TT CME Gateway System Administration Manual - Trading ...

5 Configuring Order Management
Single Line Entry of
Differential Spreads
(SLEDS) Orders
CME Gateway System Administration Manual 109
Trading Technologies International, Inc.
assigned to the fills. CME clearing contacts the broker and provides the average
price for these trades.
For most exchange-defined spreads, traders can designate orders as SLEDS
orders, where the spread price is determined by the previous day settlement price
of the front leg of the spread. For example, SLEDS orders for Calendar Futures
allow traders to determine if they want these trades to be cleared using the prior
day settlement price instead of LTP for the front leg of their calendar spread.
To designate a spread order as eligible for SLEDS, enter an ampersand “&” or
percent “%” character in the Account Number field in the X_TRADER ® Market
Window. You can also populate the Account# field in a separate profile in
Customer Defaults.
This character must precede any characters entered for APS orders or Give Up
orders. If appended after the APS characters or Give Up codes, the SLEDS
characters will be treated as part of the account number.
Example: Account number in X_TRADER ® for a SLEDS order
&4400
To have a trade cleared using the LTP for the front leg of the spread, enter the “&”
character. To notify CME Clearing that a trade should be cleared using the CME
algorithm for the prior day’s settlement price, enter a “%” in the account number
for your order.
Discretionary Orders Fills for discretionary orders can be designated for allocation to specific firms or
accounts by CME Clearing. This designation is uniquely identified using a “Rule
ID,” and must be provided in writing to CME Clearing before it can be used in
executing a trade.
To designate discretionary orders for allocation, enter an "*" in the first position of
the account number field in the X_TRADER ® Market Window followed by the
account number, a "-", and the Rule ID. You can also populate the Account# field
in a separate profile in Customer Defaults. See the following example.
Example: Account number in X_TRADER ® for a Discretionary Order
*4400-ID1
This designates the order for the CME Clearing Allocate/Claim System (ACS),
where the executing firm can allocate the trade to a Give Up firm or accept the
trade into its own accounts.
Bunched Account Orders An executing firm can defer assigning an account number to a trade until after it
has been executed. To enter this order in X_TRADER ® , place an "*" in the first
position of the account number in the Market Window, followed by a “dummy”
customer account number. You can also populate the Account# field in a
separate profile in Customer Defaults.
Example: Account number in X_TRADER ® for a Bunched Account Order
*4400XYZ
The fills associated with the order will automatically be routed to the CME Clearing
Allocate/Claim System (ACS), where the executing firm's back-office staff assigns
the correct firm and account numbers to the trade.