The Setup application on the TT platform serves as the central location for managing your firm's users, accounts, risk, exchange connections, FIX sessions, and more. Whether you use TT User Setup on the X_TRADER platform to perform user, account, and risk management tasks in a locally hosted or X_TRADER ASP environment, you'll be able to perform the same tasks on TT using the Setup application.
The Setup application requires none of the manual installs or upgrades of different software versions required on the X_TRADER platform. To get started, you have to:
On TT, there is no need to install and maintain a separate server and database like you did using TT User Setup on the X_TRADER platform.
After you create your TT account, you'll need to contact Trading Technologies to request that your firm be added as a "company" on the TT platform. TT administrators will then create your company database on TT so that you and your firm can set up users to begin trading in the production environment.
Similar to creating administrative users and X_TRADER users, you can also set up users in TT as administrators or individual users. On TT, you can also create administrators for using TT® Score, which is a feature that is only available on the TT platform and allows your firm to leverage machine learning to identify trading behavior that may prompt regulatory inquiries.
The same TTADM permissions on the X_TRADER platform can be replicated on TT by creating a user with view-only admin permissions, and setting account permissions to allow the TTADM user to only delete orders and not submit orders.
On TT, there is no need to create Member-Group-Trader IDs (MGTs) to log in to TT Gateways. The order session credentials that you receive from the exchange can be configured as a "connection" in TT using the Setup application.
Instead of manually configuring TT Gateways, Setup provides GUI-based exchange connection provisioning that can be done by your company administrator. After creating a connection in Setup, you will immediately see the session's status displayed on the Connections screen in Setup.
On the TT platform, exchange connections are made via Order Connector servers in co-located TT data centers that are upgraded and maintained solely by TT support. Each connection in TT is exchange-specific and can be assigned multiple accounts to allow multiple users to access the exchange on a single session.
On the X_TRADER platform, an order book was represented by the Gateway Login, and in TT an order book is represented by an account, so the same product risk limits that you set per Gateway Login can also be set per account on TT.
X_TRADER also offered an additional level of risk checking per account. On The TT, this is accomplished using the tiered risk structure for accounts that provides more flexibility than setting up product limits for account groups on the X_TRADER platform.
Account based risk on TT also provides the following functionality that is not available on the X_TRADER platform:
For more details, refer to Mapping Gateway Login risk to TT.
User level risk, which includes pre-trade price controls and price checks, are the same on both platforms with the exception that credit limits are set at the account level on TT and not at the user level. However, the following enhancements have been added to user level risk on TT and are not available on the X_TRADER platform:
Using Setup, FIX sessions can be configured and assigned to users to connect to TT FIX servers on the TT platform without the need to manually install, configure, and maintain separate FIX Adapter servers and TT Gateways. Your "company's" accounts and users can be assigned to FIX sessions on TT, so there is also no need to configure separate TT FIX Adapter client users like you did on the X_TRADER platform.
In addition, Setup allows you to create FIX profiles, which are a set of message and tag rules and symbol mappings that convert messages and tags between TT FIX and FIX clients that use FIX implementations that differ from TT FIX. Each profile can also be assigned to a FIX session via the Setup application on TT.
On TT, your X_TRADER customer defaults can be created as order tag defaults and given a profile name in Setup. For example, Customer defaults can be set up per account or customer, and define values for specific fields like MiFID II fields.
For more details, refer Order Tag Defaults for X_TRADER Users.
Setup provides finer market data controls for a user by allowing concurrent market data sessions per market and product. As an administrator, you can allow or block subscriber market data and FIX market data per market and product group, and set how many sessions are allowed per product.
The following features are only available in Setup on the TT platform: