As of the Autun release (May 2019), TMC upgrades all RFQ/BW trader tickets to the 6.0 technology. Many components from the current 6.0 Trader Tickets are being reused in their RFQ counterparts.

1. "Bid BW" and "Other Bid" = "Quote QW"

Clicking on the price field will show the "My BW Bid History" tool tip, which is similar to the similar panel in 3.0 version

2. "Sell BW" without order attached (institution flow) = "Trade" ticket

The 6.0 “Trade” ticket has been enhanced to act as the "Sell BW" ticket without an order attached to it

3. "Sell BW" with order attached (retail flow) = "Fill Order" ticket

4. A New Trading Workflow – "Hit Market Bid"

a. Upon launching the RFQ ticket we scan the live market. If a better matching bid is found, we show the warning text on the bottom of RFQ tab, "Better Quoted Market Available!", and show a tooltip of "A better market quote is available including fees."

"Hit Market Bid" button appears

b. If user clicks on the "Hit Market Bid" button, the trade will happen against the market but the BW shall remain open. The trade flow is like trading away. However, if the trade is executed successfully, the underlying auction will be "DNT'ed"/Cancelled. If there's an order attached, the order state will be changed accordingly, Cancelled/Rejected/Executed, etc

c. User can also choose to honor the best bid in the auction by clicking the "Sell to RFQ button to trade with the best quote, which will follow regular BW flow"

5. Direct Bid/Offer = "Direct Quote"

Additional Improvements

1. Info tabs become dropdown

The Info tabs are converted to dropdown

MUNI Official Statement link is shown as "EMMA"

2. New RFQ Panel

a. Show "Subject" or "Live" based on the best quote on the title line
b. If the number of quotes is over 5, show a link on "# Quote(s)" text and show a tooltip when mouse over it, displaying a full list of quotes, as shown below
8 Quote(s)
c. There’s a dedicated Alert column for alerts

3. New PMP Widget

We reposition PMP widget to bottom part of the Trade Detail panel. Checkbox will be replaced by dropdown with these 3 options:

1. Auto-Calculate: When Auto-Calculate is selected, the editable field for PMP is disabled
2. Suppress: When Suppress is selected, the editable field for PMP value is disabled
3. Override: When Override is selected, the editable field for PMP value is displayed and editable

Default selection of the PMP widget is linked to the selected option from Clearing & Settlement except for the Suppress case:

• C&S option is "TMC", "Dealer", or "Customer" = PMP widget shows "Auto-Calculate"
• C&S option is "Internal" = Override
• Advisory/agent mode = PMP widget shows "Suppress"

As of the July release (June 2018), TMC upgrades all trader tickets to the 6.0 technology.

1. Buy/Sell Ticket

This is the Trade (Buy/Sell) ticket traders typically launch from search results (Market Snapshot, etc) by clicking on the Buy/Sell button or switch to from other ticket tab.

The 3.0→ 6.0 Transition

The "Buy Ticket" and "Sell Ticket" tabs are merged into one "Trade" tab. The action of switching between Buy and Sell tickets is replaced by changing the "Side" dropdown.

Additional Improvements

1. Clearing & Settlement panel

There could be 3 variations of Clearing & Settlement, each of which corresponding to trading with different counterparty. You can switch from one to another.

i. TMC (counterparty is ATS)

ii. Dealer (trading away against a dealer)

iii. Customer (trading away against a customer)

2. Position/Blotter/TMC market widgets

Position widget shows what you have in IMS; Blotter shows matching bids/offers in your Market Blotter; TMC shows the best matching bids and offers in the market.

3. Uniform Information widgets– All/History/Events/News

Carried from the 6.0 Order Ticket, this info widget panel combines multiple information tabs, e.g., Material Events, Price History, etc.

4. Removal of the Retail Order widget (“+” sign). This feature is replaced with universally accessible “Write Ticket” menu

You can launch a Quick Ticket (Trade Ticket) or Quick Order Ticket (Retail Trader Order Ticket) from above menu. This menu is available from 1) Market Snapshot, 2) Market Blotter (existing), and 3) IMS blotters.

5. Explicit Market Blotter inventory operation options:

If you want to alter Market Blotter inventory after a trade is executed, you need to pay attention to the inventory operation section. All operations will be controlled by these checkboxes, i.e., no more implicit logic.

The default values of these checkboxes can be found in the Appendix A.

Demo — Trade Ticket

2. New Ways to Launch Away Ticket

1. From the top level "Ticket" menu.Clicking on the >> button or hit enter will launch a Trade Ticket with Clear & Settlement default to "Dealer" options

2. From the "Write Ticket" menu on toolbar

This menu is available from 1) Market Snapshot, 2) Market Blotter (existing), and 3) IMS blotters. You need to select an underlying security before launching a Ticket on it. As illustrated below, a checkbox column on the left provides the means to select a certain row. After selecting a row and clicking on Quick Ticket, the ticket will be pre-populated with the details from underlying row.

Demo — Launching Quick Ticket from Market Snapshot

3. Fill Order Ticket

This is the Fill Order ticket you typically launch from Order Blotter by clicking on the Fill button.

Additional Improvements

1. Clearing & Settlement panel

There could be 4 variations of Clearing & Settlement, each of which corresponding to trading with different counterparty. You can switch from one to another.

An additional option that you don't find in institutional trader ticket is the Fill against Internal option.

i. TMC (fill order with ATS inventory)

ii. Dealer (trade away against a dealer)

iii. Customer (trade away against a customer)

iv. Internal (fill with internal inventory)

2. New Order Detail panel

3. Position/Blotter/TMC market widgets

4. Uniform Information widgets– All/History/Events/News

5. Removal of the Edit Order widget (the gear button). Edit Order can still be accessible from Order Blotter by clicking the Order ID link. You can launch a Quick Ticket (Trade Ticket) or Quick Order Ticket (Retail Trader Order Ticket) from above menu

6. A new note-taking button

Clicking on the pencil button at the bottom right corner will open up a "Trader’s Private Note" dialog box. What you enter in this window will be saved along with the order and shown as "Trader Private Notes" in Order Ticket Detail ticket.

Demo — Fill Ticket

4. Price Change Popup

When a trade ticket is submit, system will find the "best-ex" price in the market and try to execute. If "best-ex" price has gone worse than the requested price in the Trade Ticket, you shall see a "Price Change" popup.

1. For trade without order attached, you as an institutional trader is given two choices upon incurrence of the price change event

i. Continue Buying/Selling, or

ii. Close the ticket and do not trade.

2. If the trade was for filling order, you as a retail trader is given three choices upon incurrence of the price change event

i.Continue Buying/Selling, or

ii. Close the ticket and do not trade

iii. The additon option is to cancel the related order

5. Support 32nds Price Format for Treasuries and MBS

For Treasuries and MBS, you can start entering common 32nds price formats:

1. Number after the dash is in 32nds (range 00-99): 100-03 = 100 + 3/32 = 100.09375

2. Number after the 32nds are 8ths of 32nds, i.e., 256ths (range 0-7): 100-033 =100 + 3/32 + 3/256 = 100.10546875

3. Affix plus sign + after the 32nds means 1/64 (only one + is allowed): 100-01+ = 100 + 1/32 + 1/64 = 100.046875

6. Changes to Quick Order

Current Quick Order process will be split into two steps:

1. Create the order itself

2. Fill or Slate the order.Note that the Slate option is moved from Ticket body to a button in the popup when submitting order because the Clearing and Settlement panel is moved to later step– Fill Order Ticket

Appendix

Market Blotter Inventory Operations

Flavor	Counter Party	Insert Suspended Offer	Decrement Matching Bid	Decrement Matching Offer
Fill Order Buy/Sell	TMC	hidden	hidden	hidden
Fill Order Buy	Internal	hidden	hidden	visible;optionally enabled
Fill Order Sell	Internal	visible;default to unchecked	visible;optionally enabled	hidden
Fill Order Buy	Customer/Dealer	hidden	hidden	visible;optionally enabled
Fill Order Sell	Customer/Dealer	visible;default to unchecked	visible;optionally enabled	hidden
Trade Buy	TMC	visible;default to unchecked	visible;optionally enabled	hidden
Trade Sell	TMC	hidden	hidden	visible;optionally enabled
Trade Buy	Customer/Dealer	visible;default to unchecked	visible;optionally enabled	hidden
Trade Sell	Customer/Dealer	hidden	hidden	visible;optionally enabled

• May 2019 Enhancements
• July 2018 Enhancements