Download User Guide - Berkeley Futures Limited
Download User Guide - Berkeley Futures Limited
Download User Guide - Berkeley Futures Limited
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Glossary<br />
expired contract<br />
A contract whose expiry date has passed. Compare with inactive contract.<br />
fat-finger limits<br />
A set of limits (low, medium and high severity) that you can set against the numbers of lots you trade.<br />
Depending on the severity of the limit you breach, you will either get a warning or be prevented from<br />
entering the trade.<br />
inactive contract<br />
Contract that is not currently usable although it still exists, eg a quoted instrument when its exchange<br />
is closed. Compare with expired contract.<br />
inside price<br />
Price with no volume that is between the current best bid and offer. Viewable in Patsystems<br />
Reflector screens.<br />
instrument<br />
(Sometimes referred to as a ‘contract’) T-Bond, etc. Compare with quoted instrument.<br />
lots pad<br />
Panel for increasing the number of lots by preset amounts, and for resetting the number of lots to zero.<br />
Lots pads appear on trade tickets, FX trade tickets, and the Patsystems Reflector screen. You can set<br />
a default number of lots per exchange, instrument and contract, using the Settings screen, Contract tab<br />
(page 20), Default Quantity sub-tab.<br />
main screen<br />
Screen from which you select all menu items and from where you open trading windows. See Main<br />
Screen.<br />
MEL<br />
(Multi-Exchange Legger) A strategy not supported by an exchange. You can define and trade MELs,<br />
which can be either intra-market (a strategy involving instruments from the same exchange) or intermarket<br />
(instruments from different exchanges). See Using Strategies (MELs) on page 53.<br />
OCO (one cancels the other) trade<br />
An OCO (‘One Cancels the Other’) order comprises two separate orders, one of which is cancelled the<br />
moment the other is filled. The two orders can be either limit-limit, or limit-stop: eg, a buy limit order<br />
below the current market price, paired with a buy stop above the current market price.<br />
one-click trading<br />
Synonym for single-click trading.<br />
Patsystems Reflector<br />
The Reflector is a price-ladder screen from which you can trade the full depth of market for a<br />
contract, including ‘inside prices’ (prices without volume that are between the bid and offer).<br />
quoted instrument<br />
(Also known as contract) Specific issue of an instrument, eg Dec 04 T-Bond.<br />
76 © Patsystems Ltd 31/05/2011 15:19:00
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