Contents. BTS : Request for Quote for ETFPlus, MOT, EuroMOT and ETLX. User Manual. November Version 2.0

Transcription

1 Cntents BTS : Request fr Qute fr ETFPlus, MOT, EurMOT and ETLX Versin 2.0

2 Cntents Index 1 Revisin Histry 3 2 Intrductin 4 3 Request fr Qute BTS slutin Requestr Side tl RFQ Requestr tl 5 Wrkflw steps 7 4 Request fr Qute BTS slutin Market Maker Side tl RFQ Market Maker tl 14 Wrkflw steps 15 5 Request fr Qute BTS slutin User Setup Default Values 26

3 1 Revisin Histry Issue Date Descriptin 1.0 Octber 2016 First release 1.1 January 2017 Qute Entry windw updated and User Setup added 2.0 MIFID II adaptatin 3

4 2 Intrductin The launch f new Request fr Qute (RFQ) functinality fr ETFPlus, MOT, EUROMOT and ETLX markets will ffer n-exchange benefits and cleared executin fr larger size trades, allwing greater flexibility and prtectin fr bth institutinal custmers and respnding market makers. The RFQ platfrm will run alngside and cmplement the existing rder bk structure prviding a mechanism whereby traders can privately negtiate and carryut large trades with market makers utside f the nrmal rder bk. Trading participants cnnected t the rder bk will be able t access the RFQ platfrm chsing if they are t remain annymus r named, registered market makers will be able t respnd t qutes via a private RFQ sessin. 4

5 3 Request fr Qute BTS slutin Requestr Side tl BTS frnt-end prvides a GUI that allws bth Traders t request fr a qute fr a particular instrument, and Market Makers t receive the RFQ and submit a RFQ Qute. 3.1 RFQ Requestr tl RFQ Requestr tl is available under BTS Quting menu, By clicking RFQ Requestr Mnitr the Requestr windw will pen. The Windw is cmpsed f three panels, described later n in the dcument: RFQ Entry RFQs list Trades List 5

6 Qute Requestr tl is als available: 1) in Price Inf under dedicated menu RFQ : 2) by Right clicking n an Instrument rw: 3) via shift+f6 keybard shrtcut 6

7 Wrkflw steps Submit a RFQ and Trade a received Qute 1) A new Request fr Qute can be submitted by the Requestr frm the Qute Request panel thrugh the fllwing steps: a) Select the instrument: a drpdwn menu with all available markets is presented. In the cntract selectr field, it is pssible t select the instrument by: pening the Dictinary; dragging and drpping ne instrument frm anther windw; typing the instrument itself. Aut-cmpletin lgic is the same applied in ther BTS windws. b) Input Size, Expiratin, Annymity, Shrt Cdes Lt Size is displayed abve the Size cell Maximum Expiratin is prvided by default but can be decreased by the User RFQ Annymity can be Annymus r Named, in the secnd case User may chse up t a defined number f Market Makers FirmID t address the RFQ Input Client Identificatin, Investment Decisin and Executin shrt cde Cnfirm the RFQ by clicking the side c) Once cnfirmed and accepted by the Market, the RFQ is listed in the RFQs panel 7

8 Fr each (Pending) RFQ the fllwing details are prvided: Instrument Descriptin Status f the RFQ Last Event Descriptin Last Event Time Expiratin cuntdwn in secnds RFQ Size RFQ Side (B, S r Bth) List f Market Makers the RFQ is addressed, displayed nly in case f Annymus RFQ Client Identificatin, Investment Decisin and Executin shrt cde 8

9 2) The Best Bid Ask f the Qutes received by the Market Makers is displayed by default: By right clicking and selecting Shw Embedded Bk all the Qutes fr the selected RFQ are shwn in a vertical bk 9

10 3) In rder t accept the best Qutes received by Market Maker, BTS user has t: Duble click n the RFQ rw, r Right click n RFQ rw and chse Qute Acceptance Qute Acceptance windw will pen, belw the BestQute Prices, Order Bk best bid ask is prvided as cmparisn. As a standard Order Bk, by clicking the Side buttn the requestr will apply the Qute n the ppsite side. 10

11 4) Once a Qute is accepted by Requestr and traded n the market: The fllwing infrmatin will be prvided: Accunt Type Capacity Executed Side (B r S) Executed Size Executed Price Executin Time Stamp Client Identificatin, Investment Decisin and Executin shrt cde RFQ status will be Traded and Last Event Time RFQ Accepted and Clsed. The same Trade will als be listed in the Trades panel with Trade Type RFQ 11

12 3.2.2 Cancel an active RFQ BTS users may cancel a submitted and active RFQ by right clicking n the RFQ rw and select Cancel: RFQ will be displayed with Status Cancelled: 12

13 3.2.3 RFQ Histry RFQ Requestr has the pssibility t cnsult the histry f the events ccurred. By right clicking n the RFQ rw and select the Histry ptin RFQ histry will be displayed, listing all the qutes received: 13

14 4 Request fr Qute BTS slutin Market Maker Side tl 4.1 RFQ Market Maker tl RFQ Market Maker tl is available under BTS Quting menu Please nte that the same user may have bth Requestr and Market Maker tls By clicking RFQ Market Maker Mnitr the Market Maker windw will be displayed. The Windw is cmpsed f three panels: Qute Entry Received RFQs list Trades List 14

15 Wrkflw steps Submit a Qute in respnse t a RFQ A Qute in respnse t a RFQ can be submitted by Market Maker user thrugh this steps: 1) In the RFQ panel all RFQs received fr the selected market are listed. Fr each RFQ the fllwing data are prvided: Instrument Descriptin Status f the RFQ Requestr PartyID (in case f named RFQ) Last Event Descriptin Last Event Time Expiratin cuntdwn in secnds RFQ Size RFQ Side (B, S r Bth) 15

16 2) Create the Qute: Select the RFQ rw in the RFQs list and the Qute Entry panel abve will be preppulated. Qute Entry Optin is als available via cntext menu by right clicking n the RFQ rw: By duble clicking the rw f the RFQ the Market Maker wants t accept, the Qute Entry windw will appear. 16

17 Input fields are: Capacity Accunt Type Price and Size f the Side(s) t submit Client Identificatin, Investment Decisin and Executin shrt cde The size is filled up by default with the RFQ size The Last Traded Price is prvided as Starting Price in the Price Cell, Market Static Price is used in case n cntract has been traded yet. Last price fr the Instrument is displayed in the public infrmatin bx under the Instrument Selectr, the same price is shwn in the Price Entry cell, using the arrws next t the price entry the Last Trade Price will be presented as starting Price: 17

18 By clicking n the Radi Buttns belw the Price cell the user can decide t apply a different Tick t the Qute Price. In this example the Price Tick applied t Starting Price is 1x (default Market Tick Price), that is : 18

19 Then if 10x is clicked, tick is applied. S, in this case 1 click n the up arrw wuld give a price f

20 3) By clicking the Side buttn the Qute will be submitted. The Side Buttns will be activated when the related Price is set, please nte that in case the side has nt been requested fr the qutatin, the buttn will remain greyed ut Examples are given belw: Received RFQ is duble Market Maker may answer with a Single Side Qute r a Duble Qute 20

21 Received RFQ Side is BUY Market Maker may answer with a SELL Qute r a Duble Qute nly 21

22 4) Once cnfirmed and accepted by the Market, the Qute is added in the RFQs rw. 22

23 5) If the Qute is accepted by the Requestr, a Trade is added in the Trades panel and Executin inf are updated (ExeSide, ExeSize, ExePrice, ExeTime): Reject a RFQ BTS users may reject a received RFQ by right clicking n the RFQ rw and select RFQ Refuse : Then RFQ status will change t Refused: Mdify a submitted Qute Market Makers have the pssibility t Mdify an already submitted Qute by mdifying the prices in Qute Entry windw. 23

24 If clsed, Qute Entry nce repened, will prvide the Price/Size already submitted t the market: Please nte that the mdified Qute must have the same Side as the riginal ne Cancel a submitted Qute Once a Qute has been sent t the Market - but nt yet accepted - Market Makers may Cancel the submitted Qute: RFQ Status will change back t Pending, while LastEvent will infrm abut the Cancelled Qute: 24

25 4.2.5 RFQ Histry Market Makers have the pssibility t cnsult the histry f the events ccurred by right clicking n the RFQ rw and selecting the Histry ptin. 25

26 5 Request fr Qute BTS slutin User Setup 5.1 Default Values Frm the Default Setup windw that can be fund under the General Settings menu bth Requestr and Market Maker users are able t set a default value fr: BTS internal fields : Prtfli, Custmer, Ntes Capacity, Accunt Type DEA flag Client Identificatin, Investment Decisin and Executin shrt cde Autremval ptin (Market Maker nly) 26

27 Frm Setup tab BTS user can decide t disable the cnfirmatin pp ups displayed fllwing each actin f the RFQ/Quting wrkflw: 27

28 Disclaimer Heading This dcument cntains text, data, graphics, phtgraphs, illustratins, artwrk, names, lgs, trade marks, service marks and infrmatin ( Infrmatin ) cnnected with Brsa Italiana S.p.A. ( Brsa Italiana ). Brsa Italiana attempts t ensure Infrmatin is accurate, hwever Infrmatin is prvided AS IS and n an AS AVAILABLE basis and may nt be accurate r up t date. Infrmatin in this dcument may r may nt have been prepared by Brsa Italiana and in this last case is made available withut respnsibility n the part f Brsa Italiana. The publicatin f this dcument des nt represent slicitatin, by Brsa Italiana, f public saving and is nt t be cnsidered as a recmmendatin by Brsa Italiana as t the suitability f the investment, if any, herein described. Cntact Details Brsa Italiana Clients Technlgy Service team Technical Accunt Management Italy clients-services@brsaitaliana.it /606/647 Service Desk Italy service-desk@brsaitaliana.it Tll Free: Frm mbile: