MEFF Cross Trades
Using the Blocktrader widget, you can submit cross trades on MEFF. These transactions are OTC trades on MEFF, so prices generated by the cross trades are not included in the central order book and fills do not update the LTP in the book. An optional RFQ timer is available in Blocktrader for submitting MEFF cross trades.
Blocktrader display for MEFF
The Blocktrader widget consists of the following components needed for submitting Cross trades on MEFF.
The components are:
- Exchange selector — Lists the exchanges with OTC trade reporting supported on TT.
- Trade Type selector — Lists the OTC trade types supported for the selected exchange. The trade type selector defaults to "Cross" and is grayed out.
- Order profile selector — Sets the order defaults, including the account used to route the trade to the exchange.
Only customers selected in the Order Profiles widget appear in the Customer field list.
- Price — Sets the price of the cross trade. You can also use the up and down arrows to set the price.
- Quantity — The total trade quantity.
- 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.
- IOI — Sends an "Indication of Interest" message to one or more members or to all market participants prior to submitting the cross trade. The Auto RFQ setting sends a "Request for Quote Response" message for the cross trade, then automatically submits the trade after the set time interval is elapsed.
- Instrument Picker — Allows you to search for and select the instrument being traded.
- MEFF Cross Trade fields — Allows you to complete the fields required by the exchange.
- 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.
- Message indicator — Indicates whether the trade was successfully sent to the exchange.
Submitting a MEFF Cross Trade
Cross trades on MEFF typically involve two different members on the Buy side and Sell side. The trade can be submitted by either member or an executing broker. The cross trade must be explicitly accepted by both the Buy side and Sell side members. Sending an IOI is optional for MEFF cross trade.
The following example shows Blocktrader configured for a MEFF cross trade for a futures contract.
To submit a MEFF Cross Trade:
- Open the Blocktrader widget and select MEFF from the Exchange selector.
Note: The trade type selector defaults to "Cross" and is grayed out.
- Find and select an instrument using the Instrument Picker at the top of the widget.
- Set the quantity and price for the trade.
- Click the Buyer and Seller columns to set each side of the transaction.
- Optionally, sselect an account from the account selector.
- Complete the common and required fields in Blocktrader.
- Optionally, set the Auto RFQ timer or submit an IOI prior to submitting the trade.
- Click the Submit button.
If Confirm order is checked, confirm the order before submitting it to the exchange.
Common fields for MEFF Cross Trades
In Blocktrader, the following fields are
used for submitting a MEFF cross trade.
Sets whether the trade opens or closes a position. Click the column header to toggle between each side.
A drop-down list of available Order Profiles.
Sets a customer order profile for the trade. Only customers with Order Profiles defined in Setup appear in the Customer Profile list. This is an optional field.
Sets the account name or number used for the trade. If "none" is selected, the routing account in the order profile is used as the execution account. Sent to the exchange as Tag 1. This is a required field for both buyer and seller.