Guru's Verification engine ensures consistency, confidence, and trust in the knowledge your organization shares. Learn more.

Trade Details

MFXEcho shows you the granular details of every trade you execute, allowing you a unique and elevated insight into your flow.

Some trade details can be viewed in the Yield Profiles tables below the chart. Further details specific to the trade can be access either by selecting the trade ID of the trade you wish to view in the individual Yield Profiles view, or from the Top-of-Book screen by selecting the triangle that represents the chosen trade.

Trade Tickets

Succinctly presented in the form of a 'Trade Ticket', this information is easily accessed, and entirely comprehensive.

image.png

The ticket is made up of 8 sections:

Trade Ticket Sections

Client Information

This section contains information about the trade counterparty and the type of account they hold. This includes the:

  • Party (book the client is trading in)

  • Trading ID

  • Trading Account Type

Order Details

Here, you can find information about the order placed by the counterparty, this includes:

  • Their requested quantity (from the house perspective, presented in base currency)

  • Order type

  • Requested Price (price at the time the order was sent, for market orders this will appear empty)

  • Requested time and date of the order

  • Order ID

  • Group ID

  • Instrument pair traded

  • Market on which the order was filled (for internal client orders this will always be the DISTRIBUTION process, for external hedged or STP orders this will show the LP the trade was routed to)

  • Channel (distribution channel in which all counterparty trades are routed through)

  • Any comments the counterparty may have made about the order

Trade Details

The trade details section holds information about how the order placed by the counterparty was filled. This includes:

  • Filled quantity in requested currency and equivalent USD amount

  • Filled Price

  • Time and date that the order was filled

  • Interest to fill

  • Event ID

  • Trade ID (both market and client ID)

  • MS Guess

  • Capacity

Price Improvement/Slippage

Here, you can find:

  • Publish price (published price at the time of trade)

  • Publish to fill (slippage/negative value in $)

  • Publish to fill (slippage/negative value in $/M)

Yield Profiles

You will be familiar with Yield Profiles from earlier in the training. MFXEcho also constructs a Yield Profile for each trade executed, this shows:

  • Total PnL

  • Spread PnL

  • Forward PnL

  • Liquidity Reduction PnL

Internalization Details

MFXEcho shows you which trades have been internalised and which have been brokered, and this information can be filtered on 'Trade Type'. For trades that have been internalised, the Trade Ticket shows you:

  • Execution Profile that governed the execution decision of the trade

  • Markup ID (unique ID generated if the trade matches criteria defined in the Channel Explorer Markup Profiles)

  • Core Price Market (pricing model the trade was executed on)

  • Liquidity Reduction

  • Liquidity Reduction PnL

  • Fee/Million

  • Actual Delay between requested time and filled time on internalised trades

  • Global Delay

  • Reference Mid Price

  • Fill Attempts

Brokering Details

The Trade Ticket shows the following information, regardless of whether or not the trade has been brokered:

  • Decision (this refers to the execution decision taken on the trade defined by the Execution Profile governing the flow)

    • 'Filled' refers to a brokered trade

    • 'Disabled' refers to an internalised trade with no execution (where the Execution Profile is set to Internalise all or forcibly internalised)

    • 'First Look' refers to a trade that has been internalised after passing checks

  • Fee Discount

Quoted Price

This section contains more information around pricing, including:

  • Published price (at time of trade)

  • Order book age (the age of the price at time of trade)

  • Allowed deviation (the absolute maximum the price can deviate from the quoted price)

  • Adjusted Price (bid/offer price with the allowed deviation applied)

  • Slippage

Cancels

In the event of cancels, the Trade Ticket will present:

  • The event ID

  • Reason for cancellation

External Hedge Trades

External hedge trades provide all the above trade details plus additional information on the conditions at the time causing the hedge trade to be triggered.

image.png

Hedging decision

Hybrid Hedger

  • Hedger style (Aggressive/Passive)

  • Triggering rule details the Hybrid hedger rule that triggered the hedge trade

  • Signal (where the trade was triggered by a Signal, this field will state either 1 or -1, where +1=buy and -1=sell)

  • Position (equivalent position in insttrument at time of trade)

  • Volatility

  • VaR at the time of the trade

  • VaR reduction (amount the hedge trade reduced total book VaR by)

  • Reference mid price (internal model reference)

  • LP price at time of trade

  • Aggressive group (Cannon/DTA)

  • Allocation comments (details governing rule predicates)

  • Trigger comments (where triggered by a counterparty trade this field shows the first triggering trade and the most recent trade matching the hedger criteria since triggering)

  • Vol factor

  • Max spread the hedger is willing to pay to complete the hedge

  • Max quantity

Arb Hedger

  • Signal

  • Position

  • Volatility

  • VaR

  • VaR reduction

  • Reference mid price

  • LP price

  • Arb trigger mode (Risk reducing/increasing)

  • Order age

  • Initial return

  • Initial return percentile

  • Predicted return

  • Predicted return percentile

  • Yield percentile

  • TP Adjustment Profit

You must have Author or Collection Owner permission to create Guru Cards. Contact your team's Guru admins to use this template.