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TRADING 1.0
WHATS NEW
Contents
Chapter 1 Enhancements & Features ........................................................................... 4
1.1 Synchronous Hedging B2B in competition via FXall ...................................................4
1.1.1 Key Features ................................................................................................................................ 4
Chapter 5 Performance.................................................................................................24
5.1 Database Persister .......................................................................................................24
5.1.1 Key Features .............................................................................................................................. 24
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Chapter 1 Enhancements & Features
1.1 Synchronous Hedging B2B in competition via FXall
Currently The ET system currently allows a bank to outsource liquidity to another, single bank, via an
adaptor connection. Banks are then able to outsource selected currency pairs to other banks, apply
their own margins and hence show a price to their own internal and external clients.
In this workflow a bank providing liquidity is the liquidity provider (LP) and the bank receiving the price
and trading off it is the relationship provider (RP).
The new Synchronous Hedging adaptor extends this outsourcing capability by allowing an ET bank to
back to back (B2B) RFQ trades with multiple LP banks via FXall using just one connection. This
permits a B2B in competition capability ensuring a best price is found from a series of LPs.
The initial phase implements the Synchronous Hedging for RFQ trade flow only via the FXall portal.
Spot
Outrights
Swaps (even and uneven)
NDFs
This enhancement will be available from ET 1.0 onwards and is a specific workflow solution that
allows synchronous hedging into FXall only.
Permits liquidity sourcing for a desired currency or one underlying pair in a cross
RFQ tickets captured by ET can be back to backed into FXall
FXall Entities configuration provides the LP routing logic for your RFQ requests
Currency to account mappings are made in ET admin, permitting full control of your currency
quote destinations
Quotes can be either one-way or two-way
Best BID/ASK price is determined by ET from LP quotes
Indicative Fixing Date for NDF is supported
Tenor Mismatch handling is supported
Deal Reconciliation handling is supported
Event Logging is supported
Failover is supported*
Note:
We do not support dual outsourcing to both META v2 and Synchronous Hedging (one leg to
META v2 and the other to Synchronous Hedging).
We do not support META v2 and Synchronous hedging adapter running in the same RP
system.
In this release, it is required to disable/untick "Can Accept Client Prices" permission for
manual traders who will be doing outsourced trade with FXall.
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1.2 Orders Capture from FXall Venues
In ET 1.0 we have created an adaptor that allows limit order capture from FXall into ET. Orders
received by ET are then under the management of LOMSServer and are monitored and managed as
per existing ET Order Management workflows.
This change simply connects FXall to ET to receive inbound limit orders. Outbound messages are
then state changes, etc.
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Position windows will be available for Active Deals and Deal Blotters, including floating
windows. In the case of the Active Deals panel, the data will be session based; disconnections
could result in the totals being cleared if deals are removed from the blotter.
Positions will be shown by currency pair for up to 10 currency pairs.
A trader can right click on the position window to setup the currency pairs to be displayed in
each blotter.
A trader can use control and click on selected deals to remove these from the Active Deals
Panel, the position total will be recalculated for remaining deals in display.
Position Totaliser is supported for all usertypes that have access to the Active Deals panel
and / or Deal Blotters e.g. Capture Traders, Traders, Proxy Client and Client usertypes.
Position Totaliser is supported for all FX deal types except Swap, Auxiliary and B2B deal
types.
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Fast keyboard skew control using arrow keys or direct entry for a selected row / currency pair
Performance
Improved panel loading in the trader applet
Subscription message size reduction ~300k
Market update messages reduced upto 92%
Legacy Rates Panel support maintained
Placeholder Help panel
An HTML help page as a placeholder panel when Multi SPOT is floating.
o Download Multi SPOT Help Resources from filebase.
o Create 'help' directory at the same path as your 'admin.html' or 'trader.html'.
o Extract the downloaded 'help.zip' and place all of its content into that 'help'
directory.
o You can use different directory name but you must set 'helpDirectory'
parameter in admin.html or trader.html to matches it.
Customizable by editing the HTML file.
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User populates, currency pair, amount, direction, deal type, and account
User could also populate some custom fields
User presses a pre check button in custom field area
The following data will be sent to the custom api and can be used by an external application:
o Username (customer name)
o User Full Name
o User Group Name
o Deal Direction
o Currency Pair
o Indicative Rate
o Deal Type (e.g. HRET, MRET, HREXT, MREXT, FORWARD)
o Instrument (e.g. FX.CROSS, MM.DEPOSIT)
o Execution Style: rfq
o Currency1 Amt
o Currency2 Amt
o Dealt Currency
o Dealt Amt
o Value Date
o Value Date type
o Basis
Custom API receives data from an external application in the bank e.g. fund sources such as
letters of credit available to the user and validates data input in custom fields
Custom API pushes updated data to the custom fields in the deal ticket
Client user can now submit the deal ticket
Trader can see custom field data and adjust it prior to sending a quote back
Client user can negotiate and complete deal.
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For this reason, the price spread in certain currencies quoted against the USD is generally wider than
in the forward market. A truer price is obtained by crossing spot via the EUR and the forwards via the
USD.
Additional columns have been added to the CCY Admin panel in RET-AD 3.5 to allow differing split
currencies for spot and forward:
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1.12 Automatic Volatility Switching
TRM can now be configured on a currency pair basis to automatically change the currency pair
Volatility setting by analyzing the incoming rate spread.
For example, GBP.USD has the following Spread Limits per Volatility range:
Spread: 4 pips
The spread is under 5 pips so the
Volatility rating for GBP.USD is
Normal.
Spread: 6 pips
The spread is over 5 pips so the
Volatility rating for GBP.USD is
automatically changed to Volatile.
Spread: 14 pips
The spread is over 10 pips so the
Volatility rating for GBP.USD is
automatically changed to Highly
Volatile.
If the incoming spread in this example changed to be over 15 pips, the rate would then staled.
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1.13 Split Value Dates (Islamic FX Trading).
Up to and including RET 3.5 a single FX deal contains a single value date for settlement of the entire
deal, it is assumed that the base and terms currencies are settled upon the same date.
Islamic currencies such as the Saudi Riyal (SAR) follow the Islamic business calendar where the
weekend falls on Thursday and Friday. When trading against an Islamic Currency the system now
allows settlement on each currency in the pair according to the currencies specific holiday/weekend
rules. Thus a deal ticket will show a separate value date field for each currency.
The use of split value dates is supported for the following order types:
SPOT
TODAY
TOMORROW
FX Outright forward deals
Swap deals
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1.15 Variable decimal configuration per client group
Currency pair decimal configuration in RET has been extended to allow spot and forward decimal
places to be set on a client group basis.
A new type of currency pair set contains DPS, Fwd Disp DPS and Fwd Scale DPS settings that can be
applied to any system currency pair and its inverse. This set is then applied to a client group and
overrides the CCY Admin panel settings for the pairs included in the set.
This functionality uses Decimal user currency sets, applied to a user group for configuration:
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1.17 Phase1/Phase2 Dealer Intervention Routing
In RET 3.5 it is now possible to define a secondary trader / group of traders to whom a deal can be
routed when the primary trader / group of traders have not picked up an initial deal request. After a
configurable amount of time (defined per transaction type); the deal will automatically be routed to the
secondary trader / group of traders. If after a configurable amount of time, the secondary trader has
not responded to the deal request, the end client user will be notified that there is no trader currently
available to respond to their request.
Changes to the system are:
New Secondary Pickup Filters button in the User groups panel of the admin applet. This
enables the bank to define the trader / group of traders to whom an RFQ should be routed
when a primary trader has not responded to an RFQ after x amount of time (where x is
configurable per transaction type).
Configurable timeout values for primary and secondary pick-up per transaction type.
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This enhancement allows traders to quote prices independent of the predetermined source feed; this
will allow more accurate pricing and greater trader control in times of market volatility.
Enhancements to the improved Rate Monitor page include:
The ability to select and overwrite the value of an individual rate
A skew value box which displays a list of incremental values by which the rates can be
skewed
A new button to nullify the rates which when pressed, removes all displayed rates from the
trader and client applets and replaces them with N/A
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1.22 TRM Model Ownership
Currently the system assumes that if traders have the relevant view / edit admin permissions, they are
able to act on all models.
In reality, traders typically own specific currency pairs, and at specific times of day only. At the end of
the day in one time zone, a trader will pass the book to another trader in another time zone. So for
example, during London hours, Trader 1 might own the GBP.USD model, and during NY hours,
Trader 2 then becomes the owner of that currency pair. By assigning an owner to each model, this
ensures tighter security in the system, so that only those traders, who are permission to use specific
models, can override rates etc.
In 3.5 a new setting is being introduced in the Global Panel called All models for all traders, the
default value for which will be checked. When checked, the system will carry on operating as at
present, i.e., it will presume that all traders are able to act on all models (providing they have the
relevant admin permissions assigned). When set to 0 (zero), the system will assume that no trader is
allowed to act on any model unless they are specifically permission to do so.
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Chapter 2 Branding & Usability
The branding configuration in ET has been overhauled and simplified allowing much more control and
customization of the look & feel for the applet.
Default naming for all colours.txt and applet embedded images (images contained within the applet
resource zip file) have also been simplified and changed.
New Admin Panel Link Previous Admin Panel Link (or Links if merged)
User Groups User Groups
Modifiers Modifiers
CCY Admin Instruments, Prices, CCY Admin, Feed Sources and Feeds
Sets User Sets, Group Sets, Currency Sets and User CCY Sets
Orders Order Routing, Slippage, Fixing and Deferred RFQ and Locations
Autotrader Autotrader
Access to panels will be driven by an enhanced set of specific admin permissioned (located in the
User Groups Panel -> Admin Tab). The Settings and About links will be located to the right hand side
of this bar.
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2.1.1 Key Features
2.1.1.1 New User Searching
The User Groups user searching functionality has been updated and given more prominence. Using
the available search field, an administrator enters the first few characters of a user or group (a
minimum of three though a * wildcard option is available (as shown below)) and the results are
automatically displayed below. Both users and group results are displayed.
The Ctrlkey switches the search from Fullnameto Usernameand vice versa.
A new toggle button will enable users to cycle between the All-In, Fwd Points, Mini-Tenors
and Graph view.
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2.3 Deal Tickets
The client deal tickets have been redesigned in terms of look & feel. All areas of the deal ticket are
now configurable using parameters and colours.txt values
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Chapter 3 Permissioning
3.1 Parameters
Previous versions of RET many Client / Trader permissions were controlled by html parameters,
making it more of a global permission rather than per user based.
In RET 3.5 many html parameters have been moved to Admin Applet and some have been hardcoded
directly into the applet making Client & Trader permissions per user based and easily configurable.
Manage admin functions which are grouped and permissionable at a parent panel level. e.g.
allow full access to the modifiers panel but view- only access to all functions within the user
groups panel.
Control parent functions and Child functions which are each permissionable at the following
levels:
No access - Do not display the function
View only - Display the function / setting
Edit - Full access to the function / setting
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Chapter 4 LOMS
4.1 Orderwatch Functionality for Trader Applet
OW functionality is now available from RET Trader Applet for a suitably permissioned trader user
(Capture Trader). Capture Trader can now do normal FX deals as well as place orders, monitor orders
and fill orders.
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4.3 Permissions
4.3.1 Configurable default permissions by user type
The implementation of granular administration permissions will allow maker banks to define Internal
Sales and View Only users in addition to Orderwatch Traders. The introduction of user types with
configurable default permissions gives control to the maker bank to build roles that suit their workflow
with minimal configuration when creating new users.
4.4 Routing
Five new routing criteria have been added to the Order Routing panel. All of these criteria can be used
to route to an auto accept user
Routing by Risk Amount
Routing by Time
Routing by User Set
Routing by Execution Style
Routing by Direction
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4.6 Credit Checking
The GID.credit and LOMS servers have been upgraded to include Limit Order credit checking, thus
allowing a single credit check module for RFQ and Orders.
Order credit checking has additional nuances over standard RFQ credit checking, primarily as the
banks acceptance of an order usually indicates a contractual obligation to fill the order and the pre-
determined price.
Non-Utilization CC (GID.CREDIT) at Activation
Partially Filled Orders
Order Strategies
Reconciliation & Expiration/Cancellation
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Chapter 5 Performance
5.1 Database Persister
The Database Persister improves the speed of transferring captured trades to persistent storage in ET.
This replaces the series of database writes seen at various points in the trading workflow and
detaches the need for this persistence to have completed before the trade is marked as completed
and published by ET as such.
The implementation of the trade persistence layer therefore reduces write times across the system
substantially and removes the wide variability in write times. It:
Addresses delays in the user interface presenting positive trade done confirmations to clients
and traders.
Gives consistent performance during busy/volatile markets where it is common to see higher
system activity.
Allows for quick and accurate trading signals to be reported as we remove latency around
database persistence.
This asynchronous approach to database writing allows us to achieve 100% of database writes in less
than 10ms. The comparison between RET 3.5.2 and ET 1.0 can be shown as follows:
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5.2.1 Key Features
Improved, stricter messaging model.
Clearer failure reasons in Order Management progress window when a prohibited action is
made.
Efficient messaging yielding performance gains.
Full Live-Live resiliency implementation.
Improved archiving process.
Note:
This Live-Live resiliency is not for POMS. It only supports 2 LOMSServer instances with the
same resource name.
GID.orders is enhanced to always prevent multiple login for LomsProxy regardless of
PreventMultipleLogins value.
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Chapter 6 Supported Environments
6.1 Software
6.1.1 Operating System
The supported Operating System for running the SCS and resource servers for the RET platform is
Solaris 10.
The SCS and SCS Relay are the only software components on the server side for which Microsoft
(MS) Windows may be used as the OS software.
Supported Windows OS: Win XP, Win 2K3 Server, Win 2K8 Server & Win 7
6.1.2 Oracle
Oracle is the database software used on the server side. The database must be an Oracle Server
Enterprise Edition or Standard Edition (64 bit) running on Solaris
RET 3.5.2 is officially qualified with Oracle 11.2.0.3 (Standard & Enterprise edition)
Qualified
(Test cycle executed with
Oracle Version this version) Supported
9.x No No
Yes, only with these patches:
Client 7143299 and 6750296
10.2.0.4 Standard Edition Yes
Server 7452373, 8576156,
7143299 and 6750296
Yes, only with these patches:
Client 7143299 and 6750296
10.2.0.4 Enterprise Edition Yes, including RAC. Server 7452373, 8576156,
7143299 and 6750296
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11.2.0.3 Enterprise Edition Yes Yes
6.1.3 Windows
RET 3.5.2 Applets have been tested on Windows XP SP1+, Windows 7 SP1+ (32bit & 64bit) &
Windows 8 (32bit & 64bit).
6.1.4 Browsers
RET 3.5.2 Applets supports IE 7, IE8, IE9, IE10, IE11 and Google Chrome & Mozilla Firefox.
6.2 Hardware
RET 3.5 has been qualified and is recommended on the following HP DL 300 series Intel based
servers
CPU Internal disk space for
speed CPU / Memory O.S./System/Application
Purpose Model (GHz) Cores (GB) software (GB) Other
Intel E5-
RET 2690
Application HP DL 2
processes 360p Processors 2x 300GB
& Adaptors Gen8 2.9GHz 8 Core 128GB 2x900GB
Oracle
certified
Intel Xeon 2 x Dual
5600 Port
Series 8Gbps
2 Fibre
HP DL 380 Processors 2x 300GB Channel
Oracle Gen7 2.93GHz 6 Core 96GB 2x900GB HBAs
Intel E5-
2690
HP DL 2
SCS & 360p Processors 2x 300GB
Web server Gen8 2.9GHz 8 Core 128GB 2x900GB
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Thomson Reuters also supports RET on non HP hardware, please contact your hardware vendor for
details of equivalent specification Intel machines based on our qualified servers listed above.
Thomson Reuters also supports RET on Sun M4000 or M5000 (UltraSPARC IV) series of servers.
Please note, SPARC support is likely to be removed in the future as this is no longer our preferred
platform.
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