Multiple Instrument Trading System (Exchange Solution)
The Front-End was designed from years of experience with trading systems and interaction from exchanges and traders themselves. The Front-End was designed with the following functionality:
- The same functionality that is available through use of the mouse is available through use of the keyboard.
- The Front-End is easy to configure. The user can change all aspects on the look and feel, including colors, lines, grids, columns and font etc.
- The user can add custom keyboard short-cuts to functions.
- All windows positions are saved; thus a window is saved and when the application is reopened the window will open in that exact position.
- The user can create custom Trading Windows and add contracts to a trading window.
MITS supports an extensive range of automated spread trading. This includes the linkage of multiple calendar spreads, and the linkage of multiple product spreads, as well as the integration of calendar and product spreads.
- All calendar spread contracts which exist for a particular instrument are linked dynamically, and phantom orders generated indicating interest in any combination of near and far expiries.
- As with calendar spreads, product spreads are also fully integrated with the main futures trading window, indicating interest in buying and selling 2 products.
- Spreads are dynamically loaded on MITS and no exchange interaction is needed to setup these contracts. Spreads in the MITS system are bi-directional, which means spreads can exist between every contract and every expiry between contracts. MITS will also calculate spreads forward towards the last expiry and back to the first expiry.
MITS has an extensive order entry system. The following order types are catered for in the MITS system:
- Fill Or Kill– The order is matched in its entirety starting from best price to worst, until the order is completely satisfied. If it cannot succeed the order is not executed.
- Take Or Kill– This order type seeks to execute as many matching orders it can until the order quantity is satisfied, and to disregard any remaining, unsatisfied quantity.
- Normal– This order type is placed on the stack of the matching engine until it is fully executed or suspended/cancelled by the user.
- At Best Order- This order is submitted for a specific quantity, and follows the latest best price until the order is fully executed
- Stop Order- This order type is a market order which enters the market once the best market price equals or is better than the specified stop order price.
- At Close Order- These orders are only entered onto the market at the close of the continuous trading session. Orders which can be executed are dealt by the matching engine.
- Hold Over Order- This order allows the trader to specify until what date this order must be maintained in the order book until fully executed.
- Ice Berg Order- This order type allows traders to specify both an order quantity and an iceberg quantity. This order is then placed on the market and displayed with the order quantity, and when fully executed at the order quantity, new orders are placed at the order quantity until the full iceberg quantity has been executed.
MITS allows traders to perform a range of deal management operations. These include the following:
- Allocations to client accounts
- Early Option Exercise and Abandon
- Assignments to other member firms
- Roll Forward of positions to later expiries
- Trade accumulation
- Tri-partite allocations
MITS allows users at a clearing member, or a master dealer at a member to configure the access and limits for traders at a particular member. This includes configuring limits based on the initial margin requirement per order, and configuring access to the use of certain functions of the Front-End.