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The Administrator tab

Options

Set focus on each new message. Draws the Administrator. attention to a message sent by a client, which may indicate that the client has a problem that requires administrator intervention.

Central Bank Supports market. If enabled, according to the session set up, the 'central bank' (i.e. you, the Administrator) is the entity that supports the market price.

The support events may be recorded in a log.

Maintain log of positions. optional, default=on. Shows the client’s positions throughout the session.

Enable Position Limiter. When enabled, automatically closes and positions above the current set position limit at the market price (i.e. if on autotransact, the user will have excess positions immediately cut on the opposite side of the market.) However, the excess positions are not re-entered into the market, therefore there is a chance that a user can ‘abuse’ the system, despite getting heavily penalized.

Enable loss limiter. Ends a user session if the loss limit has been breached.

Enable pre-emptive error checking. For de-bugging, so it is not necessary to check this box.

Check Level one users. Default=on, but irrelevant with this version.


How to Control AutoTransact

The AutoTransact control panel shows the sum exposure of the total ‘virtual customer’ exposure in the market.

Assuming a zero-numbers game, eventually this should be restored to 0 (or thereabouts) by manipulating the Deal Direction basis during the session. (This does not have to be the case, though - it's up to you).

The Deal Direction Bias allows you to control the market-wide general direction of virtual customer trades. For example, if you introduce some dramatic news that would weaken your base currency, you may temporarily set the slider to the right, so that the customers start selling heavily. The bias is shown in the current bias field and the 'set new bias' button is clicked to invoke the new level.

If you are using live rates as the basis for the trading session, this can be done automatically.How do I use Live rates in trading sessions?

It is also possible to deactivate auto transact on all clients, useful when winding down a session, or a trading pause is required

You may export the aggregate positions to export, for help in the post-session analysis.


The Central Bank

The Central Bank acts as a support function for the market when there are no pther participants adding liquidity in the market by entering bids and offers, either automatically through the Crawling Support mechanism, or manually..

In addition, the Central Bank can execute trades or 'broker' trades between traders.

If there is a session problem, for example, a mismatch between to clients due to a network problem or a trade done on a wrong 'big figure', that is acknowledged as a mistake by both parties, the central bank can make compensating deals either as a 'broker' or direct with one of the parties.

The Central Bank can 'intervene' in the market by placing bids and offers in the electronic broker, or by hitting the market price. For example, to follow the actions of say, the Japanese National Bank, the Central Bank may want to enter the market and by $500 million 'at the market'. In this case, all market orders will be executed up to a price where all $500 million has been executed. This must be used with care, otherwise there will be some extreme movements!

These orders are executed by clicking the "Execute Hit" button.

Normally, the central bank's position is in balance with the aggregate client's position.


Locking Out Users

Sometimes, it may be necessary to lock out users, that is, kick them off the system and not let them on again!

Users who are intent on sabotaging a session or if they have breached a loss limit for a certain number of times, can be disqualified from entering or re-entering a session.

However, they may be re-allowed at any time.


Stop Loss Orders and Support Account

The traders are allowed to set stop loss orders whenever they 'pause' the session. The mechanism is quite simple, and not as sophisticated as that on the 'stand alone' version of TraderMetrics

Stop-loss orders, when executed, are done with the Central Bank, but not on the market

Stop loss orders executed are not automatically 'turned' by the central bank in the market. The central bank is the counter party to all stop loss (and limit) orders, so it is at the discretion of the central bank (i.e the Administrator) whether to execute the stop balances in the marketplace. This is because very often the stops and limits are in balance. However, to be absolutely realistic, the orders should be executed in the market when possible, if there is enough support by other traders to support this operation


Parity Engine

A complex mechanism to allow a virtual market to follow a completely unrelated live market. The AutoTransact mechanism has to be engaged

In its simplest form, links can be made to live data source by DDE. For example, FXTrek's Intellichart uses the Sevice name of "FXTrek", The topic name of "Bid" and the Item "EURUSD" to use the bid from the EURUSD currency pair. See How do I use Live rates in trading sessions?

This is NOT the same as broadcasting the live rate from the vendor, which is in most cases prohibited. It merely drives the AutoTransact mechanism to converge the virtual market with the real market.

In advanced use, it can be linked to a spreadsheet called 'Parity Engine.xls" in the application folder, which allows any live market link to be used. Therefore, it would be possible to use the spot crude oil price, NASDAQ or any other market to drive a virtual forex market.


Crawling Support

Crawling Support is where the Central Bank supports the market automatically, according to settings that can be adjusted dynamically during a trading session

In a virtual market, these paramenters can cause the price to move a certain amount according to how much has been dealt on the bid or offer

For example, the market price is set to 1.25 50-53 (EURUSD). with the magnitude set to 1 point and the amount 1 million EUR. This means that every time €1 million is dealt on the bid or offer, the price will move down or up one point.

Using the Multiplier can affect the amount being bid or offered, therefore disguising the real magnitude settings

The new settings may be invoked immediately, or invoked on the next transaction.


Controlling and Monitoring the Users (Traders)

The users window displays a list of users and an interface for the control of the users. This is used mainly in connection with problems that may come up in a session. For example, if the network connections go down mid-conversation, the conversation window may 'freeze'. After getting a message from the client, the Administrator may force the conversation to clear. This may cause a mismatch position that can be addressed via the Central Bank tab.

Update User Position This button forces the selected user (selected by clicking on the appropriate user's information)

Update All Users This button updates and refreshes all information for all users.

Square all users. This button squares (reduces base currency positions to 0) all the user positions at a preset rate and does not move the market in a crawling rate session. Ideal for ending a session. Enter the rate at which you want to do this (usually the current mid-rate)

Clear Conversations. Sometimes a trading conversation may be stuck, or frozen. Clicking this button will clear down conversations for a selected user

Request statistics It is possible to display the user's statistics for Position, Electronic Broker, Conversations and Profit Take (sellect from drop-down list) by clicking this button

Clear electronic broker. Sometimes and order will be shown as active on the client's EB interface when it is not. Clicking here clears all orders, real or not, from the client and the electronic broker for that client.

Check User Responding Checks to see if there is a connection between the client and the server.

Check all users and update all users are powerful commands and can impact system performance if there are many clients. Use with care.

Log user off. A client can be forced off the system. Use this button to do so

All the current information may be exported to Excel, buy clicking the Export to Excel button. This is vital to do at the end of a session if you are running a competition as it gives a snapshpt of all relevant profit & Loss details


Messaging

This is a facility to message between the Administrator and logged-on users. If you receive a message from a user, the reply address will automatically be displayed. You can also include a link (a Forum FAQ, for example) in your message. The large window shows a log of recent messages


Electronic Broker

It is possible for the Administrator to see all electronic broker orders currently in the market, in a rate and time order (i.e. the oldest orders at the best price)


Event Log

All session events, including client log on sequences/attempts, may be logged here.


Network TCP/IP Message Log

This is an advanced de-bugging and trouble shooting window and should not normally need to be viewed


Deal Log

The Deal Log is a record of all deals (trades) that have been done through all syatems (conversational dealing, central bank-invoked, autotransact, stop-loss or electronic broker)

Match Deals Clicking this button will go through the entire deal log and match off deals. This can be done in real time by checking the box but may slow performance. If the 'record matching activity in application log' is checked, this real time checking will be recorded in the file 'deallog.txt' or deallogmirror.txt' in the application directory.

After performing a 'Match Deal' operation, the Validate Deal Log button on the tab of the same name may be clicked, which will show any unmatched deals. This information may be exported to Excel for further action. That action may be to isolate the unmatched 'side' of a deal. then use the Central Bank function to rectify the mismatch.


Closing Down a Trading Session

A session is closed from the Server menu

You may also Exit Application, which will allow a recovery. The clients do not have to be logged off, or closed down for this recovery to take place. This may be necessary if the PC needs to be closed down for any reason.

Do not forget to capture the user information before closing down. There are no statistics as in the Client version of TraderMetrics.



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