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  • Electronic Broking Risk Management Services


tpMATCH ED is Tullett Prebon's electronic matching tool that reduces pin risk for expiring Equity options. It sits alongside our established tpMATCH business for FRA and NDF products.

tpMATCH ED mitigates the pin risk that arises a few days before Equity options expire, enabling traders to reduce their exposure to high gamma options, negating the expiry risk, and reducing the burden of continual rehedging. At a predetermined time, after the market closes, participants receive a spreadsheet detailing prices for various strikes. Traders send orders to tpMATCH ED and once all orders are uploaded, tpMATCH ED performs the matching run.

The run is based on a mid-market price ladder set by Tullett Prebon. Traders specify their buy and sell requirements and commit to trade these options outright, but can use strategies when they care to, ie straddles, strangles, call and put spreads and risk reversals.

Post matching run, traders will be notified of their trades via email. All confirmations are generated automatically and sent in the usual way including email and fax, and confirmations to clearers for crossing up purposes on exchange.

tpMATCH ED is currently available for Nikkei 225 and soon to be rolled out to include other major indices. tpMATCH ED is hosted in Hong Kong and supported by our teams in Europe, New York and Asia Pacific offices.

Letting the parameters do the work

Parameters Input Options Description
Intra-bankY/N'N' prevents matching between traders within the same legal entity
Minimum Trade SizeOSE lotsRestricts the minimum trade you wish to match
Maximum Order SizeOSE lotsRestricts the maximum trade you wish to match
StrategyXTrading strategies are supported. Any letter or number entered in this column makes those orders contingent - i.e. one will not be done without the other

Additional Terms

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Tullett Prebon (Hong Kong) Limited
Suite 1001, 10/F
Citic Tower
1 Tim Mei Avenue
Hong Kong
Tel: +852 2823 8251
For all SEF enquiries please contact Tullett Prebon's SEF Preparation Team:
Tullett Prebon's SEF
101 Hudson Street
Jersey City, NJ 07302
Tel: +1 (201) 984-6559