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USER MANUAL - Version 4.0

1. KR H 25 0500 Ge 25 0400 ll 25 0300 25 0200 25 0100 25 0000 hai Hees en bes bes TT 3 2 About Candlestick Charts Each chart is created using standard candlestick Candlesticks have been around for hundreds of years They are often referred to as Japanese Candles because the Japanese would use them to analyze the price of rice contracts Similar to a bar chart candlestick charts also display the open close daily highs and lows The difference in colour displays if the stock was up or down compared to the previous bar High gt D o pper Shadow Close gt Vi ite Open E Real at Body Lower gt Shadow S Zi 12 The real body is the 2 dimensional rectangle made by the difference between the open and close of the trading period either 1 minute 5 minute or 1 day depending on the chart you are viewing The body will be green when the close for the period is higher than then the previous bars close and red that it closes lower than the previous bars close The thin vertical line above and or below the real body is called the upper lower shadow representing the high low price extremes for the period 3 3 Resizing Chart To resize a chart window a Place your mouse on any corner of the quote window a You will see the pointer turn into an angular pointer a Hold your left mouse button down and drag your mouse to expand the window Chart MSFT 1 Min Microsoft Corporation 22 12
2. Open Positions Closed Positions Orders Urder Details Buying Power Frotit Loss Account Statistics Order Summary Position Minder Position Tracker Ordernc ymbo Acton Type Price Shares Pendin Executed ExePvice Last Tim Statue _ Cancelee Route Baich J Column Name Order No Symbol Action Type Price Description Explanation This is the date and the order id number Example 0731 5151 of the closed position The stock symbol of the closed position The initial position whether it was a Long or a Short The type of position and whether it was a day trade or overnight position The price that is entered for execution 42 Shares Amount of shares of the entire position that entered Pending The amount of shares that have not been executed within a given order that are still pending to be executed Executed The number of shares that have been executed for this particular order ExePrice The price of the execution Last Time Displays the date and time of the order or execution When sorting within the Order Detail Window the orders will sort by date then time Status The status of the order or execution Cancelled Filled Rejected Cancelled The amount of shares that were cancelled 7 6 Buying Power To view Buying Power information click on the Buying Power button in the Portfolio Window as shown below lala corcel oeno erbo actor Tyee Poe Shares Pening Encased Sous Rous Pet V
3. A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price See LMT order The transaction must occur between at or between the bid and offer for the order to be triggered Route BTRD OTC Only Bloomberg ECN About BTRD is one of the smaller ECNs and has liquidity than ARCA INET and BRUT As a result orders may not be filled in a quick or efficient fashion depending on the security Order Type LMT Limit Availability All sessions core and after hours Order is posted to the ATTN book at the specified price Order Type Stop LMT Stop Limit Availability Only during core session A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price Order displayed on NASDAQ level ll as BTRD The transaction must occur between at or between the bid and offer for the order to be triggered Order Type MKT Market Availability Only core session BTRD Market orders are not displayed in the BTRD book The order only executes at the inside price working its way through the inside Orders are sent out at each price increment Example Enter a buy offer for 3000 XYZ filled at an average price o
4. USER MANUAL Version 4 0 TABLE OF CONTENTS FOINSTALLA TION nn td A A eegen 4 1 1 Program Installation from the Web iirociocniicncondcincinnicndanenniaa notan deus vadsousdecessnve ces divewdoutgoustedveresendaveudeuxs 4 1 2 LOGGING OA di 4 20 QUOTE WINDOW eege 5 2 1 Quote Window Dette 5 2 2 Quote Color Detalla EE 7 2 3 Add Of e e En Le EE 7 24 Addor IRON OV CFR EE 8 DiS SOF EMG WE 8 2 0 QUOTE e gu E 9 2 1 RESIZING QUOLE NEEN EE 10 3 0OGHART WINDOW iio A A A AN NA 11 chart Detalls saie e o oa 12 3 2 ADOUt Candlestick Charts ui ic 12 Did Res CHa E 13 40 LEVEL AN QUOTE WINDOW us 15 41 NASDAG Level H Fields eer ege 15 AZ Rn El RE 16 9D C ENTERING erg a 17 5 1 Order Entry on the Level I Screen iii a cera aida 17 5 2 Electronic Communication Networks ECNs 8 Order Type ccooooccccoccccococcocoonnanonnnnanconnnanronnananenaannnos 19 95 9 Order Types Exp laine EN 19 94A EXtended Hours Tradihg ati 22 6 0 Irade ROUNO EE 22 6 1 Route ARCA Listed OTC OTCBB iii as 22 6 2 Route SED LElsted OTC OTEBB nad 28 6 Route BRUT Listed OTC AAN E T 31 6 4 Route NYSE AMEX Listed Online atta 33 6 5 Route AA AAA EE e 34 6 6 Route ATIN O1G ONIY as ds 35 6 7 Route SOES Supermontage OTC Only riiin aaa aa a aaa aa Aaaa aana E aaa a aaa aaas 37 6 8 Route ATD Auto Trade Desk Listed OTC and OTCBB ooonccconcccccnccccononcncononnanonnnnannnnanarennnnarrnnnannns 37 7 0 PORTFOLIO WINDOW csi a ea aia 38 1 1 Portro
5. Profit Loss The Profit Loss section will calculate the gains and losses for intraday and overnight positions based on entry and exit prices Intraday Open Profit Loss for all Open Positions established Intraday Intraday Closed Profit Loss for all Positions that were established and Closed intraday Prev Open Profit Loss for all Open Positions that were held overnight Prev Closed Profit Loss for all Positions that were held overnight and Closed intraday Total Open Profit Loss for all Open Positions overnight and intraday The Sum of Intraday Open and Previous Open Total Closed Profit Loss for all Positions overnight and intraday that have been closed intraday The Sum of Intraday Closed and Previous Closed Total Profit Loss the sum of Total Open and Total Closed 44 Mark to the Market Mark to the Market is a daily calculation of debit or credit margins resulting from price fluctuations of the underlying asset It compares the equity and overnight positions closed for the day to the previous day s close Starting Equity Current Equity Closed Positions Open Positions Total P L Est Comm Est Total Shows your starting equity Marked to the Market Shows your current equity Marked to the Market Profit Loss for all closed positions based on the Previous Days Close as the entry price Used to see if a traders positions were up or down for the day Profit Loss for all open positions based on the Previous
6. a Place your mouse on any corner of the quote window a You will see the pointer turn into an angular pointer a Hold your left mouse button down and drag your mouse to expand the window 1 ee 2087 72 3 09 a a7 07 sl SI an 10 3 0 CHART WINDOW Peak Lite provides three real time candlestick charts with the following time period D 1 Minute Chart 90 total bars a 5 Minute Chart 90 total bars Q Daily Chart 260 Days Each chart displays volume and three colour coded simple averages with the following period and colours a Blue Line 20 period simple moving average QO Red Line 50 period simple moving average a Magenta Line 200 period simple moving average Chart GOOG 1 Min Google Inc NNM Ses O Al ora z IT IT ARIS O i 262 0000 201 0000 200 0000 279 0000 2ra 0000 ZC OOOO 200000 23100 AA 1240 12 45112 50 12 55113 00 13 05 13 10 13 15 13 20 13 25 13 30 13 35 13 40 13 45 13 50113 5514 001 11 3 1 Chart Details To obtain the open high and low price and moving average details of any bar move your pointer over the bar with your mouse A window will appear in the top left corner of the chart window that displays price details The trade volume for the bar will be displayed in the bottom left hand corner of the chart window 1 Chart MSFT 1 Min Microsoft Corporation NNM 2005 0647 25 1200 25 1100 25 1000 25 0900 Date 25 0800 Wu H dE 25 0700 25 0600 un
7. based on the opening price at or around 10 00am assuming there is sufficient Market Volume for the order 7 Market On Close MOC All Market Close orders will be executed at or around 45 minutes after the closing bell 4 00pm EST assuming there is sufficient Market Volume for the order 8 Limit Invisible Lmt Inv Invisible orders are not displayed on the Island book they are not disseminated on the Island data feeds and they are not included in the Island quote 9 Limit Book The order only shows on the ISLD book to other subscribers If the order is priced at the inside the order will not show on the NBBO 10 Reserve Orders User defines the displayed quantity while the balance of the reserve remains hidden Displayed quantity is automatically replenished from the reserve Market Participants are preferenced for the quoted size when hitting the bid or taking the offer Orders preferenced to ARCA at sizes greater than the displayed size will be matched against the entire reserve quantity 11 NYSE Direct Orders Automatic execution of limit orders up to 1 099 shares against the published bid or offer with no opportunity for price improvement If the order is not immediately executable the order will revert to a regular DOT order Traders may not send Direct orders in the same stock and on the same side of the market more frequently than every 30 seconds 12 Limit On Open LOO orders are entered for execution at the o
8. 20 100 2fo 20 100 27520 100 2fo 20 100 2fo 20 100 wa 275 20 100 4 1 NASDAQ Level Il Fields Explained The title bar will display open positions the name of the symbol selected and the exchange where the symbol is traded In the figure below the open position is Long 1 100 shares the symbol is Microsoft Corporation and the exchange where Microsoft is traded NNM NASDAQ The exchanges will change with the symbol selected Some exchanges are NNM AMEX NYSE etc IL Long 1100 Microsoft Corporation NNM 15 Level Il Column Headers ful hal D DH E SIZE fal il D ASK SIZE MMID This field indicates the Market Participant ECN Market Maker Firm or Exchange posting a Bid Ask Bid This field indicates the price the participant is willing to pay for the security Ask This field indicates the price the participant is willing to sell the security for Size This field indicates the size or number of lots 1 lot 100 shares Note NASDAQ Market Maker Bid Ask is usually posted in hundreds 4 2 Time and Sales The time and sales screen is located on the right hand side of the Level II trade window This window allows you to view real time sales on a trade by trade basis as they occur during the trading day The first number is the price of the trade and the second number is the number of shares All price prints are colour coded as follows 275 01 100 274 97 100 275 00 100 Green font on a black backgro
9. Days Close as the entry price Used to see if trader s positions were up or down for the day Total Profit Loss for Open and closed positions with the entry Price using the Previous Days Close An estimate of your commissions for the day You can establish an estimated commission per share in Setup Port Win Options An estimate of your total daily Profit Loss This is equal to your Total P L minus your Estimated Commission 45 7 8 Order Summary Provides the total number of executed shares of buys or sells per symbol also provides the company name of the symbol and the trader s user name that traded the shares If trading a symbol all day and you have buy sell and short executions then you ll have three lines of data for that symbol a total number of executed buy shares total executed sell share and a total executed shorted shares To view Aggregate information click on the Order Summary button in the Portfolio Window as shown in below siroti Window 100118 Le Cancel kl Cancel kl Cancel kl Open Positions Closed Positions Orders Order Details Buying Power Frotit Loss Account Statistics Order Summary Position Minder Position Tracker lic lb cli lb li li iial mmm ow uw E E E E E E E E a 000 25000 31300 100 501000 UU 300 300 su 3592 59 2663 201 0776 15 0000 34 3740 30 2560 25 9800 g4 4300 29 2800 56 8800 63 8151 25 2400 eee HOL ee 18 Adobe Sys
10. Muarin kak T 1000r SIR OE NQ Filled Column Name Order No Symbol Action Type Price Shares Pending Executed AvgPrice Description Explanation This is the date and the order id number Example 0731 5151 of the closed position The stock symbol of the closed position The initial position whether it was a Long or a Short The type of position and whether it was a day trade or overnight position The price of the execution Amount of shares for the entire position that was entered The amount of shares that have not been executed within a given order that is still pending to be executed The number of shares that have been executed for this particular order The average price of the execution 41 Last Time Status Cancelled Stp Info Route Commission The time of the order or execution The status of the order or execution Cancelled Filled Rejected The amount of shares that were cancelled The price of the Stop Limit This is the route you sent the order to There is a demonstration default commission of 0 05 per share This is not the actually commission charged for the trade 7 5 Portfolio Page Columns Explained for Order Details To view Order Details information click on the Order Details button in the Portfolio Window as shown below Portfolio Window 302 E Reno Tota cios Tipe PEE Shaes Penna Eveaned tour rose Pet ao a li Cancel P Cancel P Cancel P Garces P Cancel P
11. core session A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price See LMT order The transaction must occur between at or between the bid and offer for the order to be triggered 31 Order Type Stop MKT Stop Market Limit Availability Only during core session A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transaction in the security occurs at or below the stop price The transaction must occur between at or between the bid and offer for the order to be triggered see MKT order Order Type Trailing Stop Trailing Stop Availability Only during the core sessions Will set your stop order the specified amount above or below the last print The stop will adjust based on prints that occur between the NBBO Order becomes a market order when stop is triggered see MKT order Order Type MOO Market on Open Will only execute at market open see MKT order Order Type MOC Market on Close Will only execute at market at open order see MKT order Order Type PEG MKT Peg Market Availability OTC Only The pegging order displays within the Brut book pegged or floated relative to the Nasdaq BBO A Brut pegging order i
12. e Ascending e Ascending e Ascending f Descending Descending Descending Comparison comparison comparison C Case sensitive f Case sensitive f Case sensitive e Case insensitive e ase insensitive e Case insensitive Wo Automatically run Sort once every 5 000 second s Apply to all panes lgnore labels when sorting Ok Cancel 2 6 Quote Format To change the display format of any column open the Quote Preference Window see 2 1 and choose the Format tab Select the column you would like to modify in the Select Column s window Preferences Condensed Quote Table Columns Format Table Sort Select Columns v Decimal Places D AskSize Bid Multiply Factor BidSize M Show Commas Last Met Change W Show Zero Values Open Prev Fange Alignment Symbol fe Lett Tick Center f Right Adjust idth to Apply To All Displayed Columns Uppercase w Show Visible Columns Orly OK Cancel To change the display format of any quote table open the Quote Preference Window see 2 1 and choose the Table tab Preferences Condensed Quote Table Columns Format Table Sor Grid Lines Col Labels i Horizontal f Lona W Vertical f Mone Tools Show Quick Filters Show Status Line Show Summary Line W Show Focus Rectangle M Highlight Row iM Enable Multiple Selections OK Cancel 2 7 Resizing Quote Window To resize the quote window
13. lfthe bar is completely green than the stock is trading at the highs for the day and if the bar is completely red it is trading at the lows for the day Volume Daily and Minute Chart These three columns are new features that will be released in an upcoming version At the present time these figures are represented in the three chart displays 2 2 Quote Color Details The font and background colours in the quote window identify the price movement of the stock or indexes as follows ME DIE Green font on black background The last print price is higher than the previous day s closing price SS EES Red font on black background The last print price is lower than the previous day s closing price 12114 White font on blue background The last print price is higher or the same as the previous trade White font on red background The last print price is lower or the same as the previous trade Black font on green background The last print price is a new high for the day SUENOS EA Black font on red background The last print price is a new low for the day Black font on grey background The last print price is a new 52 week high or low Updating Level Il or Chart windows by changing symbols in the quote window a Click on the symbol and hold down your left mouse a Drag you mouse over any part of the Level Il or Chart window a Release your mouse button and the window will automatically update 2 3 Add or Change Sym
14. local ISP or the Internet connections in general If you question the speed or reliability of your Internet connection please run the following Internet connectivity tests These two tests are a great way to see how you are connecting to the servers and where a potential problem might exist To run any of the following tests you will first need to bring up the Command Prompt or also known as the MS DOS prompt window To bring up the Command Prompt please click on START click RUN type in the word commana then click on OK illus below 50 Type the name of a program Folder document or Internet resource and Windows will open it For you OK Cancel Browse You should get a MS DOS prompt window on your screen 1 PING Test To perform a Ping test to our trade server please type the following into the MS DOS window ping 63 99 225 200 zN gt ping 63 797 225 20H Press ENTER After you press enter you should get a series of replies that look like this E de o 5 inging 63 99 225 200 with 32 bytes of data eply From 63 99 225 268 bytes 32 time 134Bms TTL 115 eply From 63 99 225 2068 bytes 32 time 126ms TTL 115 eply from 63 99 225 2068 bytes 32 time 126ms TTL 115 eply from 63 99 225 208 bytes 32 time 121ims TTL 115 statistics for 63 99 225 208 Packets Sent 4 Received 4 Lost A CH loss pproximate round trip times in milli seconds Minimum 126ms Maximum i138ms
15. that has the best order execution ratio based on fill history time and size shown For example Market Participant 1 MMID1 is bidding 50 625 for 1000 shares Market Participant 2 MMID2 is bidding 50 625 for 1000 shares ARCA is bidding 50 for 500 shares An order to sell 500 shares at 50 is entered into Archipelago This order will automatically be routed to MMID1 or MMID2 depending on which Market Participant has a better fill history Archipelago facilitates best execution for investors and rewards price competition both on and off our system 22 Session Hours Opening Session 8 00 a m to 9 30 a m EST 8 00 a m EST Opening Auction 9 28 a m to 9 30 a m EST Market Order Freeze Period Limit Orders are not eligible for the opening session Market orders may not be canceled 9 30 a m EST Market Order Auction Core Trading Session 9 30 a m to 4 00 p m EST 3 58 p m to 4 00 p m EST Closing Auction Freeze 4 00 p m EST Auction Run and Closing Price Disseminated All Orders entered for the core session will be canceled Extended Hours 4 00 pm to 8 00 p m EST 8 00 p m EST Limit Orders entered after 4 00 p m EST are canceled ARCA Routing Table Order Type LMT Limit Order Availability All sessions core and after hours Marketable limit orders are matched with the ArcaEx Book or are routed to other trading venues when such venues have superior prices than those available on ArcaEx Or
16. 00 25 1200 25 1100 25 1000 25 0900 25 0800 25 0700 25 0600 25 0000 25 0500 630685 25 0400 25 0300 25 0200 25 0100 25 0000 a 639565 hili APO EES ESCH le E dll S dal Ve tall ne hal ua ua jua son js bes jua jaa ker 8 22 1000 25 0800 25 0600 l OTE lt 25 0400 jajja T ik 25 0200 13 To hide any window click on the dash bar in the top right hand corner of the window Chart MSFT 1 Min Microsoft Corporation Er a i f ji 281000 LA ity 25 0800 25 0600 25 0400 LLN we HB le BIR iR nl gier MI ID 25 0200 25 0000 Haas 1 All hidden windows will be displayed along the bottom of the trade window To expand any hidden window click on the expand button Chart EJ E 4 0 LEVEL II QUOTE WINDOW The Level Il Window shown below allows you to view Market Makers ECNs Electronic Communication Network the Specialist Bid Ask price changes and trade information on a second by second basis as it occurs during the trading day Additionally Level II allows the user to view Bid and Ask volume at every price level I Google Inc NNM Sele int 5 25 275 05 Hi 277 04 Low 271 73 w Jae Lo oss Ca 2759 13 7100 275 09 100 3 275 07 100 27504 27504 27504 27504 2fo 16 279 16 275 17 25 17 275 17 A 275911 100 27510 100 275 13 7100 275 14 100 275 17 2fo 21 100 275 21 100 2fo 21 100 2fo 22 100 2fo
17. 3 979 225 20 63 979 225 20 63 99 225 206 63 979 225 20 63 979 225 20 63 979 225 20 63 99 225 206 bytes 32 hytes 32 hytes 32 hytes 32 hytes 32 hytes 32 hytes s2 hytes 32 hytes 32 hytes 32 hytes 32 hyutes 42 bytes 32 bytes 32 bytes 32 bytes 32 time 131ime t ime 130ms time 130ms time 130ms time 120ms t ime 130ms t ime 120ms time 131me t ime 120me t ime 100me t ime 100me t ime 100me time 100me t ime 120ms t ime 12Hms time 161ms TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 TTL 115 The continual ping test allows you to check your Internet connection over an extended period of time After you have 20 to 30 lines of continual ping click on the icon in the upper left hand corner of the ping window and then click close Reading the results from a continual ping is simple The only information you really need to take note of is the time on each line in ms which tells you how many milliseconds it took for the packet to reach the host and return There isn t any concern unless these numbers are over 200 300 ms or an asterisk appears or request timed out appears If the results do exceed 200 300ms it may mean that there are some problems with your connection to the Internet the server s connection or a connection between you and our server If an asterisk is displayed there was no response and that also sign
18. 50 10 500 1500 50 15 1000 50 00 1000 50 15 3000 Market order to Buy 500 shares Result Order is matched with the ArcaEx Tracking Order at 50 09 26 Note that Tracking Orders are not displayed in the ArcaEx Book and are listed here for explanatory reasons only Order Type Reserve Orders User defines the displayed quantity while the balance of the reserve remains hidden Displayed quantity is automatically replenished from the reserve Market Participants preference accorded by the quoted size when hitting the bid or taking the offer Orders routed to ARCA at sizes greater than the displayed size will be matched against the entire reserve quantity A Reserve Order has a limit price a displayed quantity and a reserve size that is not displayed on the ArcaEx Book but is electronically accessible Reserve Order Example National Best Bid is on ArcaEx at 50 05 ArcaEx Book Bids Price Show Amt Reserve 50 05 100 5000 50 04 500 10000 50 03 1500 0 Limit Order to Sell 5000 shares at 50 05 Result Entire order is matched with the ArcaEx Book at 50 05 ArcaEx Expiration Order DAY order is canceled at market close of the regular market session Order DAY order is canceled at the end of the after market session Order NOW Now orders will be matched with the ArcaEx Book or routed for execution to a select group of Market Participants at their quoted price Any residual volume will automatically be cancele
19. Average Reading the results from a ping is simple The only information you really need to take note of is the time at the bottom in this case an average of 122 ms which tells you how many milliseconds it took for the packet to reach the host and return There isn t any concern unless these numbers are over 200 300 ms or an asterisk appears or request timed out appears If the results do exceed 200 300ms it may mean that there are some problems with your connection to the Internet the server s connection or a connection between you and our server If an asterisk is displayed there was no response and that also signifies a problem with the connection between you and the server If there is a concern you will want to run a Traceroute test to see where the problem is occurring see below 2 Continual PING Test A more extensive PING TEST is the continual Ping Test 51 To perform the continual ping test to our trade server type the following into the MS DOS window ping t 63 99 225 200 Pping t 63 99 2245 268 Press ENTER After you press enter you should get a series of replies that look like this Seping t 63 99 225 20H inging 63 99 225 2680 with 32 bytes of data from from from from from from from from from from from from from from from from 63 997 225 20H 63 99 225 208 63 99 225 208 63 99 225 15 E 63 99 225 2468 63 99 225 15 E 63 99 225 208 63 979 225 20 63 979 225 20 6
20. ELL button to execute a sell order Once the price volume route and order type information above is entered press on the SHORT button to execute a short order The R tab resets the Level Il screen to the saved Trade Defaults The P tab populates the open position for the symbol selected within the Level Il The open position is then reflected in the volume field in the Order Entry Box This allows for quick and easy entry of an open position F 18 5 2 Electronic Communication Networks ECNs amp Order Types The Electronic Communication Networks are separate pools of liquidity that traders buy and sell stock through Island is an example of an ECN lts symbol on a Level II screen is CINN Island Traders post limit orders through Island and other traders execute their limit orders through Island Trades are electronically matched up without the decision making process that a true Market Maker such as Goldman Sachs goes through There are a number of ECNs that are available Island CINN and Archipelago ARCA are the only ECNs which allow you to post limit orders They both have execution buttons embedded in the order entry system for you to access easily You may choose the ECN you prefer by clicking on the Route drop down menu 5 3 Order Types Explained 1 Stop Market Order In general Stop Orders are placed to enter or exit a position at price levels that are predetermined by the trader They are routed and automat
21. ISLD Island on the Level II screen In the past many INET subscribers enter orders that would lock or cross the NASDAQ inside market because of issues such as access fees system reliability queuing and speed of execution These orders are represented at the true price on the INET book while simultaneously being represented to the greatest extent possible on NASDAQ without locking or crossing the market 1 penny below the inside offer or above the inside bid The Securities and Exchange Commission has objected 28 to this practice and has requested that Island implement a solution that would allow full representation of all orders on the INET book Representing orders through Cincinnati will increase transparency by allowing all vMLXble orders on the INET book to be represented within the National Best Bid and Offer Session Hours INET currently accepts and executes orders from 7 00 AM to 8 00 PM ET Core Trading Session 9 30 a m to 4 00 p m ET INET Routing Table Limit Market Stop Limit LMT Book LMT INV Peg MKT Peg Best Order Type LMT Limit Availability All sessions core and after hours Order is posted to the INET book at the specified price INET s top orders are represented in the NBBO as CINN and as ISLD Island for other orders on the book Order Type MKT Market Availability Only during core session Market orders are matched with the INET Book if there is an order s at the insi
22. Start button a Choose Programs a Choose Peak Lite When the login screen appears you will be prompted for a User Name Password Domain and an Account Number Password ES Domain DEMO Account Ho 10001 Direct Connect gt gt User Hame lank Abort Select Connect and the application will log you on to the network 2 0 QUOTE WINDOW The Quote Window provides an unlimited number of real time price quotes for all US stocks and major US indexes P CH li Condensed Window Symbol Open Lact Bid Ack Bid Men Range Map Tick Symbol Open Latt NECE E d D l 8 6 ma 0 E 4 on ee ba e de 21 72 50 24 25 0 50 24 EN 7 789 Wee e de 75 39 2 1 Quote Window Details There are 17 different quote columns that can be displayed for each symbol You can change the columns displayed on the quote window through the Quote Preference Window To bring up the preference window place your mouse on any of the column headers e g Symbol and click your Right Mouse button j o densed Quote Window Quotes SE SE el ol Set at eee Alsen Rpg VTA Preferences Condensed Quote Table columns Format Table Sart Available Columns Visible Columns ASK Hid Man Daily Chart Exchange High Lowy Minute Chart Range Map Volume Chart Open Last Bid Hidsize ASKSIZe Met Change Prey Fange Tick x ete Jee Column headers that appear i
23. W ALTER NET 152 63 1681 254 DS ms ms LS at 5 1 H WRL DPWY ALIERLNMEL LiS2 KKK PS me PS Bose H urlidfw8 web weom net 157 138 142 182 ms me ns 178 ms ms ms _ AA AMAT race complete Like ping s results deciphering Traceroute s dialog is easy Each hop in the route the packet has traveled will be displayed in order with the hostname and or IP address Next the results in milliseconds of the three probes that are sent to each hop The rules for ping results also apply here Numbers near 200 300ms and asterisks represent network problems Please note that the first hop to show numbers above 200 300ms is the place on the internet that the problem is occurring If you continue to have problems in the same place each day you can contact your ISP and provide them your Ping Test In many cases an ISP can route around a troubled server on the Internet 4 Troubleshooting Many times logging off your Internet service provider and then back on will resolve the problem If you continually have a problem you may want to have your line tested for noise or dropped packets by your ISP or you may want to get a different Internet service provider 53
24. al Usa ean Cancel bk Cancel P Cancel P Gavcel P Cancel P Open Positions Closed Positions Orders Order Details Buying Power Profit Loss Account Statistics Order Summary Position Minder Position Tracker Buying Power Buy Stacks DDT bi Buy Options 58661 61 JotalExposure 816563 00 Reg T ve Equity Short Stacks Sell Naked Opt 0 Day Trading Buy Stocks Day Trading Short Stocks O Buying Power Buy Stocks Buying power for purchasing stocks Short Stocks Buying power for shorting stocks Buy Options Buying power for purchasing options Sell Naked Options Buying power for selling naked options Reg T vs Equity Reg t vs your amount of equity 7 7 Profit Loss 43 To view Profit Loss information click on the Profit Loss button in the Portfolio Window as shown below 3 Portfolio Window 100118 O x EMI Odeo Symbol Action Type Price Shares Pending Evecuted Status Route Pref Tas Cancel P Cancels e Cancel kl Cancel kl vances F Account Statistics Order Summary Position Minder Position Tracker Open Position Closed Positions Orders Order Details Burning Power Proht Loss Drofut l oss Intraday Open Prey Open 51289480 00 Total Open 5128948000 Total Intraday Closed Prev Closed Total Closed 517859480 00 Mark to the Market Starting Equity 500000 00 Closed Positions Total PL 10001 26 00 Est Total Current Equity 3500126 00 Open Positions 10001 26 00 Est Comm 10001 Zb OU
25. bols You can view an unlimited number of symbols in the quote window To add a stock or index to the quote window or change an existing symbol a Click on the symbol or empty box Hees a Type in the new symbol vg a Press enter or click anywhere else on the screen Ea GIS 2 4 Add or Remove Row You can have an unlimited number of rows in the Quote Window To add an addition row click on the last symbol showing on the Condensed Quote Window and press the down arrow on your keyboard Each time you press the down arrow an additional row will be added To remove a row click on the row and press the delete button on your keyboard 7 Condensed Quote Window Quotes E ual E Sumbo Open Last Eid Ed Mep Range Map JE 269 0 64 EERIE an m Ll 20 431 42019 42014 1 000 LO 2 5 Sorting Any column in the Quote Window can be sorted statically once only or be continuously sorted To sort any column once double click on a column header and it will sort the data in the table by that column It will first sort ascending then by double clicking again it will then sort descending To establish a running sort open the Quote Preference Window see 2 1 and choose the Sort tab You can sort by any column feature by choosing the column from the pull down menu Preferences Condensed Quote Table Columns Format Table Sart First Key second Key Third Key Ask one None Sart order Sart order Sort order
26. d if not executed at the quoted price or better Now Participants include only those participants that have a direct connection to Archipelago for receiving orders automatically execute those orders and can accept IOC orders SelectNet will only be used when direct connections are not available NOW orders may trade through better prices since they are routed only to electronic contra parties Now Order Example Market Bid Size ArcaEx 50 00 1000 Island 50 00 1000 AMEX 50 00 1000 NOW Order to Sell 3000 shares is entered 27 Result Order is instantly matched with the ArcaEx Book at 50 and 1000 shares are routed to Island at 50 The balance of the order is canceled since the AMEX is not a NOW Participant offering immediate execution Order GTC Good to Cancel order remains open until cancelled on the date you specify on the pop up calendar when the order is placed ArcaEx Short Sales Nasdaq Short Sales Short sales are not subject to the bid test when order is matched on ArcaEx Book Trades routed to other markets will abide by other market s short sale rules Limit Orders will be matched down to the limit price which can potentially be outside the National Best Bid if routing to an away market would not satisfy that market s short sale rule In a down bid market when the NBB is from an away market with a bid test Market Orders will be posted to the ArcaEx Book at the NBB until they are eligible to trade at the NBB or bett
27. de If INET is not at the inside the order is routed using INET s SmartBook sweep logic Any residual volume will not be routed to the next price level until all quotes at the current best bid offer are exhausted For OTC order the INET sweep logic will execute against NASDAQ Pacific and ADF quotes For Listed order the INET sweep logic will execute against NASDAQ Pacific and ADF quotes Unlike ARCA the INET MKT order WILL NOT execute against the market specialist Order Type Stop LMT Stop Limit Availability Only during core session A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price See LMT order The transaction must occur between at or between the bid and offer for the order to be triggered 29 Order Type LMT BOOK Limit Book Availability All sessions core and after hours Limit book orders are routed to INET for display only on INET s limit book These orders are not reflected in the Level II quote Order Type LMT INV Limit InvMLXble Availability All sessions core and after hours InvMLXble orders are not displayed on the INET book they are not disseminated on the INET data feeds and they are not included in the Level II quote Order Type PEG MKT Peg Market Availability All sessions core and after hours Peg market order
28. der is price improved if available Non marketable limit orders are posted to the ArcaEx Book based on price time priority The best bid and offer in the Book will be displayed on Nasdaq Level Il MMID ARCA Limit Order Examples ArcaEx Book Bids ArcaEx Book Offers Away Market Bids Away Market Offers 50 05 1000 50 10 300 50 04 500 50 09 700 50 04 500 50 12 2000 50 03 100 50 10 500 50 03 1500 50 15 1000 50 00 1000 50 15 3000 23 Limit Order Buy 1000 shares at 50 09 Result ArcaEx routes 700 shares to the away market at 50 09 The balance of 300 shares is posted to the ArcaEx Book at 50 09 Limit Order Sell 3500 shares at 50 03 Result ArcaEx matches 1000 shares at 50 05 and 500 shares at 50 04 against the Book Routes 500 shares at 50 04 to the away market then matches the balance of 1500 shares at 50 03 with the ArcaEx Book Order Type MKT Market Availability Only during the core sessions Market orders are matched with the ArcaEx Book if there is an order s at the inside If ArcaEx is not at the inside the order is routed using ArcaEx s SmartBook sweep logic Any residual volume will not be routed to the next price level until all quotes at the current best bid offer are exhausted Market Order Examples mesias Hz ArcaEx Book Offers away METE Away Market Offers Bids Bids 1000 50 10 300 50 04 500 50 09 700 500 50 12 2000 50 03 100 50 10 500 1500 50 15 1000 50 00 1000 50 15 3000 Mark
29. e order will be placed and executed when the market triggers the Stop Trailing Limit 19 Stop Orders Warning When placing a Stop Order incorrectly a message window will pop up and require a new price share number for the order Stop Price ARCA Stop Price Shares Em 500 OF Cancel After the order has been placed a message window will appear to ask for confirmation of the changed stop order O _ ES Buy 100 ERTS Stop Lmt 63 76 CAUTION Trigger Price Below Market Proceed with Order 4 Peg Orders Peg Mkt This pegs the order to the opposite side of the primary market and the order price moves as the market moves The order is priced to buy on the offer and sell on the bid Example You want to buy 1000 shares of MSFT If you want to peg your order to the best offer you will enter a Peg Market order to track the Offer Island ECN will keep track of the order during the execution phase and report back the trade details Conversely if you want to sell 1000 shares of MSFT Island will peg your order to the current bid Peg Best Peg Best Orders will be sent to Island at the current Bid or Offer depending on which side of the Market you are on The order will peg itself to the current price based upon whether you are buying or selling Example You want to buy 1000 shares of MSFT If you want to peg your order to the best bid you will enter a Peg Best order to track the bid Island ECN will ke
30. ep track of the order during the execution phase and report back the trade details Conversely if you want to sell 1000 shares of MSFT Island will peg your order to the current Offer Peg Mid This pegs the order to the midpoint between the bid and offer with a limit at the primary offer It rounds buy orders down to the nearest penny and sell orders up to the nearest penny The client can set an explicit limit by supplying a limit price with the order If the offer moves higher than the limit then the order stays priced at the limit Peg Primary This pegs the order to the same side of the primary quote for OTC stocks and the best exchange bid ask values for Listed stocks with a limit of the opposite side of the market 20 Peg Last This pegging is only available for Listed securities and pegs the order to the last sale of the stock with the limit being the primary offer The client set an explicit limit by supplying a limit price with the order If the offer moves higher than the limit then the order stays priced at the limit 5 Discretionary Orders Disc LMT The order is displayed at specified price not a discretionary price When a bid or an offer appears at or above the share quantity minimum the order will be matched in ARCA or routed to a NASDAQ Market Participant at their quoted price using SmartBook logic 6 Market On Open MOQ All Market Open orders placed before the opening bell 9 30am EST will be executed
31. er Listed Short Sales For listed stocks on a down tick from the last sale a short sell is offered at 0 01 above the last sale On an up tick normal trading occurs 6 2 Route ISLD Listed OTC OTCBB rnet INET Formally Island and Instinet ECN About In 2002 the largest US ECN Instinet purchased the second largest US ECN Island These two ECN have been merged to create the INET The route ISLD on the platform routes orders to the INET ECN All orders other then market orders MKT orders through INET are only matched against other INET orders and are not sent to other pools of liquidity for executions INET is known for its liquidity and speed Generally an order matching on the INET book will be faster than an ARCA smart routing order Size INET handles approximately 25 35 of Nasdaq OTC orders In several securities such as the QQQs INET regularly represents over 30 of all orders INET is still not as liquid for listed securities and is responsible for fewer than 5 of daily orders on the NYSE Minimum Price Increment 0 01 for all securities with a closing price of 1 00 and above 0 001 for securities with a closing price below 1 00 Order Representation INET s top orders are also represented in the NASDAQ National Best Bid Offer display INET now represents their best orders through the Cincinnati Stock Exchange CSE These orders display as CINN instead of ISLD All other order are then shown as
32. er is elected Market order for 1000 shares is activated on ArcaEx Order Type Trailing Stop Trailing Stop Availability Only during the core sessions Will set your stop order the specified amount above or below the last print The stop will adjust based on prints that occur between the NBBO Order becomes a market order when stop is triggered see MKT order Order Type Disc Lmt Discretionary Limit Availability All sessions core and after hours Order is displayed at your specified price not your discretionary price When a bid or offer appears at or above your share quantity minimum your order will be matched in ARCA or routed to Nasdaq Market Participant at their quoted price using SmartBook logic User defines Limit Price Discretionary Price and a Discretionary Limit quantity The Discretionary Limit Order is a means to only go to away markets and Book orders at a discretionary price if their size satisfies or exceeds the size requirement on a quote per quote basis Discretionary Limit orders can be used in conjunction with Reserve Orders Discretionary Order Example National Best Bid is on ArcaEx at 50 05 Best Offer is 50 09 ArcaEx Book Bids Price Discretionary Show Size Reserve 50 05 50 10 100 5000 Limit Order to Sell 1000 shares at 50 07 Result Order is matched with the ArcaEx Book at 50 07 25 Order Type Peg Mkt Pegged Market Orders Availability only during the core sessions Listed Securities Onl
33. et Order Buy 500 shares Result ArcaEx routes order to the away market with the best of 50 09 Market Order Sell 2000 shares Result ArcaEx matches 1000 shares at 50 05 and 500 shares at 50 04 with the ArcaEx Book and routes 500 shares to the away market with the next best price of 50 04 Order Type Stop Lmt Stop Limit Availability only during the core sessions A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price Stop Limit Order Example 1 Current NBBO 19 85 20 05 2 Stop Limit Order to Buy 1000 shares with a stop price of 20 07 and a limit price of 20 07 3 Stock prints at 20 07 4 Stop limit order is elected Limit order for 1000 shares at 20 07 is activated on ArcaEx 24 Order Type Stop Mkt Stop Market Availability Only during the core sessions A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transaction in the security occurs at or below the stop price The transaction must occur between at or between the bid and offer for the order to be triggered Stop Order Example 1 Current NBBO 19 85 20 05 2 Stop Order to Buy 1000 shares with a stop price of 20 07 3 Stock prints at 20 08 4 Stop ord
34. f 72 order filled at 71 72 73 36 6 7 Route SOES Supermontage OTC Only NASDAQ Supermontage About NASDAQ began trading securities in SuperMontage on October 14 2002 This is the replacement route for SOES and SELECTNET This route provides access to NASDAQ Market Makers and Supermontage ECN participants BTRD ECN ATTN ECN NTRD ECN and BRUT ECN Size As of early 2004 the Supermontage was responsible for approximately 8 10 of all NASDAQ orders Share Size Limits 1 share to 999 999 shares Minimum Price Increment 0 01 SOES Routing Table mit Market Stop LMT Stop MKT Trail Stop o a x x ete Ile ls xx Please note that with the Supermontage you presently cannot control if you are filled by an ECN and receive an additional charged Either a market maker or an ECN may fill any order sent into the market If an ECN fills your order there is an additional routing fee associated with this trade 6 8 Route ATD Auto Trade Desk Listed OTC and OTCBB Auto Trade Desk About ATD was founded in 1988 and currently accounts for over 3 of NASDAQ and Listed volumes ATD uses fully automated price prediction systems to smart route orders to various ECNs market markets and specialists based on order criteria price and destination Share Size Limits unlimited shares Minimum Price Increment 0 01 Availability Only during core session ATD Routing Table limt Market Stop LMT Stop MKT Trail Stop spa
35. hey are quoted in cents you must divide your number of shares by a 100 or look at the price multiplier feature which follows The price gain or loss since you purchased the stock i e Shares x Entry Price Shares x Current Price The gain or loss for the day This is the change in a percentage since the starting position for the day This also takes into consideration the value of the security at this point in time This is the percentage of your portfolio this position represents This is the previous day s closing price for the position This is a theoretical closing price for a security Your broker dealer and or clearing firm may load a theoretical closing price for a security This is sometimes done for securities that did not trade the previous day and therefore have no previous closing price or securities which we do not receive a feed for and cannot price The purpose of entering a theoretical close is to provide a better estimate of your P amp L This is the theoretical change in the position s value for the day It is used in conjunction with the theoretical close 39 7 3 Portfolio Page Columns Explained for Closed Positions To view Closed Positions information click on the Closed Positions button in the Portfolio Window as shown below Portfolio Window 100118 ee A SS A A A E Order Summary Position Minder Position Tracker Open Positions Closed Positions K Orders y Order Details Buying Power F
36. ically executed based on the trader s set parameters Q A stop order to buy must always be executed when the buy price is at or above the stop price a A stop order to sell must always be executed when the sell price is at or below the stop price There are three types of stop orders and these are as follow A Stop Market Order is an order to buy or sell at the market price once the security has traded at a specified price called the stop price A stop order becomes a market order when the stop price is reached You may use a Stop Market Order to exit a position or enter a position 2 Stop Limit Order A Stop Limit Order is an order to buy or sell at a specified price or better called a stop limit price but only after a given stop price has been reached or passed lt is a combination of a stop order and a limit order 3 Trailing Stop Orders A Trailing Stop Order is a Stop Market Order that will adjust its Stop price level due to favorable conditions You will be responsible for entering the trailing amount The best way to explain this is using an example You are Long 500 DELL at 20 50 You would like to place a Sell Stop Order to limit your losses You would like to place the Sell Stop Order at 50 below the current market price Conversely if you would like to take advantage of a decrease in the price of DELL and have established a short position and would like to limit your losses you would place a buy trailing stop Th
37. ice improvement goes to the Brut discretion order 32 Order Type Reserve Orders Availability All sessions core and after hours With Reserve order the user defines the displayed quantity while the balance of the reserve remains hidden Displayed quantity is automatically replenished from the reserve BRUT Expiration Order DAY order is canceled at market close of the regular market session Order DAY order is canceled at the end of the after markets session Order GTC Good to Cancel order remains open until cancelled on the date you specify on the pop up calendar when the order is placed 6 4 Route NYSE AMEX Listed Only About NYSE orders are sent directly to the NYSE Specialist on the New York Trading floor through DOT AMEX orders are sent directly to the AMEX Specialist on the American Stock Exchange Trading floor through DOT Minimum Price Increment 0 01 NYSE Routing Table Stop Stop weg mm JN HN Trail E KN oe aa eme AMEX Routing Table Stop Day k ee ee kk kk ere k LI k k k W Order Type LMT Limit Order is sent to the floor specialist Order may not show on book Order Type MKT Limit Order is sent to the specialist Order does not show on book Order Type Stop Lmt Stop Limit A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transacti
38. ifies a problem with the connection between you and the server If there is a concern you will want to run a Traceroute test to see where the problem is occurring see below 3 Traceroute Test If you have Ping test results above 200 300ms you can use Traceroute to see where the problem is occurring Traceroute works much like ping in that it sends data packets to a host you specify However rather than simply giving you the time it takes for the packets to return traceroute sends back results for each hop the packet makes Because of this Traceroute is the perfect tool to see where network problems are occurring To perform the Tracert test to the trade server type Tracert 63 99 225 200 It will look like 52 sSetrpacert 63 999 225 20 You should get the following replies D N tracert 63 99 225 200 racing route to 63 99 2245 200 over a maximum of 3H hops AR ms me 31 ms 2 4 77 80 1 bi ms 20 ms 20 ms rcinr qe3 60 3 wp shavcable net 164 59 178 66 1 me ms 24 ms re2nr pos15 B p shavcable net 66 163 73 138 TH mz IR ms FH ms Jh ET E E IIA TC bb 163 76 85 A ms ms bA ms rcluh a a OS EIA 66 163 76 10 ma 7H ms ms POSS 6 GW3 UANL ALTER NED 265 156 222 125 DS E ms ms MB so 1 0449 4L1 VANI ALIER NEL 1152 63 137 13B ns me A ms 4 50 2 B 4 TLi VANI A LTER NET 152 63 138 74 ms ms A ms EH a PA ALTER NET 152 63 Y A E DS JA ms ms 8 so0 7 8 86 4L1 DFW9 ALTER MET 152 63 60 194 ms ms DS Dee ge Si Aen 2 EA A DF
39. ion This may be a blended closing position if there was more than one entry price 40 Profit Mark 2 Mkt Account The Profit of that position that has been closed out whether it has been partially closed or fully closed If the position has been carried overnight then this value is the profit of the closed position relative to the closing price as of yesterday s close This feature is unique to Peak Lite Sum of Mark 2 Mkt column will match Mark to the Market closed positions under the Profit Loss tab This is the account that is being shown in the Portfolio Window 7 4 Portfolio Page Columns Explained for Orders To view Orders information click on the Orders button in the Portfolio Window as shown below E BEE Symbol Acton Tope Price Shares Pending Ereowed Status oute Piet Tao se Account Casce F Cancel kl Cancel i Canl kl Open Positions Closed Positions Orders Order Details Buying Power Profit Loss Account Statistics Order Summary Position Minder Position Tracker Ordea Symbol Action Type Price Shares Pending Executed AvaPrice Last Time Status Canceled Stpinfo Route 5 El 0214 7664 CSCO Overnight 20 00 100 13 00 16 38 08 Filled 0213 1002 GOOG Overnight 100 00 200 100 00 lbi2222 Filled 0213 1001 GOOG Overnight 188 00 100 188 00 121153 Filled 0210 2207 SMH Overnight MET 1000 32 8683 12 45 00 Filled 0207 2633 GOOG Overnight MET 1000 136 519 12 01 Filled mman RAT
40. laced Order FOK Fill or Kill will fill all or none of your order no partials If not filled will cancel immediately 30 6 3 Route BRUT Listed OTC j l About Brut LLC owns and operates the Brut ECN Brut is currently the third largest ECN for OTC securities Brut ECN Size BRUT handles approximately 5 10 of Nasdaq OTC orders BRUT is still not as liquid for listed securities and is responsible for fewer than 2 of daily orders on the NYSE Minimum Price Increment 0 01 BRUT currently accept and executes orders from 7 30 AM to 8 00 PM ET Core Trading Session 9 30 a m to 4 00 p m ET Brut Routing Table _ _jimt_aet_fint_ftoter_rateloo noc _Booi_beeamr emt Pog set Limit Limit Market Trail Stop Book Dsc LMT Peg MKT Peg Best pene RS RS IS Order Type LMT Limit Availability All sessions core and after hours OTC and Listed Order is posted to the IBRUT book at the specified price Order Type MKT Market Availability Only core session OTC and Listed For immediate aggressive executions Brut Market orders are not displayed in the Brut book The order only executes at the inside price whether in the market or in the Brut book working its way through the inside Orders are sent out at each price increment Example Enter a buy offer for 3000 XYZ filled at an average price of 72 order filled at 71 72 73 Order Type Stop LMT Stop Limit Availability Only during
41. lloO A alySiS WINdO TEE 38 7 2 Portfolio Page Columns Explained for Open PoSItiONS coonccccnncccccncccocacocnnnononaconnnaronannncnannnnnnanannnnos 38 7 3 Portfolio Page Columns Explained for Closed PosSItiONS oooooccconncncccnnoncononcnconnnnnonnnnnnronnnnnrennnnnnrnnnanas 40 7 4 Portfolio Page Columns Explained for Orders ooocccooncccconcnccconconoccnnanonnnnancononaronnnnnnrrnnnnnrrrnannrernanarenanannos 41 7 5 Portfolio Page Columns Explained for Order Details oooonccconnnccoconnncccoccncoconnnoononancononanronnanarennnnanos 42 TO BUYING POWER AA A A 43 Tal GE ia 43 7 8 Order SUMMA aia in 46 TI OS ICON VIII G EE 47 T 10 POSITION TFACKO acc Ta OAE ENEE LNO er A AS aca EAN 48 EE ENNEN 49 1 0 INSTALLATION 1 1 Program Installation from the Web To install the program from the Internet take the following steps Q Enter the download address in your internet browser and hit enter D A File Download window appears Select Save a The Save As window will appear specify a location for the file to be saved in most cases you should save to your root drive which is drive C Installation a Follow the installation prompt using all the Default selections D Reboot your computer once you have finished the installation Once the download is complete a Peak Lite icon will now be located on your desktop 1 2 Logging On This can be done in one of two ways 1 Double click on the Peak Lite icon on your desktop 2 Click on the
42. n the Visual Columns section of the Preference Window will be displayed on the Quote Window To move an individual column in or out of the Visual Columns section click on the column criteria in the Preference Window and then click on the middle arrow to move the column criteria Once you have all Visible Columns chosen click on the Apply button and then the OK button The column features available are as follows Symbol Last Bid Ask BidSize AskSize Bid Map Tick Prev Open Net Change High Low Range Range Map Any US stock or index symbol can be entered into the symbol field The last price of the stock or index printed on the exchange The current best bid and ask price quote based on all exchange data Use the Level II window for details on market participates various bid and ask prices and the depth of market Displays the combined volume from all market participates on the bid BidSize and ask AskSize The volume is displayed in 100 s of shares A BidSize quote of 525 would mean that total volume bid at the best bid price from all market participates was 52 500 shares Use the Level Il window for details on the amount of share each market participates is bidding at each price level The Bid Map is a colored coded system that allows you to visually follow the direction of the best bid price If the best bid price increases compared to the previous best bid price a single green ba
43. nal order book ARCA book If orders are not matched on the internal order book they are routed to other pools of liquidity ECNs Market Makers etc for execution ArcaEx is the first totally open fully electronic stock exchange to trade in all NYSE Nasdag AMEX and Pacific Exchange securities ARCA is known for its liquidity and smart routing ability In 2003 ArcaEx purchased the GNET ECN for routing Over the counter bulletin board securities OTCBB GNET s technology was integrated into the ARCA route in late 2003 Size ArcaEx handles approximately 20 30 of Nasdaq OTC orders and executes over 100 million listed shares daily Minimum Price Increment 0 01 not including OTCBB orders The minimum price variation for quoting and entry of orders on the Archipelago Exchange is 01 OTC and Listed sell orders sent to Archipelago with a price of more than two 2 decimals will automatically be rounded up to the nearest penny OTC and Listed buy orders sent to Archipelago will be truncated to two 2 decimal places if they are entered with a price of three or more decimals Sell Order Example A sell order is entered at 5 503 ArcaEx will round up to 5 51 Buy Order Example A buy order is entered at 5 506 ArcaEx will truncate the price to 5 50 How does ArcaEx determine when to match or route an order ArcaEx looks for the best price for an order internally or externally When routing externally ArcaEx will route to the Market Participant
44. nc NMF 12 500 00 ZOU UU 0 00 Dell Inc HMF 20 135 00 165 00 Microsoft Corporation NNM 25 00 00 30 00 Yahoo Inc NAM 36 060 00 Microsoft Corporation MAK E 2 507 00 1 00 1 00 38 Column Name Symbol Acc Type Full Name Shares Entry Price Current Price Value Gain Day Change Day Change of Portfolio Previous Close Theo Close Theo Day Description Explanation The Symbol for the stock you purchased The Account Type section declares 5 separate account type situations Cash Margin Short OV Overnight Position and DY Day Position The Full Name of the underlying stock held in the account The number of shares purchased a positive number if long or negative number if you are selling short The price that which you entered the position This price will automatically be retrieved when you make a trade and will fluctuate with the price of the stock If you are long a position the current price will reflect the current Bid If you are in a short position the current price will reflect the inside Ask If pre market it is based off yesterday s close If post market the last price in the regular session is used For options the current price is the average of the bid offer during market hours After market hours the current price is the last regular hours trade The value of the stock i e Shares x Current Price The Value assumes that prices are quoted in if t
45. nnections can be very fast but they also are less reliable than DSL Satellite connections tend to download information quickly but also tend to slow down sending information out 4 Dial up Connection to a backbone provider 5 Dial up Connection to a generic ISP Want to test if your Internet connection is slow today The site below will help you discover your true connection to the Internet by sending you a file and seeing how long it takes to receive that data If you have a high speed connection but Internet traffic is bad you may find you re connection is no better than a modem http bandwidthplace com speedtest Please keep in mind that when you use the Peak Lite platforms your computer is receiving real time data feed from our servers We receive our market information directly from the exchanges Since the Peak products are real time software you must have a real time Internet connection in order to keep up with the flow of data Below is a diagram which shows the connection between your computer and our trade servers 49 Your Computer Your ISP Switches Your ISP s Router The Internet Plattorm Router Platform Switches Platform Trade Servers As you can see all the data transferred between your computer and the server must travel over a number of networks Problems or delays can occur from any point in this path We have the ability to monitor our own network connections and speed but do not have control over your
46. off the Ndirect system in fast moving market and the order will become a regular LMT order 6 5 Route MLX Listed Only About MLX orders are sent directly to the NYSE AMEX Specialist on the trading floor through DOT NYSE AMEX and MLX are essentially identical in that they both are routed to the floor specialist However MLX uses different server technology for processing orders compared to NYSE AMEX Generally the NYSE AMEX routing technology is superior to MLX although in most cases differences are negligible Minimum Price Increment 0 01 MLX Routing Table imt Market Stoplimit Stop Market Trail Stop moo we se Day kb em kl kk kl ll Order Type LMT Limit Order is sent to the floor specialist Order may not show on book Order Type MKT Limit 34 Order is sent to the specialist Order does not show on book Order Type Stop Lmt Stop Limit A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price see LMT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Stop Mkt Stop Market Limit A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transacti
47. on in the security occurs at or below the stop price see MKT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Trailing Stop Trailing Stop Will set your stop order the specified amount above or below the last print The stop will adjust based on prints that occur between the bid and ask Order Type MOO Market on Open Will only execute at market open see MKT order Order Type MOC Market on Close Will execute at market close see MKT order Order Type Ndirect Provides automatic and immediate executions of limit orders up to 1 099 shares at the published NYSE quote NYSE Direct will be available on the first quote of the day when the bid and or offer is greater than 100 shares It is not available during a trading halt or a non firm quote Note Specialist can turn off the Ndirect system in fast moving market and the order will become a regular LMT order 6 6 Route ATTN OTC Only Attain ECN About Attain is one of the smallest ECNs and least liquid ECNS As a result orders may not be filled in a quick or efficient fashion Minimum Price Increment 0 01 35 ATTN Routing Table im Stop LMT fe lala ay Day Pius x om lo x k Order Type LMT Limit Availability All sessions core and after hours Order is posted to the ATTN book at the specified price Order Type Stop LMT Stop Limit Availability Only during core session
48. on in the security occurs at or below the stop price see LMT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Stop Mkt Stop Market Limit A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transaction in the security occurs at or below the 33 stop price see MKT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Trailing Stop Trailing Stop Will set your stop order the specified amount above or below the last print The stop will adjust based on prints that occur between the bid and ask Order Type MOO Market on Open Will only execute at market open see MKT order Order Type MOC Market on Close Will execute at market close see MKT order Order Type LOO Limit on Open A limit order will be placed at open If not filled at open the order will be cancelled Order Type LOC Limit on Close A limit order will be placed at close Order Type Ndirect Provides automatic and immediate executions of limit orders up to 1 099 shares at the published NYSE quote NYSE Direct will be available on the first quote of the day when the bid and or offer is greater than 100 shares It is not available during a trading halt or a non firm quote Note Specialist can turn
49. pening price provided the opening price is at or within the limit specified LOO orders permit the investor to scale interest to purchase or sell at various price increments in anticipation of possible imbalances 21 13 Limit On Close LOC orders are entered for execution at the closing price provided the closing price is at or within the limit specified LOC orders permit the investor to scale interest to purchase or sell at various price increments in anticipation of possible imbalances 5 4 Extended Hours Trading Peak Lite is available for trading until 8 p m EST When traditional markets are closed Peak Lite is open for business Peak Lite offers one of the longest continuous trading sessions available to retail brokers and currently matches orders that come in during before hours trading from 8 00AM to 9 30am EST and after hours trading from 4 00pm to 8 00pm EST Furthermore we were among the first trading systems to recognize that the bankers hours followed by the exchanges were not meeting the demands of today s investors allowing for greater flexibility and convenience in managing their assets 6 0 Trade Routing The following is a list the available Routes for execution and the Order Types that each route offers through Peak Lite 6 1 Route ARCA Listed OTC OTCBB Archipelago ArcaEx About The ArcaEx exchange features a trading system that searches for the best execution for each order ArcaEx has an inter
50. r is added to the Bid Map An additional green bar is added to the Bid Map for each additional increase in the best bid price Conversely a single red bar is added to the Bid Map if the best bid price decreases compared to the previous best bid price If the last executed transaction price is a downtick a D will be displayed If the last executed is an uptick a U will be displayed The previous market day s closing price of the stock or index Closing price is based on the regular US market close at 4 00 AM EST The opening price of the stock or index on the exchange Opening price is based on the regular US market open at 9 30 AM EST Change between the last printed price and the previous day s close The highest price of the stock or index printed on the exchange during the current market day The lowest price of the stock or index printed on the exchange during the current market day The Range is the Net Change divided by the total price range since the stock previous day s closing price For example if the stock closed the previous day at 25 00 opened at 26 00 had a high of 27 00 and a current price of 26 50 the current Range would be 1 50 2 50 60 The Range Map is a colored code system that allows you to visually determine where the price of the stock is compared to the highest and lowest prices of the day including the stock previous day s closing price The range map is a visual representation of the Range
51. ription Explanation OrderNo In The order number for the trade entering a position Symbol Symbol of the security traded Position Type of position whether short or long Shares Number of shares traded Price In The price at which the position was entered Order Out The order number for the trade closing a position Price Out The price at which the position was closed Profit The profit loss when closing the position 48 8 0 CONNECTIVITY When using our Peak trading products it is important that you have a fast and reliable Internet connection The large majority of the problems our clients encounter relate to the speed and or reliability of their Internet connections Most 56k dial up connections will work In fact we have client on connections as low as 28K with reliable and fast quotes and executions If you decide to use a 56k to 28 8k dial up connection it is important to understand that there are two broad categories of dial up connections backbone providers such as UUNet and generic ISP s such as AOL Generally the backbone providers are more stable and faster than generic ISP s Below are the connections we recommend to the Peak platforms from fastest to slowest speeds 1 T1 DSL a dedicated internet connection is the best connection 2 Cable connections are the next best solution One of the problems with cable is that it uses shared bandwidth In addition cable connections tend to be less reliable than DSL 3 Satellite co
52. rotit oss Account Statistics DS EE EE Zl i SHORT S A J 112 955 82 100118 0121 3416 Sh iH SHORT Shirt O E 3113 a J 405 056 61 44 190 68 100118 0112 1845 GOOG SHORT Shrt RN A0 UD E et 0 2359 39 629 80 100118 0112 1657 QUQU SHORT Shri 0 3 3 4 744 955 39 494 Us 100118 0111 2044 SMH SHORT Shre O EI S 47 q G 305 290 66 47 756 100115 0111 1565 SMH SHORT Shri 0 31 1495 A OO 323 915 30 Ap DE o 100118 0111 1578 SMH SHORT Shit O 31 0815 24 566 320 047 41 44 694 18 100118 SMH SHORT S5hreOl 30 919 E E 43 529 43 100115 0110 2858 ODO SHORT ES 36 5278 E 3 E 27 341 60 38 534 0 100118 0110 2391 QOQQ SHORT Shre O 561 939 31 e 3 55 100118 SHORT Skit U S E B22 A 001 90 ae 0 3 16 2 5 100118 0110 2339 QOO0 A RM JOE 39 25 A2 118 27 100118 El Column Name Description Explanation Order No This is the date and the order id number Example 0731 5151 of the closed position Symbol The stock symbol of the closed position Action The initial position whether it was a Long or a Short Account The type of position and whether it was a day trade or an overnight position Shares Amount of shares for the entire position that was entered Open Price The opening price of that position This may be a blended opening position if there was more than one entry price Shares Out The amount of shares that were closed out of an initial opening position of that stock Close Price The closing price of that posit
53. s always constrained to the Brut book that is it never seeks for liquidity on the Street Also should any adjustments to pegging orders lead to a cross lock market condition the orders would never pro actively cross with each other in the Brut book Peg market orders positions your order to the opposite side of the primary market NBBO buy order will set at the current offer price sell order set at bid price The orders will then move up and down as the bid offer moves Order Type PEG BEST Peg Best Availability OTC Only The pegging order displays within the Brut book pegged or floated relative to the Nasdaq BBO A Brut pegging order is always constrained to the Brut book that is it never seeks for liquidity on the Street Also should any adjustments to pegging orders lead to a cross lock market condition the orders would never pro actively cross with each other in the Brut book Peg best orders positions your order to the same side of the primary market NBBO buy orders set at bid price sell orders set at offer price The orders will then move up and down as the bid offer moves Order Type Disc Lmt Discretionary Limit Availability OTC Only For aggressive positioning of the order while reducing market impact The discretion function provides the ability to display a bid offer and assign a discretionary price for all or part of the reserve size up to a limit price If an order comes in within the discretion limit pr
54. s positions your order to the opposite side of the primary market NBBO buy order will set at the current offer price sell order set at bid price The orders will then move up and down as the bid offer moves The order will only move up or down to the limit price you set Order is displayed on NASDAQ level Il as CINN and as ISLD for Level II listed Order Type PEG BEST Peg Best Availability All sessions core and after hours Peg best orders positions your order to the same side of the primary market NBBO buy orders set at bid price sell orders set at offer price The orders will then move up and down as the bid offer moves The order will only move up or down to the limit price you set Order is displayed on NASDAQ level ll as CINN and as ISLD for Level II listed Order Type Reserve Orders Availability All sessions core and after hours With Reserve order the user defines the displayed quantity while the balance of the reserve remains hidden Displayed quantity is automatically replenished from the reserve INET Expiration Order DAY order is canceled at market close of the regular market session Order DAY order is canceled at the end of the after markets session Order lOC Immediate or Cancel will fill all or part of your order Order will cancel immediately even with a partial fill Order GTC Good to Cancel order remains open until cancelled on the date you specify on the pop up calendar when the order is p
55. sitions Closed Positions Orders Order Details Buying Power Frotit Loss Account Statistics Order Summary Position Minder Position Tracker OrderNo Symbol Action Account Shares Ir Priceln Shares C Frice Out Profit Accor p Column Name Description Explanation OrderNo The order number for a particular trade Symbol The symbol of the security being traded Action Shows whether the action was a buy sell or sell short Account The type of account in which the trade was executed Shares In The amount of shares when entering the position Price In The price when entering the position Shares Out The amount of shares when closing the position Price Out The price when closing the position Profit The profit loss when closing the position 47 7 10 Position Tracker The Position Tracker tracks individual positions and allows you to view the entry and exit details of the particular order To view Position Tracker information click on the Position Tracker button in the Portfolio Window as shown below GER BEET Ordeno mtoi JAcien Tye Pice Shacs Pending Executed Status Rowe Prot Tarse EE Cances bk Cancel P cancel P Garces k Cancel P Open Positions Closed Positions Orders Order Details Buying Power Frotit Loss Account Statistics Order Summary Position Minder Position Tracker OrderNa In Symbol Position Shares Price In OrderQut Price Du Profit Account Column Name Desc
56. te request automatically accesses all Level information such as last trade price and size hi low bid ask volume as well as the Level II screen located in the two parallel colour coded boxes of streaming quotes 17 40a Type in the desired price You can also click on any price in the Level Il trading window and the price window will automatically update Use the arrows to move the desired price up or down in 0 01 cent increments Type in the quantity volume of shares desired Use the arrows to move the desired share amounts up or down in 100 share increments Choose the routing to be used from the pull down menu The default route is ARCA for all exchanges For more information on each route see the information on trading routing below SI 2 Choose the order type from the pull down menu Not all routes offer the same order types The order list will automatically change to match the route you choose For more information on each order type see the information on trade type below Choose the order expiration from the pull down menu Not all routes offer the same expiration types The list will automatically change to match the route you choose For more information on each expiration type see the information below Once the price volume route and order type information above is entered press on the BUY button to execute a buy order Once the price volume route and order type information above is entered press on the S
57. tems Inco DEMO Google Inc NNM DEMUTIID Cisco Systems Inc TDEMUTIID Semiconductor HOLCEMO16 MNazdag 100 Trust 5 DEMO Microsoft Corporatior DEMO118 International Busines DEM0118 Merck amp Co Inc NDEMO TE Exxon Mobil Corpora DEMUTIID Amgen Inc HNM DEMO18 Phizer Inc NYSE DEMOS a 100118 100118 100118 100118 100118 100118 100118 100118 100118 100118 100118 45 00 10 05 73 Th 2222 16 38 08 10 57 15 10 53 48 15 18 37 1518 54 151303 15 13 30 15 13 53 15 13 47 Column Name Description Explanation Symbol Stock symbol traded Action Whether the stock was a buy sell or sell short Shares The amount of volume traded overnight and intraday positions combined Avg Price The average price of stock traded overnight and intraday positions combined Full Name The full name of the symbol traded User The name of the user that made the trade Account This is the account number being displayed in the Portfolio Window 46 7 9 Position Minder The Position Minder reconciles your trades and allows you to view your positions as they were entered and closed It will show your open positions as well as intraday closed positions To view Position Minder information click on the Position Minder button in the Portfolio Window as shown below GER BEET Ordeno mtoi Jacien Tye Pice Shares Pending Executed status Rote Prot raso EE Cancel P Cancel P canol P Cancel P Cancel P Open Po
58. und Trade occurred at the offer price Red font on a black background Trade occurred at the bid price White font on a black background Trade occurred between the bid and ask prices 75 01 7100 275 06 7100 275 04 7500 Black font on a green background Trade occurred above the lowest offer price 274 97 100 White font on a red background Trade occurred below the highest bid price 275 13 100 16 9 0 ENTERING A TRADE 5 1 Order Entry on the Level Il Screen Peak Lite has been designed to enhance the execution process by providing the user with an easy to understand and efficient order entry interface that allows the trader to focus on trading not on the trading software The Order Entry Window allows you to control every aspect of an order With a click of your mouse you can select the routing of your order to any ECN Market Maker or Specialist I Google Inc NNM Sele int 5 25 275 05 Hi 277 04 Low 271 73 w 33 708 Lo uy A9 a 279 13 100 g 275059 100 275 07 100 BRUT 27504 275911 100 SIZE 27504 275 10 7100 Island 27504 2fo 13 100 Brutbk 275 04 275 14 100 2fo 21 100 2759 21 100 2fo 21 100 2fo 22 100 27520 100 2fo 20 100 275920 100 2fo 20 100 2fo 20 100 wa 275 20 100 To place an order enter your desired stock symbol into the symbol input field at the top left corner of the Level Il screen We have chosen GOOG for our example shown above Entering your quo
59. y Pegged Orders are Limit Orders that move up or down depending on the change in the current NBBO Bid or Offer These are called Tracking Orders Peg market orders positions your order to the opposite side of the primary market NBBO buy order will set at the current offer price sell order set at bid price Pegged Market Example National Best Bid is on ArcaEx at 50 05 Best Offer is 50 09 EES ArcaEx Book Offers Away Market Bids Away Market Offers Tracking 1000 1000 50 10 300 50 04 500 50 09 700 500 50 12 2000 50 03 100 50 10 500 1500 50 15 1000 50 00 1000 50 15 3000 Market order to Buy 500 shares Result Order is matched with the ArcaEx Tracking Order at 50 09 Note that Tracking Orders are not displayed in the ArcaEx Book and are listed here for explanatory reasons only Order Type Peg Best Pegged Best Orders Availability Only during the core sessions Listed Securities Only Pegged Orders are Limit Orders that move up or down depending on the change in the current NBBO Bid or Offer These are called Tracking Orders Peg best orders positions your order to the same side of the primary market NBBO buy orders set at bid price sell orders set at offer price Pegged Market Example National Best Bid is on ArcaEx at 50 05 Best Offer is 50 09 os ArcaEx Book Offers Away Market Bids Away Market Offers Tracking 1000 1000 50 10 300 50 04 500 50 09 700 500 50 12 2000 50 03 100
60. y x x ere x Les ls ls 37 7 0 PORTFOLIO WINDOW 7 1 Portfolio Analysis Window The Portfolio Analysis Window helps you manage your accounts giving you a total overview of your trading All account information and positions are updated in real time There are ten different windows within the Portfolio Window each allowing you to view critical trade and portfolio information The following sections are available Open Positions Closed Positions Orders Order Details Buying Power Profit Loss Account Statistics Order Summary Position Minder and Position Tracker Additionally there are many features available within the Portfolio Window such as canceling an order by double clicking on a pending order in the Open Positions or Orders sections 7 2 Portfolio Page Columns Explained for Open Positions To view Open Positions information click on the Open Positions button in the Portfolio Window as shown below 3 Portfolio Window 1001 a a en em gg coe CEC eR RRC Cancel amp O620 1645 INTC SHORT Dar Limit 26 93 FOL ADO O Confirmed DEMO ADFN Cancel le 0620 1644 CSCO BO Y Day Limit 19 38 FOL DUU O Confirmed DEMO BAUT LEWEL15 Cancel bk l 060 1642 MSFT BO Y Dau Limit 25 02 100 100 O Confirmed DEMO TRAC LEWEL15 Cancel kl Order Summary Position Minder Position Tracker Open Positions Closed Positions Orders Order Details Buying Power Frotit Loss l Account Statistics Day Deg a Technology I

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