star 5.69 user guidestar.sucfin.com/star/star_5.70.pdf · introduction star is a futures and...

STAR 5.69 User Guide

Table of ContentsIntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Installing and Launching . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Logging On. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Master Window . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Connection Status. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Markets and Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Markets Window . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Futures and Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Drag and Drop. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Price Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Active Price Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Calendar Spread Price Panel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Price Discovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Fraction Price Display Style . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Active Option Price Panels. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Option Calculator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Strategies and Synthetic Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Strategy Creator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

LME Carry Creator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Active Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Dynamic Spreads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Dynamic Spread Creator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Using Dynamic Spreads. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Market Depth Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Trading from Market Depth Panels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Ticker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Price Alert. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Price Alert Ticket . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Price Alert Notification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Price Alert Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Price Alert History Panels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Foreign Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

FX Rate Panel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Opening an Order Ticket . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Order Ticket . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Order Type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Time In Force. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Algorithm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Tactics to handle Legged Dynamic Spread Orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

MIFID II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Multiple Simultaneous Order Tickets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Multiple Independent Order Tickets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

STAR 5.69 User Guide | 1

Exchange and Order Type Combinations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

Request for Quote . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Order Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Table Columns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Locking a Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Pulling all Working Orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Copy to Clipboard. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Order History Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Order States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Current and Previous Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

Current Trade Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

Previous Trade Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Positions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Position Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Profit and Loss Calculation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Risk Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

More about STAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Sorting and Filtering Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Panel Configuration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Slave Window . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Master and Slave Window Configuration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Workspace . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Settings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

Gui . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Transferring Workspaces and Settings to another computer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Technical Support . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66


IntroductionSTAR is a futures and options trading platform with fully integrated shared order book and riskmanagement features. It has a customisable user interface and provides advanced price displays withmarket depth and a calendar spread matrix with implied pricing, position keeping with real-time profit& loss and initial margin calculation, multiple order types, intra/inter-exchange strategy creators andan option calculator.

With STAR, you can trade on these exchanges:

• CME Globex: CBOT, CME, COMEX, NYMEX

• DGCX: Dubai Gold and Commodities Exchange

• EURONEXT: Paris

• HKEX: Hong Kong Futures Exchange

• ICE: ICE Futures Europe, ICE Futures US

• LME: London Metal Exchange

• SGX: Singapore Exchange

• TOCOM: Tokyo Commodities Exchange


Installing and LaunchingTo install and launch STAR:

1. Open the launch page http://10.4.110.210/Star5FixedLine in a web browser and click on theorange launch button.

2. STAR requires Java 8. If the required version of Java is not installed on your computer, a link to theJava installation web page at http://www.java.com will be displayed instead of the launch button.

3. After a successful installation, you will be able to launch STAR by clicking on the STAR desktopshortcut, or by visiting the launch page again, or by using your computer’s start menu.

When launched, STAR automatically checks for updates. This document corresponds to STAR 5.69.

Logging On

When you launch STAR, you will be prompted for your user nameand password, which are case-sensitive. By convention, your username is all upper case and your password all lower case.

Once you have logged on, STAR will pop up a progress splashscreen and subsequently show its central user interface, theMaster Window.


http://10.4.110.210/Star5FixedLine

http://www.java.com

Master WindowThe Master Window is STAR’s central user interface.

menu and tool bar default account selector

view container default volume selector

system log connection status

The menu and toolbar provide access to STAR’s main functionality:

Menu

• STAR exit STAR

• Window

◦ new Slave Window

◦ load and save Workspace

◦ configure Master Window

◦ open Option Calculator

◦ open Markets Window

◦ open Dynamic Spread Creator

• Settings

◦ load, change and save STAR’s Settings


• View

◦ new Price Panel

◦ new Calendar Spread Price Panel

◦ new FX Rate Panel

◦ new Order Panel

◦ new Current Trade Panel

◦ new Previous Trade Panel

◦ new Position Panel

◦ new Risk Panel

◦ new Price Alert Panel

• Exchange

◦ connect to or disconnect from a particular exchange

• Help

◦ about dialog with Technical Support details

◦ memory usage and system properties

Toolbar

• new Slave Window

• configure window

• open Option Calculator

• open Markets Window

• new Price Panel

• new Calendar Spread Price Panel

• new FX Rate Panel

• open Dynamic Spread Creator

• new Order Panel

• new Current Trade Panel

• new Previous Trade Panel

• new Position Panel

• new Risk Panel

• open Strategy Creator

• new Price Alert Ticket

• new Price Alert Panel

The view container is where panels appear.

The system log shows internal status messages.

The default account and volume selectors allow you to select defaults for new Order Ticket. PressF1 and F2 to focus.

The connection status is described in Connection Status.


Connection StatusSTAR relies on a server connection which may, depending on the state of the physical network, attimes degrade or be severed. You can see the current connection status in the top right corner of theMaster Window:

means that the connection is good and it is safe to trade

means that the connection is poor and you should not trade

means that the connection has been severed

If the connection is poor for more than 35 seconds, it will be severed. When the connection getssevered, STAR will automatically reconnect to the fastest available server.

After an automatic reconnection, you should check your working and finished orders. See OrderPanel.


Markets and PricesIn STAR, you can monitor market activity for futures, options and FX rates through different types ofprice panels.

Price panels can be created and populated from the Markets Window, which shows the availableexchanges, contracts and markets. Synthetic markets can be added through STAR’s Strategy Creator,LME Carry Creator and Dynamic Spread Creator.

Complementary to price panels, STAR provides Price Alert, which are triggered when a market movesabove or below a given threshold.

Markets WindowThe Markets Window allows you to populate price panels. You can open the Markets Window via theMaster Window menu → Markets or the tool bar icon.

If your account is configured for FX, the Markets Window will have two tabs:

• Futures and Options — see Futures and Options

• Foreign Exchange — see Foreign Exchange

Otherwise, the Markets Window will show just futures and options.

Futures and OptionsThe Markets Window’s Futures and Options tab shows the contracts that you can monitor and allowsyou to populate price panels with markets.

exchanges and contracts tree lists theavailable exchanges and contracts as per thepermissions on your user account

subscribed markets table lists the marketsyou have subscribed to; can be sorted andfiltered (see Sorting and Filtering Tables)


Before you can populate a price panel with markets, you have to subscribe to the relevant contracts.

To subscribe to a contract, right-click on it in the exchanges and contracts tree and select Subscribe.

Once you have subscribed to a contract, it is highlighted in the tree in red, and its markets are addedto the subscribed markets table.

To populate a price panel:

• open a context menu by right-clicking on:

◦ a subscribed contract

◦ or an arbitrary selection of subscribed markets


• from the context menu, select whether you want to manipulate:

◦ a new price panel,

◦ an existing price panel, or

◦ a copy of an existing price panel

• choose a price panel type:

◦ Price Panel — standard price panel, always available

◦ Active Price Panel — shows active markets for a single contract

Available if:

▪ you right-clicked on a subscribed contract, or

▪ you selected a single "Complete Series" from the subscribed markets table

◦ Calendar Spread Price Panel — shows a matrix-view of two-legged calendar spreads

Available if:

▪ you right-clicked on a subscribed contract and the contract has calendar spreads, or

▪ you selected outrights from the subscribed markets table - the panel will show spreadswhich have legs in the outrights you selected

◦ Active Option Price Panels — option price panel for a single contract

Available if:

▪ you right-clicked on a subscribed option contract, or

▪ you selected a single "Complete Series" from the subscribed markets table

New price panels will appear in the most recently used Master Window or Slave Window viewcontainer.


Drag and DropWhen markets have been selected in the subscribed markets table, they can also be dragged anddropped into an existing price panel or calendar spread price panel in a similar way to using thecontext menus.

Price PanelPrice panels show market prices and allow you to enter orders. Price panels comprise:

price table price type selector

action buttons

The price table comprises the following columns:

• Exchange, Commodity, Expiry identify a market. In the Expiry column there is a small control toexpand / collapse the depth of market.

• Bid, Volume, Offer, Volume show the best bid/offer prices and their volumes in the currentsession.

• Last, Volume show the price and volume of the last trade in the current session.

• Total shows the total traded volume in the current session.

• Trade shows the type of the last trade, e.g. conventional or block trade.

• Time shows the time of the last trade.

• High, Low show the highest/lowest trade price in the current session.

• Open shows the price of the first trade in the current session.

• Settlement Price shows the settlement price towards the end of the current session. Not allexchanges broadcast this information.

• COB Settlement Price shows the settlement price at the Close Of Business of the previousbusiness day.

• Change shows the difference between the last trade price and the COB settlement price.

• Percentage Change shows the percentage difference between the last trade price and the COBsettlement price.

• Valuation used only for LME Carries to show their valuation against the current 3M valuation


price. For any other markets this figure will be identical to the COB Settlement Price.

The action buttons allow you to show market depth, arrange markets in the price table, and openorder tickets:

• remove selected rows

• show Market Depth Panel

• move selected rows up

• move selected rows down

• insert blank row

• open the Option Calculator

• bring up an Order Ticket

• issue a Request for Quote

The price type selector allows you to adjust the level of Price Discovery and when a price panelcontains any market priced in fractions, the Fraction Price Display Style.

Finally, a Ticker can be added to the price panel.

Active Price PanelAn active price panel is a Price Panel for a single contract, that can filter the markets to only thosewhich have a current bid or offer, or have traded already. When an inactive market becomes active, itwill appear on the panel in its natural location. You can toggle this filtering mechanism by clicking onthe action button.


Calendar Spread Price PanelCalendar spread price panels allow you to monitor prices and submit orders for two-legged near-farlong-short calendar spreads.

spread matrix price type selector

action buttons

The spread matrix has the following layout:

• The top left cell shows the contract.

• The cell immediately below shows the earliest outright leg.

• The diagonal run of cells shows outright legs of the spreads.

• The horizontal run of cells at the top shows the same outright legs of the spreads.

The format of an outright cell is:

Expiry

buy price sell price last traded price

buy volume sell volume last traded volume

• The triangle of cells delimited by the outright cells contains the calendar spreads.

A calendar spread’s

• first leg is the outright in the spread cell’s row

• second leg is the outright in the spread cell’s column

The format of a spread cell is:

buy price sell price last traded price

buy volume sell volume last traded volume

The action buttons allow you to show market depth, remove outrights, and open order tickets:

• remove selected outright and all related spreads





The price type selector allows you to adjust the level of price discovery (see Price Discovery) and whena price panel contains any market priced in fractions, the price display style (see Fraction Price DisplayStyle.

Finally, a price ticker can be added to the calendar spread price panel. See Ticker.

Price DiscoverySTAR provides several levels of increasing best price discovery:

• true (white background) - the prices of the actual resting orders on the exchange

• implied (yellow background) - the implied-out prices of outrights and the implied-in prices ofspreads, implied from true prices

• implied-implied (orange background) - the implied-in prices of spreads, implied from implied legprices

• derived (green background) - the derived prices of spreads, implied from spreads elsewhere in thematrix

The price type selector comprises three radio buttons and two toggle buttons.

• Select:

◦ to show only true prices

◦ to show the best price from true and implied prices

◦ to show the best price from true, implied and implied-implied prices

• Toggle:

◦ to show the best possible prices throughout the matrix

◦ to use implied-out leg prices calculated by STAR. For various reasons, some exchanges donot broadcast all of the possible implied prices. STAR compensates for this by calculating themissing implied-out leg prices, which in turn may generate better implied prices in thespreads. Turning this function on will affect the implied prices of the contract within the entireSTAR client, not just the spread matrix.

Not all exchanges support trading at the best possible implied prices shown in STAR.


Fraction Price Display StyleMost of the CBOT markets are priced in fractions and many are priced in fractions-of-fractions. Userswho are familiar with these markets will have seen the various ways that are used to convey the pricesin a concise way. STAR attempts to provide you with alternative price display styles that are similar tothose seen on Bloomberg terminals or prescribed by the CME themselves. STAR also provides adisplay style showing fractions in the common form.

In the examples below we use the following contracts:

• 10-Year U.S. Treasury Note Futures outright months are priced in halves-of-thirty-seconds (simplysixty-fourths)

• 10-Year U.S. Treasury Note Futures spreads are priced in quarters-of-thirty-seconds (simply one-hundred-and-twenty-eighths)

• 2-Year U.S. Treasury Note Futures outrights and spreads are priced in quarters-of-thirty-seconds(simply one-hundred-and-twenty-eighths)

• Corn Futures outrights and spreads are priced in eighths (but tick in two-eighths or one-quarter)

When a price panel contains any market priced in fractions, an extra button is presented withwhich you can change the price display style for that panel. Hover the mouse pointer over any of theprices and a tool-tip will indicate what the fraction of that market is.

• Classic Style fractional prices are all displayed in common form:

• Bloomberg style fractional prices are displayed in a form similar to those on a Bloombergterminal:

One-quarter, one-half and three-quarters of thirty-seconds are denoted by the symbols '¼', '+' and'¾' respectively.

10-Year U.S. Treasury Note Futures SEP18/DEC18 bid is 0-08+ which means eight-thirty-seconds-and-two-quarters-of-a-thirty-second, or eight-and-a-half-thirty-seconds.

Corn Futures prices are shown in quarters (because it always ticks in two-eighths).


• CME style fractional prices are displayed in a form prescribed by the CME:

One-quarter, one-half and three-quarters of thirty-seconds are denoted by the symbols '2', '5' and'7' respectively.

2-Year U.S. Treasury Note Futures SEP18/DEC18 bid is 0'097 which means nine-thirty-seconds-and-three-quarters-of-a-thirty-second.

Corn Futures SEP18 offer is 354'6 which means 354 and six-eighths.


Active Option Price PanelsActive option price panels show market prices and allow you to enter orders for options. You cancreate an active option price panel for a particular contract from the Markets Window.

price table price type selector

action buttons

The table consists of three parts:

• The strike price is shown in the table’s central column

• calls are to the left of the strike price

• puts are to the right of the strike price

The rows with a grey background represent the underlying future on which the options in the rowsimmediately below, are based. The underlying future is shown on both the left and right side of theoption expiry which is shown in the central column.

Calls and puts are described by the following columns:

• Volume, Bid show the best bid volume and price in the current session.

• Offer, Volume show the best offer price and volume in the current session.

• Last, Volume show the price and volume of the last trade in the current session.

• Total shows the total traded volume in the current session.

• Trade shows the type of the last trade, e.g. conventional or block trade.

• Time shows the time of the last trade.

• High, Low show the highest/lowest trade price in the current session.

• Open shows the price of the first trade in the current session.

• Settlement shows the settlement price towards the end of the current session. Not all exchangesbroadcast this information.

• COB Settlement shows the settlement price at the Close Of Business of the previous businessday.

• Change shows the difference between the last trade price and the COB Settlement price.

The action buttons allow you to toggle filtering for active markets, show market depth, and open order


tickets:

• toggle active market filtering


• open the Option Calculator



The price type selector allows you to adjust the level of price discovery (see Price Discovery) and whena price panel contains any market priced in fractions, the price display style (see Fraction Price DisplayStyle).

Finally, a price ticker can be added to the active option price panel. See Ticker.

Option CalculatorThe Option Calculator allows you to calculate prices and greeks for calls and puts.

You can open the Option Calculator by clicking on the toolbar icon or via the Master Window’sWindow → Option Calculator menu.

If you invoke the Option Calculator after you have selected an option on a price panel, the OptionCalculator will be populated accordingly. Once you have entered values for volatility and interest rate,you can obtain prices and greeks by clicking on Calculate.

Strategies and Synthetic MarketsA "Strategy" or "Synthetic" market is a general term given to instruments that are dynamically createdon exchange platforms which enable two or more separate outright markets to be tradedsimultaneously without legging risk. STAR supports the creation of such strategy markets directly


on exchanges that also support this feature.

Strategy CreatorThe Strategy Creator allows you to create strategies which are natively supported on an exchange. Youcan open the strategy creator by clicking on the toolbar icon or via the Master Window’s Window→ Strategy Creator menu.

The Strategy Creator has three tabs: LME Carry Creator (see LME Carry Creator), Strategy CreatorWizard, My Strategies and Active Strategies (see Active Strategies). Initially, the Strategy Creator Wizardtab is selected.

The Strategy Creator Wizard has the following layout:

strategy legs list — you can add a leg byclicking on a market in a price panel

possible strategies list — populated based onthe chosen legs

You can clear the strategy legs list by clicking on Clear. Once you have added the appropriate legs, youcan select a possible strategy. Selecting a possible strategy may add buy/sell information to thestrategy legs list for clarification and will enable the Next or Submit button. If Next is enabled, theselected strategy requires further setup. Once you have submitted a strategy, it will appear in theMarkets Window, so that you can add it to a price panel. The Strategy Creator has a Price Panel on theMy Strategies tab, to which the strategy will be added unless it already existed at the exchange. Oncethere is some activity on the strategy, it will automatically appear in active price panels.

The following strategies are currently supported on ICE and Globex:


• Box

• Bundle

• Butterfly

• Calendar Spread

• Calendar Spread vs Underlying

• Call Ladder

• Call Ladder vs Underlying

• Call Spread

• Call Spread vs Put

• Call Spread vs Put vs Underlying

• Call Spread vs Underlying

• Call Strip

• Call Volatility Trade

• Combo

• Combo vs Underlying

• Condor

• Conversion/Reversal

• Diagonal Calendar Spread

• Diagonal Straddle Calendar Spread

• Guts

• Iron Butterfly

• Iron Condor

• Jelly Roll

• Pack

• Put Ladder

• Put Ladder vs Underlying

• Put Spread

• Put Spread vs Call

• Put Spread vs Call vs Underlying

• Put Spread vs Underlying

• Put Strip

• Put Volatility Trade

• Straddle

• Straddle Calendar Spread

• Straddle Strip

• Straddle vs Call

• Straddle vs Put

• Straddle vs Underlying

• Strangle

• Strangle vs Underlying


• Strip

• Synthetic Underlying

• Two by One Ratio Call Spread

• Two by One Ratio Call Spread vs Underlying

• Two by One Ratio Put Spread

• Two by One Ratio Put Spread vs Underlying

The Strategy Creator requires an explicit permission on your user account.


LME Carry Creator

The LME Carry Creator allows you to create two-legged carries.

To open the LME Carry Creator:

1. click on the toolbar icon or use the Master Window menu Window → Strategy Creator

2. navigate to the LME Carry Creator tab

The LME Carry Creator has the following layout:

contract chooser date choosers

legend — shows the colour codes used in thedate choosers

submit / cancel buttons

To create a carry and submit an order for it:

1. select the desired contract

2. select the two expiry dates

3. click on Launch Order Ticket — for information on order tickets and order panels see Orders.

The carry will appear on the Price Panel on the Strategies Created tab.

The LME Carry Creator requires an explicit permission on your user account.


Active Strategies

STAR can detect new strategies created by other users, in any contract that you are subscribed to, thathave bid or offer prices and display them on the Active Strategies tab.

This feature requires an explicit permission on your user account.


Dynamic SpreadsSTAR is also able to create fully synthetic markets with legs in the same or even separate exchanges.STAR uses the term "Dynamic Spread" to describe such a market. Trading a Dynamic Spread carriesa legging risk, because there is no guarantee that all legs will trade effectively simultaneously. Tomitigate this risk, STAR requires that a Dynamic Spread order is created as a synthetic iceberg. STARalso provides you with strategies to use if you are legged. See Tracker orders.

Dynamic Spread Creator

The Dynamic Spread Creator allows you to create a two legged synthetic strategy market with acombination of any CBOT, CME, COMEX, NYMEX, ICE Futures Europe/US, LME, HKEX, SGX and TOCOMmarkets. Using this tool you can define a spread market whose implied bid and offer prices willupdate in unison with the best prices of its leg markets. The defined spread market can be placed on aPrice Panel and used to indicate the differential between the two selected leg markets in real time.

To open the Dynamic Spread Creator, click on the toolbar icon or use the Master Window menuWindow → Dynamic Spread Creator.

The Dynamic Spread Creator has the following layout:

location — Hong Kong or London spread name


exchange effective spread price

contract price type — see Price Types

expiry test toggle button — in test mode, theeffective spread price illustration is updatedaccording to the values in the legs table

add/remove leg — press + to add a leg withthe selected market or press - to remove aleg selected in the table

create button

leg table — exactly two legs required cancel button

To create a Dynamic Spread:

1. Add two legs to the leg table by selecting an exchange, contract and expiry, and clicking the +button.

2. Select side, ratio and other details for each leg in the leg table — see Leg Table.

3. Choose a price type — see Price Types

4. Choose a location — see Location

5. Click on Create.

Newly created dynamic spreads will appear in the Markets Window under the Dynamic Spreads HongKong or London "exchange". Dynamic spread orders are based on either the Switch or the Trackeralgorithm, which are described in Algorithm.

Location

STAR gives you the choice of where you want your dynamic spread to physically reside: either in theLondon data centre, or the Hong Kong data centre. The location is important if you plan to executeTracker orders for your dynamic spread, where you will be choosing the liquid leg. We recommendthat you create your dynamic spread where the liquid leg is closest.

STAR connects to the CBOT, CME, COMEX, NYMEX, ICE Futures Europe/US and LME exchanges fromLondon, whilst it connects to the HKEX, SGX and TOCOM exchanges from Hong Kong.

If you wish, you can create identical dynamic spreads in both Hong Kong and London. For example,when planning a Tracker order in a COMEX/TOCOM dynamic spread to take advantage of liquidity inTOCOM, you should place the order in the Dynamic Spreads Hong Kong exchange, because (all otherthings being equal) communication between TOCOM and Hong Kong will be a little bit quicker than itwill be between TOCOM and London.

If you will be trading a dynamic spread between COMEX and LME for example, we recommend youcreate the dynamic spread in London rather than Hong Kong, because London is closer to both legs.

Leg Table

The leg table has the following rows:

• Buy/Sell the leg’s side — click to choose from combo box

• Ratio the leg’s volume — click to choose from combo box

• Exchange, Commodity, Expiry the leg’s market


• Price Quotation the price the contract is quoted in — click to choose the correct value from thecombo box

• Convert To spread price quotation — click to check the desired price quotation if the legs havedifferent price quotations

• Factor right-click to choose (or left-click to type) the correct conversion factor for the spread pricequotation; for example: if the first leg is quoted in USD cent/LB and the second leg is quoted inUSD/TONNE and the spread is to be quoted in USD/TONNE, right-click on the first leg’s Factor celland choose USD cents/LB to USD/TONNE = 22.0462. The Effective Bid and Offer prices will becalculated as leg price x Factor x Multiplier.

• Multiplier multiplier that can be used to adjust the order of magnitutude of the effective legprices to make them comparable to the other leg’s prices — click to choose from combo box

• Bid Price current leg bid price — populated from market data; you can enter a value if no marketprices are available

• Offer Price current leg offer price — populated from market data; you can enter a value if nomarket prices are available

• Effective Bid Price adjusted leg bid price after applying factor and multiplier

• Effective Offer Price adjusted leg offer price after applying factor and multiplier

Price Types

The three price types dictate how you would like the price of the Dynamic Spread to be calculated anddisplayed.

• Differential the bid price is the difference between the bid price of the first leg multiplied by itsleg ratio and the offer price of the second leg multiplied by its leg ratio. The offer price is thedifference between the offer price of the first leg multiplied by its leg ratio and the bid price of thesecond leg multiplied by its leg ratio.

• Ratio the bid price is the bid price of the first leg divided by the offer price of the second leg. Theoffer price is the offer price of the first leg divided by the bid price of the second leg. The leg ratiosare not included in a Ratio price calculation

• Tonnage the bid price is the difference between the bid price of the first leg and the offer price ofthe second leg. The offer price is the difference between the offer price of the first leg and the bidprice of the second leg. The leg ratios are not included in a Tonnage price calculation.

For example you could create a Dynamic Spread market whose first leg is to buy 3M Lead (PB) andsecond leg is to sell 3M Zinc (ZS). As the bid and offer prices in 3M Lead and 3M Zinc change, impliedbid and offer prices for the spread will be calculated automatically according to which price type youselected:

When there is a bid price of 2100 for PB 3M with 2 lots available and an offer price of 2000 for ZS 3Mwith 1 lot available:

• Differential bid price (buy 2 lots of 3M Lead (PB), sell 1 lot of 3M Zinc (ZS))

(PB bid x PB legs) - (ZS offer x ZS legs)

(2100 x 2) - (2000 x 1) = 2200

• Ratio bid price

(PB bid) / (ZS offer)

(2100) / (2000) = 1.05

• Tonnage bid price


PB bid - ZS offer

2100 - 2000 = 100

When there is an offer price of 2200 for PB 3M with 2 lots available and a bid price of 1950 for ZS 3Mwith 1 lot available:

• Differential offer price (buy 2 lots of 3M Lead (PB), sell 1 lot of 3M Zinc (ZS))

(PB offer x PB legs) - (ZS bid x ZS legs)

(2200 x 2) - (1950 x 1) = 2450

• Ratio offer price

(PB offer) / (ZS bid)

(2200) / (1950) = 1.1282

• Tonnage bid price

PB offer - ZS bid

2200 - 1950 = 250

Dynamic Spread implied prices will be calculated only when sufficient volume exists in both of itsleg markets.

If a ratio greater than 1 is specified for a leg, then the price of that leg is calculated as the averageprice at which the complete ratio volume exists within the depth of market of that leg.

If insufficient volume exists within the leg’s depth of market, no leg price will be calculated andtherefore no spread price can be implied.

Using Dynamic Spreads

Once created, a Dynamic Spread market will appear in the Markets Window under the DynamicSpreads exchange, in the branch for the contracts you chose. As the creator of the Dynamic Spread,your STAR user name will be appended to the spread description. Your colleagues who haveequivalent trading account rights will also see the Dynamic Spread in their STAR client. You can use theDynamic Spread like any other market by subscribing at the contracts level and adding it to a PricePanel, where you will see the generated prices. From there, you can launch the Order Ticket to enterTracker orders.

The Dynamic Spread creator requires an explicit permission on your user account.


Market Depth PanelMarket depth panels show market depth in terms of price, volume, cumulative volume and (whereavailable) number of orders at each price level, for bids and offers.

bid market depth offer market depth

You can open a market depth panel from a price panel by

• double-clicking on a market, or

• selecting a market and clicking on

The market depth panel will appear in a new Slave Window.

Trading from Market Depth Panels

You can bring up an order ticket (see Order Ticket) by double-clicking on a price or volume cell. Thecolumn you click on affects the type of order ticket that is produced:

• Double-clicking on the bid (offer) price column will bring up an order ticket to join the bid (offer)with the current default volume and the selected price.

• Double-clicking on the bid (offer) volume column will bring up a matching sell (buy) order ticketwith the current default volume and the selected price.

• Double-clicking on the bid (offer) cumulative volume column will bring up a matching sell (buy)order ticket with the intention of selling (buying) the entire depth to the selected price level.


TickerTickers show the volume, price and time of the most recent relevant trades. To add a ticker to a pricepanel, right-click on the price panel’s tab and select Configure → Ticker. Choose:

• None to disable the price panel’s ticker.

• List Ticker to show a list ticker.

• Scrolling Ticker to show a scrolling ticker.

Tickers show up to 500 trades and require an explicit permission on your user account.


Price AlertYou can use price alerts to be notified when a particular market trades above or below a given pricethreshold. You can set up and manage price alerts via price alert tickets and price alert panels.

Price Alert Ticket

A price alert ticket allows you to set up a new price alert. You can open a price alert ticket via thetoolbar icon . A price alert ticket comprises:

account selector — shows availableaccounts

time in force selector — day or GTC

exchange selector — shows availableexchanges

recipient selector — all, desk, or yourself

commodity selector — shows availablecommodities

e-mail recipient selector — optional

expiry selector — shows available expiries message field — for custom notificationmessage


price threshold selector summary field — shows a summary of theprice alert

criterion selector — above or belowthreshold

create / cancel buttons

The recipient choices are:

• all all users (brokers and clients) who have access to the chosen account.

• desk all brokers who have access to the chosen account.

• yourself just you.

Once you have selected/entered the desired account, market, price threshold, time in force, recipientsand message, and clicked on Create, the new price alert is working.

A working price alert is triggered when a trade takes place whose price is equal to or above (below)the specified threshold. A working price alert can be triggered at most once.

Price Alert Notification

When a working price alert is triggered, STAR pops up a notification dialog:

The dialog shows the price alert’s market, account, price threshold, id, status (triggered / actioned),summary message, and user message.

You can click on

• to "action" the price alert, see Price Alert Panel

• to show the price alert’s history (see Price Alert History Panels)

• to move to the next triggered price alert

• to dismiss all triggered price alerts without actioning them


Price Alert Panel

Price alert panels allow you to manage price alerts. You can open a price alert panel by clicking on the toolbar icon or by using the Master Window menu View → New Price Alert Panel.

A price alert panel comprises:

working price alerts table message area

finished price alerts table

The working and finished price alerts tables comprise the following columns:

• ID shows the price alert’s unique id.

• Account shows the price alert’s account.

• Type shows the price alert’s time in force (day or GTC).

• User shows the originator of the price alert.

• Exchange, Commodity, Expiry identify a market.

• Status shows the price alert’s status (working, triggered or actioned).

• Price shows the price threshold and criterion (green upwards arrow = above, red downwardsarrow = below).

• Time shows the time of the most recent state change.

You can view a summary (including recipient and message) of a price alert by hovering the mousepointer over the respective table row.

When a working price alert is triggered, it remains in the working price alerts table until you action it.You can use this mechanism to flag whether you have carried out any external work that may beassociated with the price alert, such as contacting a client. Once you have actioned a price alert, itmoves into the finished price alerts table. Triggered but not yet actioned price alerts are highlighted inthe working price alerts table with a yellow background.

You can right-click on a price alert table row to open a context menu:

• cancels the price alert

• allows you to revise the alert’s price, criterion, time in force, message and recipients

• opens a new price alert ticket, where all fields are populated from the seleted price alert


• shows the price alert’s history on a price alert history panel (see Price Alert History Panels)

Price Alert History Panels

A price alert history panel shows the states a particular price alert has gone through.

price alert summary message area

price alert history


Foreign ExchangeIf your account is configured for FX rates, the Markets Window has a Foreign Exchange tab withcurrency pairs that you can monitor on FX rate panels.

To monitor FX rates, right-click on a selection of currency pairs and choose Add to new FX Rate Panel.

FX Rate Panel

FX rate panels comprise:

FX rate table action buttons

The table has columns for currency pair, bid, and offer.

The action buttons allow you to re-arrange the table:

• remove selected rows,


• move selected rows up,

• move selected rows down,

• insert blank row


OrdersIn STAR, you can

• place orders via Order Tickets,

• track and modify orders via Order Panels,

• examine orders via Order History Panels, and

• examine trades via Current Trade Panels and Previous Trade Panels.

Opening an Order TicketThere are several ways to open an order ticket:

1. On a price panel, select a market and click on .

2. On a price panel or calendar spread price panel, select a market and press

◦ F9 for a sell order ticket matching the price and volume of the best bid

◦ F12 for a buy order ticket matching the price and volume of the best offer

3. On a price panel, right-click on a market’s Bid or Offer column. This brings up a price ladder.

Use the ladder to select price and optionally volume and account to launch an order ticket for alimit order.

If you right-click on a volume column, a volume ladder appears and the order ticket will be for amarket order (where supported).

4. On a calendar spread price panel, right-click on a buy/sell price/volume in an outright or a spreadcell. This brings up a price ladder.

5. On a market depth panel, double-click on a price or volume cell.

6. On a Request for Quote, click on .


Order TicketOrder tickets allow you to place orders.

buy / sell toggle trigger selector

exchange and market limit selector

account selector algorithm selector

volume selector time in force selector

price selector comment area toggle

order type selector mifid details toggle

execute / cancel buttons

If you have a mouse with a wheel, you can use the wheel to adjust the values of any of the price orvolume fields that appear anywhere on the ticket.

Order Type

The order ticket’s type selector lets you choose between:

• Normal the order is to be executed at a given price; a limit order.

• Market the order is to be executed at market price filling as much volume as possible andcancelling the balance. Choosing this type of order disables the ticket’s price selector.

• Market Limit the order is to be executed at market price. If any volume remains unfilled, theorder will transition to a limit order at the original market price.

• Stop Limit the buy (sell) order is to be executed at a given limit price or better when the markethas reached or exceeded (fallen below) a given trigger price. Choosing this type of order disablesthe ticket’s price selector and enables the trigger and limit selectors. Please familiarize yourselfwith the exchange-specific rules about which contracts, months, and price ranges are supported.

• Stop Pro a Stop with Protection order is a Stop Limit order where the exchange automatically


determines the limit price such that it is valid when the stop is triggered. Please familiarizeyourself with the exchange-specific rules about which contracts and months are supported.

• Stop the buy (sell) order is to be executed at market price when the market has reached orexceeded (fallen below) a given trigger price. Choosing this type of order disables the ticket’s priceselector and enables the trigger selector.

Use a buy stop order to limit a loss or to protect a profit on a short position in a market whoseprice may rise. Use a sell stop order to limit a loss or to protect a profit on a long position in amarket whose price may fall.

• M.I.T. (Market if Touched) the buy (sell) order is to be executed at market price when the markethas reached or fallen below (exceeded) a given trigger price. Choosing this type of order disablesthe ticket’s price selector and enables the trigger selector.

Use a buy MIT order to create a long position in a market whose price may rise. Use a sell MITorder to create a short position in a market whose price may fall.

Time In Force

The order ticket’s time in force selector lets you choose between:

• Day unless filled or cancelled, the order expires at the end of the current trading session

• IC (Immediate and Cancel aka Fill and Kill) any part of the order that is not immediately filled iscancelled. IC is not supported for Scale and market limit orders.

• MOO (Market On Open) the order is matched with other MOO orders as soon as the marketopens and trades at the opening price. Any unfilled volume will be converted to a limit order at theopening price.

• GTC (Good 'Till Cancelled) the order does not expire at the end of the current session, butremains in the market until it is filled or cancelled, or until its market expires.

• S-GTC (Synthetic Good 'Till Cancelled) the order expires at the end of the current session, but atthe start of the next session STAR will submit a new order for the remaining volume. Only for LMECarry markets.

• GTD (Good 'Till Date) like a GTC, the order does not expire at the end of the current session, butremains in the market until the end of the session on a given date.


Algorithm

The order ticket’s algorithm selector lets you choose a mechanism for managing multiple orders indifferent ways. Choosing None will allow plain and stop order types as described in Order Type. Theremaining choices are described below.

Cross

A cross between two accounts. A buy (sell) order for the firstaccount and a sell (buy) order for the second account are createdat the same time; this does not guarantee a cross at the exchange,especially if the price is not within the best bid/offer spread.

Iceberg

An Iceberg is an order that, any point in time, is revealing only a portion of its quantity to the widermarket. Iceberg orders require an explicit permission on your user account.

• Native some exchange platforms (GLOBEX, ICE Futures, LME) directly support Iceberg orders.

Use the volume selector to set the total quantity of the icebergorder. Use Clip Size to set the maximum portion that should bevisible in the market at any point in time.

• Synthetic where the exchange platform does not directly support Iceberg orders, STAR issuesautomatically managed child orders.

Use the volume selector to set the total quantity of the icebergorder.

Use Clip Size to set the maximum volume for each child order.At most one child order is active in the market at any point intime.

Each time a child is filled, STAR will wait Interval seconds beforeissuing the next child order.

If the random checkboxes are ticked, STAR will vary the clip sizeand interval between child orders to help disguise the iceberg.The variations will not exceed the specified values.


Scale

A Scale is a meta-order that creates child orders with staggered prices. Scale orders require an explicitpermission on your user account.

Use the volume selector to set the total volume of the scale order.

Use Clip Size to set the volume that each child order will have. Thenumber of child orders = (total volume / clip size) and there maybe no more than 100 child orders.

Use the price selector to set the price of the first child order. Theprice for each subsequent child order is the price of the previouschild order offset by the Price Delta.

Each child is a limit order and all children are submitted to the market at the same time.

In a buy scale order, the prices decrease.

"Buy a scale of 10 lots at 1465 reducing by 5 ticks for a total of 300 lots" means:

• create 30 child buy orders with a quantity of 10 lots each, as $300$ lots / 10 lots = 30$

• the first order’s price is 1465

• the last order’s price is 1320, as $1465 - (29 * 5) = 1320$

In a sell scale order, the prices increase.

"Sell a scale of 5 lots at 1470 increasing by 2 ticks for a total of 100 lots" means:

• create 20 child sell orders with a quantity of 5 lots each, as $100$ lots / 5$ lots = 20$,

• the first order’s price is 1470

• the last order’s price is 1508, as $1470 + (19 * 2) = 1508$

Sleep

A Sleep is an order that is not submitted to the market until it is explicitly "woken up" either manually(see Actions) or at a predetermined date and time.

The wake up time may be revised only when the order is sleeping.

Day Sleep orders are cancelled at the end of the current sessioneven if the wake up time is after the end of the current session.

Once a Sleep order has been woken up, any wake up timepreviously specified will be discarded.

Sleep orders can be individually or collectively woken up and put back to sleep (withdrawn from themarket) again at any time during the session.


One Cancels the Other (OCO)

An OCO order combines a Stop order (above/below the market) with a Limit order (below/above themarket). When either the stop or limit price is reached and the order is executed, one of three thingsmay happen:

• If the Stop order is triggered, the Limit order is pulled.

• If the Limit order is fully filled, the Stop order is pulled.

• If the Limit order is part filled, the Stop order is reduced in volume accordingly.

OCO may be chosen as an algrothim by first choosing the Stop Limit, Stop Pro or Stop Order Type.

When creating an OCO, if you click on one of themarket prices shown in the order ticket, thetrigger, (stop limit) and limit order prices will bepopulated for you as follows:

• Buying

◦ trigger 5 ticks above price.

◦ stop limit 10 ticks above price

◦ limit order 5 ticks below price

• Selling

◦ trigger 5 ticks below price.

◦ stop limit 10 ticks below price

◦ limit order 5 ticks above price

If you have a mouse-wheel or equivalent device you can adjust the value of any price field by scrollingthe wheel up or down when the mouse pointer is over that field. As a convenience STAR will let youadjust all the enabled price fields at the same time by holding down the Ctrl key while you movethe mouse wheel.

STAR provides some validation around the prices that you enter, but the exchange platform willultimately decide if the stop order prices that you enter are valid. So clicking on the Last Traded pricewill populate the fields with the values that are most likely to be sensible at that moment in time.

An OCO order shows in the order book as a parent order with two children: one is the stop order andthe other is the limit order.

• To revise the volume of the OCO you must revise the parent. This will revise the volume of bothchild orders at the same time.

• To revise the prices of the child orders you must revise these individually.


Switch

A Switch is a synthetic Iceberg order which creates child orders for each of the legs in a DynamicSpread market (see Dynamic Spread Creator).

STAR will submit each child order to its market as soon as the priceand available volume in the spread market is matched with theSwitch order and the order is triggered. Each child order will be alimit order at the price of its market (+/- specified slippage) at theexact moment the Switch order was triggered. The volume of eachchild order will be a function of the Dynamic Spread leg volumesand the Switch order volume. The Switch order type can be usedto simultaneosuly trade in separate markets.

Switch orders are managed as synthetic Icebergs with a fixed 1 lotclip size to minimize the legging risk. See Algorithm for adescription of the synthetic Iceberg parameters.

Before a Switch order is triggered:

• it may be revised

• it may be pulled, which will also pull it’s child orders

• it’s child orders may not be revised

• it’s child orders may be pulled thus pulling the Switch order completely

After a Switch order is triggered:

• it may not be revised

• it may be pulled, which will also pull any of it’s child orders that are still working

• it’s child orders may be revised or pulled in the same way as a normal limit order

• when all of it’s child orders are finished, the switch order will also become finished

Tracker

A Tracker is a synthetic Iceberg order which creates child orders for each of the legs in a DynamicSpread market (see Dynamic Spread Creator).

For each clip of the Iceberg, the Tracker will submit one order forthe illiquid leg only. The user must choose the liquid leg whenentering the Tracker. This illiquid leg order is then actively revisedby monitoring the price movements in the liquid leg maintaining adifferential equal to the price specified on the Tracker order.


When the illiquid leg order is filled, a new order is immediatelyentered in the liquid leg of the spread. If the "Use Discretion"option was chosen, the price of this liquid leg order is the bestprice. Otherwise the price will be a combination of the average fillprice of the illiquid leg order and the Tracker order price.

Tracker orders are managed as synthetic Icebergs with a fixed 1 lotclip size to minimize the legging risk. See Algorithm for adescription of the synthetic Iceberg parameters.

During a Tracker order’s life cycle:

• it’s price may be revised - the price of the working illiquid leg order will be revised accordingly

• it’s volume may be revised

• it may be pulled, which will also pull it’s child orders

• it’s child orders may not be revised

• it’s child orders may be pulled thus pulling the Tracker order completely

Tactics to handle Legged Dynamic Spread Orders

Switch and Tracker orders are managed as Icebergs to minimize the legging risk associated withtrading large volumes in different markets simultaneously but there is still a risk that only one leg getsfilled in each clip of the Iceberg. In these situations, STAR will wait for two seconds before promptingyou to take some action.

Imagine that you have a working Switch or Tracker order for buying LME ZS 3M and selling LME CA3M: imagine that the order’s current clip gets "legged" because the ZS leg was bought but the CA legwas not sold. In this situation the CA order is still working and you have a 1 lot long ZS position for thisclip.

STAR will present you with a pop up alert panel showing a red band with two choices:

• continue — STAR will revise the working sell CA order to the best available price - in the examplebelow this would be achieved by pressing the Revise button. You would expect the revised CAorder to trade immediately, achieving a net 0 position for this clip.

• get flat — STAR will pull the working sell CA order and enter a sell ZS order at the best availableprice to reverse the bought ZS leg - in the example below this would be achieved by pressing theSell button. You would expect the sell ZS order to trade immediately, effectively cancelling this clipby restoring a net 0 position.


If you choose to get flat, STAR will compensate for this flattened clip by adding an extra clip in theIceberg in an attempt to achieve the original volume specified.

Note that you can also choose to do nothing at all and wait for the working sell CA order to trade byitself.

Whichever option you choose, STAR will know when the legged situation is resolved and the popupwill change to show a green band to indicate that all is well again.


Comments

You can attach a comment to an order via theorder ticket’s comment area. The comment areais collapsed by default and is limited to 100characters. Order comments are shown in theOrder Panel and can be amended via the orderpanel’s Edit Comment context menu; see Actions.Order comments and amendments are includedin the Order History Panel.

MIFID II

For markets which fall under the MIFID IIjurisdiction, certain users may alter the defaultvalues that are necessary for reporting purposeshere.


Multiple Simultaneous Order Tickets

You can open up to three order tickets for simultaneous submission by selecting up to three marketsin a price panel and then clicking on . The order ticket action button is only enabled if no blanklines and no more than three markets are selected.

At the bottom of each individual order ticket is an Active / Inactive toggle. When you click on Execute,STAR will submit only those tickets that are active.

Multiple Independent Order Tickets

It can be useful to populate several order tickets and leave them on the screen so you can quicklysubmit them when appropriate. To enable up to six open independent order tickets at a time:

• select Settings → Settings from the Master Window’s menu

• open the Trading tab

• adjust Maximum number of Order Tickets

• check Keep Order Ticket on Screen

• click on Ok

• save your settings by selecting Settings → Save Settings

For each commodity, you can have at most one open order ticket at a time.


Exchange and Order Type CombinationsThe tables below show which combinations of order type, time in force and optional algorithm arevalid per exchange. Icebergs can be native or synthetic.

• Globex (CBOT, CME, COMEX, NYMEX)

Time in Force Algorithm

Order Type Day IC GTC Cross Iceberg Scale Sleep OCO

Normal x x x n,s x x

Normal x x

Market Limit x x x x

Stop Limit x x x

Stop withProtection

x x x

• ICE (ICE Futures Europe, ICE Futures US)




Normal x x

Market x x

Stop Limit x x x

Stop withProtection

x x x

Market if Touched x

• LME




Normal x x

Stop Limit x x x

• HKEX, SGX, TOCOM



Normal x x x x x x

Normal x x

Market x x

Stop Limit x x x

Stop x x x


• DGCX




Normal x x

Market x x

Stop Limit x x x

Stop x x x

• Dynamic Spreads


Order Type Day GTC Switch Tracker

Normal x x x x

Market x x x


Request for QuoteA Request For Quote (RFQ) is a announcement of the intention to trade, typically in a new strategymarket. Please familiarize yourself with the exchange-specific rules on RFQs.

STAR allows you to enter and receive RFQs. You can open an RFQ ticket by selecting a market in a pricepanel and clicking on the action button.

exchange and market submit / cancel buttons

volume selector

When STAR receives an RFQ, it pops up a notification dialog.

The dialog shows the RFQ’s market, volume, and time. You can click on

to open a corresponding order ticket

to show the next RFQ message (if any)

to dismiss all RFQ messages

You can configure STAR’s RFQ popup behaviour in the Settings dialog, which you can reach from theMaster Window’s menu: Settings → Trading → Events; also see Trading.


Order PanelOrder panels represent your desk’s order book. You can open an order panel from the Master Windowby clicking on the toolbar icon or by using the menu: View → New Order Panel.

An order panel comprises:

working orders table finished orders table

action buttons for pulling all workingorders

filter, expand/collapse and lock buttons

filter, expand/collapse and lock buttons

Table Columns

The working and finished orders tables in an order panel have the following columns:

• Pull is a button for pulling the order. This column is only shown in the working orders table.

• Account shows the account that the order belongs to.

• Exchange, Commodity, Expiry identify a market.

• Status shows the current state of the order. During its lifetime, an order goes through a series ofstates, which are described in more detail in Order States.

• Type shows a description of the order type, which comprises three parts:

1. time in force, see Time In Force

NL plain order

GTC good till cancelled

IC immediate and cancel

2. trigger (only shown if applicable), see Order Type

STOP stop trigger

TOUCH touch trigger


3. algorithm (only shown if applicable), see Algorithm

ICE iceberg

S-ICE synthetic iceberg

SLE sleeping

SCA scale

SWI switch

TRA tracker

Scale orders and synthetic icebergs comprise child orders. These child orders can be expanded /collapsed by clicking on the / icons in the type column. You can expand / collapse all child ordersin the table at once by clicking on / .

• Buy/Sell shows the side of the order, i.e. either buy or sell

• Volume shows the order’s volume

• Trigger Price shows the trigger price if applicable

• Price shows the order’s price (quotation{Market} for market orders)

• Filled Volume shows the number of lots that have been filled so far

• Average Price shows the average lot price for the received fills

• Progress shows filled lots / unfilled lots

• Order Id shows the order’s unique identifier within STAR

• Exchange Order Id shows the order’s unique identifier at the exchange

• Time shows the time at which the order entered its current state

• Trader shows who originated the order

• Gateway shows which of STAR’s internal gateways the order was routed through

• Parent Order Id links a child order to its parent order. If the order is a parent order, this columnshows the order’s id.

• Comment shows the order’s comment if present; see Comments.

Order panels can be sorted and filtered — see Sorting and Filtering Tables.

Locking a Table

The order panel is automatically updated as trades are processed. Once a working order is complete,i.e. filled, pulled or rejected, it is moved to the finished orders table. By clicking on , you cantemporarily freeze an order table. This can be helpful if you want to revise an order in a busy market.

Actions

You can perform actions on an order by right-clicking on any of its cells in the working or finishedorders table. Some actions depend on or change the status of an order. For more information onorder states, see Order States.

• Right-click on a volume, price or trigger price cell in the working orders table to revise an order.This will first pop up a ladder and then a revision ticket.

• Right-click on any other cell in the working orders table to open a context menu:

◦ wakes up a sleeping sleep order


◦ puts a sleep order back to sleep

◦ pulls the order

◦ opens the order’s ticket for revision

◦ copies the order’s details into a new order ticket

◦ opens and populates the order history panel with the selected order or childorder; see Order History Panel

◦ opens a current trade panel (filtered to the selected order) — see CurrentTrade Panel

◦ opens a dialog for amending the order’s comment — see Comments

• Right-click on any cell in the finished orders table to open a context menu comprising copy,history, current trades, and:

◦ changes the order status to "checked".

On the completion of some orders, you may need to contact a client or fill out paperwork. Youcan use the "checked" facility as a marker to remind you that you have (or have not yet)completed this external work for a particular order. The use of "checked" is entirely optionaland has no impact on the behaviour of STAR.

• Select multiple orders which have some filled volume, then right-click to open a context menu:

◦ launches a popup which will show you the average trade price of the selectedorders.

◦ where you have selected strategy orders, launches a popup which will showyou the average trade price of all the legs of the strategy orders.

Pulling all Working Orders

Click on

• to pull all of your orders (i.e. those with your user name in the Trader column)

• to pull all of your desk’s orders

STAR will prompt you to confirm or cancel your pull request.

Copy to Clipboard

You can copy the working and finished orders tables into your computer’s clipboard.

1. right-click on the order panel’s tab

2. select Copy to Clipboard

3. paste into a spreadsheet or word processor


Order History PanelThe order history panel allows you to inspect the evolution of an individual order. You can open theorder history panel from an order panel by double-clicking on an order or by right-clicking andselecting History.

general order information order history table

The general order information comprises:

• market

• order type

• account

• volume

• price

• order id

• algorithm-specific details

• comment — see Comments

Each row in the order history table represents a state that the order has been in. The last row showsthe current state of the order. The table has the following columns:

• Narrative a description of the order state, comprising a state name as well as details if applicable

• Time the time at which the order entered the state

• Volume the order quantity

• Price the order’s price

• Fill Volume the fill quantity if applicable

• Fill Price the price of a fill if applicable

• Filled Volume how much of the order has been filled so far

• Average Price the average trading price

• Origin the originator of a state, i.e. one of:

◦ a user name

◦ "local", i.e. STAR’s user interface


◦ "admin", i.e. STAR’s order book

• State the order state, see Order States

• Exchange Order Id the id that has been assigned to the order by the exchange; blank forsynthetic parent orders

You can have at most one order history panel in STAR. When you ask a different order to show itshistory, your order history panel will be updated accordingly.

You can right-click on the order history panel’s tab to open a context menu with order actions. Thepossible actions are described in Actions.

Order States

Each order in STAR has a current state, such as "Working" or "Filled", and a history of previous states.This allows you to examine the life-cycle of your order.

State Description

Fresh The Order has just been created in the Central Order Book with a neworder id, ready for the remaining details specified by the user to beapplied.

Prepared The details of the Order have all been filled in and it is ready to bedispatched to its Exchange.

Sent The Order has been transmitted from the Central Order Book to theExchange Gateway.

Submitted The Order has been transmitted from the Exchange Gateway to theExchange.

Working A response from the Exchange has been received which confirms thatall the Order details were valid and that that the Order is now active.

Filled The Order has been completely Filled.

Checked External work for this order, such as contacting a client, has beenmarked as completed.

Pending The Order is waiting for the event that will send it to the Exchange.

Rejected The order has been rejected by the exchange.

Cancelled The order has been cancelled.

UnMatched The local Order is not matched with an Order at the Exchange. SuchOrders are assumed to be exchange-persistent (GTC).


TaintedWorking The Order is working at the exchange, but we missed a trade when wewere off line, so what we thought should be the working volume isdifferent to what the exchange knows it to be. We can manuallyreconcile the difference with the help of the trade settlement systemsand then Untaint the order, when we are satisfied of what happenedto cause the discrepancy.

Inactive The Order is Inactive at the exchange.

Pull A user has requested that the Order should be pulled out of its activestate at the Exchange.

PullSent The Pull message has been transmitted from the Central Order Bookto the Exchange Gateway.

Pulled A response from the Exchange has been received which confirms thatthe Order is no longer Working and has been Pulled out of its activestate.

Revise A user has requested an order revision.

RevisePrepared The order revision is ready to be dispatched to its respectiveExchange.

ReviseSent The revision message has been transmitted from the Central OrderBook to the Exchange Gateway.

ReviseSubmitted The revision message message has been transmitted from theExchange Gateway to the Exchange.

Revised A response from the Exchange has been received which confirms thatthe Order has been revised.


Current and Previous TradesSTAR keeps track of your trades. You can examine

• your current sessions’s trades on a Current Trade Panel, and

• your previous sessions' trades on a Previous Trade Panel.

Your current session is determined by your time zone and the exchange opening hours.

Current Trade Panel

You can open a current trade panel from the Master Window by clicking on the toolbar icon or byusing the menu View → New Current Trade Panel.

trade table outright / strategy toggle

Depending on the toggle, the trade table will show outright or strategy trades.

In outright mode, the trade table comprises the following columns:

• Exchange, Commodity, Expiry identify a market

• Type shows the order’s type, see Order Type

• Buy/Sell shows the order’s side, i.e. buy or sell

• Account shows the account the order belongs to

• Order Id shows the order’s id

• Parent Order Id for a child order, shows the parent order’s id; otherwise shows the order’s own id

• Child indicates whether the order is a child order or not

• Narrative shows a description of the order’s state

• Time shows the time at which the order entered its current state

• Volume shows the order’s volume

• Price shows the order’s price

• Fill Volume shows the order’s fill volume

• Fill Price shows the order’s fill price


• Filled Volume shows the order’s filled volume

• Average Price shows the average price per lot

• Trader shows the originator of the order

• State shows the order’s state, see Order States

• Exchange Order Id the id that has been assigned to the order by the exchange; blank forsynthetic parent orders

In strategy mode, the trade table uses one row for each leg of a strategy and has the followingadditional columns:

• Buy/Sell shows the leg’s side, i.e. buy or sell

• Leg identifies the leg

• Leg Volume shows the leg’s volume

• Leg Price shows the leg’s price

The bottom of the trade table shows a summary of the session’s trades, ordered by market andaverage fill price.

The trade table can be sorted and filtered — see Sorting and Filtering Tables.

You can export the contents of the trade table to your computer’s clipboard.

1. right-click on the current trade panel’s tab

2. select Copy Details to Clipboard or Copy Summary to Clipboard

3. paste into a spreadsheet or word processor

Previous Trade Panel

You can open a previous trade panel from the Master Window by clicking on the toolbar icon or byusing the menu View → New Previous Trade Panel.

trade table outright / strategy toggle

date filter


Previous trade panels work like Current Trade Panel. In addition, they are water-marked with the word"PREVIOUS" and allow you to filter the trades by date.

PositionsYou can get an overview of your positions through a position panel.

Position PanelPosition panels give you an overview of your positions. You can open a position panel by clicking onthe icon in the Master Window’s toolbar or by using the menu View → New Position Panel.

positions table

The positions table has the following columns:

• Account Group, Account show the account and account group to which the position belongs

• Exchange, Commodity, Expiry identify a market

• Net shows the net position

• Mid/Last shows the last trade price

• Close shows the close of business position

• Settlement shows the settlement price

• Volume, Price shows the volume and average trade price of lots bought/sold

• USD/GBP/EUR Open P\&L shows the open profit \& loss in USD/GBP/EUR; you must subscribe tothese markets so that the mid/last trade price can be compared to the settlement price, as part ofthe calculation

• USD/GBP/EUR Cum P\&L shows the cumulative profit \& loss in USD/GBP/EUR calculated fromthe average prices of balancing bought and sold volume in the current session

• Ccy shows the the contract currency

Position panels can be sorted and filtered — see Sorting and Filtering Tables.

Profit and Loss Calculation

You can view a detailed profit & loss calculation by hovering the mouse pointer over a row in the


positions table.

The calculations are based on available closing prices and current mid/last trade prices.

RiskSTAR provides fully integrated risk management based on lot limits and a maximum trading limit(MTL). You can access STAR’s risk management via risk panels.

Risk PanelYou can open a risk panel from the Master Window by clicking on the toolbar icon or by using themenu View → New Risk Panel.

risk elements table default risk limits table

risk limits table

The risk elements table has the following columns:

• Account Group shows your account group.

• Currency shows the currency in which your account group is valued.

• Cob VM shows the close of business variation margin (calculated by the back-office system). This isthe valuation of your positions marked to the previous day’s closing prices.


• Ledger Balance shows the amount of money you have deposited in your account.

• Initial Margin shows the initial margin (clearing house deposit) for your positions. The InitialMargin is always displayed as a negative amount.

• Potential Initial Margin shows what the initial margin would be if all your currently workingorders were filled. This value will always be the same as or larger than the initial margin.

• Variation Margin shows the sum of open and cumulative profit & loss, i.e. an instant valuation.Profit & loss can only be calculated correctly if you have subscribed to the relevant markets in theMarkets Window.

• Free Equity is for indication only and is not used for risk management. It is the sum of Cob VM,Ledger Balance, Initial Margin, and Variation Margin.

• Lots Limits Active shows Y if lot limits are active for your account, N otherwise.

• Maximum Trading Limit Active shows Y if a maximum trading limit (MTL) is active for youraccount, N otherwise.

• Maximum Trading Limit shows your MTL. You can trade as long as your potential initial margindoes not exceed your MTL. If your initial margin has exceeded the MTL, you can only trade in away that will reduce your initial margin.

If both lot limits and MTL are active, STAR checks new orders first against your lot limits and thenagainst your MTL. If lot limits are active and there is no specific lot limit for the respective market inthe risk limits table, STAR will use the exchange-wide defaults as specified in the default risk limitstable. Your lot limits and MTL are configured by the Risk Management Team.

When you select a row in the risk elements table, the risk limits and default risk limits tables arepopulated with details. The risk limits table gives you an at-a-glance summary of your positions.

The risk limits and default risk limits tables have the following columns:

• Account Group shows your account group.

• Exchange, Commodity identify a contract.

• Order Limit shows maximum volume you are allowed for a single order.

• Working Lots shows the total volume of your currently working orders for the contract.

• Net Long Pos shows a value if the sum of your gross long and short is positive.

• Net Short Pos shows a value if the sum of your gross long and short is negative.

• Gross Long Pos shows the gross long position for the contract.

• Gross Short Pos shows the gross short position for the contract.

If you double-click on a row in any of the risk tables, STAR will open a filtered positions panel showingthe relevant positions.

The tables on the risk panels can also be sorted and filtered — see Sorting and Filtering Tables.


More about STARYou can customize STAR’s user interface in many ways. You can create a custom workspace layout byarranging Master and Slave Windows and you can configure aspects of STAR through settings andconfiguration dialogs.

Sorting and Filtering TablesTables in STAR can be sorted and filtered.

To sort a table based on a column, click on the column title.

To filter a table based on column content:

1. expand the filter row by clicking on

2. click on a cell in the green filter row to select a filtering criterion

◦ All — allows all rows

◦ Multiple — allows rows that match one of the selected values in this column

◦ concrete value — allows rows that match the selected value in this column

◦ !regex — allows rows that match the regular expression in this column

You can combine multiple column filters. You can enable / disable filtering by clicking on and youcan clear all filters by clicking on .

Panel ConfigurationIn general, you can configure panels by right-clicking on their tab and selecting Configure . In thesubsequent dialog you can choose font style and size, colours and displayed columns.

You can quickly change the size of the text displayed by clicking a panel, then pressing the CTRL keywhile scrolling the mouse wheel.


Slave WindowSlave Windows provide additional view containers, so that you can display multiple panels at the sametime. You can move panels between view containers by dragging their tabs. You can create SlaveWindows from the Master Window via the menu Window → New Slave Window or by clicking on the

toolbar icon.

Master and Slave Window ConfigurationYou can configure a Master or Slave window by clicking on the toolbar icon, or by using the MasterWindow menu: Window → Configure

On the configuration dialog, use:

• Title to set the window’s title. Press to apply.

• Font to set the window’s font. This font is used in the window’s information panels. Press toapply.

• Always on Top to keep the window visible and on top of other windows at all times.

• Show Borders to show (or hide) the account and volume choosers.

• Tabbed if you want to use a tabs to navigate between information panels

• Card if you want to use a combo box to navigate between information panels

WorkspaceThe position, configuration and contents of the Master and Slave Windows define STAR’s workspace.You should save your workspace once you have made changes to it. You can save and loadworkspaces via the Master Window’s Window menu. On startup, STAR will ask you whether you wouldlike to restore your last saved workspace.

If you would like to transfer your workspace to another computer, see Transferring Workspaces andSettings to another computer.

SettingsOn startup, STAR loads its settings from a specific file on your computer. If you adjust your settingsand want to keep the changes, you must save them using Settings → Save Settings.

To adjust your settings, open STAR’s settings dialog via the Master Window’s menu: Settings →


Settings.

The settings dialog has three tabs: Trading, GUI, and Markets.

Trading

• Miscellaneous

◦ Fat Finger Limit restricts the maximum number of lots you may enter into an order ticket. Ifset to 0, the limit is disabled.

◦ Top Accounts moves the given accounts (comma-separated list) to the top in the accountchooser.

◦ Keep Order Ticket on Screen toggles whether order tickets remain on screen after you pressbuy/sell. If enabled, STAR will set the lots to 0 after you have submitted an order. Also seeOrder Ticket.

◦ Maximum number of Order Tickets sets the maximum number of simultaneously openindependent order tickets. See Multiple Independent Order Tickets.

◦ Confirmation required when submitting Order enables / disables the respectiveconfirmation dialog.


◦ Confirmation required when pulling Order enables / disables the respective confirmationdialog.

◦ Show dynamic spread legged warning enables / disables warning on a dynamic spreadorder which has not filled effectively. See Strategy Creator.

◦ Show desk dialog enables / disables a desk chooser prompt on submission of orders. This isonly available if you are a member of more than one desk. You can use the combo box toselect your default desk.

• Sounds allows you to associate certain events with sounds. You can disable a particular sound bychecking the silent box.

• Menus allows you to configure STAR’s Price Ladder menus.

◦ Speed sets the ladder’s scrolling speed.

◦ Font sets the ladder’s font.

◦ Style allows you to choose between:

▪ Hover if you want the ladder to scroll when you hover the mouse pointer over an up ordown arrow.

▪ Click if you want the ladder to scroll when you click on an up or down arrow.

◦ Test brings up an example ladder with the current settings.

• Events allows you to configure STAR to react to different kinds of events.

◦ Always focus Fill Popup if you want fill pop ups to steal the focus.

◦ Show warnings for unspecified Lot Limit if you want to be notified when there is a positiontaken on from the back-office system which did not originate in STAR. This is useful if you are arisk manager.

◦ Show RFQ Popup if you want STAR to show RFQ messages.

◦ Always focus RFQ Popup if you want RFQ pop ups to steal the focus.

◦ Volume to only show RFQ messages whose volume exceeds the given threshold.

◦ Always load workspace when exchanges are reconnected if you want STAR toautomatically reload the last saved workspace when an exchange is reconnected. If unchecked,STAR will always ask you whether you want to reload your workspace in this situation.

Gui

The Gui tab reports the number of screens connected to your computer and the resulting desktopsize.

• Recalculate Desktop Size re-evaluates the number of screens and resulting desktop size.

• Test Screens pops up test windows on all of your screens. The test windows show their desktopcoordinates and are automatically closed after 10 seconds.

Markets

The Markets tab allows you to enable/disable market pre-close notification pop ups and select yourpreferred price display style for markets that are priced in fractions.


• Default Fractional Price Display Style the chosen setting will apply whenever new price, order,position or price alert panels are created. The chosen style is not saved as part of the workspace. Itis here to provide the default style that you are most comfortable with, when dealing with marketsthat are priced in fractions. An order ticket launched from a price panel will honour the currentlyselected display style on that panel, which you may have have changed from the default setting.

◦ Classic Style fractional prices are all displayed in common form.

◦ Bloomberg style fractional prices are displayed in a form similar to those on a Bloombergterminal.

◦ CME fractional prices are displayed in a form prescribed by the CME.


Transferring Workspaces and Settings toanother computerYou can transfer your workspaces and settings by saving them to and loading them from a networkdrive or portable storage medium.

Saving and loading are accessible from the Master Window’s menu.

• Settings:

◦ Settings → Save Settings As…

◦ Settings → Load Settings…

• Workspaces:

◦ Window → Save Work Space As…

◦ Window → Load Work Space…

Once you have loaded a workspace and settings from a network drive or portable storage medium,you should save them locally on the target computer.

Technical SupportSucden Financial LimitedPlantation Place South60 Great Tower StreetLondonEC3R 5AZ

Telephone (DDI): +44 20 3207 5122Email: [email protected]

For trade queries and assistance, please contact your account executive.


mailto:[email protected]

star 5.69 user guidestar.sucfin.com/star/star_5.70.pdf · introduction star is a futures and...

Documents