Welcome to J-Trader

J-Trader is a trading system for placing orders at global derivatives Exchanges. This brief guide will get you started on J-Trader – for a full description of all system features and functionality, consult the J-Trader User Guide. J-Trader can be made available in two web-based forms:

• as a standalone application. This is sent to you on a CD or in a zip file. You then install it on your computer. Instructions for doing this will be supplied to you separately. You run the standalone version like any other Windows application, either from the Start menu or by double-clicking the J-Trader desktop icon. This launches the J-Trader Trading Client window (example at the foot of this page).
• as a hosted web-based application. Browse to the web page address you’ve been given for J-Trader (using Internet Explorer 5.5 or greater). There will be a form to launch J-Trader from there, which may look like this:

Enter your username and click “Go” to launch the J-Trader Trading Client. The Security Warning pop-up displays, asking for your permission to install and run the J-Trader software – click Yes to go ahead. You can select the checkbox "Always trust content from Patsystems (UK) Limited" to bypass this message in future. The web-based version is ‘served’ (sent to your browser) as a Java Applet – your browser settings need to allow this.

Once the application has downloaded, the J-Trader Trading Client log in screen displays.

Logging in

Enter the User Name and Password you’ve been given and press Enter or click the Login button. After successfully logging in, the Connectivity Status and Messages windows appear, and the Trading Client Window changes to look like the following (annotated) example:

Open trading windows and tile them

Click  the New button to launch a new trading window. The default is the Hot Quotes screen, which is the main trading screen and is covered in detail on the following pages.

Click New again to launch a second trading window, and click the Status tab – this window now shows the Working and Completed orders for Accounts belonging to your Trader Account Group. You can rearrange and resize these windows using the mouse.

Alternatively, click  the Tile Vertical button to arrange the two windows neatly next to each other (or click the Tile Horizontal button to arrange the windows above and beneath each other).

Notice how the Trading Client now shows the new windows as part of your Default Desktop:

Desktops

You can set up and save a number of different Desktops for different trading requirements – for example you could have a ‘Bonds’ desktop and a ‘STIRs’ desktop. The system remembers how you arrange the windows in a desktop, and what each one contains. It will always show the Desktop you were last using when you next log in. To create, rename, copy and delete desktops and windows, right-click the desktop (or window) name and select from the menu. You cannot delete a desktop while it has windows open.

Switching between desktops is straightforward – just click the desktop name. The system then saves the setup of the current desktop, closes it and retrieves the next desktop, opens its windows and populates them with the appropriate contracts and information. This only takes a few seconds.

Adding contracts to the Hot Quotes Screen

First, choose the contracts you want to trade or view:

1. Click   the Add button, in the lower left corner of the window. You then see the list of Exchanges you’re allowed to trade on or view (these are defined by the System and Risk Administrator).
2. Click the  plus symbol to open up an Exchange and see the available Contracts (again, this list is only those contracts that the System and Risk Administrator has made available to you).
3. Open a Contract in the same way to see the available maturity dates.
4. Highlight the one(s) you want to trade or view – hold down the Shift key and click to highlight a block of maturities, Ctrl+Click to deselect or reselect one in a block.
5. Press the Spacebar to add the highlighted contracts to the Hot Quotes window (or just double click a single contract date to add it). The list then closes and the contract(s) appear in the Hot Quotes screen. For example, you could set up a screen like this:

To remove a contract that is no longer required, highlight it and click the Remove button (next to the Add button). Use the Up and Down buttons to move the highlighted contract up or down the list.

Placing an Order

Before trading, set a volume in  the Lots field at the bottom of the screen – the value set here becomes the default lot size on this window. The following table shows the different ways to trade from the Hot Quotes screen. Many of these are available on the other J-Trader screens.
 

One Cancels the Other – OCO

A one cancels the other, OCO, order type is either a “to buy” or a “to sell” order, never both. The OCO order type is selectable from the Trade ticket displayed below. An OCO order type involves the entry of two separate orders. An example is a buy limit order/buy stop order whereby the buy limit is below the current market price and the buy stop is above the current market price.

The way that OCO functionality works is that a user must enter the LIMIT part of the order first. Attempts to select any other order type and then add the OCO part will mean the first order changes to a LIMIT.

OCO Examples:

• limit/limit single market
• limit/stop single market
• intermarket limit/limit
• intermarket limit/stop

The example below displays an intermarket limit /limit OCO order type, for MAR04 and JUN04. If one order is fully filled the other order is automatically cancelled. However, J-Trader also offers a user the ability to Split Volumes Across Orders as in the screenshot below.

In the above example the total quantity of the order is split into two (split volume across orders), both orders working at the exchange. As one is executed, the remaining quantities are split equally between both orders.

Patsystems Reflector^TM

To launch the Patsystems Reflector™ screen, highlight a contract month from the Hot Quotes screen and click the Reflector button located at the base of the Hot Quotes screen.  If the Reflector button does not display on the Hot Quotes screen, check the Patsystems Reflector™ configuration on the Settings-Display tab of J-Trader. Also, consult your SARA administrator to determine that your User Role is set up for using Patsystems Reflector™.  An example Patsystems Reflector™ screen is shown below.

Select Patsystems Reflector™ Settings

To select Patsystems Reflector™ settings click the Settings button located lower part of the screen.  The Settings pop up window displays, as in the example below.

Scrolling

The Patsystems Reflector™ scroll buttons (example above) are located top and bottom of the screen. They become active, changing to a yellow colour, when Working orders for the current Trader Account are outside the current display area.  To re-centre on the bid / offer horizontal divide bar click . Scrolling keyboard shortcuts for this functionality are: Alt + C to centre, Page Up and Page Down to scroll full Patsystems Reflector™ screen.

Placing Limit and Stop Orders

To place a Limit Order click the bid or offer cell next to the price you want to trade at.

To place a Stop Order right-click the required bid or offer cell.

To pull orders use the Pull buttons located lower part of the Patsystems Reflector™ screen.

Other Patsystems Reflector™ Screen Features

To change the font attributes of the screen click .

To go to a specific price on the screen type the required price in the Price:field located lower part of the screen  and click Go.

Status Screen

The Status screen is like an Order Book – it’s for checking the status and progress of all Working, Filled and Completed orders in your Trader Account Group. By default it shows orders for All accounts (in the Trader Account Group). To just see the orders for one specific account, click the Account field and select that account.

 The Filter buttons (Working and Completed) can be used to focus on Orders by exchange, order type, status, lots, account and other factors.

Pulling Orders

You can only pull orders from your own trader account (as shown in the Account field) that are Working, Inactive or Part Filled (the filled lots remain in your position, the lots still working get pulled).

Order Resubmission

This can be used in situations such an Exchange going down, resulting in all orders relating to that Exchange being rejected. The resubmission facility can then be used to quickly and easily re-enter all your orders with a minimum of effort, to recover your previous working status. Orders that have been cancelled or rejected, and are shown (marked ‘BC’, ‘C’ or ‘R’) in the ‘Completed’ section of the screen, may be resubmitted as new orders, by using the “Resubmit” button.

To do this, you must highlight the orders that you wish to resubmit, and then click on the “Resubmit” button. Care must be taken when selecting a batch of orders, to select only those which are marked as ‘BC’, ‘C’ or ‘R’. Selection of any orders that have any other status (such as Filled) will result in the “Resubmit” button being greyed out. When you have successfully clicked on this button, you will then see a pop-up window, as shown in the screen-shot above, providing you with four alternatives in connection with the required resubmission. These are:

• Resubmit Balance: This will result in the submission of an order, for which the Lot Size will be equivalent to the unfilled balance of the original order. Please note that this order will be allocated a new Patsystems order number (as opposed to retaining the original order number). Please also note that for any orders that have been cancelled or rejected, with no Lots as yet filled, the new order will be for the same number of Lots as the original order.
• Resubmit Total: This type of resubmission will involve the creation of an order that contains the same number of lots as the original order, irrespective of how many Lots from the original have already been filled. Care should therefore be taken when using this option, particularly when applying it to batches of orders, to ensure that the total number of Lots bought does not end up being significantly larger than the intended order.
• Resubmit Balance as Inactive: This results in the submission of a new order, for which the Lot Size is equivalent to the unfilled balance of the original order. This order will be submitted as Inactive, and will be held as such in the Working Order portion of the screen, until such time as it is activated by highlighting it and clicking on the “Activate” button at the top of the window.
• Resubmit Total as Inactive: This invokes the creation of a new order, for the equivalent amount of Lots as for the original order. It will be submitted as Inactive, and will remain so until activated as described above.

Display Reject Reason: To display the reject reason for an order, a column is provided within the status screen. To activate this column, you must right-click on the lower part of the Completed Orders portion of the window. The following pop-up window displays:

From the above pop up window, click on Select Columns and then tick the checkbox alongside the word Reason. Apply this change, and return to the above pop-up window. Now click on “Size All Columns to Contents” to ensure that you will be able to see the Reject Reason messages in full.  After you have done this, you will be able to see any reject reason messages displayed in the Reason column in the Completed Orders section of the Status window.

Order Recap

The Order Recap button is used when working with the Completed order section of the Status Screen. You can use the Order Recap functionality even when cancelled or rejected orders are included amongst the selection, as in the example below.  An Order Recap screen then displays summary details for the selected orders.

Position screen

The position screen shows the overall position for a trader account. This can be broken down by Exchange and Commodity, including a view of accrued profit or loss, as well as a summary of closed profit/loss by instrument. Positions and P&Ls for Contracts are automatically updated after every trade. Detail on the fills making up a position can be obtained by clicking on any of the contracts.

Matrix Screen

The Matrix screen is for trading calendar spreads. Click the Commodity button to choose the Exchange and Instrument, then click the Contracts button to select the contract dates to trade.

Once you have set the Lot Size, you can trade the outright in the grey squares (left) and trade the spread in the white squares at the heart of the matrix. The prices shown are bid, offer and last, with the volumes underneath. Implied prices are shown with an asterisk*.

To only see explicit prices, remove the tick from the Implied Prices checkbox . Enter Limit and Market orders as on the Hot Quotes screen – hover the mouse over the bid (or offer) price and use the tick bar for a Limit order, click the bid (or offer) volume for a Market order.

Click the Last Traded volume or the Contract Month to see the Depth Of Market window (for details please see the information above regarding DOM, within the Placing an Order section). Click the Last Traded price to see the price history for this contract date (last 20 trades).

Strategy Calculator

The Strategy Calculator (only available to certain Roles – please see footnote on the following page) is for creating recognised strategies on any connect^tm trading platform. It is available from the Tools button on the Trading Client window, and requires an administrative module (the Strategy Creator) to be set up by your Administrator before it can be used. Contact Patsystems or your Administrator for details.

Multi-Exchange Legging (MEL)

The MEL (Multi Exchange Legger) is only available for certain User Roles.[1] It is for creating multi-legged strategies not supported by exchanges, and executing them automatically once the price criteria are met. It should be noted that there is a small legging risk to trading unsupported strategies like this – there is the possibility that one leg executes while the other fails. Therefore it’s advisable to use the clip size to reduce exposure on larger trades, for example sending 100 lots in clips of 10.

You can trade intra-market – across an exchange, for example LIFFE Short Sterling against Gilts – or inter-market - between different exchanges, for example the DAX against the FTSE. You can synthesise recognised baskets by buying an index and selling the Universal (Single) Stock Futures of the constituent securities. You can also use the automatic execution capabilities of the MEL to iceberg orders (as a single legged MEL) for example unloading 100 lots, 10 clips at a time to a price.

The system will calculate a ‘MEL Price’ for your strategy, using the parameters you set up to define the relationship between the different legs. This price is synthetic, and only exists on your trading client – once a leg is executed it exists as an entirely normal order at an exchange, unrelated to any other orders anywhere (except on your screen).

To set up a MEL, first create a template to define the legs and the relationship between them. To do this, click the Settings button and go to the Mel Template tab. The top half contains the templates, the lower half shows the legs in each one, as shown in the following example:

To create a new template, click the Templates Add button and type in the Description – for example, FDAX FTSE Spread. To add a leg to the highlighted template, click the Legs Add button. Each leg represents a separate buy or sell operation, which will be executed the number of times shown in the Ratio field. In this example, 4 FDAX will be bought for every 3 FTSE sold. The legs will be executed in the order they are shown in the list – so create them in the order you wish them to be executed.

The Pricing field determines if the Leg Ratio is used to calculate the MEL display price. If it is set to:

• Weighted (as in the example) the MEL price is calculated by including the ratio of volumes for all the legs comprising the strategy. For example (4 x FDAX price) against (3 x FTSE price)
• Linear, the price is calculated by assuming each leg of the strategy is priced at a ratio of one, irrespective of the ratio at which it is executed (1 x FDAX price) against (1 x FTSE price).

If the Settlement checkbox is ticked, the calculation incorporates the settlement price at the previous close, for example (4 x (FDAX price - settlement price)) against (3 x (FTSE price - settlement price)).

The Coefficient is the factor by which the leg price is multiplied, to manage tick size differentials (and/or account for Foreign Exchange exposure). In the example above, to allow for the different values of one point, the DAX leg (priced at € 25 per tick with an exchange value of, say, £17) has a pricing coefficient of 1.0, while a pricing coefficient of 1.7 is used for the FTSE (priced at £10 per tick).

The Ticks field is used to allow the synthetic MEL display price to be displayed as any tick increment. For example, when trading a decimal instrument against a fractional one, the MEL price can be defined as any base or decimal by inserting the correct mathematical base in the Ticks field.

Once the MEL template is set up, click OK to save and close the Settings dialog. To trade the MEL on the Hot Quotes screen, click the Add button and select MEL from the top of the Exchanges list, then double-click the MEL Template to add it to your Hot Quotes screen. Trade the MEL using the tick bars or the Trade Ticket. You can also click  the Open icon to see the legs and trade one individually.

The MEL order is held on the PC until the price criteria for all legs are met in the market, at which point all legs of the MEL are submitted to the Exchange(s) as Limit Orders, at the best price at which they can be filled. The MEL will only submit the volumes (up to the clip size) at which fills can be guaranteed for that specified MEL price.

Customising J-Trader (‘Settings’)

Many aspects of the default J-Trader behaviour can be customised to suit your own preferences. Once logged in to J-Trader, click the Settings button in the main J-Trader Trading Client window. The Settings window then displays.

Six Settings tabs are available for you to work with, details of which follow below:

• Display
• General
• Trading
• Sounds
• Contract
• Mel Template

Display Tab

Colours

The system already features a sophisticated colour scheme for displaying different types of price. It is probably best not to adjust this until you are familiar with J-Trader and have a clear idea of what customisations will suit you. You can also set the length of time (in seconds) for how long colours for Price Change and On Market (your own placed orders) are displayed.

Prices

If Fractional Prices is ticked, the system shows full fractions for contracts traded in fractions. For example, a contract traded in 32^nds might have a price of 113 ⁸/₃₂. If Fractional Prices is not ticked, then fractions are shown as  the numerator only, without the denominator – for example, 113.08. If Lowest Common Denominator is ticked, then this price would be shown as 113 ¼.

Fonts

Adjust the font used to display prices and screen labels. The Min and Max sizes (in points) specify the range of font sizes used – so if you make the Hot Quotes screen bigger, a correspondingly larger font size will be used. If you have trouble reading small figures, set a large Min value (make sure the Max is greater than the Min).

Spacing

 If ticked, this checkbox increases the space between the Pull and Action buttons at the foot of the screen, to help prevent inadvertently clicking the wrong button.

Display Reflector Button

Use the Display Reflector Button checkbox to either display or remove the Reflector Button from your trading screens. With the Display Reflector Button checkbox blank, the Reflector Button does not display on any of your trading screens. With the Display Reflector Button checkbox selected, the Reflector button displays on all of your trading screens.

Floating Reflector

If the Floating Reflector checkbox is ticked, the User can display one Patsystems  Reflector^TM screen, which when opened will automatically be populated with data relating to any instrument that is highlighted in the Hot Quotes screen. While this window is open, whichever instrument is highlighted in Hot Quotes will display dynamically in Patsystems Reflector^TM, and will supersede the instrument that was being displayed.

Disable DOM

Use this checkbox to disable the DOM. Prices can still be viewed via the DOM but trading via the DOM is disabled. The following no longer display on the DOM when it is disabled: the Hit, Ask, Bid and Take buttons, Account field, Lots field and Disable trading checkbox. Refer to the example below.

Action on Mouse Down

This checkbox is provides the option of having a new mouse setting to improve the speed of order entry. If the checkbox is ticked, as shown in the screen-shot above, mouse actions will be performed as the (left) button is clicked down, thus making the action occur more quickly. If the checkbox is not ticked, the mouse actions will only occur as the button is released.

Display Account Field

You can select the Display Account Field in order to display the Account drop down tab on trading windows. With the Display Account Field checkbox blank, the Account drop down tab does not display on trading windows – it only displays on the Status and Positions screens.

Always Blank Lots

By default, when J-Trader is first launched, the Always Blank Lots checkbox is checked. With Always Blank Lots checked, there is no need to manually clear previously entered lots from your trading screen prior to submitting your order.  This avoids the possibility of resubmitting a previous Lots amount by mistake.

Always on top

This lets you choose to keep certain screens permanently visible when open, so that you can, for example, always monitor the depth of market of a certain contract.

Alerts

Switch Alerts on or off. Display Alert Popup causes each alert to appear as a popup message. Fill Alert notifies you when an order in your Trader Account Group receives a fill. If you only want to see fill alerts for your own orders, check the Filter checkbox (this filters by your user ID, not the Trader Account, so you will not see fills for another trader using the same Trader Account).

You can also choose to see an alert for an RFQ (Request For Quote). Audible Alerts causes a sound when an alert is received – this will be a simple beep from your computer, or you can specify the .wav file to use, on the Sounds tab. Note that Alerts can also be accessed in the Messages window. Closing Windows option, when selected, causes the display of the following confirm/cancel dialog on closing a window:

This is provided primarily to avoid the loss of work whilst configuring templates.

Price Tick Bar

You can disable the Price Tick Bar by selecting the Disable Tick Bar checkbox, as in the example above. With the Price Tick Bar disabled, it will not display on the Hot Quotes screen (or on any other screen). With the Disable Tick Bar checkbox left blank, you can select Only display for selected item, together with the number of prices to display. In this case, the price tick bar only displays for selected contracts. Both of the Tick Bar checkboxes can be left blank.

Messages

Setting Bring New Messages to Front forces pop-up alert messages to appear in front of all other windows.

Diagnostics

These should only be used when working with the system administrator to track down a problem. If ticked, log entries will be written to the file PATSDLLtrace.log in the installation directory.

Function Keys

 Assign shortcut keys to a range of system actions. For example, if you set F10 to be ‘Show Depth of Market’, then when you press F10 this launches the DOM screen for the currently highlighted contract. You can assign Shortcut Keys  to call up a buy/sell ticket or apply any of the other (usual) functions to these keys.  The method by which shortcut keys are assigned is illustrated in the Settings-General Tab screen-shot above.

Assign a function key to Show Buy Ticket and Show Sell Ticket

Using F2 or F3 as in the above example would have the same effect as clicking the green Trade button. You can also specify the type of trade to make, in some detail. After selecting Show Buy or Show Sell, click the field to the right – you see the ‘More…’ button on the extreme right of the filed. Click this button to display the Trade Settings screen, as shown below.

You can select the Exchange (then Contract and Maturity), Order Type, Lot size, Trader Account to use, and so on. You can also set the default trade ticket for this function key to be a Sell, by clicking the Change To Sell button.

You can set up a range of function keys, each one launching a differently configured Trade Ticket, to cover the trades you make most often or that require the most configuration.

Trading Tab

Trade Confirmations

 This section allows you to define how the mouse will be positioned over the relevant buttons on each of the four types of order confirmation screen – Add Order, Amend Order, Pull Order and Pull All.

• For Add Order and Amend Order the default is “Buy”/”Sell”
• For Pull Order, the default is “Cancel Buy”/”Cancel Sell”.

Alternatively, for any of these three, the mouse may be placed over the “Do Not Proceed” button. The drop-down boxes in the Trade Confirmations section are used to choose the relevant options. For Pull All, the default is ‘Middle’, meaning that when the order confirmation screen is displayed, the mouse will automatically place itself between the Yes and No buttons. You can switch off this auto mouse positioning by selecting “None” from the Pull All drop-down box. Alternatively, you can configure the mouse to appear over the “No” button, or the over the “Yes” button.

Quick Trade Settings

By sticking with the defaults for Add Order, Amend Order or Pull, or choosing “Yes” for Pull All means that when you click a price, you don’t have to move the mouse at all before clicking the button on the order confirmation screen that will perform the required action. This almost equates to single click trading, but not quite. For example, on the Trading Tab screen-shot above, the option selected for Pulling will mean that if a User is pulling a Buy order, that User will receive a Trade Ticket with the cursor positioned over the “Cancel Buy” button, so that all that is required to carry out the action is to click again.

Conversely, the option selected for Amending will result in the User, upon attempting to amend an order, receiving a trade ticket with the cursor placed over the “Do Not Proceed” button. This means that the cursor must be moved prior to clicking on the “Confirm Buy” button. This slows the trading down somewhat, but conversely, does act as a safeguard to prevent the accidental placing of unwanted trades.

Single Click Trading

If you want to speed up the process of trading still more, the “Show Trade Confirm” checkboxes alongside each of the Trade Confirmation drop-down boxes (i.e. Adding, Amending, Pulling, Pull All) are provided. If any of these boxes are unchecked, then no confirmation window will be displayed when this type of action is attempted, and the action will be carried out immediately without requiring any User confirmation. This is, therefore, single click trading.

In the Trading tab screen shot shown above, the fact that the Show Trade Confirm checkbox next to the drop-down box for Adding is un-ticked means that no confirmation screens will be shown when new Orders are added. So when you click a price, the order is sent without first showing the order confirmation trade ticket. You can also set Amend orders, Pull orders and Pull All orders the same way, so that no confirmation trade ticket is displayed when you perform these actions. It is recommended that you do not switch to Single Click Trading until you are completely familiar with J-Trader.

Failure Notification

The number of seconds before the system warns that an order cancellation has not been completed.

Fat Finger Limits

These fields protect you against inadvertently making an overly large order. They are particularly important if you are single click trading. The Low limit represents your normal activity. For example, if you tend to trade 50 lots or less, set the low limit to 50 – this will allow a 50 lot trade, but warn you for 51 lots or more (you can still make the trade).

The Medium limit represents exceptional circumstances – for example, you might want to make a 100 lot trade to reverse a 50 lot position, so setting the Medium limit to 100 would allow this (you would still get the Low limit warning). Trading 101 lots or more would first trigger the Low warning and then the Medium warning. You can set the Medium warning to 0 (zero) if you do not want to use it.

The High limit is your maximum lot size - the system will not let you make an order greater than the value you set here. So after clicking ‘Yes’ on the Low warning and the Medium warning, the High limit will cut in and prevent the trade.

Trade Ticket Customisation – Tabbing Order

In the above Trading Tab screen shot, the sections headed Buy Ticket Defaults and Sell Ticket Defaults are used to customise the way the cursor is positioned over the fields in the Buy and Sell Trade Tickets. You can use the drop-down boxes for Lots, Price and Account within the Buy Ticket Defaults to re-assign the priorities 1,2 and 3 to these three data elements.

These numbers refer to the order of cursor placements over these elements when pressing the <tab> key. The data element associated with 1 will be where the focus of the cursor is once the ticket is opened. So in the example above, the initial focus of the cursor will be on the Price field, when a Buy Trade Ticket is first displayed. The data element associated with 2 will be the one to which the cursor moves on pressing the <tab> key. So in the example above, for a Buy trade ticket, pressing <tab> will take the cursor to the Lots field, and pressing <tab> once more will take the cursor to the Account field.

The cursor order for a Sell trade ticket is defined separately, but in exactly the same way, in the Sell Ticket Defaults section. In the example above, for a Sell Trade Ticket, the initial placement of the cursor will be over the account field. Pressing <tab> once will move the cursor to the Price field, and pressing <tab> again will take the cursor to the Lots field. For Buy or Sell, after data element 3, hitting <tab> will take you to the action button (BUY or SELL).

Please also note that if you hit the <ENTER/RETURN> key at any time during this operation, you will action the BUY/SELL button, even if this is not currently in focus. Exchange, Commodity and Date can also be modified, but you will need to click into these fields to change the data. You can also access these fields by using the <tab> key when the cursor is on the BUY/SELL action button.

Trade Ticket Customisation – Price Settings

There are additional settings for the price that is to be displayed in the price box, both for Buy Trade Tickets and Sell Trade Tickets. In each case, you must make a choice using the radio buttons provided, as to the default price to be displayed in the Trade Ticket window. The three options available are: “Defaults to Offer”, “Defaults to Bid” and “Defaults to Last”.

In the example Trade tab screen-shot above, Buy Trade Tickets are configured to default to having Bid price in the price box, while Sell Trade Tickets will default to having Offer price in the price box.

Clicking on Size – Action:

You can use the radio buttons within this section to customise the action that is taken when clicking on the size of a bid or an offer. This customisation will only apply on the Hot Quotes and Matrix screens. You can select a radio button to make one of the following choices:

• Sell/buy LOTS quantity at MARKET (as in the example above)
• Sell/buy LOTS quantity at LIMIT (using the current bid/offer as the limit price)
• Sell/buy entire best bid/offer volume at LIMIT (using the current bid/offer as the limit price)
• Sell/buy entire best bid/offer volume at MARKET

Sounds Tab

To attach a .wav file to a specific event, click the field then click the More button, browse to the location of the .wav file and select it. Then, when this event occurs, the system will play this .wav file. To check the .wav file, click the ‘play’ arrow to the right of the field.

Contract Tab

This screen is for assigning various behaviours to the contracts you can trade. You can apply a behaviour to the  placeholder; this will apply to all exchanges and contracts. Or you can open the tree up and apply a behaviour to an individual exchange, contract or maturity.

• Commission: specify the commission fees payable to the clearer for each lot traded.
• Price Alerts: These can only be specified at the Maturity level, and will only cut in if Display Alert Popup is switched on (at the General tab). Enter the Low Price and High Price – when this contract trades at the specified price, the system will alert you with a pop up message.
• Order Type: This tab lets you specify the default trade ticket order type for a particular  Exchange, Contract or Maturity.
• Price Check: This feature lets you protect yourself against entering orders too far away from the market. Enter the maximum number of ticks that a trade can be away from the last traded price. The system will warn you (but will still let you do the trade if you OK the warning popup). Note that these price check alerts will always be generated, and do not depend on Display Alert Popup being switched on.
• Tick Size: adjust the Price Bar width. Also customise the tick size, if necessary.
• Lots Buttons: customise the lots buttons.
• Colours: customise the colours (text and background) for a contract or exchange.
  
• Broadcast Msg: This option allows you to go to any exchange in the tree structure, and enable Broadcast Messages from that particular exchange, by clicking on the appropriate checkbox.
  
• Default Quantity: To use this option you must click on the Default Quantity tab at the bottom of the Contract screen, as illustrated in the screen-shot above. You can then enter a digit greater than 0 (at any point in the tree structure) that will always appear in the LOTS box on Hot Quotes (when the relevant contract is highlighted). This quantity will also appear automatically as default on Trade Ticket, Matrix, Patsystems Reflector^TM and DOM. You can, of course, overwrite this value on the screen itself. However, it will always revert to the default quantity if the contract is re-highlighted, or if a trade ticket is popped up again, or if any other similar events occur to reset it. By default, all values are initially set to 0.

System Software Requirements

For comprehensive and up-to-date system requirements (including specifications for PCs, graphics cards and bandwidth requirements) contact Patsystems for the Trading Client System Requirements 2.8.3 document. The following are the revised minimum hardware and operating system requirements for J-Trader 5.

Please note the minimum requirements for Processor and RAM have increased from J-Trader SP4.

Processor
1.5GHz PIII or equivalent

Hard Disk Drive
50Mb of free HDD space

RAM
512Mb

Operating System (see note below)
Windows NT4/XP and 2000

Internet Explorer version
5.5 or 6.0

SUN JVM version
1.4.2_03

[1] User Roles: These are managed by the system administrator, and determine which areas of J-Trader functionality are available to you.