cats:procedures:futures:pricefixing

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cats:procedures:futures:pricefixing [2015/02/10 16:22] – amandacats:procedures:futures:pricefixing [2017/12/19 03:21] (current) – external edit 127.0.0.1
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 =====Price-fixing and Hedging from the Contract Item===== =====Price-fixing and Hedging from the Contract Item=====
 +
 +{{entry>0;To Be Fixed Trades;-}}{{entry>0;Price Fixing Letter;-}}
 CATS uses a system of several different types of trades. You can manage all the operations for hedging and futures against a physical trade using the **Hedge/Fx** menu. Physical trades are classified as either To-Be-Fixed (also called Unpriced or Fixing Required) or Fixed (also called Priced or Fixing Actual trades).  CATS uses a system of several different types of trades. You can manage all the operations for hedging and futures against a physical trade using the **Hedge/Fx** menu. Physical trades are classified as either To-Be-Fixed (also called Unpriced or Fixing Required) or Fixed (also called Priced or Fixing Actual trades). 
 +
 +The currently open trades for an item are displayed next to the differential information.
 +[{{:cats:procedures:futures:pricefixing_nolots.png|Trades Area on the Item Screen}}]
  
 ====To-Be-Fixed Trades==== ====To-Be-Fixed Trades====
-Fixing required trades, when present on a contract, indicate the number of lots being traded that have no fixed price. This is useful on reports and for projecting profit. +Fixing required trades, when present on a contract, indicate the number of lots being traded that have no fixed price. This is useful on reports to show which items need to be fixed and for projecting profit. 
  
 If you are adding an item on a contract, and have entered the price as a differential without entering a fixed price, CATS will prompt you to create a price-fixing for the number of lots calculated on the contract.  If you are adding an item on a contract, and have entered the price as a differential without entering a fixed price, CATS will prompt you to create a price-fixing for the number of lots calculated on the contract. 
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 Click the **Apply** button to add the trade. The trade will be created and displayed on screen. Click the **Apply** button to add the trade. The trade will be created and displayed on screen.
 [{{:cats:procedures:contract:contractentry_tbftrades.png|To Be Fixed Trades Shown on Item Screen}}] [{{:cats:procedures:contract:contractentry_tbftrades.png|To Be Fixed Trades Shown on Item Screen}}]
 +
 +If you attempt to create a fixing required trade when the contract has a fixed price, you will see the following message.
 +[{{:cats:procedures:futures:pricefixing_alreadyhasapricewarning.png|Contract Has a Price}}]
 +
 +You will need to zero out the price before attempting to add a fixing trade to this item. 
  
 ====Fixing Actual Trades==== ====Fixing Actual Trades====
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 The item now shows the new fixed price (as calculated from the differential and the fixation price). We can see the fixation date and the price at which the trade was fixed.  The item now shows the new fixed price (as calculated from the differential and the fixation price). We can see the fixation date and the price at which the trade was fixed. 
 [{{:cats:procedures:futures:pricefixing_pricefixeddatelotsfixed.png|Price Details After Fixing}}]  [{{:cats:procedures:futures:pricefixing_pricefixeddatelotsfixed.png|Price Details After Fixing}}] 
 +
 +You can also fix some lots and leave other lots unfixed. Here, we see an item screen with two lots unfixed and two lots fixed. The average price calculated is shown in the top right. 
 +[{{:cats:procedures:futures:pricefixing_partiallyfixed.png|Partially Fixed Item Screen}}]
  
 ====Menu Options==== ====Menu Options====
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 ===Review futures trades=== ===Review futures trades===
-View a list of the futures trades attached to this physical item. +View a list of the futures trades attached to this physical item, either open trades or liquidated trades. For our example, the only **Open** trades are the fixing actual trades we created.  
 +[{{:cats:procedures:futures:pricefixing_reviewopentrades.png|Review List of Open Trades}}] 
 + 
 +Under the **Liquidated** futures trades options we can see the to-be-fixed trades that we created previously. Once the price has been fixed on this item, these TBF trades are moved to the liquidated area.  
 +[{{:cats:procedures:futures:pricefixing_liquidatelist.png|Review Liquidated Trades List}}]
  
 +Select either **Continue** or **Cancel** to return to the item screen.
  
 ===Liquidate a futures trade=== ===Liquidate a futures trade===
-Remove a futures trade from the position it currently occupies. +Remove a futures trade from the position it currently occupies. To see the full procedure on liquidating trades, review the tutorial on [[cats:procedures:futures:addliquidatemovefutures|Working With Futures Trades in CATS]].
  
 ===Recalculate price-fixing trades=== ===Recalculate price-fixing trades===
-Force CATS to recalculate the price-fixings on this item. Use this if the prices have changed. +Force CATS to recalculate the price-fixings on this item. Use this if the prices have changed. CATS will ask you to confirm changing the price. 
 +[{{:cats:procedures:futures:pricefixing_liquidatechangesprice.png|Confirm Price Change to Item}}]
  
 ===Move a trade forward=== ===Move a trade forward===
-Roll a hedge trade forward to another position month.+Roll a hedge trade forward to another position month.  To see the full procedure on moving trades forward, review the tutorial on [[cats:procedures:futures:addliquidatemovefutures|Working With Futures Trades in CATS]].
  
 ===Execute trade=== ===Execute trade===
-Execute a Good-Til-Canceled (Open) trade, converting it into a hedge.+Execute a Good-Til-Canceled (Open) trade, converting it into a hedge. For more information on Hedges, see the wiki procedure on To see the full procedure on liquidating trades, review the tutorial on [[cats:procedures:futures:addliquidatemovefutures|Working With Futures Trades in CATS]].
  
 ===Prepare/Review price fixing letter=== ===Prepare/Review price fixing letter===
-Create or review the price fixing letter.+Create or review the price fixing letter. See the wiki on creating a [[cats:procedures:contract:pricefixingletter|Price Fixing Letter]].
  
 ===Edit a futures trade=== ===Edit a futures trade===
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 [{{:cats:procedures:futures:pricefixing_editfromlist.png|Select Trade to Edit from the Chooser}}] [{{:cats:procedures:futures:pricefixing_editfromlist.png|Select Trade to Edit from the Chooser}}]
  
-When you have finished making changes, select **Apply** to proceed and save changes.  +When you have finished making changes, select **Apply** to proceed and save changes. You can change the date, price, or note.  
 +[{{:cats:procedures:futures:pricefixing_addactualdetails.png|Change Date, Price, or Note on a Futures Trade}}]
  
 ===Attach Physical to Futures Trade=== ===Attach Physical to Futures Trade===
-Select an unattached hedge to apply to this contract item.+Select an unattached hedge to apply to this contract item. This option is used to take a hedge entered under the Trade Data Entry/Review file area and attach it to a physical contract.  
 + 
 +You will be asked to confirm attaching. Select **Yes** to continue. 
 +[{{:cats:procedures:futures:pricefixing_attachhedgetophysicalyesno.png|Confirm Attaching a Hedge to this Item}}] 
 + 
 +CATS will prompt you for a **Trade No** to look up the trade you want to attach. 
 +[{{:cats:procedures:futures:pricefixing_attachhedgeentertradeno.png|Attach by Trade No}}] 
 + 
 +If you do not know the number, a chooser will pop up with all unattached hedges. Select one from the list and pick **Continue** to proceed.  
 +[{{:cats:procedures:futures:pricefixing_attachhedgeselectfromlist.png|Choose a Hedge to Attach from the List}}]
  
 ===Unattach Physical from Futures Trade=== ===Unattach Physical from Futures Trade===
-Disassociate a hedge from the current contract item.+Disassociate a hedge from the current contract item. This will simply return the hedge to the list of unattached trades and remove it from the item.  
 +Select the hedge from the chooser list and pick **Continue**.  
 +[{{:cats:procedures:futures:pricefixing_unattachhedgefromphysicallist.png|Select Hedge to Unattach}}] 
 + 
 +A summary of the procedure will be displayed. Select **Apply** to continue unattaching the trade.  
 +[{{:cats:procedures:futures:pricefixing_unattachhedgeconfirmdetails.png|Unattach Procedure Confirmation}}] 
 + 
 +The hedge will be removed from the item screen. 
  
 ===Delete a futures trade=== ===Delete a futures trade===
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 [{{:cats:procedures:futures:pricefixing_deleteconfirm.png|Confirm Deletion of Trade}}] [{{:cats:procedures:futures:pricefixing_deleteconfirm.png|Confirm Deletion of Trade}}]
  
-Select **Yes** to continue with deleting the trade of **No** to cancel.  +Select **Yes** to continue with deleting the trade or **No** to cancel. 
- +
-====Price-Fixing Letter==== +
-To create or review a price-fixing letter, go to the contract item and select "Hedge/Fx > Prepare/Review price fixing letter" +
-  +
-CATS displays a dialog reflecting the current price fixing status of the contract item. You can specify whether the PF letter is Fully or Partially fixed, set the number of bags. Click "Apply" (F2) to create the letter. +
- +
-CATS will generate the price fixing letter. The language on the letter is automatically generated by CATS to match the information on the contract item.+
  
-Price Fixing Letter Menu +{{tag>"to be fixed trades" "fixing actual trades" "liquidate a future trade"}}
-● Edit edit the language of the letter +
-● Prn print the price fixing letter +
-● Addr select a different address from the Name & Address file +
-● Review view a list of all the price fixing letters for this item +
-● Add add another price fixing letter +
-● Del delete the current price fixing letter+
  • cats/procedures/futures/pricefixing.1423585373.txt.gz
  • Last modified: 2017/12/19 03:21
  • (external edit)