Quick Reference Guide
Table of Contents
Table of Contents
SECTION 1: CFLEX TRADING .................................................................................................................. 3
GETTING STARTED ........................................................................................................... 3 Login.............................................................................................................................. 3 MAIN SCREEN ................................................................................................................... 4 REQUEST FOR QUOTE FUNCTIONALITY .......................................................................... 5 Enter RFQ ..................................................................................................................... 5 Equity / Index / My group Folders ................................................................................ 5 Open Interest Screen .................................................................................................... 5 Respond to RFQ ............................................................................................................ 5 T1 & T2 Timers ........................................................................................................... 5 Execute RFQ ................................................................................................................. 6 ORDER MANAGEMENT ..................................................................................................... 6 Enter Order ................................................................................................................... 6 Modify Order................................................................................................................. 6 View Order .................................................................................................................... 7 Suspend Order............................................................................................................... 7 Resume Order................................................................................................................ 7 Cancel Order................................................................................................................. 7 TRADE HISTORY ............................................................................................................... 7 CHAT FEATURE ................................................................................................................. 8
SECTION 2: SUPPLEMENTAL NOTES..................................................................................................... 9
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Section 1: CFLEX Trading
Section 1: CFLEX Trading
Getting Started
Enter the URL https//flex.cboe.com to access the CFLEX system. Select version.
Pro Version – FLEX Traders will use this version of the application. Lite Version – This version is for those designated as View Only.
Login Enter Username and Password and accept disclaimer to log into the CFLEX system. To reset your password, contact the CFLEX Help desk.
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Section 1: CFLEX Trading
Main Screen
The main screen is divided into 3 sections: 1) Select Option Class – Products available for FLEX trading are accessed by using the Search field to locate a product or by selecting the Equity, Index or My groups folder and choosing from the drop down menu within the folders. 2) Active RFQ/Order Book – This area will display all live RFQs and orders entered for trading and users can manage their RFQs and orders by selecting one of the tabs (Suspend My Prices, Resume My Prices, Cancel Orders). 3) Blotter - User can view trading activity as well as other traders and support staff logged into the CFLEX system by selecting the appropriate tab (Events, RFQ Events, Trades, My Trades, Logged in Traders, Logged in Helpdesk). For more details, see User’s Manual section: CFLEX Trading / Main Screen page 6.
[1] [2]
[3]
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Section 1: CFLEX Trading
Request For Quote Functionality
All FLEX Trading must begin with the submission of an Request For Quote (RFQ) into the marketplace. For more details regarding this functionality, see User’s Manual section: CFLEX Trading / Request for Quote Functionality page14. Enter RFQ An RFQ can be entered into the CFLEX system several ways. Equity / Index / My group Folders − Double-click on the selected class or right-click to access the RFQ menu. − − − − Select “Start RFQ”. Complete the form. Check the Intent to Cross box if there is an intention to cross. Click “OK” to enter the RFQ into the marketplace.
Open Interest Screen − Double-Click on the series or right-click and select “Open Interest”. − − − Select “Start RFQ” Complete the form. Click “OK” to enter RFQ into the marketplace.
Double-click on selected class
Right-click and select from menu
Choose series from open interest screen
Respond to RFQ To respond to an RFQ, double-click on the bid/offer or right-click and choose Respond to RFQ. Responders will have a certain amount of time to respond with their maret quotes [See T1] and a certain amount of time to execute an order [See T2]. T1 & T2 Timers After an RFQ is submitted into the CFLEX system, the following occurs: − T1 is activated and RFQ mode is displayed in the State field. Participants can enter, modify and cancel orders. Crossing orders are entered into the book but no trades can occur when the state is in RFQ mode. The Initiator has exclusive rights to respond to the quotes before the market is open to all parties and anyone else that attempts to enter an order or start an RFQ will be rejected with the error message “Rejected: RFQ is being executed”. The Initiator cannot execute or cancel the RFQ before T2 begins.
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Section 1: CFLEX Trading
−
T1 ends is indicated by the change of color for the RFQ background in the Active RFQ/Order book to Magenta (dark pink) and the State field displays RFQ Execution. T2 If the RFQ remains and the book is crossed, then a rotation is performed. After the rotation, the RFQ is removed. If, after the completion of the RFQ, the series is not opened, then all responses are cancelled by CFLEX.
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Execute RFQ To execute: − − − Double-click on the bid/offer on the RFQ or right-click and choose “Execute RFQ”. Complete form. Click “OK” to execute the RFQ.
If the Strike price is expressed in percent instead of fixed dollars, the assistance of the FLEX Administrator is required before the trade can be completed. If the Intent to Cross box is checked, the appropriate percentage of contracts is allocated to the submitter of the RFQ after certain yielding conditions occur. [See User’s manual section:Matching Algorithm Logic page 36]
Order Management
No orders can be submitted for a series in which an RFQ has not previously been submitted. Once an RFQ is present, the series is eligible for order entry. Enter Order Double-clicking on the bid or offer of an order in the Active RFQ/Order Book or by right-clicking on the order and choosing either buy or sell from the menu. When double-clicking on the bid, a yellow Sell ticket will appear. Double-click on the offer, a green Buy ticket will appear.
Sell Order Form
Buy Order Form
Modify Order A user can modify their orders by highlighting the order, right-click and select Modify Order from the menu. Modified orders will not cause price/time priority to be lost unless there is an increase in the size of the order or a change in price.
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Section 1: CFLEX Trading
View Order A user can view their orders by selecting the order and right-clicking and choosing View Order from the menu. The entire order form is grayed out and editing is prohibited.
Suspend Order An order can be suspended by depressing the Suspend My Prices Tab located at the top of the Active RFQ/Order Book or by right-clicking on the order and selecting Suspend Order from the menu. The bid/offer font will change to red to indicate that the user’s order has been suspended.
Resume Order To reinstate an order, the user can click the Resume My Prices tab located at the top of the Active RFQ/Order book or right-click on the suspended order and choose Resume Order from the menu. Cancel Order An order can be removed from the market by selecting the order, right-click and choose Cancel Order from the menu. The Cancel Orders tab can also be used to cancel orders. When prompted, the user selects the order they wish to cancel, highlight and click OK.
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Section 1: CFLEX Trading
Trade History
Users will be able to view their historical trade data by using the Trade History feature on CFLEX. To access Trade History, click Trade located on the tool bar and click Trade History. The Trade History screen will appear and the user can view current trading activity or search for previous trades. For more details, see User’s Manual section: CFLEX Trading / Trade History page. 26
Chat Feature
Users are able to initiate a chat with other logged in users, help desk staff and order providers. To chat with another user or the help desk staff: − − − Click on the Logged-in Traders or Logged in Helpdesk tab. Highlight user from the Username column. Double-click on the name or right-click to bring up the “Initiate chat session” window and proceed to type in your message. Highlight order in Active RFQ/Order book. Right-click and select “Chat” to bring up the “Initiate chat session” window and proceed to type in your message.
To chat with an order provider: − −
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Section 2: Supplemental Notes
Section 2: Supplemental Notes
Matching Algorithm Logic Summary
The following is a summary of the priority of orders in response to RFQ’s for FLEX markets: In a standard market with no intent to cross the order, the highest priority would be given to orders already in the book for that particular series. Then, customer responses to the RFQ would follow. Finally, priority would be given to Market Maker, Firm, or Broker Dealer responses. In a standard market with intent to cross the order, the highest priority would be given to orders already in the book for that particular series. Then, customer responses to the RFQ would follow. After that, the crossing entitlement for the submitter would be allocated. Finally, priority would be given to Market Maker, Firm, or Broker Dealer responses. In a locked or crossed market scenario, where the submitter is a customer, the highest priority would be given to orders already in the book for that particular series. Priority would then be given to the submitter. Then, customer responses to the RFQ would follow. Finally, priority would be given to Market Maker, Firm, or Broker Dealer responses. In a locked or crossed market scenario, where the submitter is a non-member Market Maker, the highest priority would be given to orders already in the book for that particular series. Priority would then be given to the submitter. Then, customer responses to the RFQ would follow. Finally, priority would be given to Market Maker, Firm, or Broker Dealer responses. In a locked or crossed market scenario, where the submitter is a Market Maker, Firm, or Broker Dealer, the highest priority would be given to orders already in the book for that particular series. Then, customer responses to the RFQ would follow. Priority would then be given to the submitter. Finally, priority would be given to other Market Maker, Firm, or Broker Dealer responses.
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