Manual Matching and Clearing

LISA Front End enables its users to perform manual matching and clearing operations.

Potential Matching Window

When trades or orders are unmatched, LISA Front End offers a view for users to quickly find the potential matching.

To open this view, select an unmatched trade or order, right click on it and select the menu [Matching]>[ Show Potential Matching]:

The Potential Matching window opens.

The Potential Matching window displays:

• If a trade was selected, all the potential matching orders
• If an order was selected, all the potential matching trades.

If the clearing settings are set to ignore the price during the matching analysis, the content of the lines of the orders or trades that have a different price are set to bold. Refer to Settings for more information.

Select from this window the order/trade that you want to match with the trade/order selected. You can select multiple lines at the same time as long as the total volume is not higher than the volume to match.

Click then on the button [ Match] located on the left pane of the window. The window closes and a clearing request is sending to the market.

Run Matching Analysis

If a trade cannot be matched with an order, this feature can be used to find the reasons why matching is not being successful. To run matching analysis, follow these steps:

1. Select a trade and an order.
2. Right click and select the menu [Matching]>[Run Matching Analysis].



3. The Matching Analysis Result window opens.



4. In this window, the fields that don't match are highlighted in red.

The matching analysis is extensive and includes:

• All the implied fields.
• The strong matching criteria (if applicable).
• The dynamic matching criteria (if applicable).

This window also allows users to easily modify the order by clicking on the [Edit Order] button.

If the basic matching criteria match but the Strong matching rules or Clear Date don't, users can force the matching by respectively checking the boxes Ignore Strong Matching Criteria & Matching Rules and Ignore Clear Date. Once checked, the [Match Now] button gets enable and the matching can be done.

Direct Matching

In case you already know which trades to match with which orders, you do not have to go through the Potential Matching. Simply select the orders and trades, right-click and select the menu [Matching]>[ Match Now]:

The Match now window opens.

You can choose to perform the matching while ignoring the Matching Criteria and Clear date by checking respectively the Ignore Matching Criteria and Ignore Clear Date boxes. If the trades can be matched with their orders, this window is closed, and a clearing request is sent to the market according to the order selected.

Matching and Clearing simulation

Sometimes, you may have to simulate the matching or the clearing of a trade or an order. In this case, no clearing request is sent to the clearing house.

To do so for a trade, select the trade you want, right click and go to [ Trades].

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You have two options:

• [ Mark as Cleared]: The order status will be set to “Cleared” but its matched volume will be set to 0 as the trade is not matched with an order.
• [ Mark as Matched and Cleared]: The order status will be set to “Cleared” and its matched volume will be set equal to its volume.

Note Forcing the matching and clearing of an order works in exactly the same way. Instead of selecting a trade, select an order, right click on it and select [ Orders] instead of [ Trades].

Unmatch and Unclear a Trade or an Order

LISA Front End allows you to unmatch trades from orders. First, you may want to find out which orders are matched with a trade.

To do so, select a matched trade, right-click on it and select the menu [Matching]>[ Show Matching].

A new Show matching window opens, showing you which orders are matched with the selected trade.

Once you have identified the orders and trades to unmatch, select the matched trade, right-click on it and select the menu [Matching]>[ Unmatch].

The trade status will be set to “Unmatched” and so will the status of its previously matched orders. Also, the matched volume will be updated to reflect the new matching situation.

Please note that, on connected markets, this unmatching operation can trigger other clearing actions such as the cancellation of a give-up pending instruction.

For example:

• If a trade was matched to a single order, the matched volume of both will be set back to zero.
• If a trade was matched to several orders and only one order is unmatched from the trade, the trade, the unmatched order will have its matched volume set back to zero and the matched volume of the trade will be decreased by the volume of the order it was previously matched with.

Please note, that in this case, the status of the trade will show as “Unmatched” while its real status is “Partially matched”.

Note Unmatching an order works in exactly the same way. Instead of selecting a trade, select an order, right click on it and select [ Orders] instead of [ Trades].

Note Instead of using the “Show Matching” functionality, you can use the Apply Matching filter.

Once the trade has been unmatched, you can set its status to “Uncleared”. Doing so will enable the LISA Matching Engine to automatically match and clear the trade if possible.

To do so, select the unmatched trade, right-click on it and select the menu [ Trades]>[ Mark as Uncleared].

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