ICE

ICE

Adding an ICE account

To add an ICE account:

  1. Click Accounts in the left navigation pane.
  2. Click +New Account at the top of the Accounts screen.

    The Account Information section is displayed.

  3. In the Account Name/Number field when creating an account for ICE, enter the LMA or SMA account name.

  4. If this is a sub-account, select a "parent" account in the Parent field.
  5. Click the Type field and select an account type.

    Use this field to define the routing behavior for the account and set up its account hierarchy for tiered risk. All order routing is based on user account. Select one of the following:

    • Routing (external clearing): Defines the parent account as a clearing account sent to the exchange on all orders. If assigned to a user, the account appears in the user's list of routable accounts. When selected by a user, the account is used to route orders and identify the account to the exchange (e.g, FIX Tag 1). If configuring this account as an omnibus account, select this option. If an internal sub-account is assigned to a parent account, the sub-account inherits the exchange connectivity of the parent account.

    • Routing (internal sub-account): Defines the account as a sub-account that is not routed to the exchange. This allows you to assign the user to an internal account for routing and risk purposes, even though a parent account will be sent to the exchange as the actual clearing or omnibus account.

      Tip: Sub-accounts set as "Routing (internal sub-account)" can be selected by client trading applications for submitting orders, but only their parent account's clearing account is routed to the exchange.

    • Non-Routing: Not sent to the exchange. Recorded internally and can be used for back-office purposes, or as a parent risk account that allows you to group a set of sub-accounts together and set risk for the non-routing parent.

      Tip: Accounts set as "Non-Routing" are not selectable by client trading applications.

  6. To prevent order crossing using this account or any of its sub-accounts, click the Order Cross Prevention field and select an order crossing rule. The TT Trade application performs the following order actions based on which rule is selected:
    • Not Applied — No order cross prevention rule is applied to the account.
    • Reject New — Reject a new order that could potentially fill resting orders in the same account or account tree. Applies to only Limit orders and native Iceberg orders.
    • Cancel Resting (wait for ACK) — Send a cancel request to the exchange for the resting order. When the exchange acknowledges the request and cancels the order, submit the new order. Applies to only Limit orders and native Iceberg orders.
    • Position Transfer — When a match is detected, the resting order is canceled or the working order quantity is reduced by the size of the aggressive order. A fill is created by TT and sent to each account. If the aggressive order was larger than the resting order, then the remainder of it will be sent to market. For a description of how Position Transfer works, refer to Position Transfer.

    • Position Transfer (if resting order is best bid/offer) — This rule works the same as Position Transfer except that the internal matching occurs only if an order has the potential to fill a resting order at the current best bid/ask price.

      Note: When using this rule, the resting order may get matched and filled at the exchange while the aggressive order is in flight.

  7. Optionally, check one of the following options:
    • Use Reject New instead of Position Transfer within the same account — When enabled, this setting prevents the use of position transfer within the same account and uses "Reject New" for order cross prevention. This setting is active when "Position Transfer" is selected for the account, otherwise, it is grayed-out.
    • Go to market with Position Transfer balances w/o waiting for Cancel/Reducing ACK — When enabled, Position Transfer does the following if the aggressive order quantity is larger than the resting order quantity:

      • Reduces the aggressive order quantity by the amount of the resting order
      • Submits a request to the exchange to cancel the resting order, followed immediately by an order for the remaining quantity without waiting for acknowledgement that the resting order was canceled or reduced.

      For example, if a 2-lot Sell order is resting when a 10-lot Buy order is entered that matches, Position Transfer immediately sends a cancel request to the exchange for the Sell order, followed by an 8-lot Buy order. Position Transfer then waits for the exchange to acknowledge that the 2-lot Sell order was canceled successfully. After receiving acknowledgement, the 2-lot fills are created internally and transferred to each trader's account.

      Using this option, you can submit part of the order to the market sooner while the remainder of the order waits to be transfered. You can also reduce the risk of the entire aggressive order being rejected while waiting for the position transfer to complete.

      Note: With this option, there's a risk that the crossing orders may match at the exchange if the two traders are using separate exchange connections on two different order routing servers.

    • Disable trading (this account only) — Disables trading for this account. This checkbox is checked by default.
    • Disable trading (sub-accounts) — Disables trading for all child accounts of this parent account.
    • Disable trading (autoliquidate) — Checked automatically after auto-liquidate is triggered on an account. Increase the credit limit and uncheck this option to restore trading to a liquidated account. This setting can only be checked by the Setup application when an account is liquidated (i.e., you cannot manually check this setting).
  8. Click Create.

    The new account appears in the Accounts list in the left navigation pane. Sub-accounts appear as nested under their parent account.

Configuring ICE exchange properties

  1. Click Accounts in the left navigation pane and select an account in the data grid.
  2. Click the Exchanges tab for the selected account.
  3. Click the Select an Exchange selector to find and select an exchange.
  4. Configure the settings in the Exchange Properties section.

    Configure the following settings:

    • Routing Member ID — Sets the order routing company, if more than one level of order routing occurs. The Routing Member ID populates Tag 115 left (Tag 115 left = Routing Member ID| Tag 115 right = Authorized Member ID). This field is optional and has a limit of 20 characters. If not provided, then Tag 115 left is a duplicate of Tag 115 right.
    • Authorized Group ID — Sets the originating desk or group of the originating company (Authorized Member). The Authorized Group ID populates Tag 144 right in order actions sent to the exchange and is required for order routing. This field is user-defined and has a 20 character limit. Tag 114 left is hard-coded by TT and sent to the exchange.
    • Exchange Account — 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.
    • Clearing Firm ID — 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. Required for SMA. Sent to the exchange as Tag 439.
    • Account Code — 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 Code — 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.
    • NYBOT House Number — A numeric value similar to the Clearing Firm ID but created by NYBOT and assigned to the appropriate clearing firm. Some firms may consist of different regional entities with each assigned a unique house number. Required for LMA-US. Sent to the exchange as Tag 439.
    • WCE House Number — A numeric value similar to the Clearing Firm ID but created by WCE and assigned to the appropriate clearing firm. Some firms may consist of different regional entities with each assigned a unique house number. Required for LMA-Canada. Sent to the exchange as Tag 439.
    • Direct Electronic Access — Sets whether or not the order is sent from direct/sponsored access, or from another source. Valid values:
      • None
      • Yes
      • No
    • Sent to the exchange as Tag 9700-DirectElectronicAccess. Required by the exchange for MiFID II.

    • Trading Capacity — Indication of dealing on own account (DEAL), matched principal (MTCH), or any other trading capacity (AOTC). Valid values:
      • Deal
      • Match
      • Any other capacity

      Sent to the exchange as Tag 9701-TradingCapacity. Required by the exchange for MiFID II.

    • Liquidity Provision — Indication of market making. Valid values:
      • None
      • Yes
      • No

      Sent to the exchange as Tag 9702-LiquidityProvision. Required by the exchange for MiFID II.

    • Commodity Derivative Indicator — Indication of whether the order is for hedging purposes to reduce risk. Valid values:
      • None
      • Yes
      • No

      Sent to the exchange as Tag 9703-CommodityDerivIndicator. Required by the exchange for MiFID II.

    • Investment Decision ID — User or firm who made the trading decision. Enter a registered ID/Short Code.

      Sent to the exchange as Tag 9704-InvestmentDecision. Required by the exchange for MiFID II. Enter up to 15 integers. Only numeric values are supported.

    • Execution Decision ID — User or firm that submitted the order. Enter a registered ID/Short Code.

      Sent to the exchange as Tag 9705-ExecutionDecision. Required by the exchange for MiFID II. Enter up to 15 integers. Only numeric values are supported.

    • Client ID — Customer identification. Enter the customer's legal entity identifier (LEI/Short Code).

      Sent to the exchange as Tag 9706-ClientIDCode. Required by the exchange for MiFID II. Enter up to 15 integers. Only numeric values are supported.

    • MiFID II — MiFID II profile ID. Enter up to 15 integers. Numeric values only. Required for firms who register and use a single code instead of entering MiFID order tags 9700-9706.
    • Client ID Type — Identifies the type of client submitting the order. Select either "Firm" or "Natural Person".
    • Execution Firm — Identifies the firm or user managing the account. Enter a user-defined value.
    • Apply to all sub-accounts — Allows a company sharing an account with another company to lock the value in an account field. This ensures that any sub-accounts added to the shared parent account cannot have a different value in this field and that the locked value is sent to the exchange. Check the checkbox next to each field to lock its value as needed. When checked, the value cannot be changed on any sub-accounts added by your company or a shared company.
  5. Click Save Changes.