The above buttons let you control different parts of the FTS system. A summary of each button is provided next followed by details for each function.

1. View FTS Cases By clicking on the FTS button beside this brings up the FTS case help file. The case help file provides, online, a complete description for each trading case.
2. Run a Trading Session By clicking on the FTS button beside this label lets you launch a FTS trading session.
3. View Results of a Trading Session By clicking on the FTS button beside this lets you replay graphically the results from the current, or any past trading session that you have saved. brings up the FTS case help file. This feature is especially helpful if you can project your screen to a big screen for all the class to see.
4. View Grades from a Trading Session By clicking on the FTS button beside this brings lets you work directly with the grade cash file for the current or past sessions.
5. End Session By clicking on the FTS button beside this quits your FTS session. This will close down the FTS system correctly and then logoff.

If you select the first button then case details are provided in section 5 (FTS Cases) of this writeup. Details are now provided for the remaining buttons.

The FTS Market program will prompt you for some information. You can change a number of parameters, or you can use the default settings. These are described next.

You will see the following screen, which is the main display window of the FTS Market:

The Messages part displays current system messages. Usually it just waits until you take an action.

Just below this, you will be prompted for information.,

1. The first thing that FTS Market asks you is whether you want to use all default settings. To do so, simply click OK or press the enter key:

If you say no, then you will be asked for additional information. This is described later in this manual.

2. The program stores output from the trading session and the relative performance of the students in two files in the TMP sub-directory.

• The output (which is a complete time-stamped history of what happened in the session) is kept in a file called gtest.xxx where xxx is the case extension.
• The relative performance (or "grades") are stored in a file called ggrade.xxx where xxx is the case extension.

Both these files are kept in the TMP directory. If you are running multiple sections of students through the same case, you can separate the files by specifying the section number for each run.

The program asks you for a section number. You can simply click OK, press <enter> or enter a number such as A for section A. If you enter A, the output is stored in a file called gAtest.xxx and the grades are stored in a file called gAgrade.xxx where xxx is the case name.

3. The last item requested in the default mode is the case extension:

The available trading cases are depicted in a drop-down window. (If the program cannot find the cases, it will ask you to look for the directory where the case data files were installed.). Select the case you want to run.

After you select the case name, the program gives you the option of changing interest rates (simply click OK or hit the Enter key to use the default values specified in the case). Changing interest rates is described later in this manual. If you are employing a binomial option case, you will be given the choice of changing the uptick and downtick parameters as well.

The FTS Market program will now send data to the traders and wait for the traders to log in. A separate window will show you who has logged in, and a message at the bottom of the main display.

As traders log in, their names appear in the login window. Over the trading sessions, their grades are also displayed on this screen.

The message on the main FTS Market display shows that the program is waiting for you to click the "Initialize" button. Once the traders have logged in, click the "Initialize" button. It will then send information to the traders, set up your display, and wait for you to start the market.

Once you click "Start Market" the clock will run and trading will begin.

2. The Traders

Each Trader should run the FTS Trader by double clicking the icon on their computer.

You will see the initialization screen on the Trader Computer. The OK button is initially inactive, and becomes active after the FTS Market initializes some data.

Each trader must enter a unique trading name. This name must be at least three characters long.

Note: While waiting to log in, a trader can look up cases and get help on the mechanics of trading using the Help menu:

Each trader should click the OK button when it becomes active.

They will then see a "blank screen" until the instructor initializes the market. After initialization, the screen will show each trader’s position. For example, in case XR1, a sample initial trader screen is

Once the market starts, each Trader Computer’s screen will show current market activity as well as the traders position:

To trade, simply click on the name of a security. An input window will appear:

To bid or ask, enter it in the form ppp.pp/qq (e.g. if you want to bid $10.50 each for 25 units, type in 10.50/25 and click bid). To buy from an existing ask or sell to an existing bid, enter the quantity you want to trade in the form qq and click buy or sell (e.g., if the current ask is 10/99 and you want to buy 30 of the 99 units offered, type in 30 and then click buy).

The column marked units shows you the quantity of each security that you hold.

The traders display in more detail later in this manual.

When the market is running, the FTS Market will show you a display of bids, asks, and last traded prices of each security, as well as the time remaining, the current trial, and the current period within the trial.

At the bottom of the FTS Market's window, you will notice that you can control the operation of the market in a number of ways.

First, you can stop the trading session by clicking "Quit." This will immediately end the trading session. All trader programs will end, and after performing a cleanup, the FTS Market will end.

Second, you can temporarily halt trading by clicking "Pause". This can be useful when you want to point out some aspect of the market, and need to get the attention of the traders. "Resume" will resume the session exactly where you paused it.

Note: the FTS Market program periodically checks the number of traders who are logged in. If someone logs in after the start of trading, you can click-"Resume" to make the FTS Market program recognize any new traders who have logged in.

You can force the market to reach the end of the period by clicking "End Period.". This is useful when the time specified for a trading period is too long and no trading activity is taking place.

Two other features you can control are the operation mode and whether traders can view the limit order book.

The system starts in manual mode. This means that in between trading runs, you are asked to click buttons to continue. This allows you to pause between trading periods for as long as you like. You can change it to automatic mode, in which case it will run automatically (i.e., without waiting for you) after waiting a predetermined number of seconds.

The FTS system has a limit order book. You can let traders see it or not see it by setting the "Book view" to on or off. If traders can see the book, then they can also withdraw bids and asks from the market.

The main problem you can encounter is machine failure.

If your server fails during a session, there is nothing you can do; you will lose data, and will have to start from scratch. This is also true if the FTS Market fails.

However, there is no problem if a Trader Computer fails. The rest of the market continues without interruption.

You can even have a trader re-join the session; simply start it (while the others are continuing). The trader must enter the same login ID that they entered before. The program will then ask for a password. This should only be entered by the instructor. The password is osfts.

After you enter the password, you will see a "replay" of the history of the market, and the trader will shortly be "live" again.