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Duration: 6:18

Instructor:

Contributor: Interactive Brokers

Level: Advanced

IBKRs Order Management System makes it easy to submit, stage, manage and track client orders whether they are received electronically via FIX or over the phone. The IB OMS is fully integrated with our electronic trading platform, Trader Workstation (TWS), giving you complete access to our advanced trading tools, algos and order types, real-time price/risk analytics and more.

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Study Notes:

IBKR’s Order Management System makes it easy to submit, stage, manage and track client orders whether they are received electronically via FIX or over the phone. The IBKR OMS is fully integrated with our electronic trading platform, Trader Workstation (TWS), giving you complete access to our advanced trading tools, algos and order types, real-time price/risk analytics and more.

In order to use the IBKR OMS Blotter, clients must first get permission to run the standalone software from their sales rep. Access the Blotter in Mosaic from the blue New Window button and expand the More Advanced Tools tree. The Blotter can be opened as a standalone tool, or users can add the component pieces to a window from the Blotter Ticket Tools menu displayed. In this lesson I will demonstrate the entire integrated version of the OMS Blotter.

The IBKR Blotter is a broker neutral platform offering clients flexibility to clear and route orders to away brokers and destinations or send an order to a specific exchange.

A single Blotter screen provides separate panels to enter and receive tickets, route orders to your firm’s desks, manage and submit client orders to an exchange, and view trade reports.

The IBKR OMS supports custom-designed routing between multiple desks within your firm. For example, your firm’s clients may submit tickets to you, or you could set up a Sales desk to receive and enter client tickets, and Trading desks to receive and manage orders. This type of configuration allows you to implement the most efficient task-oriented workflow.

The order status fields use color shading to show you the current status of your order at a glance. For
precise detail, for each order you can see the Total Quantity of the original order, Quantity Filled,
Quantity Left in the order, Quantity currently working and not working, the Average Price, the total filled
value and the percentage of the order routed.

The Blotter comprises these main sections:

  • The Manual Ticket Entry/Rapid Ticket Entry panel, used to manually create new tickets.
  • The Tickets panel displays manually created and electronic tickets, and the ongoing order status.
  • The Orders panel, used to modify and submit client orders.
  • The Trades panel, which displays summary and drill-down execution reports.

Electronic tickets via FIX appear in an incoming tickets panel, and other tickets can be entered manually by the trader using the Manual Ticket Entry panel. Once an order is accepted or added, you can manage all aspects of your clients’ orders from this single Blotter window.

Here’s a brief overview of some of the Blotter’s capabilities. Create a ticket in the Manual Ticket Entry
area. Use the Account drop down window to select the right account and from the Clearing column, you may choose from the firms other than IB if you need to. Type or select the quantity and select from Market or Limit for the Order Type. Change your Limit price if applicable. Use the button to Add to the Ticket staging area.

Orders staged in the Ticket area can be modified or submitted for execution in which case they will show
up in the Orders window below. In this staging area you can also route your order to a venue of your
choice or keep the Smartrouting default designation. Away brokers can be added by request to IB. The
default configuration is to SmartRoute all orders using IB technology. From the Destination dropdown
menu select an exchange or an away destination or select one of IB’s algos. When your order is ready for
submission use the transmit button to send your order.

Right-click on live orders and select Modify to alter the ticket. Use the Transmit button to resend your
order. Modified tickets awaiting instruction will show in brown in the Order area.

Having sent a Ticket to the Orders window users can then create and submit orders using IB algos.
Choose the order and click on the Destination dropdown menu. Select IB Algo. Use the dropdown menu
to the left, below the Child order line, to choose from the list of available algos. In this example, I will
choose the VWAP algo and fill out any required inputs before submitting the order.

The OMS Blotter is integrated with other TWS trading tools enabling clients to use sophisticated algos.
Click-right on a Ticket and select Trading Tools. From this selection note the Accumulate/ Distribute
Algo, which helps minimize market impact for large orders. From the list I will select the ScaleTrader
Algo, which is designed to help insulate larger-sized orders from increasingly deteriorating prices. I will
complete the input fields for initial order size, starting price and price increment for subsequent trades.
The software calculates all other entry prices based upon the order size and the order is ready to
submit.

To help clients keep the Blotter organized, Tickets are assigned a color-coded key and related Orders are
assigned a Child Order number. If you split a Ticket into multiple Orders at different prices for example,
each separate order will have its own Child Order number. Note the series of Filters at the bottom of the
Blotter. These allow the client to narrow the display by ticker or key as well as the trader who might
have submitted the order.

Disclosure: Interactive Brokers

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Supporting documentation for any claims and statistical information will be provided upon request.

Any stock, options or futures symbols displayed are for illustrative purposes only and are not intended to portray recommendations.

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