Floor-Trader(Dealer) Screen
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With the CAMS, floor trader's function will be to input consolidated information from the company's server and feedback matching result to the company server.
In theory, his job can be replaced by CAMS once connection to the host computer of SEHK is possible. However, there are special cases when manual trading is required. Also there may be legal considerations when an outside computer is connected to SEHK computer and therefore not suitable for this stage until the market is ready for that purpose.
There are three steps for a floor trader to complete an order.
1. Floor trader reads the demanded quantity and price from a CAMS computer terminal.
2. The floor trader will freeze the quantity which is going to be input to SEHK computer. A reference Lot Number is issued by CAMS will be input to SEHK computer for later reference.
3. Floor trader read the matching result from SEHK system and reports back to CAMS.
Since orders gathering are from many terminals at real time during marketing session. Floor trader can not read all order at one time. It is cams responsibilities to group all orders in the first-in first-service basis. Since the computer works so fast that the investor will not realize that he/she may be following some other participant.
Same stock number and same price will be grouped together and put on same page for floor trader's reference.
Orders are arranged in 3 phases namely, pending, listing and matched phases.
Before a floor trader freeze a demanded lot of order to SEHK computer, the quantity is free to change and appears on all report as pending.
Once the floor trader freeze (lock up) a quantity which he is going to type into SEHK computer, the lot of orders are considered as 'listed'. Listed quantity are not to be changed without confirm by floor trader.
Finally, an order which has been reported as matched in the SEHK system will be marked as 'Matched' status. Matched quantity are not to be changed anyway.