To add an CFE account:
Click +New Account at the top of the Accounts screen.
The Account Information section is displayed.
In the Account Name/Number field when creating an account, enter the up to 10-character exchange-provided account name, which is required for order routing. For an internal sub-account, enter the up to 10-character exchange-provided account name. The user's routing/clearing account is sent to the exchange as Tag 440. If the user has an internal sub-account mapped to a routing/clearing parent account, the sub-account is routed to the exchange as Tag 1 and the parent account is sent as Tag 440.
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.
Audit Trail Only: Not sent to the exchange. Use this account type for the TT FIX Inbound Drop Copy service, which allows third parties to import their data sources into TT. When selected, the "Order Cross Prevention" option is disabled for this account.
Error Routing: An account that can be used to route order reject messages created by FIX Order Router or FIX Inbound Drop Copy to specific Drop Copy sessions. Error accounts can be assigned to users and to FIX Order Routing and Inbound FIX Drop Copy sessions. An error account is not routed to the exchange and is not part of account hierarchies.
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.
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.
The new account appears in the Accounts list in the data grid. Sub-accounts appear as nested under their parent account.
Configure the following settings:
The Clearing Account Override field can be used to override the TT account value in Tag 1 on order actions sent to the exchange. If the user has an internal sub-account mapped to a routing/clearing parent account, the sub-account is routed to the exchange as Tag 440 and the parent account name is replaced with the Clearing Account Override as Tag 1.
The clearing account override name is user-defined and this field is optional. Enter a value with a maximum of 10 characters.
This field supports up to 15 characters.
This field supports up to 15 characters.
Enter an 8-byte value: Own Account (00000000), Pending Allocation (00000001), Aggregation of multiple Client Orders (00000003), or free-form ID.
Self Match Prevention Modifier definitions:
The same Match Prevention Level must appear on both orders in order to prevent the trade. Self Match Prevention Modifier definitions:
The "Trading Group ID" is an optional TPH specified (user-defined) alphanumeric value.
The default value is "Y=Electronic" and is set by CFE if no value is selected for the account.