Wide-scale customisation support - The technical parameters of trading (trading
hours, automated suspension of securities, order types during trading etc.) can
be changed in a simple and flexible way.
User hierarchy - An Exchange trader, subject to a decision made within the competence
of its company, may have a ‘trader’ or a ‘firm manager’ permission. With a firm
manager permission, data shown at company level are more detailed, furthermore,
restrictions can be applied to traders’ trading rights.
Data update - In the case of equity and index-based derivative market products
(MMTS II), the cash market prices of the underlying product traded in MMTS I are
also displayed real time next to the futures instruments.
Automated suspension on the derivatives market - If trading in an equity is suspended
on the cash market (MMTS I), either due to a corporate event or due to market
price movements, on the derivatives market the MMTS II system automatically suspends
trading in the instruments belonging to the equity traded on the cash market.
Real time position keeping in MMTS II - Brokerage firms can manage their own
positions, as well as their clients’ positions in real time. The system continuously
records and updates the long and short, as well as net positions, in respect of
all position accounts. At the closing of positions, these are continuously compared,
not only with the opposite open positions but also with the open orders on that
position account and in the given instrument.
Limits - Depending on the user’s trading permission, for any Exchange trader,
so-called order limits can be set, in order to prevent the order entry exceeding
the pre-set values (MMTS I) or the pre-set volumes (MMTS II).
Indicative price calculation - In the opening/closing periods, prior to the setting
of the equilibrium price, in the order collection period the system displays the
possible opening/ closing price on the basis of actual orders in the Order Book.
Support of spread trading in MMTS II – On the equity futures market, functions
developed for spread trading (such as generation of implied orders and direct
use of spread orders), offer to the users concluding strategic deals more comprehensive
’Close out’ restriction on the derivatives and commodities markets - The Exchange
can set for a trading company or the company itself can set for a trading account
belonging to it the so-called ‘close out’ restriction. In the case of the company’s
insufficient cover for daily settlements within the Central Depository and Clearing
House (KELER), the setting is made on the basis of a notification from KELER,
and in such cases, the trading company can close its positions itself, it is not
necessary to involve another trading company. The firm itself can set ‘close out’
status for one of its client’s account, and doing so, the client’s open orders
placed previously into the Order Book shall be withdrawn.
Advanced clearing-based risk management - On the futures market, the suspension
of trading in an instrument is associated with dual reference prices: one of them
is used for the regulation of the maximum daily price movements (limits for order
entry), the other one is for setting price changes ( trading halt limits for clearing-based
risk management). The second reference price can be adjusted to a post-clearing
intra-day settlement price, thus making an automated trading halt possible if
these limits are exceeded by a transaction price.