Steps:
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Input Physical Trades Data
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Please refer to List of Definitions: Trades for the definitions of the fields.
h. Physical Pricing Setting
This section allows you to set up your physical trade pricing index (Benchmark & MTM - pricing mode = Float/Ave, WMA & Spot) here, which will be required if you want to do bulk trade upload for your physical trades. The pricing index allows you to use a product and benchmark its price against the purchase or sale pricing of the contract so as to better calculate the positions and P/L before the contract is complete (have actual price and quantity). You will thus be able to decide which contract (without actual price yet) should be matched to which particular product's pricing in order to price the contract and calculate the P/L more accurately. If your contract has fixed or actual price, there is no need to create a pricing index, you may just input the fixed price accordingly.
Every physical trade contract will have its own Benchmark and MTM (Potential) pricing index.
Benchmark pricing: Used to price your purchase or sale contract, if fixed price is not available yet. You may input the actual price once you receive it.
Potential pricing: Used to price/mark-to-market the corresponding contract (sale or purchase), if fixed price is not available yet. This allows you to have an idea of the calculations of the positions and P/L before the contract is complete.
Every trade with the same deal number will have the same Potential Pricing index.
So the system will be able to handle the following cases for the Benchmark and MTM (Potential) pricing index:
a. Floating price is available only (no fixed or actual price yet): If your contract has no fixed or actual price, you can record the floating price by choosing pricing mode “Float/Average”, “Whole Month Average（WMA) or ”Spot“. Once you receive the actual or fixed price, you may input for your trade, more details to be provided below. For instance, for a contract (import/export), if you only have floating price, you can use LME product for Benchmark pricing and SHFE product for MTM, which will result in a difference in P/L. Once you input the actual price and actually quantity, the positions and P/L of the contract will be calculated more accurately.
b. Fixed price is available: If your contract has fixed or actual price, you may input the price into the "Fixed Price" column in the bulk trade upload file, more details to be provided below.
In summary, all paper and physical trades pricing logic is as follows:
To determine which Pricing Mode to use, you may double click on the MAF Product ID/Product field to determine the "Product Type" (forward/futures/spot/forex）:
If Product Type is FORWARD, please select FLOAT/AVE and input the Pricing Start and Pricing End Date only. For instance, LME 3M contract is specific to a certain date. Some examples include LEAD 3M, ZINC 3M etc.
If Product Type is Futures, please select WMA and input the Month and Year only. Some examples include LEAD, ZINC etc.
If Product Type is Forex or Spot, please select Spot and you do not need to input month, year or date. Some examples include LEAD 3M Rolling, ZINC CASH etc.
Please click on Add Row to add a new row and input the details accordingly. Once this setting is configured, you will be able to input the Pricing Code in the Benchmark Pricing and MTM Pricing columns in the Bulk Trade Upload file. Once upload, your contracts' pricing will be matched directly to the product you have matched them with. Cells in red are compulsory fields.
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To access this section, click on 'Trade', following by 'Physical Trades' from the navigation sidebar on the left. Click on the 'PHYSICAL PRICING SETTING' tab at the top of the page to access this section.To add a new pricing index, click on 'Add Row' and fill in all the details as necessary (cells in red are compulsory fields.)
Pricing Code: Unique name to identify the pricing index, you may come up with the names as you wish
MAF Product ID: Product to use as a pricing index, these products are obtained from various Exchanges sources and have been added into the system for your usage
Pricing Mode: Types of pricing mode, namely; Float/Ave, WMA and Spot
To determine which Pricing Mode to use, you may double click on the MAF Product ID cell and look at the "Product Type" (forward/futures/spot/forex）:
a. If Product Type is Forward, please select FLOAT/AVE and input the Pricing Start and Pricing End Date
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b. If Product Type is Futures, please select WMA and input the Month and Year
c. If Product Type is Forex or Spot, please select Spot
Trade Type: Financial instrument(s) used as an index to benchmark the pricing of your trades (Benchmark or Potential (MTM)
Premium: Premium to your benchmark index/MTM
Pricing Start: Start date of pricing, applicable for forward products
Pricing End: End date of pricing, applicable for forward products
Month: Contract month of pricing, applicable for futures products
Year: Contract year of pricing, applicable for futures products
Tax Rate: Tax rate applicable to the pricing of the index
Once done, please click 'Save' and the Pricing Code will be available for you to input in the 'Benchmark Pricing' or 'MTM Pricing' fields in the bulk trade upload
Please note that this section is equivalent to the pricing index setting as shown in the screenshot when manually creating your physical trade.
3. Create/Manage Quantitative Models & Reports
Dashboard - Individual
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You must first input paper trades and physical trades data to generate the following figures:
1. Positions and P/L data: Positions and P/L data (including any commission, expense and income and other costs, etc.) are calculated after paper trades and physical trades data are input.
Input data such as positions, price and commission etc in Paper Trades and Physical Trades
Input data such as expense and income items and other costs etc in General Ledger . When selecting Type in the table, please choose EXP/INC and input:
Expense/Costs: Negative value eg -100
Income: Positive value eg 100
Please assign the trade/item to tag them to the corresponding portfolio before saving the data. The system will then automatically calculate the positions and P/L according to your data and display in the model/report accordingly.
2. Initial Fund, Fund In/Out data: If necessary, you may input as follows:
Paper Trades: Please upload or manually enter data in Portfolio>General Ledger>FCM Statement
Please select FCM under FCM TYPE column, and then enter data such as margin, total equity, collateral etc.
Physical Trades: Please upload or manually enter data in Portfolio>General Ledger
Initial Fund: In General Ledger page, please select INIT FUND under TYPE column and enter the data accordingly
Fund In/Fund Out: In General Ledger page, please select FUND IN/OUT under TYPE column and enter the data accordingly
Please assign the trade/item to tag them to the corresponding portfolio before saving the data. The system will then automatically calculate the positions and P/L according to your data and display in the model/report accordingly.
a. After allocating paper trades (and physical trades) into the portfolio, you may create quantitative models and reports to determine the performance of your portfolios/trades. Please click on Dashboard>Individual from the navigation sidebar on the left to access the Dashboard page.
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b. Various quantitative models/reports can be created and displayed in the dashboard. If you need to customise any models/reports, please notify us at support@mafint.com. You can select a model/report in the drop-down list and click 'Create' to create a new model/report.
The model/report you have just created will be displayed as empty at the beginning, which requires you to set up the details by clicking on the Settings (gear icon) button at the top right corner of the app.
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c. Most Dashboard Models/Reports have similar steps. You may choose to select individual or multiple portfolios to be calculated and displayed. Please confirm other details in the Settings page before clicking Submit to proceed. You may edit the details anytime as necessary.
You may filter, arrange and categorise the rows, columns and groups according to your preferences, and may also enlarge the window accordingly.
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Public/Proprietary:
PUB (PUBLIC) MARKET PRICE: If selected, the system will use the public market/settlement price obtained from various Exchange sources to perform calculations
PTY (PRIVATE/PROPRIETARY) MARKET PRICE: If selected, the system will use the proprietary market/settlement price that you have input/uploaded in Proprietary Market Data
Auto-Update：
Tick: Resets the dates to default once you leave the ‘Dashboard’ page.
Untick: Dates according to your settings remain unchanged once you leave the ‘Dashboard’ page.
Historical GPPL (related to Historical Group P/L app)：
The Historical check box in Settings page is used to determine if you want the Compare Date to use Existing Calculated Data or Historical Saved Data for P/L comparison. This means that if you have saved the historical data for the specific End Date, you may:
tick the Historical check box to compare End Date data against Compare Date (use historical saved data) - Compare with historical Group P/L data - Historical Group P/L data will be stored in database on a daily basis and once stored, it will not be updated. (MAF will only update for yesterday data so once user reload the Group P/L app, MAF will insert or update data if the end date is yesterday).
untick the Historical check box to compare End Date data against Compare Date (use existing calculated data) - Compare with Group P/L from open position calculation - Daily change of open position result will always use the latest position data to do calculations
If historical data is not available (no data is saved for the specific End Date), the respective CHG will remain as empty or 0 or the app will display a message (NO VALID OPEN POSITIONS).
For more information, please refer to Guide to Dashboard.
Physical Trades App/Reports Lists
Physical Trade Inventory App/Reports Lists
Please refer to Physical Trades - Dashboard Models/Reports Summary to learn more.