Multi-Leg Trading Positions

ChemConnect’s Chalkboard trading platform displays both bids and offers for certain products, location and terms.  There are also multi-leg positions such as buy-sells and exchanges displayed on the Market window.  There are certain guidelines you may want to follow in order to better understand how to post and accept a multi-leg trading position.

 

Guidelines:

 

 

 

 

 

 

 

Create a Multi-Leg Position

 

The Create Posting window option allows you to create a new multi-leg position and post it on the Market window.

 

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

 

 

Menu Option Creation

 

What

How

 

Open the Create Position window

 

 

Click on the Create Posting menu option on the Market window

 

 

Creating a multi-leg position

 

 

When the Create Posting  window is open:

  1. Click in the radio button for the    Transaction type (Buy-Sell or Exchange)

  2. Click on the basis for the multi-leg position:  Product, Term or Location

  3. Continue creating a multi-leg position 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 multi-leg position to the Market window

 

 

Once the Create Posting window is completely filled out:

  1. Click on the Post button on the window to release the multi-leg position to the Market window

 

 

Verify your multi-leg position 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 multi-leg position will appear with an “BS” for Buy-Sell or a “EX” for an exchange in the Transaction column on the Market window

 

 

 

 

 

Market Window Creation

 

An easy way to create a multi-leg position is to copy a multi-leg position already on the market.  It is as easy as 1-2-3 and you are in the market, ready to trade!

 

What

How

 

Copy a multi-leg position already on the Market window

 

 

  1. Right-click on any buy-sell or exchange position you wish to copy

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

  3. The Create Posting window will appear

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

 

 

Post a multi-leg position to the Market window

 

 

Once the Create Posting window is completely filled out:

  1. Click on the Post button on the window to release the multi-leg position to the Market window

 

 

Verify your multi-leg position 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 multi-leg position will appear with an “BS” for a  buy-sell or an “EX” for an exchange in the Transaction column on the Market window

 

 

 

 

 

Modify Your Live Multi-Leg Position

 

Once you have created a multi-leg position and posted it the Market window, you can modify your position with simple right-click functionality.  It is important to note that modifying a buy-sell or exchange will temporarily suspend 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 Posting 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 and a ¼ cent for Chemicals.

 

What

How

 

Modify YOUR OWN multi-leg position

 

 

  1. Right-click on your multi-leg position you wish to change

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

  3. The Create Posting window will appear

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

 

 

Post the new multi-leg to the Market window

 

 

Once the Create Posting window is completely filled out:

  1. Click on the Post button on the window to release the multi-leg position to the Market window

 

 

Verify your new multi-leg position 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 multi-leg position

 

 

  1. Click on the up or down arrow in the cell where your existing buy-sell or exchange is located

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

 

 

 

 

 

Withdraw Your Live Multi-Leg Position

 

There may be times when you want to withdraw your existing multi-leg 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 multi-leg position

 

 

  1. Right-click on your own existing buy-sell or exchange

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

  3. Click on the “W” in the cell where your buy-sell or exchange is located

  4. Your multi-leg position is now in the My Orders window under Inactive Postings

 

 

Withdraw ALL of your own multi-leg position 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 Multi-Leg Position

 

If you ever need further explanation of a posted multi-leg position, 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 multi-leg position

 

 

  1. Right-click on any multi-leg 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 Multi-Leg Deal

 

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

 

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

 

What

How

 

Choose a multi-leg position on the Market window that you wish to accept

 

 

Scroll through all the multi-leg positions on the Market window

 

 

Accept a multi-leg position

 

 

  1. Right-click on an existing multi-leg position you wish to accept.

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

  3. Left-click on an existing multi-leg position you wish to accept.

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

 

 

Acknowledge the completed multi-leg position deal

 

 

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

 

 

 

 

 

 

 

Sweep a Multi-Leg Position

 

You can easily and quickly accept more than one buy-sell or exchange position at a time on Chalkboard.  This section shows you the process of choosing more than one multi-leg position at a time and completing more than one multi-leg deal at a time.

 

If you cannot complete a sweep transaction due to a credit setting limitation, the position will be listed 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 multi-leg positions on the Market window that you wish to sweep

 

 

  1. Scroll through all the multi-leg positions on the Market window

  2. Click on one of the multi-leg positions you wish to accept and then hold down the SHIFT key and click on any additional multi-leg positions 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 multi-leg positions you chose to accept with a checkmark

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

  3. Confirm the total deal volume

  4. 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

 

 

Once the deal has been accepted by you:

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

  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 Multi-Leg Position

 

You may also negotiate with the owner of an existing multi-leg position by sending them a confidential counter offer.  This section walks you through the process of interactively negotiating with a trading partner on a buy-sell or exchange.

 

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 multi-leg position in the Market window that you wish to negotiate

 

 

Scroll through all the multi-leg positions on the Market window

 

 

Negotiate a multi-leg position

 

 

  1. Right-click on an existing multi-leg position you wish to negotiate.

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

  3. Right-click on an existing multi-leg position 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 multi-leg position

 

 

  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