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`PATS 00067
`
`DEFENDANT'S
`TRIAL EXHIBIT
`119
`
`Page 1 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG ET AL. v. TRADING TECH
`CBM2015-00182
`
`
`
`TECHNICAL SUPPORT: 0171 940 2250
`
`~0460
`
`systems
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`Page 2 of 18
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`
`When first logging into the Client, the
`PATS (grey) desktop is displayed. To open
`trading windows on your PATS screen
`right click and select New Window.
`
`This will open a PATS Menu where you
`may select which windows to op~n.
`To view Market prices open a HOT
`QUOTES window.
`
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`To select the contracts that you wish to
`trade/view, enter the SET -UP tab. Select
`the Hot Quotes option. From the list of
`contracts made available to you, add your
`chosen contracts to the Selected box using
`the arrow keys. Blank lines may be entered
`onto the 'boardwatch' by clicking on the
`BLANK tab. Clicking on the desired
`contract and then using the UP/DOWN
`tabs can arrange the order in which they
`appear
`
`Page 4 of 16
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`
`
`choose where the
`mouse pointer
`appears on the
`confirmation
`
`Tick the box if
`
`----··
`
`Remember: All windows within the PATS desktop
`independent of each other and font sizes,
`are
`colours, default trade quantities, and other specific
`settings must be made for each window else the
`windows will appear using the default size. It is
`necessary to SAVE any settings for them to take
`effect.
`To maintain network efficiency and minimize the
`work that the Client PC processor has to do, each
`window can subscribe to its own set of market data.
`For this reason you mu:ft select the contracts from
`SET UP-HOT QUOTES so as to view key data on
`the PIA, MARKETS, HOT QUOTES and POS
`screens. This also means that is possible to create
`multiple Hot Quotes e.g. one per exchange and give
`these Windows their own title bar caption.
`
`It is possible to disable the confirmation window.
`You should consult your system administrator prior
`to doing. this. The effect of this will be that as a price
`is clicked, an order is entered-there is no opportunity
`to check the order details.
`
`Page 5 of 18
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`Page 5 of 16
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`
`
`Check this box to
`switch op. implied
`prices fo·r outrights
`and spreads. Only
`valid for LIFFE
`
`If the POS or PIA screen does not show
`contract data information (as below) for
`a desired account, the contracts must be
`configured from SET UP-HOT
`QUOTES.
`
`Colour changes
`will only affect
`Market Data on
`Hot Quotes and
`the Matrix
`
`Page 6 of 18
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`systems
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`When returning to the HOT QUOTES tab, you
`screen should now display your selected
`contracts.
`
`By selecting new window, a STATUS window
`may be added. The STATUS window display'
`the currently WORKING orders, detailing thei.J
`status with the exchange:
`Q-QUEUED - being sent from PATS Client tc
`the Transaction Server.
`S-SECURED&SENT- the order has reached
`the Transaction server and is being sent to the
`Exchange. The order is within its limits.
`W-WORKING-Received and being 'worked'
`at the exchange.
`
`The COMPLETED ORDERS window details
`all orders that are no longer being worked at
`the exchange. Again codes signifY the status o
`the orders:
`F-FILLED- the order is completed. The displa:
`will show the initial working volume, a
`weighted average price of all executions for
`that fill, the filled total, number of 'clips' that
`the fill was made up of and the account that tht
`fill is for.
`BC- BALANCE CANCELLED- a partially
`filled order has now been cancelled.
`C- CANCELLED
`R-REJECTED. The order is in breach ofpre(cid:173)
`defmed risk limits.
`
`To view the fill details highlight the order with
`a left click and click the DETAIL tab at the
`foot of the screen or double-click on the order.
`Here you will notice all timestamps of the
`order's history, the exchange ID for that order
`and the exchange time-stamp of the fills.
`
`Page 7 of 18
`
`To construct the MA TRlX for interest rate 'calendar' spreads open a New Window and select MA TRlX. Click on the Set Up tab and enter the
`MATRIX tab. Add ONLY the outright contract expiries that you wish to view in the MATRIX to the Selected box. The matrix will place the
`expiry months in chronological order. Spreads and more complex contingent orders and their depth can also be traded from Hot Quotes and for
`this you should use the code with the sep99dec99 format.
`
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`,_....•'
`
`"--·'
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`At any point the user may amend the volume, price or account name of a
`working order by left clicking on the volume, price or account field. A
`tick or volume bar will appear enabling the user to enter a new price or
`volume. The account names in the hot list will appear above the account
`name. A confirm amend order screen will appear for confirmation. You
`can also amend an order by clicking on the particular order, hitting the
`AMEND key which will display the trade screen. The user will be able to
`alter both quantity and price (not in MARKET orders) and account prior
`to re-sending to the point of execution. If the user wishes to CANCEL an
`order or cancel the balance of an order left click on the particular order,
`hit the CANCEL key and a prompt will appear to confirm the
`cancellation. Once the order has disappeared from the screen it will be
`re-confirmed as cancelled from the point
`
`With regards to Eurex and LIFFE, if a working order is
`highlighted and the QUERY key is selected, the exchange
`trade feed is interrogated as to the Order Status. The
`message 'Working' or 'No Order in Book' is returned. If
`PATS receives the EUREX message 'No Orders in Book',
`a check is made to see if the originating PATS Trader
`issued a cancel request for the order and if not assumes
`that the order is filled. This is because PATS cannot detect
`when 'No Orders in Book' is returned as a result of an
`order being cancelled external to PATS.
`
`Page 8 of18
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`Page 8 of 16
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`&systems
`
`ENTERING LIMIT ORDERS.
`The most efficient method of order entry on
`PATS is via the HOT QUOTES screen.
`To BUY the market: move the mouse pointer
`over the OFFER price and left click, this will
`produce a LIMIT order to buy the required
`size at the specified price. The 'Tick Bar',
`which appears when the cursor is moved
`over the price, may be used to enter bids
`beneath current market levels.
`
`Before submission to the exchange, a
`confirmation box appears prompting a final
`check of the order before it is sent to the
`Exchange.
`
`The same process when repeated on the BID
`price will initiate a SELL LIMIT order.
`
`REQUIRED SIZE FUNCTION
`The Required Size function on PATS allows traders to preset the size of orders. To alter the
`required size, clear the Req. Size field by hitting the SPACE BAR and type the new quantity.
`
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`Page 9 of 18
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`Page 9 of 16
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`·-..__.
`
`ENTERING MARKET ORDERS
`
`Again, the fastest method of entering a
`MARKET order is via the HOT QUOTES
`window.
`To enter a MARKET order to BUY. Click
`on the OFFER size. This will produce an
`order to buy the Required Size at market
`price.
`
`Similarly, clicking on the BID size will
`produce a SELL order to sell the required
`size at market price.
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`Page 10 of 16
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`The Depth of Market (DOM) for a particular contract is produced by highlighting the desired contract in Hot Quotes and clicking on the DOM tab at the
`foot of the screen. Alternatively, 'double-clicking' on the contract name within Hot Quotes can produce the DOM.
`The DOM is produced within the same window that was previously a Hot Quotes scr:een.
`There are 3 ways to trade from the DOM screen.
`
`Clicking on a price will enter a BUY/SELL limit order of the required size. In the above example an order is entered to
`pay upto 108.96 for 5 lots.
`
`Page 11 of 18
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`Page 11 of 16
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`
`
`If the User clicks on the size of a quote then a LIMIT order will be
`initiated to sell/buy the ACC amount down/up to the associated
`price.
`Selling 356 at a limit price of 93.91. Under current market
`conditions this order will pick off the bids until a total of 356 lots
`have been sold down to 93.91.
`
`By clicking on the figure in the ACC column, the user to will
`enter an order to either SELL or BUY the ACC amount at
`MARKET. To SELL at MARKET the user must click on a BID
`ACC and vice versa. In the example shown the User is paying
`MARKET for 576lots.
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`Page 12 of18
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`Page 12 of 16
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`Clicking the 'QTRADE' key after highlighting the particular contract enables the user to enter various types of orders that are
`relevant to the exchange being traded. Displayed in 'QTRADE' is the live price feed of BID, ASK LAST. The user must select
`the type of order and whether it is a Buy or Sell. Lots are entered from the on-screen pad or via a keyboard .The Price Limit can
`be selected from the on-screen pad or from the 'floating' price arrays on the right-hand side. Please note that decimal points
`MUST be entered (102.00) for the SEND button to appear. The user is then prompted to check the details of that order and then
`confirm by clicking 'OK'. Clicking 'NO' will allow the user to re-enter the order prior to it being sent to the Host for routing to
`the appropriate exchange. Assuming that the order is correct the user must click 'SEND'
`
`Remember: Synthetic Order types or unrecognized exchange order types such as STOPS on LIFFE Connect are stored locally at
`the Client PC. These orders are held until a price threshold is traded and an order is entered. Logging out of the Client will cause
`the order to be cancelled and no longer held in store.
`
`Page 13 of 18
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`Page 13 of 16
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`
`
`Trading functionality on the MATRIX is
`similar to that of Hot Quotes. Market Orders
`are entered from the size field and limit
`orders from the price. In the example shown,
`the User is about to enter the following
`order.
`
`33
`
`33
`
`79
`
`12
`
`157
`
`59
`
`13
`
`0.630'
`
`0.635
`
`0.775'
`
`0.790'
`
`0.790
`
`79
`
`157
`
`56
`
`0.345
`
`0.345
`
`0.500
`
`0.505
`
`0.505
`
`105
`
`2
`
`0.160
`
`0.160
`
`JUNOD
`SEPOO
`DECOO
`t>MR01
`
`EURlBOR
`EUR!BOR
`
`Remember: Fills on calendar spreads return
`as individual legs even though the order is
`entered as a single entity.
`
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`Clicking on SET UP(cid:173)
`MATRIX and adding only
`the outright contract
`months, not the SPREAD
`contracts available,
`construct the MATRIX. The
`spread contracts available
`are for Hot Quotes only
`
`Depth of Market on
`outrights and spreads are
`accessed via Hot Quotes.
`
`Page 14 of 18
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`Page 14 of 16
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`
`
`• EURO BOBL
`EURO BUND
`;EURO SHAZ
`i FDAX
`'··FSMI
`,
`a~ITt.ru
`;.EURIBOR
`! EUROBTP
`•. FTSE100
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`
`This window is produced from the
`MARKETS tab. It depicts market data
`direct from the exchange matching
`engines.
`Remember: A Hot Quotes board must be
`constructed in the first instance prior to
`clicking the MARKETS tab. Order entry
`from this screen is possible via the
`QTRADE interface.
`
`By selecting PIA from the menu (after
`having created the Hot Quotes board) you
`will be able to view real-time P&L and
`positions along with a full daily trade audit
`for all permissioned accounts. P&L's are
`displayed in the contract currency at the
`contract level and in the system currency at
`the top summary line. All calculations are
`based on a weighted average price of fills
`subtracted from the real-time last price and
`multiplied by the position.
`
`The POS or POSITION is also selected
`after creating a HOT QUOTES board
`watch. It shows a running total of
`buys/sells per contract and contract
`currency P&L. There is also an overall
`position total and a system currency P&L
`
`Page 15 of 18
`
`···:
`
`·-·~··~.-··::----··
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`Page 15 of 16
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`Accessing the Reports area of
`the PTS Client provides the user
`with 5 days worth of trade
`history. These reports can either
`be print~d off or saved as .rpt
`files to a directory of the user's
`choice. All trade history will
`show which account the trade
`was assigned to and all trades
`will be grouped by account
`name. The display will also
`show entries of orders that have
`been cancelled
`
`Page16of18
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`Page 16 of 16