Placements in detail

When you create a New Order and insert a Security, you will be able to open Placements tab (1).

Under Placements, you can select your broker (2) or add a new one (3). When you click on adding a new placement, the following menu will appear, in which you can select your broker:

You can also add up to five different commissions and up to five fees per placement (4). And both commissions and fees can be CPS/FPS (per share), ABS (absolute value), BPS (bases points), and SCL (scale).

For each placement you added into the table, you can type on its cell a different Working quantity (5), Average Price (6)…

However, you can also apply your changes from the Placement section (7). To do so, click on any of the placements you have added into the table. The Placement section will automatically display the information for that specific placement you just clicked on, and you can edit the fields.

Within the placement section, the fields you can modify are:

Broker – When you click on this field, an arrow with a drop down menu will appear. You can select your broker from this menu or you can type it. Unmark the Manual (M) checkbox if it is a FIX order.

Working – Active quantity to trade. NOTICE that the sum of all working quantities of your placements has to be equal to the Target Quantity set in the Order Entry tab (in Order Entry, Target and Working quantities need to be the same value).

Filled – Part of the completed shares (when trade is manual Target=Working=Filled).

Instruction – Market, Limit, Stop, Stop Limit, Market on Open, Limit on Open, Market on Close, Limit on Close.

Limit Price – Transactions stop when this price is reached.

Stop Price – If this price is reached, the asset is sold.

Avg. Price – Select the Average Price of the trade (only for Manual trade).

Time in Force‘s dropdown menu include different options to set up the time the trade will last.

  • DAY (the trade finishes at the end of the day)
  • NEXTDAY (the trade finishes at the end of the next day)
  • GTC (Good Till Canceled – the trade finishes when someone cancels it)
  • GTD (Good Till Date – this option unlocks the Expiration Date and Expiration Time fields, and the trade will end when the time set up on these fields is reached)

Hand.Instr – is a message sent to the FIX broker, specifying who must be in charge of managing the order.

Display Size – is internally equivalent to ReserveQty, which in FIX orders is mapped to the MaxFloor field. MaxFloor is the quantity to be displayed, required for reserve orders.

  • In orders, MaxFloor specifies the quantity to be displayed.
  • On execution reports, it specifies the currenty displayed quantity.

Text is the Notes field of FIX orders, it is used to send a text to the broker if needed.

Algo – If the order is FIX and the broker has an algorithm set up, this menu will allow you to choose the one you want.

Updated on April 18, 2023

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