Two-way Price Made by dealer Made by different persons Price "Held" For a period of time Available at time of execution Risk Dealer & customer accept each other's risk Exchange guarantees trades

QRT Position Manager

Viewing Positions, Risk, and PnL:
- Requires Mid-Office API Key (different from trading API Key).
- Can only log in from ONE machine per session.
- "Refresh Data" button to update information.

Data Available:

Data Item	Description	Additional Points
Position	Number of instruments	Positive for long positions, negative for short positions. If 1 lot = 50 shares, buying 1 lot shows +50.
Unrealized PnL	Increase/decrease in position's value since initiation.	If current market price of long position > purchase price, PnL is positive. If current market price of short position < sale price, PnL is positive.
Realized PnL	Gains/losses that have been booked (e.g., long positions sold, short positions bought back).	If sale price of long position > purchase price, PnL is positive. If buy price of short position < sale price, PnL is positive.
Price	Price at which current unrealized PnL is calculated.	Very close to current market price.

Understanding Margin Trading (Simulations)

For BUY Trades:
- Start with cash balance (e.g., Rs 200,000).
- Normally, full value is paid for shares.
- In margin trading, only a fraction (initial margin) is paid.
- Example: Buy 100 Infosys @ Rs 3,000 (total Rs 300,000). If initial margin is 25%, pay Rs 75,000. Cash balance reduces by this.
- Initial margin is "skin in the game".
- Exchange marks to market (MTM) holdings periodically.
- Maintenance Margin: Calculated based on current market value. If Infosys trades at Rs 3,500, maintenance margin (25%) is Rs 87,500.
- Net Cash Flow at MTM: Exchange refunds initial margin, charges (maintenance margin - unrealized PnL).
- If price falls (e.g., to Rs 2,500), maintenance margin could be Rs 62,500. Unrealized gain (variation margin) is negative.
- Exchange refunds previous margin, charges new maintenance margin and variation margin.
- When closing position: Exchange refunds margin held, charges for any loss. Net cash flow is received.
For SELL Trades:
- Start with cash balance.
- Normally, shares are delivered to receive payment.
- In margin trading, borrowing of shares is automatic.
- Cash from selling borrowed shares is held by the exchange as collateral.
- Initial margin is still required (e.g., 25% of sale value).
- Initial margin is your "skin in