Order Execution
Sophisticated order execution allows you to place market and limit orders right on the screen. Open orders are displayed on your screen until they are filled or cancelled. For market orders the participants click on the bid/ask of the security they wish to sell/buy, and choose the quantity. For limit orders the participants click on the bid size/ask size, choose the price and quantity they wish to buy/sell and their order will be executed if/when the market moves to that price. An electronic ticket appears green for a buy order and red for a sell order. The electronic ticket disappears only if the order is cancelled or filled.
Securities are driven by news and market events that take place in real-time as the participants trade. Participants who react first to news and market events are filled at the best market prices (subject to the quantities offered). They also have the ability to "improve" market quotes by placing higher bids and lower asks. Executed market orders are shown in a window called time and sales which displays time, quantity and price of each transaction as it takes place.
Level I
Level I shows the ticker symbol, bid/ask size, best bid/ask, last executed trade, the last tick, and volume. Participants can monitor and place orders for multiple securities using this window.
Security Analysis
Participants are able to "evaluate" (profit/loss) in real-time for their individual securities and portfolio(s) in the "Position Analysis" window. They can also see in real-time their executed orders by clicking on "Order History". The "Account Balances" window lets participants see how much cash they have remaining, how much has been paid in commissions, the market value of securities and their net profit/loss.
Charting
Participants can chart multiple securities in realtime and draw chart annotations or use indicators to perform technical analysis. The charts window displays the historical price information as well as the volume. Chart types include candlesticks, OHLC, line, percentage change and yield curve functions.
Level II / Time & Sales
Level II and time & sales enables participants to read the signs in the market. Level II is a tool which displays the market depth with details of both the prices and quantities being bid or offered in the market at any time. Time & sales tracks each transaction in the market by displaying the time, quantity and price of each transaction as it happens.
News & Alerts
News & alerts provides participants with critical decision making information. For instance participants might receive information regarding economic conditions, changes to short-term interest rates or financial statements. Participants can doubleclick on any headline to read the full body of the news article before making a trading decision.