Blocktrader

Euronext Wholesale Trades

Euronext Wholesale Trades

Euronext supports the following types of Wholesale trades:

  • Large-in-Scale (Block) Trades — High volume trades in any outright or strategy product.
  • Exchange For Swap (EFS) — Allows trades to offset a specific OTC swap transaction for a similar commodity or a direct product of that commodity.
  • Basis Trades — Strategies for long-term bond markets that incorporate a futures leg and an underlying (or cash) leg.
  • Against Actual — Strategies for commodities markets that incorporate a futures leg and an underlying commodity leg.
  • Large-in-Scale Package (Prof) Trades — Specifically for the Amsterdam market, Professional Trades are pre-negotiated trades between two parties that take place outside the central order book. Each trader enters one side of the Prof Trade and the details must correctly match to complete the transaction.
  • Guaranteed Cross Trades — An order 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.
  • Request for Cross —  A cross order submitted for a specific duration of time to allow price improvement and matching based on responses to the request from other traders.

Blocktrader display for Euronext

The Blocktrader widget for Euronext 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 to submit the trade using Blocktrader.
  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. Euronext Wholesale Trade 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, clicking confirm will allow the user to check the details of the trade before clicking Submit.
  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 Wholesale Trades on Euronext

To submit a Wholesale Trade on Euronext:

  1. Open the Blocktrader widget and select Euronext from the exchange selector.
  2. Search for the instrument being traded. You can also use the Explorer to find an instrument.
  3. Select a Wholesale trade type from the trade type selector.
  4. Set the quantity and price and quantity for the trade.
  5. Select an account from the account selector.
  6. Complete the required fields in Blocktrader for both sides of the trade.

    These fields are common for all supported Euronext wholesale trades unless otherwise noted.

    Additional fields in Blocktrader vary depending on the type of wholesale trade you select:

  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.

Common Wholesale Trade Fields for Euronext

The following list shows the fields that are common when submitting wholesale trades on Euronext.

  • Side — Sets the Buyer or Seller. Click a cell to determine the Buyer or Seller in each side of the trade.
  • Customer — A drop-down list of available customer order profiles. This is an optional field. Only customers with Order Profiles defined in Setup appear in the Customer Profile list.
  • 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. This field is optional for London products and mandatory when trading Amsterdam products. For all other markets, this field is only mandatory if you populate the Clearing Instruction field. The TT Account value is sent to the exchange API as ClientInfo.
  • Account Type — Sets the exchange wholesale account code for the trade. For Euronext, each market uses different values for this field. Valid values are Giveup, House, Market Maker, Non Segregated, Segregated, and Customer. The Account Type is optional for London products and required for all other markets. Sent to the exchange API as AccountCode.

    For all markets, if set to "Giveup," you must specify a Trader or Member in the Give-up Type field and set the member mnemonic or trader ITM value in the Take Up field. 

  • Give-up Type — Sets whether to give up the trade to a member trading firm or individual trader. This field is required for Giveup orders. Valid values are "Give-up Clearing Firm" and "Trader Mnemonic". Sent to the exchange API as PartyRole. This field sets PartyRole = 14 in the exchange API when set to "Give-iup Clearing Firm", or PartyRole = 53 when set to "Trader Mnemonic".

    For the Paris, Brussels, Lisbon, or Amsterdam market, the Account Type field must be also set to "Give Up" and the Clearing Instruction field set to “Give-up to single firm".

    Note: This field is not available for Guaranteed Cross or Request for Cross trades.

  • Take Up — Identifies to whom the Give-up order is allocated. Required when Give-up Typeis set. Enter a clearing member mnemonic or trader ITM provided by the exchange. Sent to the exchange API as PartyID.

    Note: This field is not available for Guaranteed Cross.

  • Open/Close — Sets whether the trade opens or closes a position.
  • Order Reference — This field is optional and may equal any unique value to represent either the trader or order reference. This is a free-form text field that supports up to 16 characters. This value, if present, is forwarded to the exchange API in the SecondaryClOrdID field.
  • Client Reference — Sets an additional, user-defined client identifier. This is a free-form text field that supports up to 14 characters. This field is only mandatory when trading Amsterdam products or when the Account Type is set to "Client". This field is optional for all other cases. Sent to the exchange API in the Account field.
  • Clearing Instruction — Sets whether the trade must be posted to a specific account in the clearing system. Valid values are:
    • Automatic
    • Automatic and account authorization
    • Give-up to a single firm
    • Manual
    • Manual and account authorization

    This field in not present for London products and optional for all other markets. The selected value is forwarded to the exchange API in the ClearingInstructions field. When set to Automatic, you must provide a value in the Client Reference field. When set to "Give-up to a single firm", you must populate the Give-up Type and Take Up fields.

    When Clearing Instruction is set to "Manual and account authorization", the Give-up is automatically taken up, but user intervention is required to specify which posting position account the trade is allocated to. When the Clearing Instruction is set to "Automatic and account authorization", the Give-up is automatically taken up, and is automatically allocated to the position account specified in the ClientInfo API field (Account Number).

    Account authorization is specific to the Amsterdam market. It requires a trader to have explicit, pre-negotiated permission to give-up a trade to a separate member without requiring the user's manual intervention.

    Note: This field is not applicable to Guaranteed Cross trades.

Euronext Large-in-Scale Trades

To submit Large-in-Scale trades, complete the fields listed in Common Wholesale Trade Fields for Euronext.

The following figure shows a Large-in-Scale trade in Blocktrader.

Euronext Exchange For Swap (EFS)

To submit an Exchange For Swap (EFS) trade, you must first complete the fields listed in Common Wholesale Trade Fields for Euronext. In addition, you must complete the following field listed below.

ISIN: Populate this field with the ISIN code (International Securities Identification Number) of the underlying contract.

The following figure shows the additional field populated for an EFS trade.

Euronext Basis and Against Actual Trades

To submit Basis and/or Against Actual trades, you must first complete the fields listed in Common Wholesale Trade Fields for Euronext.

In addition, you must populate the following additional fields:

  • ISIN: Sets the ISIN code (International Securities Identification Number) of the underlying cash leg for the trade. This field is required for Basis trades and optional for Against Actual.
  • Cash Price: Sets the cash price of the underlying contract. Sent to the exchange API as OtherLeglastPx.
  • Cash Reference: Sets the user-defined reference for the cash leg of the Basis. This field allows a maximum of 14 alpha-numeric characters. Sent to the exchange API as OtherLegReferenceNo.

The following figure shows additional fields for Basis and Against Actual trades.

Euronext Large-in-Scale Package Trades

To submit Large-in-Scale Package trades, you must first complete the fields listed in Common Wholesale Trade Fields for Euronext.

In addition, you must populate the following additional fields:

  • Buy/Sell: Sets one side (buy or sell) of a Large-in-Scale Package order based on whether your role is Initiator or Reactor. Forwarded to the exchange API in the NoSides field.
  • Package ID: Sets the user-defined identifier for the trade. Sent to the exchange API as PackageID. You must enter the Package ID in the following format:
    • HH: Hours past midnight (local time of the trader) that the package was agreed to.
    • MM: Minutes past the hour the package was agreed to.
    • TT: Total number of legs (maximum 99).
    • XXXXX: Unique Identifier.
  • Password: Sets the user-defined three-character password for the trade. Sent to the exchange API in the MatchingCode field.
  • Initiator/Reactor: Sets your role in setting up the Large-in-Scale Package trade. Select "Initiator" if you are the party who initiates a transaction, or select "Reactor" if you are serving as the counterparty.

The following figure shows additional fields for Large-in-Scale Package trades.

Euronext Guaranteed Cross Trades

To submit Guaranteed Cross trades, complete the fields listed in Common Wholesale Trade Fields for Euronext.

The following figure shows a Guaranteed Cross trade in Blocktrader.

Euronext Request for Cross (RFC) Trades

An RFC provides an alternative to submitting an RFQ for both the member who initiates the RFC and the crossing member.

Both the Buy and Sell side of the RFC must be entered in the Blocktrader widget. Per exchange rules, only one RFC can be active in a given contract or strategy.

Note: RFCs can be submitted in outright option contracts.

To submit Request For Cross trades, complete the fields listed in Common Wholesale Trade Fields for Euronext.

The following figure shows a Request For Cross trade in Blocktrader.