Good Till Cancelled Orders – Trading Technologies

ICE Gateways Versions 7.Four.1 and above support Good Till Cancelled , (GTC) orders.

The ICE Gateway supports Limit GTC orders , only. Orders that are sent as Market GTC will be rejected by the , Exchange.

Recommendations for Version 7.12 and below

While trading GTC orders on ICE, TT recommends logging into , the ICE Gateway daily. ICE will not send GTC order updates to the , ICE Gateway if the trader who ‘owns’ the GTC order is not logged , in to the Gateway. Once the trader logs in to the ICE Gateway, ICE , sends GTC order updates that affected the order while the trader , was not logged in (e.g., status, deletes, fills) to all traders , sharing the GTC order via Order Book sharing (based on the TT Member , and TT Group ID). Once the trader is logged in to the ICE Gateway, , all GTC order updates will be received until the end of the day’s , trading session. If the Order Server is restarted after the trader , closes X_TRADER®, the trader will not be automatically logged in. , To ensure GTC order updates are received, the trader must log into , X_TRADER® after each Order Server restart.

This recommendation only applies to Versions , 7.12 and below. As of Version 7.13, the TT Gateway automatically , logs in traders that have working GTC orders. When the Order Server , is restarted, albeit X_TRADER may not be running, a trader login , request is automatically sent by the Order Server for any traders , with working GTC orders. This ensures that GTC order updates are , received.

Recommendations for Version 7.13 and above

Prior to migrating a trader to a different ICE Gateway or , to another FIX session on a ICE Gateway configured for multi-sessions, , all GTC orders ‘owned’ by that trader should be deleted. The ICE , Gateway will not be able to synchronize the GTC order updates from , ICE if an order was submitted on another ICE Gateway or another , FIX session on a multi-session ICE Gateway.

The ‘owner’ of the order is typically , the trader who submitted the order. However, if two traders are , sharing order books and cancel-replacing each other’s orders, the , holder is the last trader who performed a cancel-replace. When cancel-replacing, , the Exchange Order ID will switch, however, the TT Site Order Key , remains the same for the life of the order.

Limitations

ICE will only persist information on GTC order updates for , two days (48 hours). Traders must log , into the ICE Gateway within two days (48 hours) of a GTC order update , in order for the ICE Gateway to receive order update information. , If a trader is not logged into the ICE Gateway and a GTC order is , updated (i.e., packed or deleted), X_TRADER® may not reflect the , correct order status.

ICE Gateways Versions 7.13 and above will , attempt to auto-login all traders who own GTC orders. Once a log , in is successful, the TTADM or another trader sharing the Order , Book can delete the order. Manual login is only required in ICE Gateways , Version 7.12 and below.

This persistence period applies if:

  • the trader who ‘owns’ the GTC order is not logged , into the ICE Gateway
  • the trader’s GTC order is packed or deleted

Please consult ICE for any holidays for , which the persistence period may not apply.

If the ICE Gateway detects that a working GTC order has been , switched (e.g., quantity switch), the following audit trail message , will be sent:

Syntax Order quantities updated for (TT Order Key=1A3B56C8 Order No=20045690123): , Order Working

This message is sent once when either , the direct trader or the mapped TTORD trader logs in. However, TTORDs , and TTADMs cannot receive this message. Therefore, if a mapped TTORD , trader logs in before the direct trader, neither will receive this , message. These messages will be located in the Order Server log , file.

Also, this message does not necessarily mean that fills , were missed. However, upon receiving this message, traders should , ensure that the fresh working quantity is accounted for by the fills , received.

Sharing Order Books

If two users share order books and are mapped to distinct , ICE Exchange traders, both users need to log into the ICE Gateway , when coming in and modifying a collective GTC order. If only one user , is logged into the ICE Gateway and attempts to modify a GTC order , possessed by the other user, the ICE Gateway will reject the attempt , with the following audit trail message:

Syntax ICE_IPE: GTC synchronization in process for TRADER

Following GTC synchronization, traders will receive a GTC , summary report via a “GTC download is complete” message in the Audit , Trail.

To resolve this, the trader who ‘owns’ the GTC order should , log in to the ICE Gateway.

Example Order Book Sharing

When GTC orders are , switched, the order is modified, whereas when a GTC order is cancelled/substituted, , the original order is cancelled and a fresh order is created.

In , this script, Trader1 ‘owns’ the modified Order10 and Trader2 ‘owns’ , the cancel/substituted Order11.

If only Trader2 , logs in to the ICE Gateway and attempts to modify Order10, the ICE Gateway , will receive the audit trail message:

ICE_IPE: GTC synchronization in process , for Trader1

GTC Order Scripts

The following examples typify GTC order scripts where the , auto-login functionality either does not exist (i.e., in ICE Gateways , Version 7.12 and below) or has failed:

A trader comes in a GTC order near the market , then goes on vacation for two weeks. On the very first day of the trader’s , vacation, the order is packed. Since the trader was not logged into , the ICE Gateway, the pack was not sent from ICE to the ICE Gateway. , Upon come back, the trader logs into the ICE Gateway. The Gateway detects , that no update was received for the order and sends the following , message to the trader’s audit trail:

Please contact , ICE US HelpDesk for the misssing GTC Order (TT Order Key=1A3B56C8 , Order No=20045690123)

The trader should contact , ICE to determine the correct order status. Any fills must be by hand , inserted into the TT system.

A trader comes in a Two lot GTC order near the , market on Monday. The trader is out of the office on Tuesday and , on that day, the order is partially packed at 1:15 PM Eastern Time. On , Wednesday, the trader logs into the ICE Gateway at 9:00 AM Eastern , Time. Since the pack occurred less than two business days before, , ICE sends the pack to the ICE Gateway. In this case, the deadline , for the trader to log into the ICE Gateway and receive the pack , is 1:15 PM Eastern time on Wednesday. The trader will see the following , messages in the audit trail:

Order quantities updated , for (TT Order Key=09007U002 Order No=3000117): Order Working

Fills , received from Exchange for (TT Order Key=09007U002 Order No=3000116)

The , pack can also be found in the Pack window , and the order can be found in the Order Book with the correct working , quantity of 1. The trader should ensure there are no missing fills. , An order may be partially packed over a long period of time, some , partial pack updates may fall within ICE’s persistence period and , some may be outside ICE’s persistence period.

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