J
`EXHIBIT
`t£a_rro ~.t.J
`/ ( 9
`l 6"-u -o 6" ~tt-:6
`
`I
`
`PATS 00067
`
`DEFENDANT'S
`TRIAL EXHIBIT
`119
`
`Page 1 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`EXHIBIT
`t£a_rro ~.t.J
`/ ( 9
`l 6"-u -o 6" ~tt-:6
`
`I
`
`PATS 00067
`
`DEFENDANT'S
`TRIAL EXHIBIT
`119
`
`Page 1 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`I .!J.I
`
`fiiJil{i 11
`-c\irrr:l!
`r)L.;..
`
`lla:Uo
`
`·
`llt.r·r
`•
`r.r;,.-~
`• tl~H> I f.
`
`·· r~._..··
`
`l rultl'
`
`!r.nw'O j 1-"~'· I
`
`n.~~~".,;n,:,.
`f>n;:t:ru·;~Jillill[
`
`:/
`, t .I
`=~----......,J 2J ·'
`
`, M~;ff o.,Otlt4(l \ 1-lo\R Otl
`
`TECHNICAL SUPPORT: 0171 940 2250
`
`"'0
`~
`
`(/)
`0
`0
`0
`0'1 co
`
`_lgf?(l
`I
`,,,,,.,..,.,,(
`"••
`(Ccc:c;:····~ '==,.----------,.,::-;---,;:;::;----,c=---
`ErtS~~~ :':::~:,:·,~~~~~,:;~~:·::~~:·;;,··
`.!J) MUJ./1'.1'\t:J\CW~).lhJIU!t
`I Ul""l!"f." \ n:;r \MAR oo
`E.IJA[.X '''OI'IX\.~MI llO
`r '"' 'r ~"" ,.,. '""" ""
`,r
`
`\•.•rllQ
`6!iHl.M
`: : :~~ ():!,)
`
`"'" ,',;''"''
`Httlr•
`,., .. ,
`
`systems
`
`Page 2 of 18
`
`Page 2 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`"'Cl
`~
`
`(/)
`0
`0
`0
`O'l
`<.P
`
`Page 3 of 18
`
`Page 3 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`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.
`
`"'0
`~
`
`(/)
`0
`0
`0
`--l
`0
`
`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
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`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:it select the contracts from
`SET UP-HOT QUOTES so as to view key data on
`the P/A, 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.
`
`systems
`
`Page 5 of 18
`
`"'0
`~
`
`(/)
`0
`0
`0
`-...! _,
`
`Page 5 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`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
`
`"'0
`~
`
`(/)
`0
`0
`0
`-l
`N
`
`Page 6 of 18
`
`Page 6 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`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
`MA TRlX tab. Add ONLY the outright contract expiries that you wish to view in the MA TRlX 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.
`
`"U
`~
`
`(/)
`0
`0
`0
`--l w
`
`Page 7 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`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
`
`Page 8 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`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.
`
`"'0
`~
`
`(J)
`0
`0
`0
`-.j
`(.]1
`
`Page 9 of 18
`
`Page 9 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`systems
`
`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 reguired
`size at market price.
`
`""0
`
`~ C/)
`
`0
`0
`0
`-.j en
`
`Page 10 of 18
`
`Page 10 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`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
`
`Page 11 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`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 of93.91. 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.
`
`""0
`~
`
`(/)
`0
`0
`0
`-.l
`CX>
`
`Page 12 of18
`
`Page 12 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`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
`
`Page 13 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`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.
`
`12
`
`0.635
`
`157
`
`59
`
`13
`
`0.790'
`
`0.790
`
`157
`
`56
`
`105
`
`0.505
`
`0.505
`
`0.160
`
`0.160
`
`Remember: Fills on calendar spreads return
`as individual legs even though the order is
`entered as a single entity.
`
`"0
`
`~ (/)
`
`0
`0
`0
`CX>
`0
`
`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
`
`Page 14 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`!
`
`; EURO SHAZ
`:.fDAX
`I L FSMI
`alPiitj
`EURIBOR
`; -EUROBTP
`· FTSE100
`-JGB
`. LONGGILT
`
`"'0
`~
`
`(/)
`0
`0
`0
`00 _.
`
`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
`
`--- . '
`
`Page 15 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`
`
`contr..act
`
`EURo·.·euHO
`EURO',BUHll
`EURO ·autro·
`EURO·-~UHD
`EUR.O.'BUHD
`EUR·o .eoeL.
`EURO-·OOBL
`EURO .. SUHD
`EURO BUHD
`EURO· BOBL
`EURO BUHD
`EURO BOBL
`EUR·o ·aoaL
`EURO BOBL
`EURO .BUHD
`
`HRROO
`MR.RftD'
`·ftno·~,
`t!RRrio'
`t.\M.o·
`M1lROQ
`·ffilROO·
`MARDD
`111inoo
`HAROO
`HRROD
`HAROO
`HAROO
`tiAROU
`ffilROO
`
`'"0
`~
`
`(,/)
`0
`0
`0
`(X)
`N
`
`~ate(T.il'!'' ,f.i,l,l,e~·
`·~m
`~.·
`
`'11
`.lt2:
`~:s·o.ii.f
`•illf~~tt.:
`?~JI\.fi:Z2.Dillt:~~.S':!lh:12:
`
`~~:~:::¥.1:~::!
`
`.~11-JBM-'l_DDG :.11:3·"·"
`.2~~"~~·?.0~c,.?~);:~f~~z;
`211-~_R_tr.2M.o ~1:51;118.
`t~~.~t.if?D_'O,~·~.t1:S:5.t.2.1
`i~J·:~:~--~.~1~.~~:.:·~
`· i.O:"'JAtt.:1.I00'.1.t:~2;1f
`
`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
`
`T
`
`Page 16 of 18
`
`Page 16 of 16
`
`TRADING TECH EXHIBIT 2284
`IBG et al. v. TRADING TECH. - CBM2016-00054
Accessing this document will incur an additional charge of $.
After purchase, you can access this document again without charge.
Accept $ Charge
Still Working On It
This document is taking longer than usual to download. This can happen if we need to contact the court directly to obtain the document and their servers are running slowly.
Give it another minute or two to complete, and then try the refresh button.
A few More Minutes ... Still Working
It can take up to 5 minutes for us to download a document if the court servers are running slowly.
Thank you for your continued patience.
This document could not be displayed.
We could not find this document within its docket. Please go back to the docket page and check the link. If that does not work, go back to the docket and refresh it to pull the newest information.
Your account does not support viewing this document.
You need a Paid Account to view this document. Click here to change your account type.
Your account does not support viewing this document.
Set your membership
status to view this document.
With a Docket Alarm membership, you'll
get a whole lot more, including:
- Up-to-date information for this case.
- Email alerts whenever there is an update.
- Full text search for other cases.
- Get email alerts whenever a new case matches your search.
One Moment Please
The filing “” is large (MB) and is being downloaded.
Please refresh this page in a few minutes to see if the filing has been downloaded. The filing will also be emailed to you when the download completes.
Your document is on its way!
If you do not receive the document in five minutes, contact support at support@docketalarm.com.
Sealed Document
We are unable to display this document, it may be under a court ordered seal.
If you have proper credentials to access the file, you may proceed directly to the court's system using your government issued username and password.
Access Government Site
