Determine lot size forex cargo

Published 25.10.2019 в Play free online betting games for final four

determine lot size forex cargo

Crude Oil Lot Size When trading crude oil, the minimum trade size is usually a barrel contract, with some brokers even enforcing a or barrel. Contract size or margin value per one lot of hedged positions (oppositely The presence of this symbol property is determined on the side of a trade. Forex Cargo. Balikbayan Box. Request for Box Pickup. Register · Login. Saturday, October 15, Login. Email/Phone Number. EXISTING CUSTOMER BETTING PROMOTIONS

The Company has the right, but not the obligation, to inspect any shipment including, without limitation, opening the shipment. The Company shall have a lien in any goods shipped for all freight charges, customs duties, advances or other charges of any kind arising out of the transportation hereunder and may refuse to surrender possession of the goods until such charges are paid.

If full payment has not been received within six months from date of this contract, Company has the right to dispose of shipper's cargo in any manner it deems reasonable to cover Shipper's liabilities under this contract. The liability of the Company for any loss or damage to the shipment which term shall include all goods and effects consigned to the Company under this Invoice is limited to the lesser of: a.

The actual verified amount of loss or damage to the goods and effects. The Company shall not be liable, in any event, for any consequential or special damages or other indirect loss, however arising whether or not the Company had knowledge that such damages might be incurred, including, but not limited to, loss of income, profits, interest, utility or loss of market.

Further, the Company shall not be liable for any loss, damage, misdelivery or nondelivery; a due to act of God, force majeure occurrence or any cause reasonably beyond the control of the Company, or b caused by; i The act, default or omission of the Shipper, the Consignee or any other party who claims an interest in the shipment including violation of any term or condition hereof , or of any person other than the Company or of any Customs or other Government officials, or of any Postal Service, forwarder of other entity or person to whom a shipment is tendered by the Company for transportation to any location not regularly served by the Company regardless of whether the Shipper requested or had knowledge of such third-party delivery arrangement; ii The nature of the shipment or any defect, characteristic, or inherent vice thereof; iii Electrical or magnetic injury, erasure, or other such damage to electronic or photographic images or recordings, in any form.

Value of goods and personal effects not declared in Invoice. No claim may be made outside of that time limit. The amount of any such claim may not be deducted from any transportation charges owed the Company c When claims are paid, the Company will not reimburse the basic cost of shipment, pick-up and delivery.

These terms and conditions shall apply to, and inure to the benefit of the Company and its authorized agents and affiliated companies, and their officers, directors and employees. After that, open a new order with the volume you need.

In the Trade tab, in the Price column, the current currency price will be indicated, and in the Profit column - the current profit or loss of an open deal. Remember this figure, and if the current price changes by 1 point in the Price column, calculate how much the profit has changed. The resulting figure will be the price of 1 point of currency for a lot of the selected volume do not forget - for a dollar account! For example, you have opened a lot of 0. Now, watching the price, you can see that it has changed by 1 point.

Your profit loss on this trade has also changed by 0. It is extremely important to adhere to the rules for calculating a Forex lot not only for beginners mastering the possibilities of currency speculation, but also for successful professionals. Neglecting this simple math can expose your deposit to risks and lead to unexpected drawdowns. But there is a wonderful Forex advisor - a specialized program that will automatically make the necessary calculations and tell you how much volume you need to open an order, depending on the size of your deposit and the selected money management rules.

Moreover, with the help of this advisor, you can open orders with the specified parameters of take profit and stop loss in one click! Clients of Forex Forex and Alpari dealing centers can use the corresponding lot value calculator to calculate the lot value. Forex lot is volume unit financial instruments currencies. The standard lot for all Forex brokers is equal to , units of the base currency.

If we draw an analogy with a stock exchange, a lot on Forex is analogous to a standard contract size. Standard Forex lots are not used in interbank practice. Banks buy and sell the base currency against the quoted currency in any arbitrary volume. Forex brokers used to define the account type depending on the lot.

Today, account types have many other differences - not only in terms of the minimum traded volume and step, but also in the number of open positions, trading conditions, etc. Any Forex broker allows you to use not only whole numbers when working with lots, but also fractional ones. The lot size when opening a position in Forex is very important, because it determines the risk, profit, and loss from the transaction. Depending on the size of the Forex lot, the value of a Forex pip will vary.

The higher the lot, the higher the point value. Lots can be either whole or fractional numbers. For example, we can buy 4 micro lots, which is 0. How to determine the value of a lot? For example, it is important to be able to calculate the allowable transaction volume in order to comply with the principles of risk management. For example, we want to risk only 0.

To answer this question, you need to determine the value of the Stop Loss order. In this example, rather specific conditions are presented, and this is due to the fact that in it we consider trading without leverage. At the same time, we get a very low percentage of profitability.

A completely different picture develops in the conditions margin trading. In the implementation of foreign exchange exchange transactions using the so-called leverage has its positive and negative sides. A broker can provide traders with credit funds, with which speculators can buy large amounts of currency. The loan is issued against a pledge of margin - funds on the client's deposit. The amount of collateral can be as low as 0. The dealing center wins back its own by increasing deductions from the spread.

The larger the transaction volume, the larger the amount of deductions for a fixed number of spread points. In addition, the principles of margin trading allow you to sell currencies or goods that you do not actually have in stock. For example, when selling Euros, you don't have any Euros, you only have dollars in your account or rubles.

But you can borrow from a broker the required amount Euros secured by a certain amount of dollars. At the same time, you also undertake to buy the required amount of Euros on the market after a while and transfer them back to the broker. All these operations trade without delivery in the trading terminal occur automatically and do not require additional approvals and the conclusion of special contracts.

Often, instead of indicating the margin, they talk about the provision of leverage, which is expressed as a ratio, for example, 1: , which corresponds to a margin of 0. Standard leverage in Forex ranges from 1: 2 to 1: On commodity exchanges, the leverage is significantly less than on the foreign exchange market.

In reality, you need to have a little more money to cover the spread and to ensure that we are not knocked out of the market at the slightest price movement in the opposite direction. Stop Loss is set at points. What about profitability? She's impressive. Compare with example 1, in which without using leverage for the same transaction volume, we made a one percent profit. The sale of movable and immovable property of enterprises and organizations is also carried out through specialized auctions, production equipment land plots and forest lands, skins of fur animals, breeding farm animals and other goods.

Auction from the Latin auctio - public sale is a way of selling certain goods at prices set by buyers as a result of the auction. An auction is a procedure, following which a decision is made on who to transfer the lot to and how much each participant must pay. Participants declare their willingness to pay, and this decision is made solely on the basis of the signals received. Both legal entities and individuals can act as sellers and buyers at auctions. Sellers put up for sale the goods they own, called in the process of trading lots.

Holding auctions is possible not only by organizations for which this type of activity is the main one. There are also exchange auctions, auction trading can be organized by art salons, galleries, etc. The development of electronic commerce has led in recent years to the emergence, including in Russia, of a large number of Internet auctions. With the help of auction and competitive tender tenders, trade transactions for the purchase and sale of property are carried out, contracts are concluded for the production of work and the provision of services by state organizations and institutions.

The presented goods undergo a preliminary examination necessary to assess their quality and make a decision on the initial price. As a subject of trading, the goods are drawn up by an auction agreement signed by the owner of the goods and the director of the auction, and, in addition, by an expert, auctioneer and legal adviser. All goods are pre-divided into lots standard in terms of quantity and other characteristics of a batch of goods. A single item can also be a lot. Each lot has its own number, under which it participates in the auction.

Before the bidding, the goods or their samples are exhibited for inspection by the buyers. In addition, the organizers of the auctions may produce catalogs describing the lots offered for sale. Depending on the type of goods, descriptions can be supplemented with their photographs. Auction sales are held in a special hall. The day and time of their holding, starting prices and sizes of lots are determined in advance and are indicated in advertisements, catalogs, invitations, electronic media.

In the field of auction trade, the organizer of the auction is not the owner of the lot and, therefore, is interested not so much in maximizing revenue as in the lot being sold. This is especially true in the case of state structures of the operational level, for which plans are usually established not in terms of revenues, but in terms of volumes. At a price increase auction the initial price of the lot is set by agreement with the seller. After its announcement by the auctioneer leading the bidding , the buyers offer their price, increasing the previous one by the amount determined by the bidding rules.

The product is considered sold to the highest bidder. If the lot put up for auction is not in demand there are no offers to increase its price , it can be withdrawn from the auction. Increasing trades can be public or private. In the first case, buyers express their desire to purchase goods openly using a signal plate , and the auctioneer names everyone who offers a higher price.

If buyers raise the price using conventional signs given to the auctioneer, then such bidding is called tacit or dumb. At auctions with a drop in price the initial lot price is always overstated. During the bidding process, it is reduced until one of the buyers informs about his intention to purchase the goods.

This method is called "Dutch auction", as it is widely used in Holland, where auctions of flowers and ornamental plants and vegetables are held in this way. They are sold using the auction clock. The essence of auctions with a decrease in price is that at first the auctioneer sets the maximum starting price, which lights up on the dial installed in the auction room, after which the hour indicator moves in the direction of its decrease. If none of the buyers expresses a desire to purchase the lot at this price, then the auctioneer begins to reduce the price.

Each of the buyers present in the hall has a special remote control with a button that allows you to stop the pointer. The buyer of the goods is the one who is the first to press the button in front of him, which stops the price change on the dial. After that, the dial lights up the number under which this buyer is registered with the organizers of the auction.

He is considered the buyer of this lot. He gets the right to choose and purchase the required amount of goods at the price fixed on the watch. At the same price, the auctions are resumed and continue until the minimum price set for each product is reached. This method of holding an auction significantly speeds up the rate of auction bargaining. Condition of the auction "Blindly"- simultaneous provision by buyers of their rates for example, in writing. The lot goes to the one whose price is the highest.

Depending on the method of increasing the price of the lot, there are two types of auctions - public and private. In the vowel way the auctioneer announces the number of the lot to be offered for sale, names the starting price and asks: "Who is more? The auctioneer calls the number of the buyer under which he is registered at the auction, the new price of the lot and again asks the question: "Who is more? In the case of an unspoken method, buyers submit to the auctioneer a conventional sign of consent to raise the price for the current lot.

The premium to the price is standard and is stipulated in the trading rules. The auctioneer announces a new price each time without naming the buyer. The administration of the auction has the right to withdraw the lot from the auction until it is sold, without giving any reason. She is also entitled to lower the starting price if none of the buyers wishes to raise the starting price.

After all lots have been sold, the unsold lots may be put up for sale again. Thus, the organization of the auctions has its own characteristics, which are determined by the technology of the auctions, the significance of the auctions, the method of increasing the prices for lots, as well as the nature of the goods. In the organization of auction trade, several stages are distinguished - preparation of an auction, inspection of goods and formation of lots, directly auction bargaining, registration and execution of an auction transaction.

During the preparation period the auction, the owner of the goods delivers it to the warehouse of the auction organizer. During this period, the preparation of goods for sale is carried out, catalogs are compiled, advertising activities are carried out, large consignments of goods are divided into lots. The item is selected for the lot of the same quality. The lot size depends on the value of the item.

Each lot is assigned a number, under which it is entered into the catalog of this auction, indicating the characteristics of the lot. Several lots with the same quality characteristics form a string. A characteristic sample is selected from each lot or string and displayed in a special inspection room.

During the inspection of the goods potential buyers have the opportunity to familiarize themselves with the lots and strings put up for sale both on the basis of samples and, if desired, with all the goods in the auction warehouse. Tastings are organized for buyers at food auctions.

Inspection is carried out according to the auction catalog, which indicates the numbers of lots and strings, their characteristics, the conditions of the auction sale, the date and place of the opening of the auction, its duration and other rules for the auction. Which is conducted by the auctioneer together with assistants. It starts on a predetermined day and hour in a specially equipped room. Registration of an auction transaction is usually carried out immediately after the end of the auction.

The buyer signs a standard contract on the basis of which the invoice is issued, paid by the buyer. The final stage is the execution of the auction deal. Payment is usually made in installments. In case of non-payment for the goods in due time, the organizers of the auction consider the transaction violated and can dispose of the goods at their discretion, and cover the losses from the received advance.

Lots are traded at the auction in an open manner. All persons wishing to take part in the auction can familiarize themselves with the lots put up for auction on the pre-auction viewing, by purchasing the auction catalog and immediately before the start of the auction. Since the organizer of the auction publishes the auction catalog and provides everyone with the right to preview the lots, no claims related to the quality and condition of the lots will be accepted after the auction.

Auction catalog, including in electronic format posted on the website of the organizer of the auction is an information message notification about the auction, containing data on lots and other information. The auction is conducted in the order of the lot numbers in accordance with the auction catalog. The starting price of lots during the auction can be either lower or higher than indicated in the auction catalog. Proposals to purchase a lot for an amount less than the initial cost of the lot will not be accepted.

The organizer of the auction reserves the right not to accept bids in person at the auction and absentee bids of a person without giving reasons. The organizer of the auction has the right to withdraw any lot from the auction without explaining the reasons before the first lot is put up for auction and is not responsible for losses incurred by the auction participants in connection with their intentions to purchase this lot, as reported by the auctioneer before the start of the auction.

Auction participants can take part in it in person, in absentia, including by phone or via the Internet in real time if the auction organizer has the necessary technical capabilities and resources. For personal participation in the auction, a potential auction participant must register in advance with the secretary of the auction organizer by presenting Required documents and filling out the registration form, and receive a card with the bid number of the auction participant its electronic counterpart.

A representative of a potential bidder should follow the same steps. The card with the bid number of the auction participant is the only proof of the person's right to participate in the auction. The registration of the auction participants ends at the moment of the announcement of the start of the auction for the last lot of the current auction. If a person wishing to purchase any lot does not have the ability or desire to participate in the auction in person, he can leave an application for participation in absentia, including by participating in the auction by phone.

Absentee bids are kept in sealed envelopes, which are opened before the start of the auction. If the maximum prices for the same lot, indicated in two or more absentee bids, coincide, the order with a lower ordinal number gets priority. In this case, the starting price of the lot is set based on the maximum price indicated in these absentee bids. If two persons received equivalent absentee bids for the same lot, the auction participant whose application was registered first has priority.

The auction participant may be given the opportunity to participate in the auction via the Internet in real time. The procedure for holding an auction via the Internet and the procedure for carrying out other activities related to such an auction are determined by the special rules of the auction organizer, posted on the website of the auction organizer. The auction begins with the announcement by the Auctioneer of the opening of the auction. The auctioneer begins the sale of a lot by announcing the lot number, a brief description of the lot, and the starting price of the lot, as well as announcing that there are absentee bids for the lot.

If there are bids for the lot by absentee bids, the Auctioneer also informs the Auction Participants that he reserves the right to keep his hand raised until it is exceeded during the auction. A bidder can make an offer to buy a lot at an arbitrary price that exceeds the previous offer by more than one step. In this case, further counting is carried out from the price offered by such a participant in the auction.

Raising the card with the bid number means the unconditional and irrevocable consent of the auction participant to buy the lot put up for auction at the announced price. Each subsequent raising of the cards with the bid number by the auction participants means that they agree to purchase the lot at a price exceeding the last price of the lot named by the auctioneer by one step. The hammer blow of the auctioneer means the end of the auction for this lot at the price announced by the auctioneer.

The person who won the auction i. If the highest bid received from the auction participant in the hall is equal to the bid of the absentee bid, the winner is the bidder who left the absentee bid. From the moment the hammer is struck, when after three times the highest bid was announced, none of the bidders made a new bid, the contract for the purchase of the lot is considered concluded, and the bidder who offered the highest price becomes the owner of the lot, and the burden of maintenance and the risk of accidental death or damage passes to him.

On the day of the auction, the auction participant who won the auction in respect of the lot and the organizer of the auction sign a protocol on the results of the auction, which has the force of a contract for the sale and purchase of the lot. The purchase of a lot at an auction means the unconditional consent of the buyer to pay the buyer's premium in excess of the selling price of the lot.

The won lots are transferred to the buyer only after they have been paid in full and other financial commitments buyer before the organizer of the auction. Purchased and fully paid lots, the buyer is obliged to pick up within 7 seven calendar days after their final payment. The delay in receiving lots for more than 10 ten working days from the specified date releases the auction organizer from any responsibility for the condition of the lots, and the auction organizer has the right to set a fee for keeping the lots or transfer the lots for storage to a specialized organization and establish a retention over it until the debt is repaid.

The organizer of the auction guarantees the authenticity and safety of the lots put up for auction, and is responsible for this for one year. In case of violation of these warranty conditions, the organizer of the auction shall indemnify the buyer for direct damage equal to the sale price of the lot.

The organizer of the auction shall under no circumstances be liable to the buyer for indirect losses and lost profits related to the purchase or non-purchase of the lot. Types of trading lots on financial exchanges When applied to the word lot on commodity and financial exchanges, such terms are used as full lot, incomplete lot, bulk lot, packed lot. Full lot round lot, Round Lot is standard unit of measure for a contract. The lot has a fixed size equal to a strictly fixed minimum quantity of an exchange commodity.

It helps to estimate the volume of currency, securities and goods traded under this contract. Incomplete lot non-standard lot, non-round lot, Odd lot, Broken lot is a package or lot of currency, securities or goods containing a smaller amount of a marketable asset than a full lot. Broken lot in the stock market is fractional lot, determined depending on the established smallest number of securities of a strictly defined denomination included in the lot.

A packed lot Board lot in the stock market is lot, determined by the number of securities depending on their par value. Full lot A full lot is a batch of securities, exchange commodities, currency funds put up for sale, equal to a strictly fixed unit of transactions accepted on a given exchange floor, or a multiple of the number of such trading units.

In exchange and auction trading to a broker, an order to the broker to buy and sell exchange commodities, securities, currency in an amount that matches the established standard lot size as much as possible. The total volume of exchange transactions must be a multiple of the specified Lot. Standards are also set for the amount of securities transactions.

The exchange may revise the size of the full lot. The lot size is taken into account by the investor when drawing up a trade order to buy and by the holder of securities when submitting a trade order to sell his securities. The lot size can affect the purchase price and the ask price for sale. The establishment of a fixed exchange lot facilitates the conduct of an exchange auction.

Only the price of the securities is subject to agreement. When working with clients who do not have the ability to buy or sell a full lot of securities or other exchange commodities, brokers specializing in operations with a disparate amount of securities combine orders until the formation of full lots for the offer on the exchange. A full lot on the currency exchange is A standard unit for measuring a contract that is fixed in size and used to estimate the volume of a currency that is traded under a particular contract.

When it comes to a full lot, we mean the pre-established size of the contract for the sale or purchase of currency. The lot size in accordance with the standard for normal trading in the Forex market is , US dollars. When concluding a deal on the exchange, the trader must indicate the position size multiple of the standard lot. It is the size of the position that determines how much currency the trader provides to participate in the turnover. This transaction volume on the exchange determines the level of profit and risk required for fluctuations in the exchange rate.

Any trader must firmly know what a lot is and how it is calculated. In such cases, each position with a volume of less than thousand will be determined as a percentage of the standard taking into account the leverage. So, one lot is equal to , units of the base currency. If the leverage is 1: , the trader will be able to buy one lot for units. In order to make profitable transactions, a trader is not required to have huge amounts on the account - thousands of currency units.

Having a computer with the Internet, a Metatrader 4 trading terminal and a minimum deposit amount, it is quite possible to work successfully. To do this, brokers provide traders with leverage to enable them to work with large amounts. The size of the lot depends on the value of a point, the margin of the order being opened. With a larger order value, a larger margin will be required, and each point in this case will bring more profit. An incomplete or non-round lot is a quantity of securities that is less than a standard trading unit on the stock exchange, called a full or round lot.

On the New York Stock Exchange, a full lot represents units for active stocks. For such less active shares, the size of the round lot is ten shares. Likewise, except for special cases provided by the exchange, the transfer of shareholders' rights is carried out on the basis of the principle of one right for each separate share, and the unit for rights trading is a package of rights. Accordingly, an incomplete lot with a round lot of shares is a lot containing any number of shares from 1 to 99, and for shares with a round lot of 10 shares - any number of shares from one to nine.

The New York Stock Exchange has formed its own system of incomplete lots with a specific procedure for passing a transaction. A deal with an incomplete lot begins with the entry of orders and their confirmation. There are two ways to enter an application. Most of the large firms participating in the exchange use computer systems and data transmission networks to receive orders from their regional offices and then forward these orders to the Securities Transaction Automation Corporation on its Common Messaging Switch CBS.

The second way to enter orders is to use the New York Stock Exchange Entry Center, which is equipped and maintained by exchange staff. Firms that use a telephone or teletypewriter to transfer orders to their booths located around the perimeter of the marketplace are called non-computer firms NF. These firms then use the exchange's pneumatic mail to send bids to the New York Stock Exchange's Entry Center, where exchange operators enter bids into the switch.

The method of filing applications by non-computer firms requires more steps and usually takes longer than the direct method of access by computer firms. In the switch, all bids for non-circular lots are checked against standard principles requirements. In case of significant deviations and errors, applications are returned to the firm for correction and re-entry. All duly edited applications are sent to special computers partial lot systems for post-processing. Then, applications for incomplete lots are evaluated.

The computer system for evaluating applications for incomplete lots is called automated system assessments and notifications ASO. The ACO system receives all requests from the switchboard and stores them in a temporary executive file. Then it compares the data on trading in round lots with orders in a temporary file and proceeds to the process of determining prices.

Market orders for non-round lots are evaluated automatically using information about the next round lot trades received by the ASO system after receiving the order. A short-term short-term short sell order is valued at the next auction, which is higher than the price of a round lot in the last auction.

Such trades are called having a positive bias it is defined as the minimum deviation of the round lot rate, which is 0. Each dealer for an incomplete lot can order the ADR system to charge or not to charge the premium. Each dealer can decide whether or not to charge a premium on the shares they hold.

In addition, each dealer has the option to charge or not to charge a mark-up on market orders received before the opening of the exchange, and regardless of this, has the right to decide on the mark-up on market orders received after the opening of the exchange. The opening time of the exchange for the purpose of resolving the issue of the premium is currently set as 9h 50m.

If necessary, this time can be slightly changed if the official opening of the exchange for some reason is postponed to a later time. Orders for an incomplete lot of securities, limited by any conditions, and some others, for example, requiring execution at the prices of buyers or sellers, are considered non-market orders. Dealers have the right to choose whether to collect or not collect a premium of one-eighth on these applications, regardless of the time of their receipt.

These orders are grouped by price and sorted by time of receipt. The ACO system registers the maximum purchase price and the minimum sale price for orders pending execution. At the same time, it takes into account whether a surcharge will be charged on these applications. The buyer's price limit is set at the nearest auction in round lots and turns out to be lower than the specified price by the amount of the markup or more. If a markup exists, it is added to this price.

The seller's price limit is also determined by the nearest auction in round lots and turns out to be higher than this price by the amount of the markup or more. If a surcharge exists, it is deducted from this price.

Price maximum supply the buyer and the seller's minimum request price determine what is called the range of unfulfilled bids. The computer monitors these prices to determine when to evaluate the lots. When round lots are traded at or below the lower limit buyer's maximum bid price or at or above the upper limit seller's minimum request price , the computer scans the non-circular lot file for bids.

If a sale occurs, the boundaries of the price range are changed and the computer must update its registration data to reflect the new maximum buyer price and minimum seller price; adjust your observations of the prices of future round lot trades. The computer also checks the price caps of all new bids and updates the price range as needed; for example, if the new buy price is higher than the previously existing maximum buy price, the new order price becomes the lower end of the range.

Orders for buying and selling upon reaching a certain rate are processed as limited orders. Bids for a specific rate are registered with the sales price limits, and sales orders for a specific rate are registered with the limits for the purchase prices. The price range for each security affects both orders to buy and sell at a set rate and limit orders.

When the market price is equal to the one declared for the purchase and sale in other words, the sale price of the transaction arises , it is perceived as a regular market order and is evaluated accordingly. When the market price equates to the specified price limit order, it is registered and processed as a regular limit order. To withdraw orders for non-round lots, the latter can be entered into the system as orders of one day, i.

They can also be entered as tickets valid until canceled. In this case, they may be valid indefinitely. Typically, a register of open applications is listed once a year from all applications older than one year, and member firms should confirm these applications if they wish to keep them in effect. From time to time, the client has a desire to cancel or change the application, both entered for one day, and in the register of open applications entered earlier.

This can be done with a simple cancellation order or a cancellation and replacement order. Orders can be given in relation to any combination of market or limit orders, i. In recent years, participating firms have been encouraged to submit two separate orders: one order to cancel the order and the second to replace the previous order, especially in cases where the limited order was replaced by a market order, or vice versa.

This procedure leads to faster processing and more accurate execution of orders. If the application to be replaced is in the register and is still not executed, the order to cancel it is executed and a new application is entered in the register, which is awaiting its execution. If the order to withdraw and replace the order does not find the order to be canceled, the new order is still entered in the register and awaits its execution. The firm - the bidder is notified that the orders to be canceled could not be found.

When evaluating each application, an automated scoring and notification system generates an execution report in a standard format. Most applications are evaluated and recorded automatically by the computer system itself. Evaluation and registration of an application requiring manual processing begins with entering it on the keyboard of an on-line computer terminal. Applications that are subject to evaluation on the day of entry require very little data to complete the computer files.

When entering orders opened earlier, more extensive information is required. Regardless of whether the message is triggered automatically or manually, all applications are evaluated and recorded in the same way. Messages about the execution of orders are sent to the switchboard for transmission to the settlement firms specified in the order.

The switch transmits the message to the machine of the firm's computer system for further distribution within the firm. For non-computer firms, messages are sent to printers on the marketplace, where they are then forwarded to their booths. The list of applications for incomplete lots is managed by an automated evaluation and notification system.

The ACO system is designed to assist dealers in working with lists of applications for shares submitted by persons interested in buying and selling non-circular lots. Execution of orders to buy shares shrinks the list, while execution of clients' orders to sell shares increases it.

Many thousands of transactions are carried out for clients on every day of exchange trading, which gives a turnover of several hundred thousand shares daily. The list management system is designed to minimize dealer risk and increase the profitability of operations on the exchange. This is ensured by notifying dealers as quickly as possible about activity in the Broken lot market and large amounts of claims for shares in the register of open limited orders at prices close to the current market price.

Each dealer learns about the price of the block of shares for each position, about which he would like to receive information from the system. Unless instructed otherwise, the system will operate with conventional trading units of or 10 shares. Each line is assigned a numerical code to simplify operations. Each code represents both buy and sell prices for the term. For management purposes, such change requests must be submitted in writing at least ten days in advance.

Border warnings. A dealer operating on the Broken lot market receives information about significant accumulations of limit orders and orders with a fixed purchase or sale price of shares at prices close to the current market price. These informational messages are called boundary warnings. Every morning the dealer is given an initial border warning informing him of all the promotions in the night register, i.

This initial warning includes information about all stocks that were one dollar below the lower limit, i. During the day, the system sends all new warnings to the dealer when orders with a fixed share price accumulate at the borders or within the interval of the maximum buy and minimum sell prices above the value in the list row. All restriction alerts are sent throughout the day, replacing all previously sent alerts, except for the very first, initial one.

They contain information only on unfulfilled orders, adjusted for orders to cancel orders received on that day. Throughout the day, the stock information in the current alerts should be added to the stock information in the initial alert to get the full number of open bids currently in effect. Limit alerts list stocks at round lot prices at which orders will be filled. The system provides compensation at the dealer's choice when the premium is collected or waived, so that all warnings are consistent, regardless of the amount of the premium.

In addition to the automatically generated constraint warnings, the system can issue additional warnings on demand. For example, exchange rate accumulation not contained in the initial daily alert can be requested before the start of or during the trading day if the market price moves beyond the limits that existed earlier that day. In addition, the dealer can request a special warning for every dollar traded by their stock price.

At each workplace, the firm has a telephone to communicate with the service personnel for trading incomplete lots, so that the dealer can apply for such warnings. Next, a notification about the change in position is made. The computer monitors changes in positions in the stock list as activity in the non-round lot market intensifies.

Clients 'orders to buy are subtracted from the position at the moment of receiving orders, and shares traded on clients' orders are added to the current number of shares in the position. Limited order shares and short sell shares are added to or subtracted from the position at the time the orders are executed. Each time the computer-calculated position exceeds the line-by-line value specified by the dealer, a position change notification is issued.

This notice advises the dealer to change their position up or down the list due to the results of trading with non-round lots. The notice also indicates the code of the exchange line and the total number of round lots transferred per day, including the last notice, while plus six means that there have been plus shares so far, and minus three means minus shares. After sending the notification, the computer considers it completed, reduces the position to odd lot size and again begins to accumulate the number of shares in the position.

This residual position with the number of shares corresponding to the incomplete lot is also shown in the notice. Position change notices are not issued until 9. Since no trades had taken place before, it can be considered that the notification indicates the net starting position of each dealer at odd lot, as well as unfulfilled market orders received to date carried over from the previous day. This arrangement reduces the number of notifications that would otherwise be sent from 8.

All notifications refer to the value by line, but cannot be less than a round lot or a multiple of it. All unfulfilled applications of one day are considered invalid and are removed from the registers. Where applicable, the upper limit of the bidder's price and the lower limit of the seller's price are reduced by the appropriate dividend.

Orders executed after the close of the exchange and changes made after the close cannot be credited until the next trading day. The system for servicing incomplete lots processes all executed orders to prepare them for accounting in the settlement system. All sales and purchases are checked multiple times for the correctness of information, clearing of duplicates and the presence of applications from participating firms to make changes. Upon completion of these operations, a final detailed trading reference is prepared for each odd lot dealer.

In addition, a summary report is prepared and used by dealers to calculate profit and loss.

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