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TWS Users Guide > Research, News and Market Data Fees > Bonds

 

 

Trading Permissions


How to Change Trading Permissions on your Existing Account

 

How to Set Up Trading Permissions for Bonds:

 

Log into Account Management to upgrade your Trading Permissions and subscribe to bond & market data

  • To trade bonds, you first need to upgrade your Trading Permissions to include Fixed Income (through Account Management).How to Upgrade Trading Permissions for Bonds?
  • To get bond data, you need to upgrade your Market Data Subscriptions to include US Bond Real-Time Data and Moody's Ratings.

 

 

Learn about available fields that may be added to your trading window as well as positions, settings and much more!

Bond Columns

The bond-related fields below can be added to your trading windows in Place Trader Workstation (TWS):

 

Column Name

Description

Bid Yield

The yield-to-worst. This is the lower of yield to maturity and yields to all calls. The yield is only shown if it is offered on the exchange.

Ask Yield

The yield-to-worst. This is the lower of yield to maturity and yields to all calls. The yield is only shown if it is offered on the exchange.

Last Yield

The yield-to-worst. This is the lower of yield to maturity and yields to all calls. The yield is only shown if it is offered on the exchange.

Bond Attributes

Bond attributes of last sale price which may include:

Non-standard settlement date (normal settlement for bonds is T + 3), including

 

C - cash trade

ND - next day trade

S# - seller's option

Other Attributes

 

W - weighted average trade

A - afterhours trade

10 yr Hedge

The equivalent number of 10-year US Treasury bonds that would hedge one of the given bond. It is the DVO1 of the given bond divided by the DV01 of the 10-year US Treasury bond.

Convexity

This measure is used by convention with the industry, rather than the derivative of duration with respect to yield to maturity. It is in fact an approximation of that value. It is the second derivative of the bond price with respect to its yield to maturity, divided by the bond price.

Duration (%)

The percentage decrease in the bond price per percentage point of increase in the bond's yield to maturity. It is the first derivative of the bond price with respect to its yield to maturity, divided by the bond price.

Value of BPs

The dollar value decrease in the price of a bond due to a 1 basis point, upward parallel shift in the yield curve. Commonly referred to as DV01. It is the duration times the bond price divided by 100.

Amount Outstanding

The amount of the bond outstanding as of the corporations’s latest available balance sheet.

Bond Short Name

Shows the actual text name of the bond for easier identification.

CUSIP

The cusip identifier.

Coupon

The interest rate used to calculate the amount you will receive annually, payable based on the Payment Frequency.

Current Ask Yield

The yield of the bond if it is purchased at the current offer.

Current Bid Yield

The yield of the bond if it is purchased at the current bid.

Exchange Listed

Indicates whether or not the bond is listed.

Payment Frequency

The bond payment frequency.

Ratings

The rating issued for the bond.

 

 

 

 

Ticker Row Settings

Use the Ticker Row configuration settings to specify the look of tickers on your trading pages.

To define Ticker Row configuration settings:

1.On the Edit menu selectGlobal Configuration.

2.In the left pane, click Display and thenTicker Row.

3.Use the right panel to set the custom ticker row parameters.

configDisplayTickerRow918.jpg

TWS Fixed Income Display

Global Configuration > Display > Settings

Use the Display configuration page to define display settings such as hiding or showing the index arbitrage meter, enabling column tooltips and applying colors to options based on in-the-money status.

 

Ticker Row Settings 

Global Configuration > Display > Ticker Row

·Display stocks with options available in bold - when checked, stocks that have options will display in bold font on the trading screen.

·Show hedging icon in size column - check to have the delta hedge icon shown in the Quantity field for volatility orders with an attached delta hedge.

·Display tick-dots instead of colored prices - when checked, price display on the Quote Monitor will be in white with a colored tick dot indicating upward or downward price movement.

·Show all values in base currency - If checked, all position and P&L values are recalculated to display in your base currency, and are shown in italics to identify them as having been converted from the local currency to your base currency.

·Highlight high or low for the day - when checked, theLast price will display in RED if it is also the day's low, and will display in BLUE if it is also the day's high.

 

Home Exchange

Set a Home Exchange Group that identifies your most-used exchange groups. Each time the primary listing exchange for a contract matches a home exchange group, that exchange is hidden from the contract description on the ticker line. This feature can help to clean up your trading page by removing the repetition listing of your most-used exchanges.

 

Fixed Income Minimum Size Increment

Customize the quantity display for fixed income products.

·Select $1 to size in face value.

·Select $1 K to size in multiples of 1000.

 

Forex Size Display Settings

·Full display shows all digits- if selected, a sample size would show as 5,000,000.

·Abbreviated display shows “K” for thousands and “M” for millions - if selected, the above size of 5,000,000 would display as 5M.

 

Position and P&L Display Settings

·Include Away positions to Portfolio and P&L - check to show away positions on a new tab in the Positions section of theAccount window, in the Positions field displayed on any TWS trading page, and on the Portfolio page.

Note: For display purposes, position values are aggregated to include both PLACE TRADE-held positions and “away” positions on the same contract. However, for trading purposes, for example if you elect to “close” a position, only the portion held at PLACE TRADE will be traded.

·Include today’s opening position in P&L calculation - check to include existing positions in the calculation for the P&L column only.

·Round values to nearest whole number - when checked, the Cost Basis, Market Value and all other P&L columns will be rounded to the nearest whole number.

·Color-code position and P&L columns- when checked, the Position and all P&L columns will use color-coding to indicate positive and negative values at a glance. Set the colors using the selection boxes below.

 

Borrow/Loan Rate Format

·The default Fee Rate format shows the borrow/lend rate from the perspective of a fee owed.

·The Rebate Rate mode shows the borrow/lend rate from the perspective of a rebate received. When in rebate mode, data is italicized.

 

Volume Column Display Settings

·Prefer native volume - does not update with every tick, but will include delayed transactions, busts, late-reported trades and combos.

·Prefer calculated volume - updates with every tick, but may not includedelayed transactions, busts, late-reported trades and combos.

 

Native/Calculated Index Prices

·Enable Native Index Prices Indication - check to display calculated index prices, but show an indicator per index that the exchange-native price is available. When checked, the Contract field displays a “c” to indicate the calculated price, and the tick dot is purple if exchange-native price is supported.

·Prefer Native Index Prices - check to display the exchange-native index price for indexes whenever available.

 

Market Data

Click Reset Subscription to modify settings for delayed market data.

·Show last known market data quotes - if checked, a static snapshot of the bid, ask, bid size and ask size is displayed when the markets are closed, for all tickers that are subscrPlace Tradeed to market data.

·Do not prompt for market data subscriptions- if checked, you will not be prompted to see delayed market data for those tickers that have no market data subscription. A change to this parameter requires that you restart your system before the change takes effect.

·Format prices with commas- check to see commas in price quotes where applicable.

 

 

 

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