Bid or Offer Trading Positions

ChemConnect’s Chalkboard trading platform displays both bids and offers for certain products, location and terms.  There are certain guidelines you may want to follow in order to better understand how to post a trading position.

 

Guidelines:

 

 

 

 

 

 

Create a Physical Bid or Offer Position

 

The Create Bid and the Create Offer Market window options allow you to create a new position and post it on the Market window.

 

There are several ways to create a physical position on Chalkboard.  You can either create a position from scratch, use an existing order on the Market window, or use a bid or offer or template you have created in the past.  The templates or withdrawn positions that you have created in the past are stored in the My Orders window.  See Create a physical bid or offer position for more information on creating a bid or offer from a template or an order created in the past.

 

 

Quick Picks Creation

 

The Quick Pick creation of a physical bid or physical offer involves creating a posting from a list of common NGL trading products and commodities.  Each product and commodity location is paired together for an easy way to create a bid or offer from “scratch.”  At this time, the Quick Pick option is only available for physical NGL postings, not swaps.

 

The first step is to create your own Quick Picks that meet your specific trading needs.  When creating the Quick Picks, you will only be able to  quickly and easily create bids or offers from those particular products, locations and terms.

 

What

How

 

Open the Quick Picks window

 

 

  1. Click on the Settings menu option on the Market window

  2. Click on the Quick Picks option

 

 

Set the Quick Picks postings

 

 

  1. Click on the drop down arrow and scroll up or down the list until you find the  Product, Location and Term you wish

  2. Remember:  The Product and Location will be linked together in the Create Bid or Create Offer window

  3. Repeat this process until you have created up to six Quick Picks

 

 

Save Quick Picks settings

 

 

  1. Click on the Save button on the Quick Picks window

  2. Click on the Close button on the Quick Picks window

 

 

Open the Create Bid or Create Offer window

 

 

Click on the Create Bid or Create Offer menu option on the Market window

 

 

 

Creating a bid or offer

 

 

When the Create Bid or Create Offer window is open:

  1. Click in the radio button for the  Transaction type (Physical only) you wish

  2. Click the radio button for the linked Product and Location Quick Pick combination you wish

  3. Click the radio button for the Term Quick Pick you wish

  4. The Product, Location and Term have all been automatically updated below the Quick Pick box

  5. Continue creating a bid or offer by entering or using the drop down menu to choose the Index, Price, P-UOM, Volume, V-UOM, Comments (if necessary) and Time Duration

 

 

 

 

 

 

 

Post a bid or offer to the Market window

 

 

Once the Create Bid or Create Offer window is completely filled out:

  1. Click on the Post button on the window to release the bid or offer to the Market window

 

 

Verify your bid or offer before releasing to the live market

 

 

  1. A Confirm Posting window will appear before you can release the position to the Market window

  2. If the position is correct, simply click on the Confirm button

 

 

 

 

   

Market Window Creation

 

An easy way to create a bid or offer is to copy a position already on the market or click in any empty bid or offer cell for a position.  It is as easy as 1-2-3 and you are in the market, ready to trade!

 

What

How

 
Copy a bid or offer already on the Market window

 

 

  1. Right-click on any position you wish to copy

  2. Click on the Copy option on the pop-up window

  3. The Create Bid or Create Offer window will appear

  4. Complete the choices in the window, making no or any changes you wish to the original position.

  5. NOTE: If any comments exist in the original position, then those comments owner are still in the copied position. You may want to review and/or change the original poster’s comments.

 

 

Post a bid or offer to the Market window

 

 

Once the Create Bid or Create Offer window is completely filled out:

  1. Click on the Post button on the window to release the bid or offer to the Market window

 

Verify your bid or offer before releasing to the live market

 

 

  1. A Confirm Posting window will appear before you can release the position to the Market window

  2. If the position is correct, simply click on the Confirm button

 

IMMEDIATELY post a bid or offer on an existing position

 

 

  1. Click on an open bid or offer cell and enter your price and volume.

  2. Hit Enter on your keyboard--you’re in the market!

 

 

 

 

 

 

Create a Financial Swap

 

The Create Bid and the Create Offer Market window options allow you to create a new position and post it on the Market window.

 

There are several ways to create a financial position on Chalkboard.  You can either create a position from scratch, use an existing order on the Market window, or use a bid or offer or template you have created in the past.  The templates or positions you have created in the past are stored in the My Orders window.  See Create a physical bid or offer position for more information on creating a bid or offer from a template or an order created in the past.

 

 

Menu Option Creation

 

What

How

 

Open the Create Bid or Create Offer window

 

 

Click on the Create Bid or Create Offer menu option on the Market window

 

 

Creating a financial swap

 

 

When the Create Bid or Create Offer window is open:

  1. Click in the radio button for the Transaction type (Swap only)

  2. Continue creating a swap by entering or using the drop down menu to choose the Product, Location, Term, Settlement Index, Price, P-UOM, Volume, V-UOM, Comments (if necessary) and Time Duration

 

 

 

 

 

 

 

Post a financial swap to the Market window

 

 

Once the Create Bid or Create Offer window is completely filled out:

  1. Click on the Post button on the window to release the bid or offer to the Market window

 

 

Verify your swap before releasing to the live market

 

 

  1. A Confirm Posting window will appear before you can release the position to the Market window

  2. If the position is correct, simply click on the Confirm button

  3. Your swap will appear with an “SW” in the Transaction column on the Market window

 

 

 

 

 

Market Window Creation

 

An easy way to create a financial swap is to copy a position already on the market or click in any empty bid or offer cell for a position.  It is as easy as 1-2-3 and you are in the market, ready to trade!

 

What

How

 

Copy a swap already on the Market window

 

 

  1. Right-click on any position you wish to copy

  2. Click on the Copy option on the pop-up window

  3. The Create Bid or Create Offer window will appear

  4. Complete the choices in the window, making no or any changes you wish to the original position

 

 

Post a swap to the Market window

 

 

Once the Create Bid or Create Offer window is completely filled out:

  1. Click on the Post button on the window to release the bid or offer to the Market window

 

 

Verify your swap before releasing to the live market

 

 

  1. A Confirm Posting window will appear before you can release the position to the Market window

  2. If the position is correct, simply click on the Confirm button

  3. Your swap will appear with an “SW” in the Transaction column on the Market window

 

 

IMMEDIATELY post a swap on an existing position

 

 

  1. Click on an open bid or offer cell and enter your price and volume.

  2. Hit Enter on your keyboard -- you’re in the market!

 

 

 

 

 

 

 

Modify Your Live Bid or Offer Position

 

Once you have created a bid or offer and posted it the Market window, you can modify your position with simple right-click functionality.  It is important to note that modifying a bid or offer will temporarily withdraw the order until the modification is complete.  Your order is only placed back into the Market window by clicking on the Post button in the Create Bid or Create Offer window.

 

If you just wish to change the price of your own existing order, just simply click on the up or down arrow to modify the price only.  The price increments are defaulted and determined by the product, price and unit of measure—typically, the increment is a 1/8 of a cent for NGLs.

 

What

How

 

Modify YOUR OWN bid or offer position

 

 

  1. Right-click on your bid or offer position you wish to change

  2. Click on the Modify option from the pop-up menu

  3. The Create Bid or Create Offer window will appear

  4. Complete the choices in the window, making no or any changes you wish to the original position

 

 

Post the new bid or offer to the Market window

 

 

Once the Create Bid or Create Offer window is completely filled out:

  1. Click on the Post button on the window to release the bid or offer to the Market window

 

 

Verify your new bid or offer before releasing to the live market

 

 

  1. A Confirm Posting window will appear before you can release the position to the Market window

  2. If the position is correct, simply click on the Confirm button

 

 

Change only the price of your existing bid or offer

 

 

  1. Click on the up or down arrow in the cell where your existing bid or offer is located

  2. The price is automatically changed by the default increment, either higher or lower

 

 

 

 

 

Withdraw Your Live Bid or Offer Position

 

There may be times when you want to withdraw your existing positions from the Market window.  This section will give you details on the several easy ways in which you can withdraw your own position:  

 

Also, it is important to remember that when you withdraw your order from the Market window, it is not deleted from the system.  The position actually gets transferred to the My Orders window, under Inactive Postings.

 

What

How

 

Withdraw a single bid or offer position

 

 

  1. Right-click on your own existing bid or offer

  2. Click on the Withdraw option from the pop-up menu
    -or-

  3. Click on the “W” in the cell where your bid or offer is located

  4. Your bid or offer position is now in the My Orders window under Inactive Postings

 

 

Withdraw ALL of your own orders on the Market window

 

 

Simply click on the Withdraw Mine menu option on the Market window and all your orders go to the My Orders window under Inactive Postings

 

 

 

 

 

View the Details of a Live Bid or Offer Position

 

If you ever need further explanation of a posted bid or offer, you just simply need to right-click on a position and click on Details.  This window will give you the facts about a specific position.

 

What

How

 

View the details of a live position

 

 

  1. Right-click on any position in the Market window

  2. Click on the Details option from the pop-up menu

  3. View the particulars on that specific deal

 

 

 

 

 

Complete a Bid or Offer Deal

 

This section walks you through the procedure of taking out a bid or offer for the full volume, listed price and listed product specifications on the Market window.  NO negotiation is involved.

 

The easiest way to complete a bid or offer deal is to right-click on an existing position and click on the Accept menu option.  Or, you can left-click on a position and click on the Accept button on the Counter Negotiation window.

 

What

How

 

Choose a bid or offer on the Market window that you wish to accept

 

 

Scroll through all the bid or offers on the Market window

 

 

Accept a bid or offer

 

 

  1.  Right-click on an existing bid or offer you wish to accept.  Be sure to click in the Bid or Offer column

  2. Click on the Accept option in the pop-up menu
    -or-

  3. Left-click on an existing bid or offer you wish to accept

  4. Click on the Accept button on the Counter Negotiation window

 

 

Acknowledge the completed deal

 

 

Once the deal has been accepted by you:

  1. A Deal Confirmation window opens to acknowledge the acceptance of the position

  2. Click on the Print button if you wish to have a hard copy for your files

  3. Click on the Close button to return to the Market window

  4. The completed transaction is then listed in the Completed Deals report

  5. The confirmation will be either e-mailed or faxed to your attention, as you specified to the Chalkboard customer service representative

 

 

 

 

 

 

 

Sweep a Bid or Offer Position

 

You can easily and quickly accept more than one bid and/or offer position at a time on the Chalkboard trading application.  This section shows you the process of choosing more than one position at a time and completing more than one deal at a time.

 

If you cannot complete a  sweep transaction due to a credit setting limitation, the position will be listed, but in red and will not be included in the total deal volume or the weighted average price in the Sweep Confirmation box.

 

What

How

 

Choose bids or offers on the Market window that you wish to sweep

 

 

  1. Scroll through all the bid or offers on the Market window

  2. Hold down the CONTROL key and click on any of the bids or offers you wish to accept and then hold down the SHIFT key and click on any additional bids or offers you wish to accept

  3. Right click and choose the Sweep option from the pop-up menu

 

 

Confirm your sweep deals

 

 

  1. In the Sweep Confirmation box, you will view the bids and offers you chose to accept with a checkmark.

  2. NOTE:  Any orders in which you had any credit failures with will be unchecked and the box will be disable.

  3. You can delete any positions you no longer wish to accept by clicking in the small box to the left of the position and removing the checkmark

  4. Confirm the total deal volume

  5. Confirm the Weighted Average Price for all the positions you wish to accept

 

 

Accept the sweep

 

 

  1. Click on the Sweep button to accept the positions listed

  2. Click on the Cancel button to cancel the sweep if you no longer want to accept the positions

 

 

Acknowledge the completed sweep deals from your sweep

 

 

Once the deal has been accepted by you:

  1. A Deal Confirmation window opens for you to acknowledge the acceptance of the deal

  2. Click on the Print button if you wish to have a hard copy for your files

  3. Click on the Close button to return to the Market window

  4. The completed transaction is then listed in the Completed Deals report

  5. The confirmation will be either e-mailed or faxed to your attention, as you specified to the Chalkboard customer service representative

 

 

 

 

 

Negotiate a Bid or Offer Position

 

You may also negotiate with the owner of an existing bid or offer by sending them a confidential counter offer.  This section walks you through the process of interactively negotiating with a trading partner on a bid or offer.

 

Every position on the Market window can be negotiated, if you wish.  Any trader can cancel a negotiation at anytime before the deal is accepted.  You can negotiate back and forth as long as you and the other trader need to “talk.”  Any of the specifications that either party changes will be displayed in red on the Counter Negotiation window.

 

There are two ways to negotiate with a trading partner:  

 

What

How

 

Choose a bid or offer on the Market window that you wish to negotiate

 

 

Scroll through all the bid or offers on the Market window

 

 

Negotiate a bid or offer

 

 

  1. Right-click on an existing bid or offer you wish to negotiate.  Be sure to click in the Bid or Offer column

  2. Click on the Counter option in the pop-up menu
    -or-

  3. Left-click on an existing bid or offer you wish to negotiate

 

Once the Counter Negotiation window opens:

  1. Change the terms as necessary and click on the Counter button to send to the counter party

  2. Wait for a return of negotiation of acceptance by the other party

  3. Repeat process as necessary

 

 

Accept the bid or offer

 

 

  1. When the Counter Negotiation window returns with the specifications you agree to, click on the Accept button

  2. Click on the Cancel button to cancel the negotiation if you no longer want to accept the position

 

 

Acknowledge the completed deal

 

 

Once the deal has been accepted by you or the counter party:

  1. A Deal Confirmation window opens for you to acknowledge the acceptance of the deal

  2. Click on the Print button if you wish to have a hard copy for your files

  3. Click on the Close button to return to the Market window

  4. The completed transaction is then listed in the Completed Deals report

  5. The confirmation will be either e-mailed or faxed to your attention, as you specified to the Chalkboard customer service representative