ICE and ICE_L OTC Trades

The Blocktrader widget supports entering the following OTC trades on ICE and ICE_L exchanges on TT:

• Cross — Prearranged trades with either a party within the trading firm itself or with a specified party outside the firm.
• Exchange for Swap — Prearranged swap trade with either a party within the trading firm itself or with a specified party outside the firm. Supported on ICE only.
• Basis Trades — Strategies for long-term bond markets that include a Futures leg and an underlying (cash) leg. Supported on ICE_L only.
• Block — High volume trades in any outright or strategy product. Supported on ICE_L only. The following types of Block trades are supported:
• Asset Allocation: allows the trader to enter one side (buy or sell) of a wholesale order. Alternatively, one trader can enter the entire Asset Allocation. Supported on ICE_L only.

Before You Begin

Before submitting an OTC trade, complete the following:

• Ensure that wholesale trading is enabled for your user in Setup on TT.
• Contact ICE to enable the wholesale trading functionality.

Blocktrader display for ICE

Blocktrader consists of the components needed for submitting OTC trades on ICE and ICE_L.

The image shows the following:

1. Exchange selector — Lists the exchanges with OTC trade reporting supported on TT®
2. Trade type selector — Lists the OTC trade types supported for the selected exchange.
3. Account selector — Sets the account used for submitting the trade for both the Buyer and Seller.
4. Price — Used for entering a price for the transaction. You can also use the up and down arrows to set the price. This field is grayed out for multi-leg instruments.
5. Quantity column: Used for entering the buy or sell quantity for the trade. You can also use the up and down arrows to set the quantity.
6. Price per leg — When checked, allows you to set a price for each leg of an exchange spread or strategy. When a native exchange spread or strategy is selected in Blocktrader, this checkbox is checked by default.
7. Price off tick — When checked, allows you to enter an off tick price per leg for instruments that support tick sizes smaller than what is displayed.
8. Instrument search — Allows you to search for and select the instrument being traded.
9. ICE OTC fields — Allows you to complete the fields required by the exchange. Fields are displayed based on the trade type.
10. Confirm Order and Submit — Allows you to confirm the order before submitting. When Confirm Order is checked, the Submit button changes to "Confirm". When you click Confirm, the button flashes three times and shows as "Submit". The Message indicator shows "Confirm order before submitting" and the trade will not be sent to the exchange until you click Submit. When Confirm Order is unchecked, the Submit button is active and you can click it to send the trade to the exchange. Order confirmations are enabled by default.
11. Message indicator — Indicates whether the trade was successfully sent to the exchange. Also shows if the order needs to be confirmed before submitting.

Blocktrader display for ICE OTC trades with multi-leg instruments

For Block and Cross trades with multi-leg instruments, Blocktrader displays each leg of the instrument to allow you to set a custom price for each leg. The best Bid and Ask are displayed for the selected instrument, and the price per leg is checked by default.

Blocktrader displays the net price based on the custom price you enter for each leg. The quantity, best Bid, and best Ask are also displayed per leg.

Submitting ICE OTC Trades

To submit an ICE OTC Trade:

1. Open the Blocktrader widget and select ICE or ICE_L from the exchange selector.
2. Search for and select the instrument being traded. You can also use the Explorer to find an instrument.

   For spreads and strategies, refer to Submitting ICE OTC trades with multi-leg instruments.

3. Select an OTC trade type from the trade type selector, and set the quantity and price for the trade.
4. Select an account from the account selector.
5. Complete the required fields in Blocktrader for both sides of the trade.

   For Basis trades, refer to Blocktrader Fields for Basis Trades on ICE_L.

6. Click the Submit button.

   If Confirm order is checked, confirm the order before submitting it to the exchange.

   Cross trades: Upon receiving the order, the exchange broadcasts a "request to cross" message that appears in the Audit Trail. After the exchange-defined time period (e.g., 10 seconds), the order is submitted.

Submitting ICE OTC trades with multi-leg instruments

Blocktrader supports ICE and ICE_L OTC trades submitted with exchange-traded spreads and strategies. When submitting a Cross or Block trade on ICE, you can set a custom price per spread or strategy leg and submit the net price of the transaction to the exchange.

To submit an ICE OTC trade with multi-leg instruments:

1. Open the Blocktrader widget and select ICE or ICE_L from the exchange selector.
2. Search for and select the spread or strategy being traded. You can also use the Market Explorer to find an instrument.

   Each leg of the selected instrument is displayed.

   Note: The Price per leg setting is checked by default.

3. Select "Block" or "Cross" from the trade type selector, and set the quantity of the trade.
4. Select an account from the account selector.
5. Enter a price and quantity for each leg. The net price of the transaction is displayed.
6. Complete the required fields in Blocktrader for both sides of the trade.
7. Click the Submit button.

   If Confirm order is checked, confirm the order before submitting it to the exchange.

   Cross trades: Upon receiving the order, the exchange broadcasts a request to cross message that appears in the Audit Trail. After the exchange-defined time period (e.g., 10 seconds), the order is submitted.

Blocktrader Fields for ICE and ICE_L

The table below lists the common fields for submitting OTC trades for ICE and ICE_L.

The following example shows an ICE Cross trade (the same fields are also populated for a Guaranteed Cross):

The following example shows an ICE Exchange for Swap trade:

Additional Fields for Basis Trades on ICE_L

Note: To submit Basis trades, you must first complete the fields listed in Blocktrader Fields for ICE and ICE_L. For Basis trades, you must also complete the additional fields listed in the following table.

The following example shows a Basis trade reported in Blocktrader.