POEMS ProTrader Trading System—User Guide Ver 1.22.0
Updated on Mar 2013
PHILLIP SECURITIES PTE LTD
POEMS ProTrader
Trading System
User Guide
Phillip Securities Pte Ltd
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Content Page
1. Descriptions of Orders
Limit Orders ………………………………………………………………………. 3
Stop Limit Orders …………………………………………………………………. 3
Iceberg …………………………………………………………….….…………… 5
Contingent Orders ………………………………………………………………… 6
Validity of Orders ………………………………………………………………....7
Short Sell…………………………………………………………….….…… …… 7
2. POEMS ProTrader Platform Features
Trading ……………………………………………………………………………. 9
Market Information ……………………………………………………………..… 11
Account Management …………………………………………………………….. 12
Report …………………………………………………………………………….. 12
Setting ……………………………………………………………………….......... 13
Price List Panel …………………………………………………………………… 13
Order Status Panel ...……………………………………………………………… 14
IntraDay Profit/Loss………………………………………………………….......... 16
DowJones News and Research .………………………………………………........ 19
Price List Settings………………………………………………………………….. 21
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Descriptions of Orders
Limit Orders
A limit order is an order to buy or sell a stock at a specific price or better. A buy limit order
can only be executed at the limit price or lower, and a sell limit order can only be executed at
the limit price or higher. A limit order is not guaranteed to execute. A limit order can only be
filled if the stock’s market price reaches the limit price. While limit orders do not guarantee
execution, they help ensure that an investor does not pay more than a pre-determined price for
a stock.
While Limit Order has an advantage that you can be sure the order will be executed (filled) at
the limit price or better, the disadvantage of this order is that there is no guarantee that the
order will be executed (filled).
Example: If an investor wants to purchase shares of SGX stock for no more than $6.810 the
investor could place a limit order for this amount that will only execute if the price of SGX
stock is $6.810 or lower.
Stop Limit Orders
A stop limit order is an order to buy or sell a stock once the price of the stock reaches a
specified price, known as the Trigger Price (Stop Price). Once the trigger price is reached, a
stop limit order becomes a limit order that will be executed at a specified price (or better).
Depending on what position that you are holding (long or short), there are two types of Stop
Limit Order:
a. Sell Stop Limit
This is the stop limit order when you have a long position on a security.
In this case, the trigger price is placed below current market price of the security.
b. Buy Stop Limit
This is the stop limit order when you have a short position on a security.
In this case, the trigger price is placed above current market price of the security.
Before using a stop-limit order, investors should consider the following:
a. As with all limit orders, a stop-limit order may not be executed if the stock’s price
moves away from the specified limit price, which may occur in a fast-moving market.
b. Short-term market fluctuations in a stock’s price can activate a stop-limit order, so
trigger price and limit prices should be selected carefully.
The benefit of a stop limit order is that the investor can control the price at which the order
can be executed. The disadvantage is that the order may not be executed at all.
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Example 1: Assume that stock SGX is trading at $6.810 and an investor wants to buy the
stock once it begins to show some serious upward momentum. The investor has put in a stoplimit order to buy with trigger price at $6.830 and limit price at $6.840. If the price of SGX
moves above $6.830 trigger price, the order is activated and turns into a limit order. As long
as the order can be filled under $6.840 (the limit price), then the trade will be filled. If the
stock gaps above $6.840, the order will not be filled.
Example 2: An investor bought 10,000 shares of SGX stock at $6.800 and wants to limit his
loss to $500, so he could place a stop limit order with a Trigger Price of $6.76 and a Limit
Price of $6.75. If the price of SGX falls to $6.76, a limit order to sell 10,000 shares at $6.75
will be triggered.
Note:
a. Although a common stop limit order’s trigger condition could be last traded, bid or
offered price, POEMS ProTrader uses only the last traded price as triggering
condition.
b. SGX DOES NOT accept this order type. POEMS ProTrader server will monitor this
order instead.
c. For all Stop Limit orders, clients are to ensure that their trading accounts have
sufficient buy or sell trading limits to allow orders to be submitted when Stop Limit
order's triggering conditions are met, else order triggered may be rejected due to
insufficient trading limit.
Iceberg
Iceberg Order is an order (generally a large volume order) that allows the investor to disclose
only a small part of the order, leaving a large undisclosed quantity to be “hidden” from the
public, for the purpose of hiding the actual quantity of the order.
This order is normally used by institutional investors when they need to buy / sell large
amounts of securities for their portfolio.
In this case, they can divide their large orders into smaller portions, so that the public can only
see a small part of the order at a time (just as the 'tip of the iceberg' is the only visible portion
of a huge mass of ice).
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When the disclosed portion has been filled and “the amount of order” has decreased to zero,
the displayed portion of the Iceberg Order will then refresh automatically to display the
original disclosed amount again. This process will repeat as necessary until the entire balance
of the order is executed.
The purpose of hiding its large size is to reduce the price movements due to substantial
changes in a security's supply and demand.
SGX allows orders to be partially visible to the market by the use of Iceberg order.
Conditions are:
• Hide Size Orders are entered with a total quantity and a shown quantity.
• The total quantity of the order must be more than 50,000 shares before the order can be
hidden.
• The Iceberg order will lose its queue priority when all of the shown volume has been
matched and the displayed quantity is replenished.
Benefits
Using Iceberg orders provides several key benefits to large order holders:
• Safety - disproportionately-large orders may be booked without fear of paying an
informational price;
• Convenience - submitting the entire order at once relieves the investor of the task of
submitting several portions and watching to see when they are filled;
• Participation - having the entire order in the exchange book ensures the order's full
balance is available to participate with any interest which enters the book.
Contingent Orders
Contingent orders are orders that are structured of two or more steps that must occur in a
specified sequence. Until the first step in the process is completed, the broker is not
authorized to move on to the second step in the sequence.
One of the most common structures for a contingent order will include two sub-orders
involving the purchase and sale of a stock or security. For example, an investor may submit
an order to Phillip Securities that specifies that a certain stock is not to be purchased until a
different stock in the investor’s portfolio can be sold at a specified price per share. Phillip
Securities will hold on to the order and not attempt to initiate the buy of the incumbent stock.
Upon successfully selling the stock under the conditions specified by the investor, Phillip
Securities is free to move on to the second portion of the contingent order and purchase shares
of the stock named in the order by the investor.
Investor has to remember that a “working contingent order” is contingent upon the execution
of a limit order placed in the market. Therefore if the limit order is filled, the “working
contingent order” will be sent to the market as a limit order.
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Withdrawing a limit order would simultaneously withdraw “working contingent orders”
attached to it.
Phillip Securities accepts only Limit Order for both legs of a Contingent Order.
Example: An investor could place a contingent order to purchase stock SGX contingent upon
the sell of stock DBS.
Note:
a. Contingent Order is an order involving execution of two or more transactions. However,
the contingent order will not be triggered if the submitted limit price is 20 bids away from
the current last done price. It will be triggered and submitted to SGX once it is within 20
bids from last done price.
b. Contingent Order is an order whose execution depends upon the execution and/or price of
another security.
Note:
1
2
SGX DOES NOT accept this order type. POEMS ProTrader server will monitor this
order instead.
For all Contingent orders, clients are to ensure that their trading accounts have
sufficient buy or sell trading limits to allow orders to be submitted when Contingent
order's triggering conditions are met, or else order triggered may be rejected due to
insufficient trading limit.
Validity of Order
These order validities represent timing instructions for an order. Unless an investor specifies a
time frame for the expiration of an order, orders to buy and sell a stock are Day orders,
meaning they are good only during that trading day.
Following validity available to investors:
• Day
• Fill-or-Kill (FOK)
• Immediate Or Cancel Order (IOC)
• Pre-Close
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Validity options are not allowed for Contingent Orders.
Definitions:
1 Day Order
Day order is only valid for current trading day.
2
Fill or Kill (FOK)
An Fill-or-Kill (FOK) order is an order to buy or sell a stock that must be executed
immediately in its entirety; otherwise, the entire order will be cancelled (i.e., no partial
execution of the order is allowed).
3
Immediate Or Cancel Order (IOC)
An Immediate-or-Cancel (IOC) order is an order to buy or sell a stock that must be
executed immediately. Any portion of the order that cannot be filled immediately will be
cancelled. This order is different from Fill-Or-Kill (FOK) order whereby this order allows
partial filling, while Fill-Or-Kill (FOK) order does not allow partial filling.
4
Pre-Close
Pre-Close Order validity is only processed during pre-close sessions, 5.00-5.05pm,
subjected to random closing. This allows customers to prepare orders triggered at “PreClose” to ensure that last-minute contra positions are covered. This order validity is
mostly essential if random close is in place at unpredictable closing times.
Short Sell
Short selling is the sale of securities that the seller does not own at the time of the sale.
It can either be "covered" or "uncovered" or sometimes known as "naked" short selling.
In "covered" short selling, at the time of the sale, the seller has borrowed the securities or has
made arrangements to fulfil his obligation to deliver the securities.
In "uncovered" short selling, at the time of the sale, the seller is not in possession of securities
or has not made arrangements to meet his delivery obligation. Seller unable to fulfil his
obligation to deliver the sold securities will face SGX buying-in and penalty on failed share
delivery. The penalty will be S$1,000 or 5% of the value of the failed trade, whichever is
higher. This is in addition to the processing fee of S$30 per contract imposed on all failed
trades.
Note
Advanced Orders are accepted on a reasonable endeavours basis and are available for
Investments nominated by us. We will make available Advanced Orders for Investments at
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our discretion and this could mean that you cannot place an Advanced Order for an
Investment that you have previously placed an Advanced Order for.
Any type of Advanced Order may be withdrawn without notice at any time.
It is your responsibility to monitor and maintain any Advanced Orders placed on your
Account, as modified by you or cancelled by you or us from time to time. This will include
monitoring your Advanced Orders, Orders and trading history.
We do not guarantee that Advanced Orders will be executed even if the criteria for the
Advanced Orders are met. The following is a non exhaustive list of reasons that may prevent
execution:
a Market conditions at the time (such as a “fast market” i.e. very volatile market);
b Other clients have placed similar orders, but at an earlier time than your order and
being executed in priority to your order;
c Liquidity of the Investment;
d Systems failure or technical difficulties; or
e Other factors which are outside of our control.
POEMS ProTrader Platform Features
Trading
There are 3 ways to place your orders.
Method 1
Double click on the company name and the relevant details will appear on the “Order
Entry” pane l. After doing so, select the type of orders that you would like to place.
Kindly fill in the remaining details and submit your order. Once your order is received,
it will appear under “Working Orders”.
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Method 2
Key in the relevant details on the “Order Entry” panel. Once your order is received, it
will appear under “Working Orders”.
Method 3
Click on the Bid or Ask price respective to the counter that you would like to trade.
Right Click and the price and quantity list will appear as follows. Select by clicking
on the correct price and quantity that you would like to trade. A confirmation window
with the details will appear. Click on the Buy or Sell button to confirm your order.
Once your order is received, it will appear under “Working Orders”.
Market Information
This option allows you to view the current price list as well as the watch list that you
have created.
Price List
You can obtain the latest live quotes of shares and indices. For your convenience,
stocks has been categorized according to the industry they are in as well as in
alphabetical order.
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Watch List
This service allows you to create and edit your personal watch list. With this service,
you would be able to monitor the market movement of up to 50 of your favourite
counters.
To create a watch list, you can click on “Create” that is located on the “Price List”
panel. A pop up screen would appear. After your watch list is created, you can select
the watch list that you would like to view by clicking on “Watch List” which is
located on the “Price List” panel.
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To edit a watch list, you can click on “Edit” that is located on the “Price List” panel.
A pop up screen would appear. You can add or remove new counters as well as delete
a watch list altogether.
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Account MGMT
This feature is the same as the one available on POEMS.
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Report
This feature informs you of your remaining trading limit.
Settings
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This feature allows you to indicate and customize your own preferences:
If you would like to key in your password each time you place an order.
If you would like to impose a maximum order value.
I f you would like to impose a maximum order quantity.
You may also indicate your own session time out in terms of minutes.
Price List Panel
Information such as market depth, time and sales, trade summary and historical chart
is available for each individual counter. Simply right click on the relevant counter to
access the information.
* Please note that “market depth” is a subscribe service.
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Order Status panel
Plotter
This feature allows you to view the real time status of all types of orders carried out
on the same trading day in one single screen. It also has the flexibility of viewing the
orders according to the order status namely working order, done order and yesterday
done order. Done orders are orders that have been executed.
Order Submission
Double Click the company name in the Plotter, then there will be a popup pane, and
you can submit the order through it. But the limit price here is not the last done price,
is your previous order limit price. It can help you submit the same order quickly.
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Fast access to company’s information
You can check Information such as market depth, time and sales, trade summary and
historical chart through Price List Panel. Right click on the relevant counter in the
Plotter is also another way for you to view this information.
Withdraw/Amend order
This platform allows you to withdraw (a mend) orders individually or in batches. You
can withdraw all buy or sell order with a single click. Simply click on “Check All
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Buy” or “Check All Sell” to select all the relevant orders and click on “withdraw” or
“amend”.
IntraDay Profit/Loss
IntraDay Profit/Loss allows you to view your realized/unrealized profits for the
current trading day. To access the IntraDay Profit/Loss, click on the Report >
IntraDay Profit/Loss.
IntraDay Open Profit/Loss
This feature allows you to view your outstanding trades for the current trading day.
All securities bought or sold that have not been realized with a matching quantity will
be displayed on the Intraday Open Profit/Loss window.
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Definitions:
Stock Name – The name of the counter that have been bought or sold
Status – Buy/Sell action
Executed Qty – The quantity that has been bought or sold for that counter which is
still open. Sell outstanding trades will be displayed as negative quantity. Buy
outstanding trades will be displayed as positive quantity.
Executed Price (Avg) – The average price will be calculated if there are multiple
trades executed at different prices.
Market Last Done – The real time market last done price will be displayed.
Open P/L – Based on the following formula, the open P/L will be calculated:
[(Market Last Done Price – Executed Price) * Executed Qty]
IntraDay Close Profit/Loss
This feature allows you to view your realized trades for the current trading day. All
securities bought or sold that have been realized with a matching quantity will be
displayed on the Intraday Close Profit/Loss window.
Definitions:
Stock Name – The name of the counter that have been bought or sold
Executed Qty – This column will display the BUY and SELL matching quantity.
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Bought Price (Avg) - The average price will be calculated if there are multiple BUY
trades executed at different prices.
Sold Price (Avg) - The average price will be calculated if there are multiple SELL
trades executed at different prices.
Close P/ L – Based on the following formula, the Close P/L will be calculated:
[(Sold Price – Bought Price ) * Executed Qty]
Working Example
Please refer to the following screenshot (DONE Order tab).
Fung Choi Example:
Total BUY quantity: 15, 000
Total SELL quantity: 6, 000
IntraDay Open Profit/Loss
Stock Name: Fung Choi
Status: BUY
(As the BUY quantity is greater than the SELL quantity, the outstanding trade is of a
BUY status.)
Executed Qty: 9,000
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(The outstanding BUY executed quantity is [15,000 – 6,000] 9,000.)
Executed Price (Avg): $0.705
(Since the entire BUY orders are DONE at $0.705, this is the stated average price.)
Market Last Done Price: $0.705
(This is current market last done price.)
Open P/L: 0.705 – 0.705 * 9,000 = $0
(Market Last Done price – Executed Price*Executed qty)
IntraDay Close Profit/Loss
Stock Name : Fung Choi
Executed Qty: 6,000
(The matching quantity of BUY and SELL trades is 6,000)
Sold Price: $0.713
(As the SELL orders are done at different prices, an average price will be calculated
based on the following: (0.715*5,000 + 0.705*1000) / 6000 = 0.713.)
Close P/L: 0.713 – 0.705 * 6,000 = $48
(Sold price – Bought Price* Executed qty)
DowJones News and Research
DowJones News Headlines will be available upon login to all POEMS clients. The
news headlines are categorized into different countries, namely, USA, Hong Kong,
Singapore and China.
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To view the detailed news headlines and research materials by Phillip Securities Pte
Ltd, click on Market Info > News and Research
The following window will appear.
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Price List Settings
The Price List Settings button allows the user to customize the price list grid settings.
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Note:
1. When you click the Settings button, the Price List Grid Settings pane is displayed
as shown in Figure 1a. POEMS ProTrader Default is set by default on initial load.
This item is not editable. The only customizable or editable list in the Set name
combo box are the 5 Set names as shown in Figure 1b. User can change the settings
name by simply selecting it and rename it according to user’s preference.
2. The Price List Grid Settings popup pane defines the following buttons with its
respective function.
a. Set button is located just below Watch list or Market Info list box . This allows user
to change the group of settings assigned to its watchlist or Market Info.
b. Apply button is located just below the Set name check list box. User can remove
the field to be displayed by unchecking it from the list and retaining it by having a
check on it (Figure 1.c).
c. Get from DB button allows user to get the price list settings in the database and
updates its configuration file. Saved configuration can be used on other machine used
by simply clicking the “Get from DB” button.
d. Close button as self explained closes the Price List Grid Settings pane.
Figure 2
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User can change the item order or width while viewing the Price List by simply
dragging the field or changing the width. This will be saved automatically upon doing
the next action on the form and as long as the current viewed pricelist does not belong
to POEMS ProTrader Default Settings. Otherwise the changes will not be in place and
you will receive a message as shown below. “Top 30 Gainers” will be changed
accordingly to whatever selected pricelist name.
Successfully saved settings will also follow the sequence in the Price list Grid
Settings as shown below:
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