This is the setup window for creating the block of Accounts. The fields and buttons for the window are described in the table below. The descriptions are in alpha order.
Field /Button |
Description |
Allocation Block Name |
This is the name assigned to a specific block account list that appears in the drop-down list. |
Allocation Rule |
OEC Trader satisfies an Allocation Block trade based on the business rule that allocates the order according to the specification associated with the Block Allocation, the sequential number of the account name in the system, and the availability of price in the market-provided in real-time. There are four types of allocation rules used in OEC Trader: LowAcctLowPrice LowAcctHighPrice APS |
Backfill
|
This feature has been deprecated. Allocation Block traders will need to submit a regular order directly into an account if the original block order was not fully filled. |
Block Allocation |
This is an OEC Trader feature that allows the user to create a trading unit of accounts and to execute multiple trades in multiple accounts simultaneously in a single event in real-time. This refers to the function that traders can create a list of existing accounts and automatically send a single order for the combined lots in each account and allocate the fills based on the defined rules. This is conducted in real-time. |
Clearing House |
This refers to the drop-down menu of items , agencies or separate corporations of a futures exchange that are responsible for settling trading accounts, collecting and maintaining margin monies, regulating delivery and reporting trade data. |
Customer |
This refers to the group account category that belongs to an individual trader. |
Delete |
This refers to the command that removes all the accounts including the block name. |
Give-Up |
This is a procedure in commodities trading where the executing broker places a trade on behalf of another broker as if he/she actually executed the trade. This relationship is protected under a Give Up Agreement between the two parties. This is also a group account category. |
APS |
Average Price System, all accounts receive an average, not available if trading with giveup accounts. |
Lots |
This is the quantity of an account. |
LowAcctHighPrice
|
The Allocation Rule that designates the OEC Trader to fill the lot request of the account name with the Lowest Account] Sequence number (a system generated identification number) in the allocation block list with the Highest Price lots. |
LowAcctLowPrice |
The Allocation Rule that designates the OEC Trader to fill the lot request of the account name with the Lowest Account Sequence number (a system generated identification number) in the allocation block list with the Lowest Price lots. |
New |
This displays blank fields in the window for data entry. |
OMNIBUS |
This is a group account category that captures and processes the trade activity of two or more entities. |
Total Lots |
This is the total quantity of all the accounts in the AB window. |
Type |
This is the specific field on the Allocation Block Manager window that classifies the delivery source or group classification. These source types include: -Customer -Give-up -OMNIBUS |