Blocktrader

ICE OTC Trades

ICE 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. Includes support of Guaranteed Cross Trades, where the two sides are guaranteed to match with one another and not exist as a different order in the market. Guaranteed Cross orders validate automatically.
  • Block — High volume trades in any outright or strategy product. In addition to Block trades, the following types of ICE block trades are supported:
    • Exchange For Swap (EFS): allows trades to offset a specific OTC swap transaction for a similar commodity or a direct product of that commodity.
    • Exchange Options for Options (EOO): allows a trade of an exchange option position for a corresponding OTC option position. This replicates the EFS functionality available for Futures contracts.
    • Exchange Futures for Physical (EFP): trades between the Futures market and the underlying physical market.
    • 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.
  • Basis Trades: strategies for long-term bond markets that include a Futures leg and an underlying (cash) leg. 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

The Blocktrader widget for ICE and ICE_L consists of 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.
  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 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.
  7. Instrument search — Allows you to search for and select the instrument being traded.
  8. ICE OTC fields — Allows you to complete the fields required by the exchange. Fields are displayed based on the trade type.
  9. 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.
  10. Message indicator — Indicates whether the trade was successfully sent to the exchange. Also shows if the order needs to be confirmed before submitting.

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 the instrument being traded. You can also use the Explorer to find an instrument.
  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.

Blocktrader Fields for ICE and ICE_L

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

Blocktrader Field

Value

Description

Side

Sets the Buyer or Seller Click a cell to determine the Buyer or Seller in each side of the trade.

Customer Profile

A drop-down list of available Customer order tag defaults.

Only customers with Order Profiles defined in Setup appear in the Customer Profile list. This is an optional field.

TT Account

Sets a specific account for the Buyer or Seller. This account will be used for the Buyer or Seller instead of the account selected in the order panel. All accounts assigned to the user are listed in the drop-down menu. Required for both sides of the cross trade.

Exch Clearing Account

Enter the Buyer's or Seller's exchange clearing account value. This account is a unique user-defined value requested by the trading company’s administrator and created by the clearing firm. The clearing firm sets limits and determines the tradable products for each account. Required for an SMA account. Sent to the exchange as Tag 440.

Account Type

Select an ICE exchange account code from the drop-down menu.

Defines the type of account used for order routing and clearing. Select one of the exchanged-defined account management codes from the drop down menu. Required for an LMA account. Sent to the exchange as FIX Tag 9195.

CTI

Sets the type of user who is placing orders with this account.

This value is sent to the exchange as FIX Tag 9208. Select one of the customer type identifier (CTI) values from the drop down menu. Required for LMA-US/Canada.

Clearing Firm

Enter a Clearing firm identifier for each side.

The clearing firm information is a numeric value created by ICE and assigned to the appropriate clearing firm. Some firms may consist of different regional entities with each assigned a unique ID. This field is required for both sides of the trade.

Customer Account Ref ID

Enter the Customer account reference identifier for each side.

Sets the a unique or shared back office ID generated by the trading company and/or clearing firm. This ID is created on the fly and contains a maximum of 12 characters. Firms can assign a unique ID to each trader, share an ID between multiple traders, or assign multiple IDs to a single trader. The customer account reference ID is optional for SMA and ICE_L Futures. ICE Futures US and ICE Futures Canada require a customer account reference ID for LMA.

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

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.

Blocktrader Field

Description

Leg Security Type

Optionally, select one of the following product types: Future, Option, or Spot

Leg Symbol

Optional if a leg security type is selected.

Leg Security ID

Optional if a leg security type is selected.

Leg Security ID Source

The ISIN code for the underlying cash leg. Optional if a leg security type is selected.

Leg Memo

Optional if a leg security type is selected.

Leg Qty

Optional if a leg security type is selected.

Leg Price

Optional if a leg security type is selected.

The following example shows a Basis trade reported in Blocktrader.