 

three‐character ITM (Individual 

Trader Mnemonic), also known 

as a .pem file or a key file; Must 

be used as the Trader ID. 

Exchange‐provided 

Note: NYSE Euronext distributes an ITM key for each trader. This ITM key must match the Trader ID portion 

of the trader’s registered trader ID. 

Example: ITM=4HA.pem, Trader ID=4HA 

The firm may select the Member ID and Group ID portions of the login. 

NYSE Liffe User‐selected User‐selected User‐selected User‐selected 

Note: NYSE Euronext assigns a threecharacter ITM (Individual Trader Mnemonic) as the session ID; this 

may be used as the Member ID and may be used to share order books. 

ICE User‐selected User‐selected Exchange‐provided Exchangeprovided; 

password must be 

changed one user 

is set up. 

Note: ICE distributes one user ID per trader. This user ID must match the Trader ID portion of the trader's 

exchange trader ID. The firm may select the Member ID and Group ID portions of the login. 

10 



Exchange 

BrokerTec 

Member 


characters) 


Group 


characters) 

Trader 


Password 

(Case‐sensitive) 

User‐selected Exchange‐provided Exchangeprovided; 

password may be 

changed once user 

is set up. 

Note: BrokerTec sends a BTEC Customer ID for the firm. This is the exchange trader’s Member ID. BrokerTec 

also sends unique BTEC signatures (user IDs) for each trader. Each trader is required to have a unique BTEC 

signature as the Trader ID component. The firm may select the Group ID portion of the exchange trader’s 

login. 

ASX, CBOE, 

Montreal 

User‐selected User‐selected User‐selected 


Universal Login. 

Note: These FIX Gateways use the value of the LocalCompany parameter within the [order_session#] 

section of the hostinfo.cfg file as the Member ID. If the LocalCompany parameter exceeds seven (7) 

characters, or you wish to customize the Member ID, you may add the Member parameter to this section 

of the file and define a member value that is less than seven characters. This will then be used as the 

Member ID portion of the exchange trader ID. Therefore, the firm may select the Member ID, Group ID, 

and Trader ID portions of the login. 

SGX User‐selected User‐selected User‐selected User‐selected 


Universal Login 

Note: SGX allows all components to be defined by the customer; however, the Trader ID portion of the 

exchange trader ID must be unique across each membership within the firm. 

MEFF 




Note: MEFF distributes a SenderCompID to each firm. This is the exchange‐provided Member ID. 

TOCOM User‐selected User‐selected User‐selected User‐selected 



Note: TOCOM allows all components to be defined by the customer. All direct exchange trader IDs must be 

listed in the hostinfo.cfg file; if this is not done, the TT Gateway will reject orders. 

LME 



Exchangeprovided; 

can 

be userselected 




11 



Exchange 

Member 


characters) 

Group 


characters) 

Trader 


Password 

(Case-sensitive) 

OSE User-selected User-selected User-selected User-selected 



TFX 7.14 User-selected User-selected Exchange-provided Exchange provided 



TSE User-selected User-selected User-selected User-selected 



Note: On TT TSE Gateways, you must use an Individual Trader Mnemonic (ITM) as the value of the ITM 

parameter in each [OrderServerSession_X] section in the hostinfo.cfg file. In addition, you must populate 

the Member parameter for each [OrderServerSession_X] section with a Member ID. 

BVMF User-selected User-selected Exchange-provided for Desk 

Traders. User-selected for DMA 

Traders. 

User-selected 

Note: DMA Traders are assigned Trader IDs by their brokerage firm. The Desk Traders at these firms receive 

their IDs directly from the exchange. 

12 



Gateway Logins: TTORD IDs 

Aliases 

The second type of user login is a TTORD ID. TTORD IDs may also be 

referred to as TTORDs, Proxy IDs, non‐registered trader IDs, or TTORD 

Gateway Logins. 

Definition 

A TTORD ID is a TT‐specific ID that may be given to users who do not have 

their own exchange credentials. This TTORD ID is then mapped to an 

exchange trader's ID. When the TTORD ID places a trade, the order is 

routed through the exchange trader's ID. To the exchange, it appears as if 

the exchange trader placed the order. 

TTORD IDs may also be assigned to traders with their own exchange trader 

IDs. The advantage of using TTORDs is that they are more customizable, 

and, threfore, give you more flexibility in defining which orders traders 

and administrators can view, modify, and delete. 

Each TTORD ID must be assigned at least one account and that account 

must be unique across the trading environment. 

TTORD IDs follow the same MemberGroupTrader format as exchange 

trader IDs. However, the Member ID will always start with TTORD. This is 

hard‐coded into TT's software to indicate the user will route his or her 

orders through an exchange trader's ID. 

Note: You can create groups of traders by assigning different TTORD 

memberships, such as TTORDAB or TTORDCD. These examples will 

generically be referred to as TTORDXX. 

Important TTORD 

Considerations 

With regards to using TTORD IDs, keep in mind the following notes: 

• TTORD IDs must use pre‐configured account numbers that are 

defined by an administrator in TT User Setup. 

• If an exchange trader ID enters an order with an account number 

that happens to be assigned to a TTORD ID, and if the TTORD ID is 

not mapped to the exchange trader ID (i.e., MGT or any MGT with 

the same Member + Group), then that exchange trader ID’s order 

13 



can become stale if the TTORD modifies it. This is often referred to 

as the “night trader” case. 

Exchange 

Restrictions 

Additionally, some exchanges place restrictions on the use of TTORD IDs. 

For instance, most exchanges allow multiple TTORD IDs to be mapped to a 

single exchange trader ID (i.e., many:1 ratio). However, BrokerTec only 

allows one TTORD ID to be assigned to a single exchange trader ID (i.e., 1:1 

ratio). 

ICE requires that each TTORD ID be mapped to a unique account (i.e., 

there is a 1:1 ratio between TTORD IDs and account numbers). 

Question 1 

Two new traders are requesting exchange credentials (logins) from CME. 

They'd like to share an Order Book. 

Question: What are two sample logins that these traders can use to share 

an Order Book? 

Answer: Ensure each trader has the same Member ID which would be 

firm‐selected and assign them both the same Group ID. Trader IDs are the 

user‐specific portion. For example, CME04 1G4 TT1 and CME04 1G4 TT2. 

Question 2 

The following is assumed... 

• Sam and Josh work for the same trading firm. Sam has a 

membership with CME and Eurex. 

• Josh is a junior trader who will be trading with the help of Sam. At 

this time, he only has an exchange trader ID from Eurex. 

• Sam’s exchange trader ID for NYSE Liffe is X7H ABC 123. 

Question: How would you enable Josh to trade products on NYSE Liffe? 

Answer: 

• Option 1: If Josh is given a TTORD ID (e.g., TTORDab AAA 456) and 

that ID is mapped to Sam’s NYSE Liffe exchange trader ID, then Josh 

will also be able to trade products on NYSE Liffe. All orders that Josh 

enters will be routed through Sam’s NYSE Liffe exchange trader ID. 

When Sam logs in, he will also see Josh’s orders. 

• Option 2: If Sam didn’t want to see Josh’s orders, you could give 

both Sam and Josh TTORD IDs and map both to Sam’s exchange 

trader ID (and ensure they have different Group IDs). 

14 



Gateway Logins: SE Logins 

Aliases 

The third type of login is an SE login. SE logins may also be referred to as 

ASE Logins, SSE Logins, Synthetic Exchange Trader IDs, or just synthetic 

logins. 

Definition 

An SE login is a TT‐specific ID that may be given to users in order to access 

either the Synthetic Strategy Engine or Autospreader Strategy Engine. 

Administrators must provide traders and administrators with access to 

strategy servers that support trading synthetic orders or user‐defined 

synthetic spreads on standard TT Gateways. You configure a trader to 

access SSE or ASE in the same way as configuring a trader to log into a 

standard TT Gateway – via the use of a Gateway Login. That Gateway Login 

can either be an exchange trader ID or a TTORD ID. For example: 

• If a trader logs into all TT Gateways with the same TTORD ID, you 

can assign the same credentials for logging into the TT SSE 

Gateway. 

• If a trader uses an exchange trader ID or uses multiple TTORD IDs to 

connect to a set of TT Gateways, it is recommended to create a 

synthetic exchange trader ID for logging into the TT SSE Gateway. 

Note: If you choose to assign a synthetic exchange trader ID for a user to 

login to SSE, it is recommended that the ID not conflict with any other IDs 

in the system. To distinguish these exchange trader IDs from all other IDs 

and ensure that they do not conflict with other IDs, you should choose a 

unique naming convention for synthetic exchange trader IDs used to 

connect to SSE, such as: 

• TTSSE/SE1/001 





• and so on 

15 



Login 

Requirements 

When using an SE Login, all parts of the login are defined by the customer. 

Server 

Product 

Member (TT max. 

of 7 characters) 

Group (TT max. of 3 

characters) 

Trader (TT max. of 

11 characters) 

Password (Casesensitive) 

ASE User‐selected User‐selected User‐selected User‐selected 

SSE User‐selected User‐selected User‐selected User‐selected 

16 



Order Book Sharing and Account Numbers 

Order Book Sharing 

Traders who share the same Member ID and Group ID will be able to see 

and manipulate each other's orders in their own Order Books. This is true 

for exchange trader, as well as for TTORD traders who share Member and 

Group IDs. 

Traders who share the same Member ID and Group ID will also see one 

another's fills in their Fill window. Keep in mind that any fills or orders that 

display in a trader's Fill window or Order Book will be included in risk 

checking (even if they are orders or fills entered by another trader that 

shares the same Member ID and Group ID). 

Note: Traders that share Order Books must share the same TT Gateway. If 

two users are not logged into the same TT Gateway, then they will not 

order book share, regardless of their gateway logins. 

Below is a standard setup when order book sharing between TTORD IDs. 

All orders that a TTORD ID trader submits also appear in the Order Book of 

the exchange trader to which the TTORD ID is mapped. Therefore, an 

exchange trader may manipulate any orders routed through his or her 

exchange trader ID. 

(Keep in mind the relationship between Exchange Trader IDs and TTORD 

IDs when setting up Order Book Sharing.) 

Standard TTORD Order Book Sharing Setup 

17 



It is also important to note that there are limitations with order book 

sharing amongst TTORD IDs. 

• TTORD IDs cannot share account numbers, even if they share an 

Order Book. 

‐ Remember that TTORD IDs must use pre‐configured account 

numbers that are defined by an administrator in TT User Setup. 

See page 21 for tips regarding account number restrictions. 

‐ If an exchange trader ID enters an order with an account 

number that happens to be assigned to a TTORD ID, and if the 

TTORD ID is not mapped to the exchange trader ID (i.e., MGT or 

any MGT with the same Member + Group), then that exchange 

trader ID’s order can become stale if the TTORD modifies it. This 

is often referred to as the “night trader” case. 

• If TTORD IDs are configured to share an Order Book, and they are 

mapped to exchange traders that are not configured to share an 

Order Book, then the exchange traders will not have full pictures of 

their TTORD IDs’ Order Books. 

• The exchange credentials of a TTORD trader cannot be changed 

once orders are placed. For example, if TTORD A places an order, 

then regardless of who touches it, TTORDA’s credentials would 

need to be given to the exchange. 

In the diagram below, TTORD IDs are mapped to different exchange 

traders that are using different session IDs. 

Non‐Standard TTORD Order Book Sharing Setup 

One reason customers may elect to use a non‐standard setup like this is to 

mitigate order throughput limitations. For example, NYSE Liffe and CME 

have transaction limits per ITM or iLink session. To ensure these 

18 



transaction limits are not hit, the customer may choose to map TTORDs to 

exchange traders using different ITM or iLink sessions, but still allow the 

TTORD IDs to share an order book. 


‐ Synthetic SE 

Users who want to share, view, or modify synthetic orders must connect to 

SSE and to each of the related TT Gateways with TTORDs or Exchange 

Trader IDs that support order book sharing. For example, suppose a trader 

named Casey submits a synthetic trailing stop order for a CME contract 

that gets routed through SSE. Casey uses the following credentials: 

• SSE: TTORDAB/001/001, which maps to direct trader ID, TTSSE/ 

SE1/001 

• CME: TTORDAB/001/001, which maps to direct trader ID, ABC/ 

ABC/ABC 

The following table illustrates whether other traders with different 

credentials can see Casey’s order. 

Credentials Visible? Reason 

SSE:TTORDAB 001 002 

CME: TTORDAB 001 002 

SSE: TTSSE SE1 002 

CME: ABC ABC 001 


CME: TTORDZZ 001 002 


CME: TTORDAB 001 002 

SSE: TTORDAB 001 002 

CME: ABC ABC 002 

Y 

Y 

N 

N 

Y 

The SSE credentials have the same Member + Group 

values (TTORDAB + 001), and the CME credentials have 

the same Member + Group values (TTORDAB + 001). 


values (TTSSE + SE1) as the direct trader to which 

TTORDAB 001 001 is mapped, and the CME credentials 

have the same Member + Group values (ABC ABC) as the 

direct trader to which TTORDAB 001 001 is mapped. 


values (TTSE + SE1) as the direct trader to which 

TTORDAB 001 001 is mapped, but the CME credentials 

have a different Member ID (TTORDZZ vs. TTORDAB). 

The CME credentials have the same Member + Group 

values (TTORDAB + 001), but the SSE credentials have a 

different Group ID than the direct trader to which 

TTORDAB 001 001 is mapped (SSE2 vs. SE1). In this case, 

the trader can see the exchange‐native child orders, but 

cannot see the parent synthetic order. 


values (TTORDAB + 001), and the CME credentials have 

the same Member + Group values (ABC + ABC) as the 

direct trader to which TTORDAB 001 001 is mapped. 

19 




‐ Autospreader SE 

Traders who want to share, view, and modify synthetic orders working on 

an ASE will need to do all of the following: 

• Log into the same ASE with the same Member and Group IDs. 

• Log into the same TT Gateway(s) with the same Member and Group 

IDs. 

Using the suggested Trader IDs, if Trader A logs into CME‐D as 

TTORDPM001001, and logs into ASE as ASE1001001 and submits a 

synthetic order for CME‐D, Trader B must log into CME‐D using a login 

where the Member ID is TTORDPM and the Group ID is 001, as well as log 

into ASE with an ID that has the same Member + Group (i.e., ASE1 001) in 

order to see the same synthetic order on ASE. 

Account Numbers 

TTORD IDs are mapped to exchange traders in TT User Setup. When 

setting up trader mappings, you must also enter at least one account 

number for each TTORD ID. All traders (whether they are exchange traders 

or TTORD traders) must have unique account numbers set up in TT User 

Setup ‐ this is a requirement! However, TTORD IDs may have multiple 

account numbers. When a TTORD trader places an order, it must match 

one of the accounts set up in TT User Setup or the order will be rejected. 

Account numbers may be 1‐15 alphanumeric characters; special 

characters are not allowed. 

Exchange traders are slightly different, as they do not need to have 

account numbers specified in TT User Setup. An exchange trader can place 

an order on any account and the order will not be rejected if the account 

number is not listed in TT User Setup for the exchange trader. However, if 

you do decide to add account numbers for exchange traders, they must be 

unique across the trading environment as well (i.e., account numbers 

assigned to one trader may not be assigned to another trader). 

Note: Account numbers are case sensitive (i.e., an account number in 

upper case is treated as a different account than the same account 

number in lower case). Therefore, you can add the same account number 

in TT User Setup in upper and lower case. When traders set up their 

20 



accounts in X_TRADER Customer Defaults, they need to ensure that the 

account numbers are in the right case. TTORD traders who place trades on 

accounts which do not match the case in TT User Setup will be rejected. 

When trades are viewed in X_TRADER and X_RISK, the account number 

will be viewed in the same case as it was entered so you can differentiate 

between accounts in upper and lower case. 

If an exchange trader uses the same account number that has been 

designated as a TTORD trader's account number, the order 

acknowledgement and fill confirmation from the exchange are sent back 

to the TTORD with that account (as well as the exchange trader). If that 

TTORD trader is mapped to a different exchange trader than the one 

placing the order, the resulting order will still display in the TTORD trader's 

Order Book. 

Tip: In some cases, firms need to have TTORD IDs trade the same clearing 

accounts and have developed a schema for creating unique account numbers 

in TT while allowing them to be recognized as the same account number in 

external systems. 

• Option 1: The firm may choose to append a letter or two after each 

account number in TT User Setup to make it unique. However, when 

accounts are settled, the clearing firm ignores the extra characters in 

their back‐office systems. 

• Example: If TTORD A and TTORD B need to share account 123, a risk 

administrator may create TTORD A with account 123a and TTORD B with 

account 123b. The clearing firm will ignore the extra character and just 

use 123. 

• Option 2: The firm may choose to have two traders share the same 

TTORD Gateway Login, thus allowing them to use the same account. 

Keep in mind that with this option, risk is still set at the Gateway Login 

level; therefore, the combined activity of the two traders will be risk 

checked together against the TTORD limit. 

• Example: The following Gateway Login, TTORD ABC 123, is assigned 

account 123. Trader A and Trader B both log in with TTORD ABC 123 and 

are both able to use account 123. 


21


Question 1 1 Whose orders can Exchange Trader B manipulate? 

2 Which traders can see TTORD B’s Orders? 

Answers: 

1 Exchange Trader A, TTORD A, and TTORD B. 

2 Exchange Trader A and Exchange Trader B. 

22 



Administrator Logins 

Definition 

Administrator logins (whether they are Guardian Logins or Administrator 

Gateway Logins) are required to perform system administrative functions 

within many of TT's client products. 

• Within Guardian, you can configure TT WAN Routing, edit product 

and currency tables, publish licenses, etc. 

• Within X_RISK, you can view trading activity, enter manual fills and 

start of day (SOD) records for traders, and enter contract session 

prices. 

• Within X_TRADER, you can monitor working orders and delete 

working orders for traders. 

• With Synthetic Strategy Engine, you can monitor synthetic orders. 

However to view or delete the synthetic orders, you must log into 

the SSE Server and into the corresponding TT Gateways associated 

with the child orders that make up the synthetic orders. 

Note: You cannot place trades with administrator logins. 

Tip: TT User Setup is an administrator tool in itself. If you have TT User Setup 

access, you can set up Universal Login for traders, define their application 

access and X_TRADER license use, as well as set pre‐execution risk limits (TT 

User Setup 7.1 and above). 

Customers may define various types of administrator privileges using the 

same MemberGroupTrader convention used with exchange trader and 

TTORD logins. 

In general, there are three types of administrator logins: 

• Master Administrators 

• Risk Administrators 

• Network Administrators 


23


Master 

Administrator 

(TTADM) 

A Master Administrator login... 

• Provides full administrative privileges and access within Guardian, 

including network functions. 

• Provides the ability to view trading activity (i.e., working orders and 

fills) in X_TRADER or X_RISK for all traders trading on TT Gateways. 

Note: The administrator must be logged into TT Gateways to view trading 

activity. 

• Provides access to create manual fills and SOD records, as well as 

enter contract session prices and send instant messages in X_RISK. 

• Provides the ability to view and delete working orders for all 

traders on a TT Gateway; however, does not allow trades to be 

placed. 

Note: A user logged into X_TRADER with a Master Administrator login 

must have the Allow Trading setting enabled within the User‐Level Risk 

section of the TT User Setup Edit User window in order to delete traders’ 

orders. This is applicable to X_TRADER version 7.8 (and higher) and TT 

User Setup version 7.3.0 (or higher). 

(e.g., TTADM XXX 100 or TTADM XXX MGR) 

Note: There is also a ‘view‐only version’ of this login: TTADM XXX View. 

Risk Administrator 

A Risk Administrator login... 

• Provides administrator access to view trading activity for a subset 

of traders. In addition, TTORD Member Level Risk Administrators 

and Group Level Risk Administrators can enter manual fills and 

SODs for their subset of traders. 

• Provides monitoring access within X_TRADER (can view or delete 

working orders for traders) for the subset of traders. 

• Does not provide network administration privileges in Guardian or 

the ability to edit product and currency tables. 

Note: Multiple Risk Management IDs may be created to manage different 

subgroups ‐ both at the Member level and the Group level. Member level 

and Group level TTORD Risk Administrators can be used to allow a parent 

firm to separate and manage risk for different individual customers. See 

Appendix B for additional administrator logins and privileges. 

24 



Risk Admin ID Example Login(s) Description 

Member Level: 

XXX MGR 

View Only: 

View 

Group Level: 

MGR 

View Only: 

View 

CME04 XXX MGR 

TTORDAB XXX MGR 

CME04 XXX View 

TTORDYY XXX View 

CME04 AAA MGR 

TTORDAB AAA MGR 

CMEO4 BBB View 

TTORDYY BBB View 

A Member level login is used when multiple 

membership IDs are used on one TT Gateway. This 

login is allowed to access risk parameters only for 

the Member ID contained in his/her administrator 

ID. 

• The first two example logins can manage risk 

for al traders with the same Member ID. 

• The second two View logins allow 

administrators to view risk for traders with the 

same Member ID. 

A Group level login is used to allow a risk manager 

for a specific group to access risk parameters only 

for the traders with the same Member ID and 

Group ID. 

• The first two example logins can manage risk 

for all traders with the same Member and 

Group IDs. 

• The second two View logins allow 

administrators to view risk for traders with the 

same Member ID and Group ID. 

Using ‘XXX’ as the Group ID always indicates access to all trading groups in 

the Membership. 

Network 

Administrator 

(TTNET) 

A Network Administrator login enables the administrator to perform 

network‐related functions only. 

(e.g., TTNET XXX 100, TTNET XXX View) 

25 



Example 1 

In this example, the Master Risk Administrator has permissions to view all 

traders' risk positions, P&L, etc. Member Level Multi‐Group Risk 

Administrators will be able to view trade data for all traders with the same 

Member ID as their own. This could contain multiple groups of traders 

(based on the Group ID). 

Example 2 

In this example, the following is assumed: 

• The Master Risk Administrator has permission to view all traders’ 

risk positions, P&L, etc. 

• The Non‐Member Multi‐Group Risk Administrators will be able to 

view trade data for all traders with the same Member ID as their 

own. This could contain multiple groups of traders (based on the 

Group ID). 

• The Non‐Member One‐Group Risk Administrators can only view 

trade data for traders that have the same Member and Group IDs 

as their own. 

26 



Question 1 1 If a firm has three customers trading on the same network and the 

customers do not have their own exchange memberships, list 

example logins that can be used if the firm wants each customer to 

manage risk for their own traders. 

2 What login could the firm use to manage risk for all three 

customers? 

Answers: 

1 The parent firm should give each customer a Member‐Level Risk 

Administrator login. For instance… 

• Customer 1 = TTORDAB XXX MGR 

• Customer 2 = TTORDYY XXX MGR 

• Customer 3 = TTORDCS XXX MGR 

2 The parent firm can use TTADM XXX MGR to manage risk for all 

three. 


27


Universal Login Usernames 

Aliases 

Universal Login Usernames may also be referred to as User IDs, User 

Names, Universal Login IDs, or UL IDs. 

Definition 

A Username can be created to uniquely identify each TT software user 

(e.g., traders or administrators). All Gateway Logins associated with a 

trader/administrator (whether they are exchange trader IDs, TTORD IDs, 

or Administrator IDs) are then assigned to the single Username. 

Usernames may be up to 11 alphanumeric characters; special characters 

are allowed. 

Usernames are a way to universally tie all relevant logins together so that 

a user can log into multiple exchanges at once when logging into a TT 

client application (i.e., X_TRADER, X_RISK, etc.). From a risk perspective, 

Usernames allow risk administrators to monitor traders' activity across all 

of their Gateway Logins. 

Example 1 

Below are four users. Each user has been assigned a Universal Login 

Username and corresponding Gateway Logins have been mapped to each 

Username. 

28 



Case Study 

Scenario 

A new firm wants to set up its TT User Logins. Here are the requirements 

for their login setup: 

• The firm has two groups of traders: energy traders and metals 

traders. The firm plans to trade energy products on CME, ICE and 

SGX and metals on CME. Both groups have traders located in New 

York and Houston. The chart below lists the login information each 

exchange has given the firm: 

Exchange Member Group Trader 

CME ABC123 User‐selected User‐selected 1 

CME DEF456 User‐selected User‐selected 1 

ICE User‐selected User‐selected Exchange‐defined 2 

SGX 789 User‐selected User‐selected 3 

1 

Coordinate with CME to ensure each Trader ID (FIX tag 50) is unique across the 

firm. 

2 

ICE distributes one user ID per trader. This user ID must match the Trader ID 

portion of the trader’s exchange trader ID. 

3 SGX allows all components to be defined by the customer; however, the Trader ID 

portion of the exchangetrader ID must be unique across each membership in the 

firm. 

• Energy traders in New York and Houston should be able to see each 

others' trading activity. Metals traders in New York and Houston 

should also be able to see each others' trading activity. Energy 

traders should not be able to see metals traders' activity and vice 

versa. Each trader should be differentiated with a unique login; it 

would be preferable for the logins to indicate if the trader resides 

in New York or Houston as well as whether the trader is an energy 

or metals trader. The traders should be able to place orders on any 

account. 

• The firm also has customers who trade energy products on one or 

more of the exchanges listed above. The internal energy traders 

should be able to log in and see orders across all of their customers 

if they so choose; however, customer trades should not be mixed 

in with their own trading activity. Customers should be restricted to 

only trade on their specified accounts. Customers should not be 

able to see other customers' trading activity nor any internal 


29


trading activity. Within a customer site, there will be groups of 

traders who share order books and sets of traders that do not. 

• There is a head risk administrator for the whole firm, a risk 

administrator for the energy group and one for the metals group; 

all three should have risk setting privileges in TT User Setup. There 

should also be a risk administrator at each customer site who 

should not have risk setting privileges but should be able to view 

activity across the whole customer site. 

Task: Give a recommendation for what Gateway Logins this firm could use 

to accomplish their login requirements. (For a sample setup, see the next 

page). 

30 



Sample Solution 

The following text and diagram (on the next page) describe the steps to 

determine a sample login schema. Refer to the diagram as you walk 

through the steps. 

• First, remember that internal traders need to be able to trade on 

any account. Therefore, they will need to log in with exchanges 

trader IDs. Customers need to be restricted to trade on specific 

accounts. Therefore, customers will need to log in with TTORD IDs. 

• Next, we can determine the exchange trader IDs for the different 

groups of internal traders. Note which part of the exchange trader 

ID is given from the exchange, which can be user‐defined and which 

has to be unique across the whole firm. 

‐ CME defines the Member ID (or membership); however, each 

trader ID must be unique across the entire firm. 

‐ ICE defines the Trader ID portion (this must be unique to each 

trader). 

‐ SGX allows the customer to define all components; however, 

exchange (direct) trader IDs must be unique across the firm. 

• Remember that all of the Energy traders should have the same 

Member and Group so they can share an order book. Metals 

traders should also have the same Member and Group so they can 

share an order book. The Member + Group (or just the Group) 

should be different between the Energy Traders and Metals traders 

so they do not share an order book. 

• We also need to determine the exchange trader IDs for the 

customers as well as the associated TTORD IDs for each of the 

customers. 

• Lastly, let's ensure that the IDs configured allow for the appropriate 

level of risk administration. For example, to allow each customer 

site to have a separate risk administrator, as well as to allow each 

site to have traders who do not share order books, we need to give 

a different TTORD Member ID to each customer site. Then groups 

at a customer site who do not share order books can have the same 

Member ID (to allow for risk oversight) but different Group IDs (to 

prevent order book sharing). 

31 



32 



User Login Creation 

Introduction 

Overview 

When creating User Logins, it is important to understand when and where 

to create each login type. User Logins are created in the following 

applications: 

• TT User Setup – Universal Login Usernames are created in TT User 

Setup. Associated Gateway Logins are created and mapped to 

Usernames. TTORD Gateway Logins must be mapped to Exchange 

Trader Gateway Logins. 

Note: TT User Setup is also used to set up risk limit data. 

• Windows User Manager – Administrator IDs are created in 

Windows User Manager on each TT Gateway in the environment 

(or on a domain controller). This includes the standard Guardian 

administrator ID, TTADM XXX 100. 

Note: Refer to the Guardian and TT User Setup Online Help Systems for 

more information. 

33 



Creating User Logins in TT User Setup 

ID Creation 

All Usernames must be created in TT User Setup. Additionally, all Gateway 

Logins must be created and mapped to specific Usernames. 

New User Window 

To create a new Universal Login Username in TT User Setup, access the 

New User window. Click the Users button and click New from the Users 

window. 

34 



Main Tab 

When creating a new user, be sure to specify the following information on 

the Main tab: 

• Username and Display name 

• User group 

• Password (or use the auto‐generate password functionality to 

email a password to the user) 

• Email address (if using auto‐generate password functionality) 

• User‐Level Risk limit 

Note: We will discuss risk limits in more detail in the next section. 

35 



Gateway Logins Tab 

Within the Gateway Logins tab, be sure to... 

• Create gateway logins for the user (whether they are Exchange 

Trader gateway logins or TTORD gateway logins) 

• Assign existing gateway logins, if they have already been created. 

Note: Within this area, you will also assign account numbers to the user, 

as well as risk limits. We will talk about risk limits later in this guide. 

36 



X_RISK®/ 

X_TRADER® Tab 

Within the X_RISK®/X_TRADER® tab, complete the following information: 

• X_TRADER Mode 

• Customer Defaults 

• Access to additional applications, such as X_RISK or X_STUDY 

There are many settings within TT User Setup that you can specify for a 

user. For more information, refer to the TT User Setup Sales Setup Guide or 

the TT User Setup Help System. 


37


Gateway Logins 

Window 

Gateway logins need to be created with TT User Setup in order to 

associate them with a Username. To create Gateway Logins, access the 

New Gateway Login window. Click the Gateway Logins button and click 

New from the Gateway Logins window. 

38 



When creating a new gateway login, complete the following information: 

• Gateway login components (Member, Group, Trader IDs) 

• Password for gateway login (if required) 

• Mapped gateways (if an Exchange Trader gateway login) ‐ or ‐ 

mapped Exchange Trader gateway logins (if a TTORD gateway 

login) 

• Accounts 

Note: Also determine if the Gateway Login should be risk‐managed by 

selecting the check box next to Add to Guardian. (If yes, the login will 

need to be published to Guardian. This field is selected and disabled for all 

TTORD gateway logins by default.) 

Note: When an Administrator updates any trader ID data or risk limit data 

in TT User Setup, the data must be published to Guardian. Guardian 

synchronizes the data across all TT machines in the customer network. 


39


Creating User Logins in Windows User Manager 

ID Creation 

All Administrator IDs that need to log into Guardian (following the 

MemberGroupTrader format) need to be created in Windows User 

Manager on each TT Gateway (or on the domain controller) in the trading 

environment. This applies even if you are using TT User Setup to manage 

trader and risk data. Administrators will still need to log into Guardian to 

manage the Product and Currency Tables, publish licenses, etc. 

Computer 

Management 

Window 

To create an administrator ID in Windows User Manager on a TT 

Gateway... 

Step 

Action 

1. Right‐click on the My Computer icon. 

2. Select Manage. 

3. Click the plus sign (+) next to Local Users and Groups. 

4. Click Users. 

5. Select Action | New User. 

6. Type the administrator ID as one string (i.e., TTADMXXX100) in the User 

name field. 

7. Type the password in the Password and Confirm password fields. 

8. Deselect the check box next to User must change password at next 

login. 

9. Select the check box next to User cannot change password. 

10. Select the check box next to Password never expires. 

11. Click Create to add the user. 

12. Repeat this process for each administrator ID. 

40 



Risk Checking 

Introduction 

Overview 

Risk limits are tied to a trader's Gateway Login(s) (whether they are 

Exchange Gateway Logins or TTORD Gateway Logins). Risk Administrators 

set up limits for traders in TT User Setup (version 7.1 or higher). 

Risk can be checked via credit limits and/or position limits. All orders that 

are placed must pass all defined limit checks. 

Enabling Risk 

Checking 

When setting up risk limits for traders, there are two settings that must 

first be enabled in order to ensure risk checking is used. These include 

Allow Trading and Risk Check. 

• Allow Trading determines whether the trader is allowed to trade. 

This setting defaults to No. 

‐ The Yes option allows the trader to trade. 

‐ The No option prevents the trader from trading; however, this 

may be overridden if Risk On/Off is set to Off. 

• Risk Check determines whether the pre‐execution credit and risk 

parameters specified in this window are used. 

‐ The On option enables pre‐execution risk management. 

‐ The Off option disables pre‐execution risk management. 

‐ This setting defaults to On. 

Note: All pre‐execution risk parameters are ignored and orders are 

routed directly to the exchange if this is set to Off. 

41 



Credit Limits 

Overview 

When checking risk limits by credit, TT software uses the following 

parameters to determine if an order should be accepted or rejected. 

• Credit (MGT Level): This field is the amount of money a trader can 

lose per session. More specifically... 

‐ Upon login, a trader's starting Credit Limit will be the full Credit 

Limit value assigned to his or her Trader ID in TT User Setup. 

Available credit is adjusted up or down based on all SODs and 

fills received while the trader remains logged in. 

‐ When setting a credit limit for a TTORD trader, the credit limit 

is the total amount the trader can lose across all exchanges he 

or she can trade (assuming the same TTORD Gateway Login is 

used on all exchanges). 

‐ When setting a credit limit for an exchange trader, the credit 

limit is the total amount the trader can lose for that specific 

exchange login. 

Note: If the trader logs into X_TRADER using TT User Setup version 

7.3.0 or higher, a Credit Limit is available at the User level, in 

addition to the Credit Limit set for the trader’s Gateway Login(s). 

• Ignore P&L: This field specifies if you want to ignore P&L when risk 

checking. P&L in this case includes Realized P&L and Open P&L 

which adds to or decreases the trader's available credit. 

‐ Realized P&L is the P&L from completed trades. 

‐ Open P&L is the value of a trader's position as compared to the 

last traded price. 

Note: Ignore P&L may be set to Yes if the firm only wants to use 

margin to control risk. Typically if a firm assigns credit limits, Ignore 

P&L should be set to No. 

• Margin: This field specifies each product's exchange‐defined 

margin requirement in order to buy or sell one contract. The 

margin required for each product is found in the Guardian Product 

Table. 

Note: With the new pre‐trade risk component in X_TRADER 7.8, the 

margin calculation was updated to allow margin to also be charged 

for spread positions. The previous margining method in X_TRADER 

only accounted for the outright position on a product which is the 

worst case net product position (WCNPP) and charged no margin 

for spreads. 

42 



• Additional Margin (%): This field specifies a percentage above or 

below the exchange‐set margin requirement that a trader must 

have in order to trade the contract. In other words, additional 

margin increases or decreases the exchange margin requirement 

when calculating risk limits. 

Note: If the value for any of these fields is set to 0, there is no limit. (In TT 

User Setup, when 0 is entered, the value automatically changes to 

Unlimited.) 

See Appendix B for various risk‐related Audit Trail messages. 

Credit Limit ‐ User 

Level 

Historically, all limits were tied to a specific MemberGroupTrader ID (or 

Gateway Login). With TT User Setup 7.3.0 (and higher), a single user can 

be assigned a user‐level credit limit as well. For example, a user may be 

mapped to 10 different Gateway Logins. As such, an administrator could 

set up the user with 10 credit limits ‐ one for each Gateway Login. Instead 

of doing that, the administrator could set a single user level limit that 

would apply across all markets. 

Tip: Whether using a user‐level credit limit or an MGT‐level credit limit (or 

both), all credit checks still apply. Neither type of credit limit supercedes the 

other. It is possible to exceed a user‐level limit on one TT Gateway, but since 

the user‐level limit is across TT Gateways, you may still be able to trade so 

long as you still have available credit overall (across markets). 

Example 1: A trader with a user‐level credit limit could lose 10,000 USD on 

one MGT/Gateway, and gain 10,000 USD on another MGT/Gateway. At the 

user level, the trader still has 100% of his or her available credit. 

Example 2: At a user level, an administrator could specify that a user, Sam, has 

10,000 USD credit limit. But the administrator could also specify that he has a 

1000 USD credit limit on his TOCOM Gateway Login. It is possible that Sam will 

use up his money on TOCOM, but still be able to trade other markets. Or, if he 

uses up his 10,000 USD, then he cannot trade at all. 

Note: In addition to the User‐Level Credit limit, there is also a setting for 

Allow Trading. A user logged into X_TRADER with a Master Administrator 

login must have this setting enabled in order to delete traders’ orders. This 

is applicable to X_TRADER version 7.8 (and higher) and TT User Setup 

version 7.3.0 (or higher). 


43


New Risk 

Component! 

Calculating Margin 

Starting with X_TRADER 7.8, TT software uses the following formula to 

calculate the total Margin for a product using Intra‐Product Spread 

Margining: 

(Worst Case Net Product Position * Future Margin) + (Synthetic Spread 

Position * Spread Margin) + (Even‐legged Exchange Spreads * Spread 

Margin) 

Prior to version 7.8, the margin calculated was only Future Margin: 

(Worst Case Net Product Position * Future Margin) 

Note: If risk administrators have not entered margin for spread products in 

the Guardian Product Table, then the formula will continue to only take 

Future Margin into account. 

44 



Let’s next discuss how limits are calculated using credit limits. (See 

Appendix B for samples of various risk‐related Audit Trail messages.) 

Note: All examples will assume Allow Trading is set to Yes and Risk Check 

is set to On. 

Calculating Credit 

TT software uses the following formula to calculate available credit for 

traders. 

Credit 

+/‐ Overall P&L 

‐ Margin Required 

+/‐ Additional Margin Requirements 

Available Credit 

If a trader's available credit is less than zero, the trader is not allowed to 

place the trade. 

Note: The Available Credit calculation is the same whether or not Intra‐ 

Product spread margining is used. 

Example 1 

A trader has the following risk limits: 

• Credit is 5,000 USD 

• Ignore P/L is No 

• Product is ES 

• Margin is 4,000 USD 

• P&L is 7,500 USD 

Question: Can the trader buy 3 contracts? 

• # of contracts * Margin = Margin Required 

(3*4,000 USD = 12,000 USD) 

• Credit Limit + P&L = Available Credit 

(5,000 USD + 7,500 USD = 12,500 USD) 

• Is Margin Required ≥ Available Credit? 

(12,000 USD < 12,500 USD) 

• If you plug this into the above formula... 

5,000 USD + 7,500 USD ‐ 12,000 USD = 500 USD available credit. 

Result: Order is accepted. 

45 



Example 2 

Assume the previous order was filled and the current Jun ES position is 

long 3. Now the trader wants to buy one (1) JUN‐SEP ES exchange‐traded 

spread: 



• Future Margin is 4,000 USD 

• Spread Margin is 2,000 USD 

• P&L is 7,500 USD 

Question: Can the trader buy 1 JUN‐SEP ES spread? 

• (# of contracts * Future Margin) + (# of contracts * Spread Margin) 

= Margin Required 

((3 * 4,000 USD) + (1 * 2,000 USD) = 14,000 USD 


• Is Margin Required ≤ Available Credit? 

(14,000 USD < 12,500 USD) 

• If you plug this into the above formula... 

5,000 USD + 7,500 USD ‐ 14,000 USD = ‐1500 USD available credit 

Result: Order is rejected. 

46 



Additional Margin 

Margin is defined by the exchange for each product. This is the amount of 

money that a buyer or seller must have to place an order. Additional 

margin allows risk managers to increase or decrease exchange margin 

requirements when calculating risk limits for traders. For example, the 

exchange margin for a particular product is 4000 USD and a trader's 

additional margin has been increased/decreased by the following… 

Additional Margin Percentage is... 

Margin Calculation 

+50 $4,000 + 50% ($4000) = $4000 + $2000 = $6,000 

total margin required when placing a 1‐lot order. 

‐50 $4,000 ‐ 50% ($4000) = $4,000 ‐ $2000 = $2000 

total margin required when placing a 1‐lot order. 

‐100 

Note: When additional margin is ‐ 

100, margin always equals zero (0) 

and only credit and P&L are used 

to calculate Available Credit. 

$4,000 ‐100% ($4000) = $4000 ‐ $4000 = $0 total 

margin required when placing a 1‐lot order. 

You can enter additional margin higher than 100% (e.g., double the margin 

requirement). However, you cannot enter additional margin less than 

‐100%. 

Note: Additional margin values can apply to all Product Types. For 

example, if Future Additional Margin is specified, it will apply to the Future 

Margin and if Spread Additional Margin is specified, it is applied to the 

Spread Margin. 

Question 1 

A trader has the following risk limits and no positions: 





• Additional Margin (%) is 30% 

• P&L is 7,500 USD 

Question: Can the trader buy 3 Futures contracts? 

Answer: 

• # of contracts * (Add’l Margin % * Margin) = Margin Required 

(3 * (130% * 4,000 USD) = 15,600 USD) 

47 




(5,000 USD + 7,500 USD = 12,500 USD) 


(15,600 USD > 12,500 USD) 


Question 2 

A trader has the following risk limits and no positions: 





• Additional Margin (%) is ‐100 

• P&L is 7,500 USD 

Question: Can the trader sell 100 Futures contracts? 

Answer: 

• Margin Required per contract = 0 USD (as additional margin is set 

to ‐ 100) 


(5,000 USD + 7,500 USD = 12,500 USD) 


(0 USD < 12,500 USD) 


48 



Question 3 

A trader has the following risk limits and position: 



• Product is NQ 

• Spread Margin is 60 USD; Future Margin is 100 USD 

• Additional Future Margin (%) is ‐50% 

• Additional Spread Margin (%) is ‐25 

The trader has bought 5 MAR Futures, sold 12 JUN Futures, and bought 10 

MAR‐JUN exchange‐traded spreads. 

Question: Can the trader sell 1 JUN Future? 

• Worst Case Future Position = 8 short (22 short + 1 short – 15 long), 

Synthetic Spread Position = 15 

• Margin = (Worst Case Future Position * Future Margin * (1+ 

Additional Future Margin)) + (Synthetic Spread Position * Spread 

Margin * (1+ Additional Spread Margin)) 

= (8 * 100 * .50) + (15 * 60 * .75) = 400 + 675 = 1,075 


(1,075 USD < 1,200 USD) 


Long 

Short 

MAR 15 0 

JUN 0 22 

Sum 15 22 


49


Credit Limits and 


Keep in mind that it is possible for traders sharing an Order Book to have 

different credit limits (though this is not recommended). However, since 

these traders see and manipulate the same orders, they will all have the 

same P&L in their Fill windows. 

In some cases, risk managers wish to ensure that a group of traders 

together lose no more than a set amount (e.g., 250,000 USD). To 

accomplish this, first determine if the traders will share an Order Book or 

not. 

• If traders will share an Order Book, give each trader the same 

maximum credit limit (e.g., each will have a credit limit of 250,000 

USD). 

• If traders will not share an Order Book, the recommended setup is 

to give each trader a portion of the total credit limit they can all lose 

(e.g., if you have five traders, give each a credit limit of 50,000 USD). 

Credit Limits and 

Traders 

When it comes to setting credit limits, it is also important to consider 

order book sharing between exchange traders and TTORD traders. 

If several TTORD traders are mapped to an exchange trader who also 

trades (for instance, a senior trader wishes to supervise three junior 

traders), the exchange trader's credit limit should be higher than the sum 

of the TTORD traders' credit limits. 

In this example, each TTORD trader may trade until he or she reaches his 

or her own set credit limit. However, if the exchange trader's credit limit is 

less than or equal to the sum of the three TTORD traders' credit limits 

(e.g., < 30,000 USD), then the exchange trader will no longer be able to 

trade if the TTORD traders each reach their own credit limit. To ensure that 

50 



the exchange trader will be able to trade even if each TTORD reaches their 

credit limit, the exchange trader should have a credit limit that is greater 

than 30,000 USD. 

Keep in mind that an exchange trader's P&L does not affect the trading of 

the TTORD traders mapped to the exchange trader ID. 


51


Position Limits 

Overview 

When checking risk limits by position, TT software uses the following fields 

within the Product Limit window in TT User Setup to determine when a 

trader can place a trade: Product, Maximum Order Quantity, Maximum 

Position, and Maximum Long/Short. 

• Product: This field determines the product(s) the trader can trade. 

• Product Type: This field determines the product type that the 

trader is allowed to trade for the selected products (e.g., FUTURE, 

SPREAD). 

• Maximum Order Quantity: This field determines the maximum 

individual order size that can be entered at a time for a specified 

product. 

• Maximum Position: This field determines the number of contracts 

the trader can be long or short for a given product. 

• Maximum Long/Short: This field limits the sum of all the long 

contracts and the sum of all the short contracts on a given product. 

(See page 58 for more information.) 

• Trade Out: This field allows a trader to exceed Maximum Order 

Quantity and available credit limits in order to reduce his or her risk 

for the specified contract. 

Product Types 

Position limit calculations will depend on the Product Type that is selected. 

Product Limits: When you are trading the outright contract (i.e., Future is 

selected as the Product Type), position limits are calculated based on the 

product (i.e., Product‐level position). This means that the formula used to 

calculate WCP is based on net position of the delivery months that make 

up that product. 

Contract Limits: When Spread is selected as the Product Type and the 

spread is a single product / intra‐product spread (as opposed to a multiproduct 

or inter‐commodity spread), position limits are calculated based 

on the contract (i.e., Contract‐level position) whether you are trading 

spreads or not. This means that the formula used to calculate WCP is 

based on the specific contract you are trading. When trading spreads, you 

are trading at least two contracts and each contract must pass the position 

limit test. 

Note: For Inter‐Commodity Spreads, the Maximum Position field is not 

used for risk checking, even if a non‐zero value is entered. In order to 

manage position risk on Inter‐Commodity Spreads, you MUST enter both 

52 



FUTURE and SPREAD type position limits for each of the products that 

comprise that Inter‐Commodity Spread. 

Calculating (Worst 

Case) Position 

TT software uses the following formula to calculate a trader's position, 

specifically a trader's worst case position (WCP) (whether that’s the Worst 

Case Net Product Position (WCNPP) or Worst Case Contract Position 

(WCCP)) when determining if an order should be allowed to enter the 

market. 

Current Position 

+ Working Orders on buy/sell side 

+ Possible Fill from Current Order 

Worst Case Position 

A trader's worst case (long or short) position is compared against the 

trader's Maximum Position limits. Long (buy) positions are considered 

positive and short (sell) positions are considered negative. 

When thinking about position limits, ask yourself these questions: 

1 Can you trade the product in question? (If no, reject order.) 

2 Is the order quantity less than or equal to your maximum order 

quantity limit set for the product? (If no, reject order.) 

3 Does the WCP exceed your maximum position limit? (If yes, reject 

order.) 

If these three tests are passed, the approved order will be sent to the 

market. If a credit limit is entered, the order will also need to pass the 

credit risk check. 

Limits 

Long Side Example: 

Position is Long 5. 

Working Buys for a total of 4 

contracts. 

Working Sells for a total of 3 

contracts. 

Trader enters an order to buy 7 

contracts. 

Problem 

What is the trader's worst case long position? 

Current Position [+5] 

+ Working Orders [+4] 

+ Possible Fill from current order [+7] 

________________________________ 

Worst Case Position [+16] 

53 



Short Side Example: 

Position is Long 5. 

Limits 

Working Buys for a total of 4 

contracts. 

Working Sells for a total of 3 

contracts. 

Trader enters an order to sell 7 

contracts. 

Problem 

What is the trader's worst case short 

position? 

Current Position [+ 5] 

+ Working Orders [‐3] 

+ Possible Fill from current order [‐7] 

________________________________ 

Worst Case Position [‐5] 

Question 1 



• Max Order Size is 5 

• Max Position is 10 

• Current Position is 0. No working orders 

Question: Can the trader buy a 3‐lot? 

Answer: 

• Is Order Size < Max Order Size? 

(Is 3 less than 5? ‐ Yes) 

• Current Position + Working Buys + Possible Fill = Worst Case 

Position 

(0 + 0 + long 3 = long 3) 

• Is Worst Case Position less than or equal to Max Position Limit? 

(3 < 10) 


Question 2 





• Current position is long 8. 

Question: Can the trader buy a 3‐lot? 

Answer: 


(Is 3 less than 5? ‐ Yes) 

54 



• Current Position + Working Buys + Possible Fill = Worst Case 

Position 

(log 8 + 0 + long 3 = long 11) 


(11 > 10) 

Result: Order is rejected 

Trade Out 

What if a trader is trying to flatten his or her position? Within the Product 

Limit window in TT User Setup, there is a field called Allow Trade Out. This 

Yes or No setting potentially allows a trader to exceed Maximum Order 

Quantity and available credit limits in order to reduce his or her risk for 

the specified contract. Typically, when an order is entered, it is checked 

against the above settings. If one of these tests fails, the order will not 

enter the market. 

With Allow Trade Out set to Yes, the trader is allowed to reduce potential 

risk exposure from his or her current position. Trade Out allows traders to 

get their position closer to zero for the contract (without crossing zero), 

even if it means exceeding their maximum order quantity and available 

credit limit. 

Question 1 





• Allow Trade Out is set to No 

• Current position is long 8 

Question: Can the trader sell a 6‐lot? 

Answer: 


(Is 6 less than 5? No) (Remember Trade Out is set to No.) 


55 



Question 2 



• Max Order Size 5 


• Trade Out is set to Yes 

• Current Position is long 8 and trader is working a buy of 8 

Question: Can the trader sell a 6‐lot? 

Answer: 


(Is 6 less than 5? ‐ No) 

• Is Trade Out enabled? Yes 

• Does this trade get the trader closer to a flat position? Yes 

• Current Position + Working Sells + Possible Fill = Worst Case 

Position 

(long 8 + 0 + short 6 = long 2) 


(long 2 < 20) 


56 



Position Limits: Product Limits Versus Contract Limits 

Overview 

When risk administrators define product limits for traders in the Product 

Limits window within TT User Setup, they define the Product Type for 

each product the trader is allowed to trade. Product types include Future, 

Option, Spread, Strategy, etc. Again, position limits are calculated 

differently depending on the Product Type specified. 

For Spread products, risk checking of position limits also differs based on 

whether the product is an Intra‐Product Spread (e.g., a 6E calendar spread 

on CME) or an Inter‐Commodity Spread (e.g., a Brent ‐ WTI spread on ICE). 

Defining Max Order 

Quantity and Max 

Position 

The Product Type selected in TT User Setup determines how the 

Maximum Order Quantity and Maximum Position fields are used for risk 

checking. 

Note: If the value for any of these fields is set to 0, there is no limit. 

Specifically, if the Maximum Position field is '0', then Maximum Position is 

unlimited for that specific product. (In TT User Setup, when 0 is entered, 

the value automatically changes to Unlimited.) 

Maximum Order Quantity: 

• If Product Type is “FUTURE:” 

‐ Limits the size of an order for an outright futures contract to the 

value in Maximum Order Quantity field. 

• If Product Type is “SPREAD:” 

‐ Limits the size of an order for any exchange‐traded, intraproduct 

spread to the value in the Maximum Order Quantity 

field. Intra‐product and inter‐commodity exchange‐defined 

spreads are supported. 

Maximum Position: 


‐ Limits the maximum outright futures position to the value in 

the Maximum Position field. In other words, limits the 

Maximum Position (long or short) that a trader may accumulate 

at the Product level (the sum total of all delivery months). 

• If Product Type is “SPREAD” and the product is an Inter‐Commodity 

Spread: 

‐ The Maximum Position field is not used for risk checking, even 

if a non‐zero value is entered. In order to manage position risk 

on Inter‐Commodity Spreads, you MUST enter both FUTURE 

57 



and SPREAD type position limits for each of the products that 

comprise that Inter‐Commodity Spread. 

Note: If you do not enter position limits for the products that 

comprise and Inter‐Commodity Spread, Maximum Position for the 

Spread is unlimited. 

• If Product Type is “SPREAD” and the product is an Intra‐Product 

Spread: 

‐ The maximum contract‐level position for each delivery month is 

limited to the value in the Maximum Position field. 

Note: This does not put a hard limit on the number of Intra‐Product 

Spreads that a trader may enter. It only limits the maximum 

position for each delivery month of a product. 


Component! 

Max Long/Short 

An additional position limit called Max Long/Short has been added to the 

TT User Setup product limits; this lets the risk administrator control the 

number of allowed spreads. 

Note: The following minimum TT software versions must be in place for 

this field to work: X_TRADER 7.8 and TT User Setup 7.2. 

Max Long/Short: 


Example: 

‐ Limits the sum of all the long contracts and the sum of all short 

contracts on a given product to the value in the Max Long/ 

Short field. 

If you want to limit a trader to 30 GE Calendar spreads, you can set the GE 

Max Long/Short field to 30. Within the Max Long/Short of 30, if you want 

to allow an outright or unhedged position of 5, you can set the GE 

Maximum Future Position to 5. In addition, if you want to limit the 

position on any individual contract to 15, you can set the GE Maximum 

Spread Position to 15. 

Risk Settings Product Type Max Order 

Quantity 

Maximum 

Position 

Max Long/ 

Short 

GE Future Unlimited 5 30 

GE Spread Unlimited 15 

If a trader has bought 15 Mar10‐Jun10 spreads and sold 15 Sep10‐Dec10 

spreads, he has reached his Max Long/Short position limit of 30. This is 

because he is long 30 (15 Mar + 15 Dec) for the GE and also short 30 (15 

58 



Jun + 15 Sep). The trader cannot place any more GE trades until he 

reduces his position in one or more of the four contract months (i.e., he 

needs to sell Mar or Dec, and buy Jun or Sep, or a combination). 

Scenario 1: 

Example 1 

Let's review a few scenarios using intra‐product spreads. A trader has the 

following risk parameters: 


Quantity 

The trader has the following position: 

Maximum 

Position 

Trade Out 

ZB Future 5 10 Yes 

ZB Spread 25 50 Yes 

Scenario 1 ZB Delivery Months Product‐level 

Sep10 Dec10 Mar11 Jun11 ZB 

Current Position 0 0 0 0 0 

Action: Trader attempts to Buy 50 Sep10‐Dec10 spreads. 

Result: The order is rejected. 

Explanation: Spread Order Quantity of 50 exceeds the Max Order 

Quantity for spreads of 25. 

Scenario 1: 

Example 2 

Action: Trader attempts to Buy 25 Sep10‐Dec10 spreads. 

Result: The order is accepted. 

Explanation: Spread Order Quantity of 25 does not exceed the Max Order 

Quantity for spreads of 25. The resulting Product‐level position remains 0. 

The resulting Contract‐level position in all contracts is less than the 

Maximum Position of 50. 

Scenario 1 ZB Delivery Months Product‐level 

Sep10 Dec10 Mar11 Jun11 ZB 


New Order 25 ‐25 

Resulting Position 25 ‐25 0 0 0 

Accept/Reject A A A A A 

59 



Scenario 1: 

Example 3 

Action: Assuming the resulting position from Example 2, the trader 

attempts to Buy ten (10) Dec10 contracts. 


Explanation: The Order Quantity of 10 exceeds the Max Order Quantity 

for outrights of 5. 

Scenario 2: 

Question 1 

A trader has the following risk parameters: 


Quantity 


Maximum 

Position 

Trade Out 

GE Future 50 100 Yes 

GE Spread 500 1000 Yes 

Scenario 2 GE Delivery Months Product‐level 

Sep10 Dec10 Mar11 Jun11 GE 

Current Position 200 ‐200 0 0 0 

Action: Trader attempts to Buy 500 Sep10‐Dec10‐Mar11 exchange‐traded 

butterfly spreads. Will the order be accepted or rejected? 


Explanation: The order quantity of 500 is within the Max Order Quantity 

for spreads. Since the middle leg of the butterfly sells 2x the quantity of 

the other legs, the resulting position in Dec10 is beyond the Max Position 

limit of 1000. 




New Order 500 ‐1000 500 


Accept/Reject A R A A A 

60 



Scenario 2: 

Question 2 

Action: Trader attempts to Buy 50 Sep10‐Dec10‐Mar11‐Jun11 Eurodollar 

packs. Will the order be accepted or rejected? 


Explanation: The order quantity of 50 is within the Max Order Quantity for 

spreads. An order for a pack buys an equal number of contracts in four 

consecutive deliver months. It has the same effect at the product level as 

buying 4 outright contracts. The resulting product level position of long 

200 exceeds the limit of 100. 




New Order 50 50 50 50 


Accept/Reject A A A A R 

Scenario 2: 

Question 3 

Action: Trader attempts to Buy 50 Sep10‐Dec10‐Mar11 exchange‐traded 

butterfly spreads. Will the order be accepted or rejected? 


Explanation: The order passes all risk checks. 




New Order 50 ‐100 50 0 


Accept/Reject A A A A A 

61 



Scenario 3: 

Question 1 

Inter‐Commodity Spreads work differently than Intra‐Product Spreads. For 

example, assume a trader has the following risk parameters and position: 


Quantity 

Note: xx 

indicates limits 

not specified 

as they are 

ignored for 

intercommodity 

spreads. 


Maximum 

Position 

Trade Out 

GLB Future xx 6 Yes 

GLB Spread xx 12 Yes 

GE Future xx 10 Yes 

GE Spread xx 20 Yes 

GLBGE Spread 11 xx Yes 

Scenario 3 GLB Delivery Months Product‐level 

Jun10 Jul10 Aug10 Sep10 GLB 



Jun10 Jul10 Aug10 Sep10 GE 


Action: Trader enters an order to Buy five (5) GLB Jun10 ‐ GE Jun10 

Spreads. 


Explanation: The order passes the Maximum Order Quantity check versus 

the GLBGE Spread limit of 11 in this case. It also passes the Maximum 

Position checks versus the Future and Spread position limits for each leg. 

The limits highlighted in red do not come into play when risk checking 

Inter‐Commodity Spreads. 

62 



Scenario 3: 

Question 2 

Given only the risk parameters below and no initial positions: 


Quantity 

Action: Trader enters an order to Buy ten (10) GLB Jun10 – GE Jun10 

Spreads. 


Maximum 

Position 

Trade Out 

GLBGE Spread 11 xx Yes 

Explanation: The order passes the Maximum Order Quantity check for the 

GLBGE Spread. No Maximum Position checks are performed because no 

Future or Spread limits have been defined for the legs. The trader’s 

position in the GLBGE spread is unlimited. 

Scenario 3: 

Question 3 

Given the risk parameters in Scenario 3 ‐ Question 1, but starting position 

as below: 

Scenario 3 GLB Delivery Months Product‐level 

Jun10 Jul10 Aug10 Sep10 GLB 



Jun10 Jul10 Aug10 Sep10 GE 

Current Position ‐5 0 0 ‐1 ‐6 

Action: Trader enters an order to buy two (2) GLB Jun10–GE Jun10 

Spreads. 


Explanation: The order quantity check succeeds since the current order 

quantity is 2 and the Maximum Order Quantity for the GLBGE Spread is 11. 

For the GE leg, the contract‐level (i.e., Spread) Maximum Position check 

passes since the contract‐level Worst Case Position (WCP) is Short 7 and 

the GE Spread position limit is 20. The product‐level (i.e., Future) check 

passes because WCP for the product is Short 8 and the GE Futures 

Maximum Position limit is 10. 

For the GLB leg, the contract‐level Maximum Position check passes since 

the contract‐level WCP is Long 7 and the GLB Spread position limit is 12. 


63


However, the WCP for the product is Long 8, which exceeds the GLB 

product‐level Maximum Position limit of 6. Therefore, the order is 

rejected. 

Scenario 4: 

Question 1 

Given the risk parameters and position below: 


Quantity 

Maximum 

Position 

Max Long/ 

Short 

Trade Out 

ES Future 10 10 30 Yes 

ES Spread 20 20 ‐ Yes 

Scenario 5 ES Delivery Months Product‐level 

Mar10 Jun10 Sep10 Dec10 ES 

Current Position 10 10 0 ‐10 ‐6 

Action: Trader enters an order to buy 15 Sep10‐Dec10 Spreads. 


Explanation: The maximum Long Product Position would be 35 (10 Mar10 

+ 10 Jun10 + 15 Sep10) and the Max Long/Short is 30. 

Spreads 

While calendar spreads and other spreads that have equal numbers of 

buys and sells are position‐neutral, those that do not have equal numbers 

of buys and sells are treated as outrights to the extent that they have a net 

long or short impact at the Product‐level. 

• A Eurodollar Pack is a spread consisting of buys in four (4) different 

delivery months. Buying one (1) pack has the same impact at the 

Product‐level as buying four (4) outrights. 

• A 5 Year Eurodollar Bundle consists of buys in 20 different delivery 

months. Buying one (1) 5 Yr Bundle has the same impact at the 

Product‐level as buying 20 outrights. 

Block Trades 

TT software checks Eurex block trades just like any other order with a 

restriction; however, NYSE Liffe block trades are not risk‐checked. 

64 



Position Limits 

Question 

Answer the below question based on the following assumptions: 

• John is a Eurodollar trader who has no exchange memberships, 

although the firm he trades with does have exchange 

memberships. 

• He only trades on one account which he does not share with 

anyone else. His account has 50,000 USD and he should not be able 

to lose more than half of it in any single trading day. 

• John should be limited to trading only the Eurodollar on CME 

(product code = GE) and NYSE Liffe (product code = ED) exchanges. 

He can trade both Futures and Spreads. 

• For both products, John should not be able to exceed a position of 

five (5) in any contract month or a position of 10 across all contracts 

for each product. He should not be able to enter orders larger than 

a 3‐lot. He should be allowed to exceed his maximum order 

quantity if it gets him to a less risky position. John should be 

charged half the exchange required margin for his working orders. 

• When John logs in each morning, he should log in with the name 

JOHN. 

Question: What types of TT User Logins and risk limits should be set for 

John? 

Answer: John should use a TTORD Gateway Login for CME and NYSE Liffe 

for three reasons: 

1 He has no exchange memberships. 

2 He should be limited to a credit amount across multiple exchanges. 

3 He should only be allowed to trade a single account and this 

account is not shared with others. 

These TTORD IDs should be mapped to a Universal Login Username called 

JOHN and should also be mapped to the available exchange trader IDs for 

his firm. John should be given a credit limit of 25,000 USD. He should be 

given the following product limits on his TTORD ID: 

Exchange Product Type Additional 

Margin 

Max Order 

Quantity 

Maximum 

Position 

Trade Out 

CME GE Future ‐50 3 10 Yes 

CME GE Spread ‐50 3 5 Yes 

NYSE Liffe ED Future ‐50 3 10 Yes 

NYSE Liffe ED Spread ‐50 3 5 Yes 

65 



Position Limits: Options 


Component! 

Options 

Options are treated like Futures in regards to risk‐checking. With the new 

pre‐trade risk component added in X_TRADER 7.8, Calls and Puts are 

treated as separate products when performing position limits checks and 

margin calculations. This means that on a given Option contract, buying a 

Call and selling a Put will not offset each other at the Product level. The 

Maximum Option Position and Max Long/Short are tracked and applied 

separately to Calls and to Puts for a product. (Previously, the Option 

Product risk check included both Calls and Puts.) 

Maximum Strategy is applied to each individual contract. 

The Product Type selected determines how the Maximum Order Quantity 

and Maximum Position fields are taken into account. 

Note: If the value for any of these fields is set to 0, there is no limit. (In TT 

User Setup, when 0 is entered, the value automatically changes to 

Unlimited.) 

Maximum Order Quantity: 

• If Product Type is "OPTION:" 

‐ Limits the size of an order for an options contract to the value 

in the Maximum Order Quantity field. 

• If Product Type is "STRATEGY:" 

‐ Limits the size of an order for any options strategy to the value 

in the Maximum Order Quantity field. 

Maximum Position: 

• If Product Type is "OPTION:" 

‐ Limits the maximum option position for the entire product to 

the value in the Maximum Position field. In other words, limits 

the Maximum Position (long or short) that a trader may 

accumulate at the Product‐level (the sum total of all delivery 

months at all exercise prices) across both Calls and Puts (in 

X_TRADER 7.8 and TT User Setup 7.2). 

Note: Prior to X_TRADER 7.8, the Product‐level position included 

both Calls and Puts. 

• If Product Type is "STRATEGY:" 

‐ Limits the maximum Contract‐level Position for each call/put of 

a specific strike price and delivery month to the value in the 

Maximum Position field. 

66 



‐ Does not put a hard limit on the number of strategies a trader 

may enter; it limits the position for each contract of a product. 

Example 1: A trader has one position limit: an Option Maximum Position 

limit of ten (10) for the GE product. The trader has already bought five (5) 

GE Jun10 Calls at a Strike Price of 9500. The trader could now: 

• Buy up to five (5) GE Calls or Puts (of any GE options contract) 

before reaching the GE Option Maximum Position limit of long 10. 

‐OR‐ 

• Sell up to 15 GE Calls or Puts (of any GE options contact) before 

reaching the GE Option Maximum Position limit of short 10. 

Example 2: A trader has one position limit: a Strategy Maximum Position 

limit of five (5) for the GE product. The trader has already bought five (5) 

GE Jun10 Calls at a Strike Price of 9500. The trader could now: 

• Buy up to five (5) GE Calls (except the GE Jun10 Call at 9500), or sell 

up to five (5) GE Calls of any GE options contract before reaching 

the GE Strategy Maximum Position limit of 5 on a particular 

contract. 

There is no interaction between position limits for Options and for 

Futures/Future Spreads. When you trading Futures/Future Spreads, it 

does not offset option positions nor vice versa. 

Margin and Credit checking for Options works the same as for Futures. The 

margin value for Options and Strategies can be specified in the Guardian 

Product Table. 


67


Position Limits: Energy Products 

Energy Products 

Position Limits for all Energy contracts should be entered in Lots instead of 

Contracts. Risk administrators should enter both the Maximum Order 

Quantity and Maximum Position limits in Lots. 

This is because the actual deliverable quantity of products that specify 

delivery in flow can vary from contract to contract, even within the same 

product. This is due to the variation in the number of days in a given 

month. The relationship between contracts, lots and flow can be 

expressed as follows: 

• Contracts ‐ Represents the entire delivery amount. 

• Lots ‐ Represents the number of delivery periods in a contract. 

• Flow ‐ Represents the amount to be delivered in each delivery 

period. 

Example 1: All monthly ICE Brent futures contracts specify one delivery 

period consisting of 1000 barrels of crude oil. 

• 1 contract = 1 lot = 1000 barrels/month (flow) 

• 5 contracts = 5 lots = 5000 barrels/month (flow) 

Example 2: The ICE US Henry Hub Natural Gas Jan10 contract specifies 31 

delivery periods of 2500MMbtu per day. 

• 1 contract = 31 lots = 2500MMbtu/day (flow) = 77,500MMbtu/ 

contract 

• 3 contracts = 93 lots = 7500MMbtu/day (flow) = 232,500MMbtu 

Example 3: The ICE US PJM Power Jan10 contract specifies 21 delivery 

periods (weekdays only) of 800MWh per day (50MW hours for 16 hours). 

• 1 contract = 21 lots = 800MWh / day (flow) = 16,800MWh / contract 

• 2 contracts = 42 lots = 1600MWh / day (flow) = 33,600MWh 

Scenario 1: 

Question 1 

Let’s look at an Energy scenario. A trader has the following risk limits: 


Quantity 

Henry Hub Nat 

Gas 

Henry Hub Nat 

Gas 

Maximum 

Position 

Trade Out 

Energy 100 500 Yes 

Spread 250 750 Yes 

68 



The trader has the following positions: 


Sep10 Dec10 Aug11 Sep11 Oct11 Q311 Henry Hub Nat Gas 

Current Pos. (Flow) ‐17500 57500 ‐20000 ‐5000 2500 5000 22500 

Current Pos. 

(Contracts) 

‐7 23 ‐8 ‐2 1 2 9 

Current Pos. (Lots) ‐210 713 ‐248 ‐60 31 184 410 

Action: Trader attempts to Sell four (4) Jun10 contracts. Will the order be 

accepted or rejected? 


Explanation: The quantity of 4 contracts in Jun10 is equivalent to 120 lots, 

which exceeds the Maximum Order Quantity of 100 lots. 

Scenario 1: 

Question 2 

Action: Trader attempts to Buy two (2) Dec10 contracts. Will the order be 



Explanation: Although the Product‐level position passes the risk checks, 

the resulting position in Dec10 (713 + 31 *2 = 775) exceeds the Contractlevel 

position limit of 750. 

Scenario 1: 

Question 3 

Action: Trader attempts to Buy three (3) Oct11 contracts. Will the order be 



Explanation: The order for 3 Oct11 contracts is the same as adding 93 lots 

to the existing lot total of 410. This exceeds the Product‐level limit of 500 

lots. 

Scenario 1: 

Question 4 

Action: Trader attempts to Buy three (3) Sep11 contracts. Will the order be 



Explanation: Since the lots for a Sep11 contract are less than for an Oct11 

contract (30 vs. 31), this order is accepted, whereas the order in the 

previous example failed. The resulting position at the Product‐level does 

not exceed the limit of 500 lots. 

69 



Scenario 1: 

Question 5 

Action: Assume the resulting position after the previous example: Sep11 = 

30 lots; Product = 500. The trader attempts to Sell two (2) Q311 contracts. 

Will the order be accepted or rejected? 


Explanation: This contract is made up of one each of Jul11, Aug11, and 

Sep11 contracts; therefore, the lots associated with it are much higher 

than a single month contract. However, TT does handle strips on ICE as 

spreads on other exchanges are handled (e.g., CME and LIFFE). With ICE, a 

strip is not broken down into its components with each leg getting 

checked individually. Instead, the strip is treated as an individual contract 

that has a much different lot quantity. In this example, the Maximum 

Order Quantity of 100 lots is exceeded. 

70 



Position Limits: Autospreader 


Component! 

Autospreader 

Changes 

Starting with X_TRADER 7.7, when an Autospreader order is entered, all 

potential outright orders, including all quoting and all possible hedge 

orders, are position risk‐checked before being submitted into the market. 

The new pre‐trade risk component in X_TRADER 7.8 and the logic in 

Autospreader® Strategy Engine (ASE) 7.0.1 have been updated to take into 

account the relationship between Autospreader quoting orders and hedge 

orders when calculating the Worst Case Net Product Position (WCNPP). 

The WCNPP is then compared to the Max Future position limit. More 

specifically, the component assumes that a hedge order will not enter the 

market unless its corresponding quoting order has already been filled, as 

this is the logic embedded into Autospreader. 

The worst case contract position which is compared to the Max Spread 

position limit has also been updated. Similar offsetting logic is applied to 

Autospreader orders which have more than one leg with the same 

contract, for example if the Autospreader legs contain exchange‐traded 

spreads. 

Let’s look at a few examples assuming the following risk limits for a trader: 

Product Type Max Order 

Quantity 

Maximum 

Position 

Trade Out 

GE Future 10 10 Yes 

GE Spread 20 20 Yes 

Example 1 ‐ 

Calendar Spread 

Assume a trader has configured a two‐legged GE Sep‐Dec calendar spread 

with a 1 to ‐1 ratio and quoting in both legs. The trader enters a spread 

order to buy 10 spreads. Below are the positions calculated from the order 

and whether the order is accepted or rejected. 

Future Position Spread Position Accept/Reject 

X_TRADER 7.6* 10 10 Accept 

X_TRADER 7.7.x 20 20 Reject 

X_TRADER 7.8 (and higher) 10 20 Accept 

*The required limits to enter the initial Autospreader order, not including 

any subsequent hedges which are risk‐checked separately in X_TRADER 

7.6. 


71


Example 2 ‐ 

Butterfly Spread 

A trader configures a three‐legged spread with a 1,‐2, 1 ratio and quoting 

in all three legs. The trader enters an order to buy 4 spreads. Below are the 

positions calculated from the order and whether the order is accepted or 

rejected. 

Future Position Spread Position Accept/Reject 

X_TRADER 7.6* 8 8 (in Leg 2) Accept 

X_TRADER 7.7.x 24 24 (in Leg 2) Reject 

X_TRADER 7.8 (and higher) 16 24 (in Leg 2) Reject 

*The required limits to enter the initial Autospreader order, not including 

any subsequent hedges which are risk‐checked separately in X_TRADER 

7.6. 

72 



Setting Risk Limits 

Pre‐Execution Risk in TT User Setup 

Edit Gateway Login 

Window 

The bottom section of the Edit Gateway Login window is where risk limits 

are set. Administrators use this area to set both trader and product limits 

for the Gateway Login. 

Trader Limits 

Set trader limits as needed for the Gateway Login, including... 

• Risk Check (On or Off) 

• Allow Trading (Yes or No) 

• Ignore P&L (Yes or No) 

• Credit (credit limit) and Currency (for credit limit) 

Note: You also have the option of setting a User‐Level Risk limit on the 

Main tab of the Edit User window. 

73 



Product Limits 

Product limits are also set within the bottom section of the Edit Gateway 

Login window. All product limits will display within the Product Limits 

section. To create a new product limit, click the New Product Limit button. 

Complete the following fields: 

• Gateway 

• Product type 

• Products 

• Additional Margin (%) 

• Maximum position 

• Maximum order qty 

• Maximum long/short 

• Allow trade out (On or Off) 

Publish Reminder 

All changes to pre‐execution risk data stay within TT User Setup and are 

not applied to traders until they are published to Guardian. Upon 

publishing, TT User Setup may provide some helpful hints about data that 

may indicate erroneous setups. 

74 



Guardian Product Administration 

Margin (Guardian 

Product Table) 

It is also important to understand that data within the Guardian Product 

and Currency Tables impact risk limit calculations for traders. 

Guardian Product Tables reflect exchange‐defined parameters for each 

product (e.g., Product Symbol, Product Type, Description, Point Value, 

Price Format, etc.). 

The column highlighted below is where margin values are set. The Margin 

column is controlled by the customer and defaults to zero for each 

product. Refer to each exchange's website for information regarding 

margin values for products. Remember that Margin must be set in order to 

factor into risk limits calculations. 

75 



Exchange Rates 

(Guardian Currency 

Table) 

When traders trade multiple products in different currencies, there needs 

to be a way to aggregate the trader's P&L into one currency, as well as a 

way to calculate the trader's available credit in one currency. 

Risk administrators enter exchange rates into the Currency Table within 

Guardian and set a primary currency in order to accurately display P&L 

and available credit. 

It is important to note that this table is manually updated by the risk 

administrator and must be updated as frequently as needed to ensure 

accuracy of exchange rates. This may be done daily, weekly or monthly. 

When reading the Currency Table, it is read as "n rows per column." For 

instance, it is 1.27 Euros per 1 British Pound. 

Note: If a firm only trades products in one currency, then there is no need 

to enter exchange rates within this table. The currency displayed in the 

Primary field is the primary currency for the trading environment. This is 

the currency P&L will display in within the Fill window. 

76 



Appendix A – Audit Trail Messages 

Message Type Sample Message (Guardian Risk) Sample Message (Risk Component in 

X_TRADER 7.8) 

Exceeds Order Qty Limit 

B6S0F‐3WP3 

Exceeds Max Contract 

WCP11L > PLMT10 EXP0609 

P1 B1S0F10WP11 

B1S0F10NP11LP11SP0 X0609 

B1S0F10WP11 

Position 

WCNPP(11) > MxNPP(10) P1 

Position (LPP) 

ORDQ6 > OQLMT5 P1 B6S0F‐3WP3 X0609 

B6S0F‐3WP3 

WCP11L > PLMT10 EXP0609 P1 B1S0F10WP11 

X0609 B1S0F10WP11 

WCP11L > PLMT10 P1 B1S0F10WP11 X0609 

B1S0F10WP11 

n/a 

n/a 

Approved (LMT95000+PL‐637.50‐ 

M1900.00=AV92462.50)USD P1 B1S0 

F‐19WP19 X0609 B1S0F‐19WP‐19 

Appr‐TO (LMT1000+PL‐662.50‐M1800.00=AV‐ 

1461.50)USD P1 B1S0 

F‐18WP18 X0609 B1S0F‐18WP‐18 

Excds CrLmt (LMT1000+PL‐662.50‐ 

M1900.00=AV‐1562.50)USD P1 B0S1 

F‐18WP19 X0609 B0S1F‐18WP‐19 

ORDQ6 > OQLMT5 P1 B6S0F‐3NP3LP3SP3 

X0609 B6S0F‐3WP3 

WCCP(11)L > MxCP(10) EXP0609 P1 

B1S0F10NP11LP11SP0 X0609 B1S0F10WP11 

WCNPP(11) > MxNPP(10) P1 

B1S0F10NP11LP11SP0 X0609 B1S0F10WP11 

WCLPP(21) > MxL/SPP(20) P1 B1S0 

F20NP21LP21SP0 X0609 B1S0F20WP21 

WCSPP(‐21) > MxL/SPP(20) P1 B0S1 

F‐20NP21LP0SP21 X0609 B0S1F‐20WP‐21 

Approved (LMT95000+PL‐637.50‐ 

M1900.00=AV92462.50)USD P1 B1S0 


Appr‐TO (LMT1000+PL‐662.50‐ 

M1800.00=AV‐1461.50)USD P1 B1S0 


Excds CrLmt (LMT1000+PL‐662.50‐ 

M1900.00=AV‐1562.50)USD P1 B0S1 


Trading not allowed Trading not allowed No changes to messages 

No currency conversion 

Product Not Allowed 

Delete 

Change 

Warning: No currency conversion value exists. 

Product is not allowed 

Delete Approved (No Credit Check) 

Change Approved (No Credit Check ‐ order 

quantity was not increased) 

New Message Legend 

Changes to messages are 

Underlined 

Message Parts: 

Reject Reason/Approved 

Available Credit 

Future Pos (Product) 

Spread Pos (Contract) 

Abbreviations: 

LMT – Credit Limit 

PL – P&L 

M – Margin 

AV – Available Credit 

B ‐ Working Buys 

S ‐ Working Sells 

F – Filled Position 

NP ‐ Worst Case Net Position 

(Product) 

LP ‐ Worst Case Long 

Position (Product) 

SP ‐ Worst Case Short 

Position (Product) 

WP ‐ Worst Case Pos (Contract)


Appendix B – Additional Logins 

CoreAPI / Client Application Logins 

Member Group Trader Intended Use Order 

Entry 

Change Orders Delete Orders Receive Orders Receive Fills Comments 

Global M G T Global M G T Global M G T Global M G T 

TTADM XXX View Multi-Member Supervising Trader Y Y Y Y Y Y Y Y For multiple member GWs 

TTADM XXX MGR Multi-Member Risk Manager Y Y Y Y Y Y Y Y Y Y Y Y 

not in the same firm, this 

account must be disabled. 

TTADM XXX Multi-Member Managing 

Trader(s) 

Y Y Y Y Y Y Y Y Y Y Y Y It allows TTADM to see 

orders/fills for all 

memberships. 

TTADM View Multi-Member One Group 

Supervising Trader 

TTADM MGR Multi-Member One Group Risk 

Manager 

TTADM Multi-Member One Group 

Managing Trader(s) 

XXX View One Member Multi-Group 


XXX MGR One Member Multi-Group Risk 

Manager 

XXX One Member Multi-Group 


View One Member One Group 


MGR One Member One Group Risk 

Manager 

One Member One Group 

Trader(s) 

TTORD XXX View One Non-Member Multi-Group 


TTORD XXX MGR One Non-Member Multi-Group 

Risk Manager 

TTORD XXX One Non-Member Multi-Group 


Y Y 

Y Y 

Y Y 

Y 

Y 

Y 

Y 

For multiple member GWs. 

Groups must not be 

named the same - it allows 

these accounts to see 

Y Y Y Y 

orders across the 

Y Y members. 

Y Y Y Y Y Y 

Y Y Y Y Y Y Y Y Y 


Y Y Y Y 

Y Y Y Y Y Y 


Y Y Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

TTORD acts like a distinct 

membership; isolates 

these orders and fills from 

other TTORD 

Y Y Y 

accounts. 

Y Y Y Y Y Y 

Continued on next page


CoreAPI / Client Application Logins, Continued 

Member Group Trader Intended Use Order 

TTORD View One Non-Member One Group 


TTORD MGR One Non-Member One Group 


TTORD One Non-Member One Group 

Trader(s) 

TTORD XXX View One Non-Member Multi-Group 


TTORD XXX MGR One Non-Member Multi-Group 


TTORD XXX One Non-Member Multi-Group 


TTORD View One Non-Member One Group 


TTORD MGR One Non-Member One Group 


TTORD One Non-Member One Group 

Trader(s) 

Notes: 

Entry 

1. Group XXX means the actual string "XXX" and is a wildcard matching all groups for that membership 

2. Member suffix means any two character/or number string appended to TTORD, e.g., TTORDRT or TTORDAB 

3. "Global" delete, receive orders and receive fills are only available when supported by the gateway and/or exchange 

4. Group operations are only allowed when the group is the same or "XXX" 

5. Groups (for Non TTADM member IDs) DO NOT span memberships; TTSIMAAA001 cannot see orders for ECOCHAAA001 

6. Receive Orders value of "Y" also implies inquiry privileges are allowed 

Change Orders Delete Orders Receive Orders Receive Fills Comments 

Global M G T Global M G T Global M G T Global M G T 

Y Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

TTORD acts like a distinct 



other TTORD 

accounts. 


Y Y Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

acts like a distinct 



other TTORD and 

TTORD accounts. 


Y Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

Y 

acts like a distinct 



other TTORD and 

TTORD accounts. 


7. Exchange traders can add, delete, and change orders on behalf of TTORD traders that trade through them (by using the TTORD trader's account number) 

8. TTORD traders cannot enter, change, delete or receive orders for their exchange traders. 

9. TTORD traders cannot receive fills for their exchange trader's accounts 

10. TTORD traders in the same group can change and delete one another's orders (but cannot enter orders on behalf of one another) 

11. TTORD traders in the same group can hold one another's orders (because a hold is really a delete) 

12. TTORD traders in the same group CANNOT resubmit one another's orders (because a resubmit is really an add) 

13. Clearing member account XXX receives orders and fills for all groups in the membership


Guardian Logins 

Member Group Trader Intended Use WAN 

Router 

Setup 

TTADM XXX View Multi-Member Supervising 

Trader 

TTADM XXX MGR Multi-Member Risk 

Manager 

TTADM XXX Multi-Member Managing 

Trader(s) 

TTADM View Multi-Member One Group 


TTADM MGR Multi-Member One Group 


TTADM Multi-Member One Group 


XXX View One Member Multi-Group 


XXX MGR One Member Multi-Group 


XXX One Member Multi-Group 


View One Member One Group 


MGR One Member One Group 


One Member One Group 

Trader(s) 

TTORD XXX View One Non-Member Multi- 

Group Supervising Trader 

TTORD XXX MGR One Non-Member Multi- 

Group Risk Manager 

TTORD XXX One Non-Member Multi- 

Group Managing Trader(s) 

TTORD View One Non-Member One 


TTORD MGR One Non-Member One 


TTORD One Non-Member One 

Group Trader(s) 

Risk Parameters 

Global M G 

Currency 

Products 

Guardian 

Only 

Comment 

V 

E 

V 

E 

V 

E 

V 

E 

V 

E 

For multiple member 

GWs not in the same 

firm, this login must 

be disabled. It allows 

E E E E E 

TTADM to view/edit 

risk for all 

memberships. 

V 

E 

V1 

E1 


GWs. Groups must not 

be named the same - 

it allows these logins 

E E1 

to view/edit risk 

across the members. 

V1 

E1 

V 

E 

Member-Level Risk 

Administrator - All 

groups for one 

membership. 

E1 

E 

V1 

E1 

V1 

E1 

Group-Level Risk 

Administrator - One 

membership and 

group. 

V1 

E1 

V 

E 

Proxy Member-Level 

Risk Administrator - All 

groups for TTORD 

membership. 

E1 

E 

V1 

E1 

V1 

E1 

Proxy Group-Level Risk 

Administrator - TTORD 

membership and one 

group. 

Usage 

The TTADM login provides access to all functions, 

including management of all risk parameters, 

Product Table, Currency Table, and all networkrelated 

functions. 

The TTADM login provides access to all functions, 

including management of risk parameters for the 

indicated Group ID only, as well as Product Table, 

Currency Table, and all network-related functions. 

The MLRA is used in situations where multiple 

membership IDs are used on one GW. Users can 

view, edit, and publish risk parameters for the 

Member ID contained in their own login ID. This 

login does not have privileges to edit any networkrelated, 

product, or currency data. 

The GLRA allows a trading manager for a specific 

group to view, edit, and publish risk limits for the 

traders with the same Member and Group ID as his 

or her own login. This login does not have privileges 

to edit any network-related, product, or currency 

data. 

The PMLRA is used to allow a firm without an 

exchange trading account to manage its own risk 

parameters. Users can view, edit, and publish risk 

parameters for traders with the same TTORD 

Member ID contained in their own login ID (for all 

groups). This login does not have privileges to edit 

any network-related, product, or currency data. 

The PGLRA is used to allow a firm without an 


parameters for a single group. Users can view, edit, 

and publish risk limits for the traders with the same 

TTORD Member ID and Group ID as their own login. 

This login does not have privilege to edit any 

network-related, product, or currency data. 

Continued on next page


Guardian Logins, Continued 

Member Group Trader Intended Use WAN 

Router 

Setup 

TTORD XXX View One Non-Member Multi- 


TTORD XXX MGR One Non-Member Multi- 


TTORD XXX One Non-Member Multi- 

Group Managing Trader(s) 

TTORD View One Non-Member One 


TTORD MGR One Non-Member One 


TTORD One Non-Member One 

Group Trader(s) 

TTRISK XXX View One Member Multi-Group 

Risk Manager (VIEW ONLY) 

TTRISK XXX MGR One Member Multi-Group 


Risk Parameters 

Global M G 

Currency 

Products 

Guardian 

Only 

Comment 

V1 V Proxy Member Level 

Risk Administrator - 

E1 E 

All groups for one 

membership. 

E1 

E 

V1 V1 Proxy Group Level 

Risk Administrator - 

E1 E1 

One membership 

and group. 

V V V V Y Risk Administrator - 


E E E E Y GWs not in the same 

firm, this login must 

be disabled. It allows 

TTADM to see risk 

for all memberships. 

TTRISK XXX E E E E Y 

TTRISK View Multi-Member One Group 

Risk Manager (VIEW ONLY) 

TTRISK MGR Multi-Member One Group 


TTRISK Multi-Member One Group 


V V1 Y Risk Administrator - 


E E1 Y GWs. Groups must 

not be named the 

E E1 Y 

same - it allows these 

accounts to see risk 

across the members. 

TTNET XXX View V Y Network Admin - 

TTNET XXX MGR E Y Only perform actions 

related to network 

TTNET XXX E Y 

administration. 

Notes: 

1. Group XXX means the actual string "XXX" and is a wildcard matching all groups for that membership. 4. Group operations are only allowed when the group is the same or "XXX." 

2. Member suffix is a two character or number string appended to TTORD (e.g., TTORDRT or TTORDAB). 5. Groups (for non-TTADM Member IDs) DO NOT span memberships. 

Usage 

The PMLRA is used to allow a firm without an 


parameters. Users can view, edit, and publish risk 

parameters for traders with the same proxy Member 

ID contained in their own login ID (for all groups). This 

login does not have privileges to edit any networkrelated, 

product, or currency data. 

The PGLRA is used to allow a firm without an exchange 

trading account to manage its own risk parameters for 

a single group. Users can view, edit, and publish risk 

limits for the traders with the same Member and 

Group ID contained in their own login. This login does 

not have privileges to edit any network related 

parameters, product or currency data. 

The TTRISK is used to gain access to all risk parameters 

for all MGTs. The TTRISK has access to edit and publish 

the Product and Currency Tables, both of which affect 

risk (currency conversion, margin values). It is most 

useful for Risk Admins at clearing firms that need 

access to all risk parameters. This login does not have 

privileges to edit any network related parameters. 

The TTRISK is used to gain access to all risk parameters 

for all traders in one Membership ID and Group ID. 

Only the risk parameters for that group can be edited 

or viewed. It is most useful for Risk Admins at trading 

firms trading through clearing firms’ accounts that 

need access to all risk parameters. This login does not 

have privileges to edit any network related, product, 

or currency data. 

The TTNET login is used to allow non-trading 

personnel (network administrators or desktop 

support) to have access to the following non-trading 

related features of Guardian: WAN Routing 

configuration, license management, locked out 

accounts, and distribute DH parameters. 

3. V = View only, V1 = VIEW for only one Member or Group, E = Edit, E1= Edit for only one Member or Group. 6. Product/Currency Table access is by exchange; it cannot differ for multiple MGTs on the same exchange.

TT User Login and Risk Administration - Trading Technologies

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