the reason you are having a "lag" time for your order to show is that redi is most likely holding order to see if they can cross in house. this has happened to me at 2 other firms, and it genereates alot of $$$ for the firm, at the traders expense--look into it--but for sure it isnt your line, if you didnt have problems before....the lines are only getting better and faster.
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Arca Redi Slk
- Thread starter dedicated1
- Start date
This lag time that is spoken of where REDI is holding it in house - this is a myth. REDI does match vs. their own book, but it happens so quickly (check is ARCA is there) that it is not at all noticable. In fact, it is the most reliable way of getting filled, since it requires order to be in house, and not outbound, adding the complexities of waiting on others lines!
Another issue that I know of is just slowness. System wide slowness, that is a malfunction of the routing logic (their own network related issues). I know of this to exist. For example, mostly every day, at 4PM when the market closes, I can say that every direct line to ARCA experiences some kind of slowness on canceling orders (reports are not coming back quickly), and executions coming back too.
This has been a known problem for years, and could be a reason.
Another issue that I know of is just slowness. System wide slowness, that is a malfunction of the routing logic (their own network related issues). I know of this to exist. For example, mostly every day, at 4PM when the market closes, I can say that every direct line to ARCA experiences some kind of slowness on canceling orders (reports are not coming back quickly), and executions coming back too.
This has been a known problem for years, and could be a reason.
Quote from joeystox:
the reason you are having a "lag" time for your order to show is that redi is most likely holding order to see if they can cross in house. this has happened to me at 2 other firms, and it genereates alot of $$$ for the firm, at the traders expense--look into it--but for sure it isnt your line, if you didnt have problems before....the lines are only getting better and faster.
The "crossing in house" can only take place if your Firm allows for it. We have never allowed it, and doubtful ever will....and if we do, then we will give our traders the choice (ala paying them for the order flow or something similar).
Yet another reason to fully understand the game you're playing (and who you're playing with)..
Good comments Joey!!
Don
I appreciate your participation in this thread. It is a fine line(sometimes sub second differences) between profitable and not so profitable. At my current firm, the guys were looking at me like I was off my rocker when I said redi was hating it, or ARCA was having issues. They assumed it was my "excuse" for the trade outcome.... but they started to believe me when they saw the redi messages come up a few minutes later. I am all over the flow and when data becomes slow or executions take an extra second, it really shows in my P/L. I am no IT techy guy but I was assuming that it was my connectivity or computer, not my broker or broker otherwise. My ideas about that have changed, especially since I have checked and verified that my connectivity is great.
It absolutely dumbfounds me to see plenty of liquidity on the inside and not get an instant fill. Instead, I sometimes see my order displayed as locking the market for a split second(It does not even seem like it is a true locked market but more of a "look at this order do you wanna fill it or parial it and step away." Even market orders I see on the box. I know what I should get as far as fills.....granted sometimes you will miss the fill if you wait too long......but I know that I am not being treated fairly.
I want to take your advice and switch to a different software and/or broker. The problem is a matter of functionality...I know how to jockey around for the fill and without that my trading will be comprimised. I scalp. Hammer has great ideas and most, but not all, the basic functionality. Nevertheless, it is a pretty ugly piece of software. The fills are fast and forsure some people are loving it. What are you guys using to execute ?? Please lemme know.
I have so much other info on my mind while trading that I don't want to have to match my order routing to the appropriate NBBO participant....instead I need to be able to just fire the order and know that if I am first, I will get the fill.....isn't that why a lot of us are OTC only and not LISTED ?? Arca WAS good at getting me filled with all venues by the time my eyes shifted to my order/P/L box to verify.....once agian I will say that it boggles my mind to see a marketable limit order even shows its ID on the box. Who is the theif...I am beginning to see.
I hear that some guys are getting great fills using ISLD. If ISLD/INCA is NBBO, I get great fills routing ISLD/INCA. I normally don't use ISLD/INCA becasue it is not proactive(does someone know otherwise...entitlements etc). I don't want to send a marketable limit order only to see it post and then get missed. Is this not a huge reason why ARCA/REDI has taken so much market share from everyone else.
I have used TIPCO REDI with the order routing entitilements and the fills were acceptable but I need the redi high/low alerts and its linking functionality. This high/low is only available on older redi versions. Anyone have alternative solutions for me...would really really love to hear what you have going on.
Let's keep "them" honest. Would love to further discuss these issues online/in person with other traders. I am in SF. Thanks guys & girls for the input....this network helps.
It absolutely dumbfounds me to see plenty of liquidity on the inside and not get an instant fill. Instead, I sometimes see my order displayed as locking the market for a split second(It does not even seem like it is a true locked market but more of a "look at this order do you wanna fill it or parial it and step away." Even market orders I see on the box. I know what I should get as far as fills.....granted sometimes you will miss the fill if you wait too long......but I know that I am not being treated fairly.
I want to take your advice and switch to a different software and/or broker. The problem is a matter of functionality...I know how to jockey around for the fill and without that my trading will be comprimised. I scalp. Hammer has great ideas and most, but not all, the basic functionality. Nevertheless, it is a pretty ugly piece of software. The fills are fast and forsure some people are loving it. What are you guys using to execute ?? Please lemme know.
I have so much other info on my mind while trading that I don't want to have to match my order routing to the appropriate NBBO participant....instead I need to be able to just fire the order and know that if I am first, I will get the fill.....isn't that why a lot of us are OTC only and not LISTED ?? Arca WAS good at getting me filled with all venues by the time my eyes shifted to my order/P/L box to verify.....once agian I will say that it boggles my mind to see a marketable limit order even shows its ID on the box. Who is the theif...I am beginning to see.
I hear that some guys are getting great fills using ISLD. If ISLD/INCA is NBBO, I get great fills routing ISLD/INCA. I normally don't use ISLD/INCA becasue it is not proactive(does someone know otherwise...entitlements etc). I don't want to send a marketable limit order only to see it post and then get missed. Is this not a huge reason why ARCA/REDI has taken so much market share from everyone else.
I have used TIPCO REDI with the order routing entitilements and the fills were acceptable but I need the redi high/low alerts and its linking functionality. This high/low is only available on older redi versions. Anyone have alternative solutions for me...would really really love to hear what you have going on.
Let's keep "them" honest. Would love to further discuss these issues online/in person with other traders. I am in SF. Thanks guys & girls for the input....this network helps.
I'm glad you started this thread, because I'm looking for an alternative platform and broker for scalping, and started the poll to see what other scalpers are using. http://www.elitetrader.com/vb/showthread.php?threadid=23757
I want a proactive order routing with instant and fair fills.
ISLD/Inca not being proactive and not always on the inside, I tried to remedy the problem by directing orders to Redi/ Arca (intelligent ECNs) with a limit price plus a small increment delta, in order to insure fills. I got fills for sure, but this didn't work well with my broker/software, as I could see inside prices better than my executions. I also felt that the fill times were slower with Redi/Arca than with ISLD. Isld giving instantaneous fills. Maybe it was just the software or the way the broker routed the orders...I don't know.
There has to be a better alternative. I hope there will be some suggestions here. Like what platform to use and what broker to use. Has anyone tried Assent's new Anvil platform?
I want a proactive order routing with instant and fair fills.
ISLD/Inca not being proactive and not always on the inside, I tried to remedy the problem by directing orders to Redi/ Arca (intelligent ECNs) with a limit price plus a small increment delta, in order to insure fills. I got fills for sure, but this didn't work well with my broker/software, as I could see inside prices better than my executions. I also felt that the fill times were slower with Redi/Arca than with ISLD. Isld giving instantaneous fills. Maybe it was just the software or the way the broker routed the orders...I don't know.
There has to be a better alternative. I hope there will be some suggestions here. Like what platform to use and what broker to use. Has anyone tried Assent's new Anvil platform?
I have never had any problems using arca. Always get good fills. The only time i had arca lock the market is when u are shorting and there is a downtick, then arca matches the bid. Or when I am buying and ntrd is on the bid/ask.
I use platinum for my executions and they have an option to use their order routing (DORS). It also works well.
I use platinum for my executions and they have an option to use their order routing (DORS). It also works well.
Quote from joeystox:
the reason you are having a "lag" time for your order to show is that redi is most likely holding order to see if they can cross in house. this has happened to me at 2 other firms, and it genereates alot of $$$ for the firm, at the traders expense--look into it--but for sure it isnt your line, if you didnt have problems before....the lines are only getting better and faster.
its worth participating in these threads, whether its a compliment or a criticism of the industry, software, brokers or otherwise for this reason:
"peace of mind in knowing that its not just me experiencing the same events in the same manner".
glad to hear someone else confirm those conclusions
Quote from limitdown:
its worth participating in these threads, whether its a compliment or a criticism of the industry, software, brokers or otherwise for this reason:
"peace of mind in knowing that its not just me experiencing the same events in the same manner".
glad to hear someone else confirm those conclusions
Does not make sense to me. If arca routes it out or executes internally they make the same money.
It depends on your broker on how they are set up as Post no Preference or Post Preference. From what you are stating, it seems like you are set up as Post no preference. If you can't get your firm to change the way they are setup then you can send your order as a MKT order and it will route out to the different destinations that you are taking liquidity from. That should work.
jeff--
jeff--
Quote from dedicated1:
Hey There,
I would love this post to spark some dialog having anything to do with REDI+ SLK & ARCA. Forsure there are a ton of us using ARCA.
I scalp using Redi+ ..and it is really sucking as of late. I used to be able to get instant fills on marketable limit orders and market orders. Now there is a lagtime(usually a second or so) where I have to wait for my order to show up. I am on a T3 line.
Check this out....thick(several MM&ECN) on the inside bid and I hit it with a limit sell 500 long using ARCA proactive....they fill 100 shares then show the remainder of my order locking the market(for about a second or 2) before finally filling the rest. I don't get it. Another example: Again I use ARCA proactive to sell long on the bid to the lone market maker only this time I get no fill, only a lock of the market for almost 20 seconds before I finally get a fill. Nothing else(prints) was going on at the time. I won't even talk about all the times that I was slipped a few cents(or missed totally) on my limit or better orders.
My fills were fine prior to around the time ARCA became an exchange(less than a year ago). I am using an older version of REDI becasue I like the linking function that the high/low alerts provide. Will Tipco version and the smart router entitlement remedy this? I am REDI to @^%$can the whole platform and change brokers. Anyone have any suggestions as far as how I can fix what I currently have, or lemme know what broker out there provides fast, reliable quotes and execution.
I am really not here to complain, only to get back to the kinds of fills I know I should be getting.
Thanks a lot,
Fellow Scalper