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	WARRANT MARKET MAKING SYSTEM

WMMS is a comprehensive solution catered for issuers, liquidity providers and investors to conduct derivative warrants trading. The solution offers real-time data delivery capability, complete order execution and management functionalities. As at the date of publication, over 19% of derivative warrants issued in Hong Kong have been made market through our infrastructure, and 22% of liquidity providers have deployed our WMMS.

KEY FEATURES

Using WMMS, issuers can define pricing models and bid/offer trigger points of warrants issued. Based on corresponding pricing models and in response to market movement, the application will trigger bid/offer orders. For users other than issuers, UI for WMMS can be configured to execute different program trading strategies. Addressing security requirements, WMMS allows users to set a price limit and alert for each warrant; define and block error trade, and cancel outstanding orders in case of emergency.

User ID and password authentication

Pricing Grids, the Matrix, in spreadsheet format for defining market making parameters

Update and import pricing grids

Enable auto market making

Manual Control: (i) Cancel Bid; (ii) Hit Bid; (iii) Lift Offer; (iv) Cancel Offer; (v) Hit w/Hdg; (vii) Lift w/Hdg;

(viii) Buy Stock; (ix) Sell Stock; (x) Cancel Buy; and (xi) Cancel Sell

Place Order

Monitor latest buy/sell activities with brokers on Broker Alert List

Add/Edit Broker Alert List

Add/Edit Warrant Details, including (i) Warrant Code, (ii) Underlying; (iii) Strike; (iv) Expiry Date;

(v) Call/Put type; (vi) Ratio; (vii) Broker; and (viii) Issuer

Update data in relation to the numbers and percentage of all outstanding warrants in the market

Setting of program logics including:

-	Allow HitBid/LiftOffer Over 3000 Lots
-	Enable Matrix Bid as Min
-	Enable Next Offer as Max
-	Enable Matrix Bid as Max

Hedging summary listing number of underlying hedged/to be hedged and number of index futures

Error Message Log

Personalization of Market Window by changing color, typeface, font size and column order

Addressing the needs of liquidity providers, the solution comes with System Admin., a monitoring tool allows

system administrator to define setting of the system and a LP Terminal for order management

STOCK TRADING SOLUTION

WARRANT MARKET MAKING
SOLUTION

OPTION TRADING &
MARKET MAKING SOLUTION