4.1 Order Panel Window

The Order Panel is your order entry window. You open it by selecting Window > Order Panel in the Main menu, or by right-clicking an Instrument in the Market View window then selecting New Order in the context menu (the window opens pre-filled).

Field Description Comment

Instrument

Instrument name

Select an Instrument using the drop-down list.

You can type the first letters of the Instrument you want to display and then select it from the list of matching options that will appear.

Note: If the public channel serving the Instrument that you want to place an order for is experiencing connection problems, the Instrument ID may be displayed in this field instead of the Instrument name (or to be more correct, the Exchange Symbol). The reason for this is that the client acquires it from the central system, and if there is a connection problem, the client can’t get it.

In rare cases during a public channel connection issue, the client may not know the Instrument ID either, and the Instrument may not be visible in the Market View window. If you need to place an order in an Instrument where this is the case, call the Market Surveillance. They will be able to provide you with the Instrument ID so that you can specify it manually and thereby place the order anyway. The technical reason for why it is still possible to place an order is that orders and trades use the Private channel.

Side

Buy or Sell order

Price

Price (limit price)

Use to move the price one price tick. If you first enter a value using the keyboard and then use the to adjust it, the first click will move the value to the nearest tick size.

Open the Properties window to find out an instrument’s Tick Size.

To avoid any mistakes, an already entered price will be set to zero if you change Instrument.

An instrument has to be selected to make it possible to enter a price.

Volume

Volume

Use to move the volume one Round Lot. If you first enter a value using the keyboard and then use the to adjust it, the first click will move the value to the nearest round lot.

Open the Properties window to find out an instrument’s Round Lot.

If the client does not know an instrument’s Round Lot, it will assume it is 1.

An instrument has to be selected to make it possible to enter a volume.

Suspended

Check this box if you want to enter your order with Order Status Suspended.

Account

Free text field used to specify an Account.

Since it is a free text field, no system check is made to verify that the Account you specify actually exists.

The Accounts tab in the Options dialogue (see 3.5 above) allows you to specify predefined accounts.

Once created, predefined accounts are available in all Account fields throughout the application; start typing the first letter of a predefined Account and it will appear as a suggested Account that you can select.

The field will, in addition to any predefined accounts, remember accounts that you have entered for any previously successfully submitted orders, and suggest these as well.

Due to limitations in the FIX protocol, this field does not support special or local characters (such as åÅ, äÄ, öÖ).

Client

Yes = Client Account

No = Non Client Account

Order Restrictions

Issuer Holding

Check this box if you are buying or selling a listed company’s own shares on behalf of the same company.

Price Stabilization

Check this box if the purpose of the order is to stabilize the market price.

The Miscellaneous tab in the Options dialogue (see 3.5 above) allows you to specify the default setting for these attributes.

For more information on these functions, see the NGM Member Rules document which is downloadable from the NGM Member Group web page.

Market Maker and Price Stabilization are Market Maker specific functionality.

An order with the Market Maker attribute will be marked as MM in the Restrictions field. An order with the Issuer Holding attribute will be marked as IH, and Price Stabilization orders with IPS.

Time in Force

Good Till Date

The order will last until the date specified in the Expires field.

Session

The order will last until the next time the Instrument enters the market state Post-Trade. This is true even if you enter an order when the market already is in the Post-Trade state; it will last until the next time it enters the Post-Trade state.

Fill and Kill

The order will immediately be filled as much as is possible and the remaining volume, if any, will be cancelled.

Fill or Kill

The order should be filled completely by one or many trades, otherwise it is cancelled.

Good Till Date

  • The Expires field appears when you select Good Till Date.

  • You can set a date up to a maximum of 7 days in advance.

  • The order will last until 23.59.59 CET on the date specified regardless of what the time is when you place the order.

Iceberg

Check this box if you want to place an Iceberg Order.

There are three kinds of Iceberg orders:

  • Initial

  • Fixed

  • Random

See next table for a description of these.

An Iceberg Order has a displayed volume (Initial field) and a non-displayed, or hidden, volume (= Volume field – Initial Field).

The hidden volume is only displayed within your own firm.

Both the displayed and hidden volume of an Iceberg Order is available for execution.

An Iceberg Order always retains time priority when a hidden volume is made visible to the market.

Order modification rules for Iceberg Order are the same as for all other order types; refer to 4.4 below for more information on this.

Action on Connection Loss

Select the action the central system should take for this order in case your Trader Group experiences connection problems on the Private channel.

  • None – No action is taken.

  • Suspend – Your order(s) are suspended.

  • Cancel – Your order(s) are cancelled.

The Accounts tab in the Options dialogue (see 3.5 above) allows you to specify the default setting for this function.

The action for market maker quotes is always Delete.

The action is only executed if the Instrument is in market state Open.

For information on trader groups and how the Action on Connection Loss function works, refer to 2.9 above.

The Action on Connection Loss function is sometimes referred to as Unmanaged Order Action.

Iceberg Type Description

Initial

This is the simplest Iceberg Order. If the total volume of the order is 3000 and the Initial is 1000, the system will refresh with 1000 each time.

Fixed

Fixed is similar to the Initial Iceberg type. The only difference is that instead of showing the same volume to the market when the Initial is traded (completely of partially), the system will show the remaining volume in chunks. You specify the size of each chunk in the Refresh field.

Thus, if the total volume of the order is 3000, the Initial is 1000, and the Refresh is 500, the system will, after the initial volume is traded (completely of partially), keep making volume chunks of 500 visible in the market until the total volume is traded.

Random

If you select Random, a set of new fields becomes available in the Order Panel:

Random is similar to the Fixed Iceberg type in the sense that the system will show the remaining volume in chunks when the initial is traded (completely of partially). The difference is that each chunk will have a random volume:

The Between and And fields decide the minimum and maximum size of each chunk. The Step Size field decides the step size of the volume chunks. For example, if the allowed volume span is, as in the figure above, between 500 and 2000, and the Step Size is 500, the possible volume chunks can only be 500, 1000, 1500, or 2000.

Iceberg Refresh When Description

Exhaust

The displayed volume is refreshed when the entire displayed volume is traded.

Immediate

The displayed volume is refreshed when any volume of the displayed volume is traded.

4.1.1 Using the Keyboard in Order Entry Window

Refer to 3.5 for information on all available shortcuts in the Elasticia Trading Client.