Final answer:
The ECS placing your LS in electronic local refers to your trading system now being able to execute trades electronically on an exchange. You would monitor active orders, executed trades, and system notifications, focusing on the order book, trading positions, and margin requirements.
Step-by-step explanation:
The question seems to be related to electronic trading platforms, specifically referring to an Electronic Local (ELS) and Electronic Clearing Service (ECS). When the ECS places your Local System (LS) in electronic local, it typically means that your trading system is now participating in electronic trading on an electronic exchange. This allows for orders to be executed electronically without the need for physical presence in the trading pit. The key elements you would be monitoring include active orders, executed trades, and system notifications to ensure your trading and clearing activities are functioning correctly. In this context, traders often look at the order book, their trading positions, margin requirements, and execution reports for comprehensive trade management.