Trayport ® Trading Screen

Quickstart Guide

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This document was written using Author-it in British English.

It was last updated on 11/09/2013 (15:12). 4th Floor, Rose Court, 2 Southwark Bridge Road, London, SE1 9HS

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Contents

Chapter 1: Installation and Setup ...................................................................................................3 1.1 Pre-requisites ............................................................................................................................................... 3 1.2 Installation .................................................................................................................................................... 3 1.3 Initial Configuration ...................................................................................................................................... 4 1.4 Logging in to the Platform ............................................................................................................................ 4

Chapter 2: Screen Features ............................................................................................................5 2.1 Tradeable Maturities .................................................................................................................................... 5 2.2 The Orders Stack........................................................................................................................................... 5 2.3 Custom Spreads ............................................................................................................................................ 5 2.4 Activity Ticker ............................................................................................................................................... 6 2.5 Quick Withdraw ............................................................................................................................................ 6 2.6 Order Book ................................................................................................................................................... 6 2.7 Deals Done .................................................................................................................................................... 6 2.8 Setup Options ............................................................................................................................................... 7

Chapter 3: Key Trading Functions ...................................................................................................8 3.1 Order Colours ............................................................................................................................................... 8 3.2 My Company's Orders .................................................................................................................................. 8 3.3 Submitting Orders to the Market ................................................................................................................. 9

3.3.1 Directly via the Keyboard ..................................................................................................................... 9 3.3.2 Using the Mouse .................................................................................................................................. 9

3.4 Broker Selection ......................................................................................................................................... 10 3.5 Conditional Expiry ....................................................................................................................................... 10 3.6 Updating Orders ......................................................................................................................................... 10 3.7 Firming Withholding or Deleting Orders .................................................................................................... 10 3.8 Trading an Order ........................................................................................................................................ 11

3.8.1 Using the Fastest Trading Method ..................................................................................................... 11 3.8.2 Single Click on the Screen .................................................................................................................. 11 3.8.3 Right-Click an Order ........................................................................................................................... 11

3.9 Viewing Executed Trades ............................................................................................................................ 11 3.10 Investigating an Order .............................................................................................................................. 12 3.11 Custom Spreads ........................................................................................................................................ 13 3.12 Liquidity Sessions - Join the Trade ............................................................................................................ 14 3.13 Automated Clearing Choice ...................................................................................................................... 14 3.14 Keyboard Shortcuts .................................................................................................................................. 15

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Introduction to the Trayport Trading Screen Quickstart Guide This guide provides information on installing and using the Trayport Trading Screen.

This document is divided into the following sections.

Chapter 1: Installation and Setup on page 2 - describes the process of installing the Trayport Screen, and configuring your connection to the trading platform.

Chapter 2: Screen Features on page 4 - describes the appearance of the Trayport Screen and the available trading windows.

Chapter 3: Key Trading Functions on page 8 - provides a guide to carrying out core trading functions using the Trayport Screen, including use of keyboard shortcuts.

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Chapter 1: Installation and Setup This chapter contains instructions for installing and configuring the Trayport Screen.

1.1 Pre-requisites Before installing the Trayport Screen you need to make sure you have the following pre-requisites installed on your computer – if you are unsure, check with you IT administrator.

Microsoft .NET 3.5 with Service Pack 1 (SP1). This can be downloaded from: http://www.microsoft.com/download/en/details.aspx?id=22

Microsoft C++ Redistributable 2005 v6.0.2900.2180. This can be downloaded from: http://www.trayport.com/downloads/vcredist_x86.exe

Installing these pre-requisites requires Administrator rights on your computer. You may need to ask your IT Administrator to grant you these rights.

1.2 InstallationTo install the Trayport Screen, download and run the following file:

http://www.trayport.com/downloads/Oil/Installer/Prod/FE_T/setup.exe

At the end of the installation the Trayport Screen will launch automatically.

The installation places a shortcut on your desktop. Double-click this shortcut to launch the Trayport Screen.

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1.3 Initial Configuration When you run the Trayport screen for the first time you are prompted to configure your connection to the trading platform.

Select OK. The Trayport Screen will attempt to automatically configure your connection.

Once the connection has been configured, the following notification displays to indicate that your Trayport screen has successfully contacted the trading platform and that you can proceed to log in.

If you have any issues during the setup process contact Trayport Support on +44 (0) 20 7960 5555 or support@trayport.com who will be happy to assist you or your IT team with addressing any connectivity or setup issues.

The following information might be useful to your IT/network administrators when configuring your access.

At least one of the following ports must be open for outbound access: 80, 443, 11997.

The server name (if required for configuration) is oil.trayport.com.

1.4 Logging in to the Platform After the initial configuration has been completed you are prompted to enter your username and password.

When you first login you will be asked to change your password. This will need to be at least seven characters long. Once you have changed your password, your credentials will be remembered and you will not need to enter them again.

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Chapter 2: Screen Features This chapter describes the key features of the Trayport Screen.

2.1 Tradeable Maturities

Tradable maturities are listed on the left side of the screen. The plus buttons expand the market depth and

the double arrows extend the visible curve.

2.2 The Orders Stack The orders stack is to the right of the screen. Different order colours indicate the different order types and states. For more information, see Order Colours on page 8.

To the right of the product name you can expand the screen to show last traded price and custom spreads maturities by clicking the blue double chevrons. In the example above, the screen is expanded to display the last traded price in the Last column.

2.3 Custom Spreads The Custom Spreads region towards the bottom of the screen dynamically fills up with any implied and firm prices for non-standard spreads. For example, Q4 12 x 2013.

2.4 Activity Ticker The Activity Ticker region at the bottom of the screen shows all recent activity and trades in the market.

2.5 Quick Withdraw Withdraw buttons are available in the top right of the screen to allow you to quickly withdraw your prices.

Warning

Selecting Withdraw All withdraws all of your company’s prices not just your own.

2.6 Order Book Selecting the Order Book option opens the Order Book. This allows for bulk order management across a number of products simultaneously.

2.7 Deals Done Selecting the Deals Done option opens the Deals Done window (also known as the View Deals window). This shows you the deals that have been executed on the platform.

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2.8 Setup Options Selecting the Setup option switches the Workbook into setup mode.

This allow you to configure the following options.

Column Show/Hide

These buttons allow you to show or hide the Clearing, Code, Quantity and Last columns. The contents of the visible columns are described below:

Clear: Displays which clearing house the price would be cleared through if traded (see Automated Clearing Choice on page 14 for an explanation of this feature).

Broker: Displays the broker’s name.

QDeal: Enables one-click trading directly on the screen (see Using the Mouse on page 9).

Qty: Displays the order’s volume.

Product Selection

In setup mode you can also select which products to show on screen.

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Chapter 3: Key Trading Functions This chapter describes how to carry out key trading functions using the Trayport Screen.

3.1 Order Colours Different order colours represent different order status. Below are the order colours that are commonly used.

Colour Description

Red Firm – Tradable

Pink Firm – Non-tradable, due to permissions, credit or because they are your own numbers

Grey Your own withheld numbers

Peach Indicative – Non-Tradable

Blue Implied – Tradable, where all constituents are tradable

Brown Implied Indicative – Non-tradeable, where at least one of the legs is indicative

Green Implied – Non-Tradable, where at least one of the legs is non-tradable

3.2 My Company's Orders All orders that belong to you or others in your company are shown with a dark purple background – they are always pink as they are untradeable to you.

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3.3 Submitting Orders to the Market There are two ways to submit orders to the market using the Trayport Screen. These are described below.

3.3.1 Directly via the Keyboard

To submit orders to the market by using the keyboard:

1. Select a cell where you want to add your order and start typing. As you type, the Order Entry window displays.

You can press the Tab key to navigate through fields in the window.

2. Press Enter to submit the order.

3.3.2 Using the Mouse

To submit orders to the market by using the mouse:

1. Right-click on the orders stack in the orders stack area.

2. Select Add Order from the right-click menu. The Order Entry window displays.

3. Type in your Price and Quantity, select a broker and

4. Click OK or press Enter. The order is then submitted to the market.

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3.4 Broker Selection At the bottom of the Order Entry window you will see the Broker selection area.

All orders are visible to traders

Brokers may only view orders nominated to them. They are also able to modify and trade orders on behalf of their trader customers.

If the Broadcast Order flag is selected, all other brokers other than the nominated broker will be able to see the order, but not the counterparties’ names. All other brokers will see the order as an anonymous order, but would be able to execute on behalf of another counter party.

3.5 Conditional Expiry In addition to Good Till Date and Good Till Cancelled, the system now offers a new expiry type called Conditional. This will allow traders to protect themselves in the event of violent fluctuations in the price of crude oil by automatically withholding orders from the market if a the value of the last traded price on prompt month Brent breaches a pre-set level. In the example below, a value of 0.25 is entered into the FL Brent diff field. This means that the order will be withheld if the crude price increases or decreases by 25 cents or more.

3.6 Updating Orders To update your orders simply select the volume or price cells and start typing the required update value. If you wish to update the volume of the order, select the volume cell. If you wish to update the price, select the price cell. Press Enter to submit changes.

Alternatively, right-click the order and select Update Order from the menu.

3.7 Firming Withholding or Deleting Orders The fastest way to delete an order is to select the cell and press the Delete key.

Alternatively, you can right-click on the order to display options allowing you to change the order’s status.

All update action types have associated keyboard shortcuts; see Keyboard Shortcuts on page 15 for more details.

3.8 Trading an Order There are three ways to trade an order using the Trayport Screen. These are described below.

3.8.1 Using the Fastest Trading Method

To trade an order using the fastest trading method:

1. Select the price or quantity for the order that you wish to trade.

2. Press Enter on your keyboard. A Deal Confirmation window appears.

3. Select the I confirm that the deal details are correct checkbox by pressing the Space bar.

4. Press the Enter key again to trade.

3.8.2 Single Click on the Screen

If you have enabled the QDeal columns you can trade an order using a single click:

1. Click the green tick next to the price you wish to trade. You are prompted to confirm the trade.

2. Click OK.

3.8.3 Right-Click an Order

To trade an order using a right-click menu:

1. Right-click on the order in the grid.

2. Select Deal Order. A Deal Confirmation window displays.

3. Select the I confirm that the deal details are correct checkbox.

4. Click either Buy or Sell to confirm the trade.

3.9 Viewing Executed Trades The Deals window shows details of all the deals held in the system. To open the Deals window, press the F9 key on your keyboard, or select the button highlighted in the image below.

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The image below shows an example Deals window.

3.10 Investigating an Order To investigate an order, either press Space when the order is selected, or right-click an order and select Investigate Order from the menu.

In the example below, a calculated implied order is being investigated. The Investigate Order window shows the legs of the implied order.

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3.11 Custom Spreads To insert a custom spread:

1. Right click on a cell in the Custom Spreads region and select Add Order. The Instrument Selection window displays.

2. Select your instrument

3. Select the start and end periods.

4. In the next window you can enter the price and quantity.

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3.12 Liquidity Sessions - Join the Trade Liquidity sessions are windows that pop-up when trades are executed on the system. For 45 seconds traders are invited to submit additional bids or offers at the same price level as the last trade. Volume entered into Liquidity sessions will instantaneously trade if there is volume available on the other side. Any volume submitted into these sessions is not visible to the market. At the end of the session remaining volume that has not traded is removed from the system.

The grid for the corresponding contract flashes dark purple to indicate that a liquidity session is running.

If you do not have the Liquidity Sessions window open but see the grid flashing, select the Timer option at the top of the screen to open the window.

3.13 Automated Clearing Choice The trading platform automatically suggests a clearing choice based on counterparties’ clearing preferences. For example:

Company-A can trade bilaterally with Company-C, and can clear on CME ClearPort and ICE.

Company-B can clear CME ClearPort only.

Company-C can clear ICE only and trade bilaterally with Company-A.

The system automatically sets the clearing outcome in the following manner:

Trades between Company-A and Company-B will be cleared on CME ClearPort.

Trades between Company-A and Company-C will be settled bilaterally.

No trades can be executed between Company-B and Company-C and therefore orders from each other will appear untradeable to both companies (pink on the screen).

If you wish to enable counterparties for bilateral credit in the system, contact Trayport Support on +44 (0) 20 7960 5555 or support@trayport.com. Trayport is able to provide your company with a credit administration screen if you require one.

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3.14 Keyboard Shortcuts The following shortcuts can be used to quickly perform actions on the Trayport Screen.

Shortcut Action

Delete Deletes the selected order.

Enter Trades an anonymous order or updates your own order.

Insert Opens the Order Entry window to add an existing order for the selected instrument or commingled product.

* Opens the Order Entry window to modify the order (provided it is either your own order, or an order that you have permission to update).

+ Opens the Order Entry window to add a new order.

/ Opens the Order Entry window to join the market.

- Deletes the selected order (provided it is either your own order, or an order that you have permission to delete).

Space Investigates the selected order.

Alt + B Adds the selected order to the Deal Basket.

Alt + D Opens the Deal Order window to deal the order.

Ctrl + A Selects all orders in the Order Book (or selects all cells on the grid in the Front-End).

Ctrl+ F Firms the selected order or orders.

Ctrl + H Opens the Orders window to show the selected order's history.

Ctrl + W Withholds the selected order or orders.

F2 Opens the Order Entry window to insert a bid order for the instrument or commingled product in the currently selected cell.

F3 Opens the Market Depth window.

F9 Opens the Deals Done window.

F12 Opens the Order Entry window to insert an ask order for the instrument or commingled product in the currently selected cell.