Split

Split

LISA Split

Split

The LISA Front End offers the possibility to split trades. A trade resulting from a split is called a leg. Trades can be split as long as their volume is higher than one and the total volume of the legs is the same as its parent trade.

Split Window Overview

Trades are split using the Order Input window.

This window is divided into four parts:

  • The top pane displays all the fields of the trade selected. When splitting a trade, they cannot be modified.
  • The bottom left panel is where you split the trades. Each line of the grid represents a split leg.
  • The bottom centre panel displays for each trade to be split, its volume and the volume left to be split.
  • The bottom right panel contains the saved splits that can be used to split the trade.
  • But using the low left panel you can define a percent split on-the-fly.

Split a Single Trade

Follow these steps to split a trade:

  1. Select the trade you want to split in the Trade Area. Right-click on it and click on the menu [ Orders]>[ Add Split].

  2. The Order Input window opens.

  3. In the bottom left panel of the window, enter a volume * in the first row of the grid.

    4. The volume has to be lower than the remaining volume displayed in red in the adjacent panel.

  4. Still in the first row, select an account *. It can be either a basic account or a Give-Up account. Once selected, the other fields of the row will be automatically filled.
  5. As soon as you enter a value in the last row of the grid, a new empty row is added to the grid. Repeat steps 1 and 2 until the volume remaining is zero.

  6. Click on the [Apply Split] button. The trade is split, each leg is matched with an order created from it and a clearing request is send for each match.

Note The fields followed by * are mandatory.

Split Multiple Trades at Once

Trades that share the following characteristics can be split at the same time:

  • Market
  • Member
  • B/S
  • CTI
  • Expiry
  • C/P
  • Strike.

Splitting multiple trades works in the same way as splitting a single trade.

Follow these steps to split multiple trades at once:

  1. Instead of selecting a single trade, select multiple trades in the Trade Area. Right-click on one and click on the menu [Orders]>[Add Split].

  2. The Order Input window opens.

  3. As you can see, in the bottom middle panel, two trades are to be split.
  4. In the bottom left panel, enter the first row the volume *, account * and price * of the trade from which the leg will be created. The price needs to be specified since the trades to be split can have different prices.
  5. Repeat step 4. until the volumes of all the trades amount to zero.
  6. Click on the [Apply Split] button. The trades are split, each leg is matched with an order created from it and a clearing request is sent for each match.

Predefined Splits

The LISA Front End allows you to save splits.

Two types of splits can be saved:

  • Volume-based splits.
  • Splits per percentage.

Volume-based Saved Splits

You can only save a volume-based split while you are actually splitting a trade. The saved split will only be available for the trades of the market of the trade you are splitting.

Follow these steps to do so:

  1. As described in Split a Single Trade, split a trade but before clicking on the [Apply Split] button, click on the [Save Split] button.

  2. The Save Split popup opens.

  3. Enter a name for the saved split and click on the [Save] button.
  4. The split is saved and appears in the bottom right panel. This split will only be available for trades from the same market as the trade being split.

Setting up a Split per Percentage

In LISA, you can save splits per percentage and apply them on trades.

To access the Split per percentage window, follow these steps

  1. Go to menu [User]>[Split per percentage].
  2. A new window Split per Percentage will open.

  3. Select a market in the dropdown list.
  4. Click on the [ Add] button located in the left panel to create a split per percentage.
  5. The Split popup will open.

  6. Enter a unique name of the split.
  7. In the bottom right panel in the grid, enter which percentage you want to allocate to an account.
    8. Note The sum of the percentages must equal 100%.

  8. Select an Allocation rule and the Extra Lots rule. These rules are explained below.
  9. Click on the [ Save] button.

Allocation rule:

The Allocation rule is only relevant when you split several trades with different prices at once. It determines how to split the trades according to the price.

Example:

Split of 2 trades (10 lots @ 101 and 5 lots @ 100), 60% on ACC1 and 40% on ACC2:

  • If the “Allocation rule” is “High to Low”, the 10 lots @ 101 will be split first:
    • ACC1 = (10 + 5) * 60% = 9 lots -> 9 lots @ 101
    • ACC2 = (10 + 5) * 40% = 6 lots -> 1 lot @ 101 and 5 lots @ 100
  • if the “Allocation rule” is “Low to High”, the 5 lots @ 100 will be split first:
    • ACC1 = (10 + 5) * 60% = 9 lots -> 5 lots @ 100 and 4 lots @ 101
    • ACC2 = (10 + 5) * 40% = 6 lots -> 6 lot @ 101

Extra Lots rule:

The Extra Lots rule determines on which account to add or subtract the extra lot.

The following Extra Lots rules are available:

  • High: The extra lot is added to/subtracted from the total of the higher percentage.
  • Low: The extra lot is added to/subtracted from the lower percentage.
  • Account: The extra lot extra lot is always added to/subtracted from the total of the account defined.

Example of an extra lot to be added:

Split of an 11 lots trades with the following distribution:

  • ACC1=40%
  • ACC2=31%
  • ACC3=29%

The accounts will get:

  • ACC1 = 11 * 40% = 4.4 = 4 lots (rounded to the closest integer)
  • ACC2 = 11 * 31% = 3.41 = 3 lots (rounded to the closest integer)
  • ACC3 = 11 * 29% = 3.19 = 3 lots (rounded to the closest integer)

The total is 10 lots so one lot needs to be added to an account:

  • With the extra lot rule to “High”: ACC1 = 5 lots, ACC2 = 3 lots and ACC3 = 3 lots.
  • With the extra lot rule to “Low”: ACC1 = 4 lots, ACC2 = 3 lots and ACC3 = 4 lots.
  • With the extra lot rule to “Account”: the extra lot is added to the account defined.

Example of an extra-lot to be subtracted:

Split of a 15 lots trades with the following distribution:

  • ACC1=70%
  • ACC2=30%:

The accounts will get:

  • ACC1 = 15 * 70% = 10.5 = 11 lots (rounded to the closest integer)
  • ACC2 = 15 * 30% = 4.5 = 5 lots (rounded to the closest integer)

The total is 16 lots so one lot needs to be subtracted from an account:

  • With the extra lot rule to “High”: ACC1 = 10 lots and ACC2 = 5 lots.
  • With the extra lot rule to “Low”: ACC1 = 11 lots and ACC2 = 4 lots.
  • With the extra lot rule to “Account”: the extra lot is subtracted from the account defined.

Apply a saved Split

Follow these steps to apply a Saved Split to trades:

  1. Select one or more trades in the Trade Area. Right-click on one and click on the menu
    2. [Orders]>[Add Split].

  2. The Order Input window opens.

  3. In the bottom right panel either:
    • Click on [VOLUME] to apply a volume-based split and select the saved split you want. Please note that if the quantity of the saved split doesn't match the volume of the trades, you can manually correct the leg distribution in the bottom left panel, or
    • Click on PERCENT to apply a percentage-based split and select the saved split you want.
  4. Click on the [Apply Split] button. The trades are split, each leg is matched with an order created from it and a clearing request is send for each match.

Cancel a Split

You can only cancel a split if all the legs of the parent trade are in “Give-Up pending” status.

If no problem occurred, the legs will disappear and the parent trade will reappear in the LISA Front End.

If you only cancel some of the legs of the parent trade, only the cancelled legs will disappear, and the parent trade will reappear.

For more information on how to cancel a give-up, refer to Cancel a Give-Up.