Major News - Redi & Arca
- Thread starter Don Bright
- Start date
All ECN's are displayed on all of our machines (unless specifically excluded by choice). The overall quote and exectution speed will be optimized by the addition of several servers (due to the merger of the systems). (Note to the ISLD trader...I agree, we get great and instant executions on ISLD!).
Regarding the ARCA question...if that is all you are displaying that means that is all have been authorized for at present time. On my machine I have: AMEX, ARCA, (Auto for MM selection), INSTINET,ISLD, NYSE, REDI, REDI RSRV (redi reserve for display purposes), SNET Broad, SNET Pref, and SOES (rarely bother with SOES).)
Since there are various exchange and access fees involved, some firms try to limit their traders to certain platforms (which makes sense in certain cases). We try to suggest the most liquid platform and access, and then let the traders use what they wish.
This is "in fluid change" as they say, so bear with me as to specific answers. I'll do my best to at least let you know what we are doing here.
Regarding the ARCA question...if that is all you are displaying that means that is all have been authorized for at present time. On my machine I have: AMEX, ARCA, (Auto for MM selection), INSTINET,ISLD, NYSE, REDI, REDI RSRV (redi reserve for display purposes), SNET Broad, SNET Pref, and SOES (rarely bother with SOES).)
Since there are various exchange and access fees involved, some firms try to limit their traders to certain platforms (which makes sense in certain cases). We try to suggest the most liquid platform and access, and then let the traders use what they wish.
This is "in fluid change" as they say, so bear with me as to specific answers. I'll do my best to at least let you know what we are doing here.
Since ARCA has been operating as a MM-type of system, as well as an ECN, the slowness you may experience is simply the time that MM's have to review their orders when they are hit. This is one reason that trading OTC can be difficult (MM's have time to change their minds about their bids/offers). The actual speed of most ECN's is similar, and the combined strength (communication backbone) of both entities will put Redi Users in a very strong position, trading wise.
>Since ARCA has been operating as a MM-type of
>system, as well as an ECN, the slowness you
>may experience is simply the time that MM's have
>to review their orders when they are hit.
A: ARCA "now" orders are routed only through other ECNs and don't hit MMs so there should be no such delay (there is).
B: With the implementation of SuperSoes, the MMs no longer are given 'time to review' their orders like they used to. They have something like a half second to sh** or get off the pot.
Of the ECN routing systems, ARCA is simply the slowest from my experiences.
JB
>system, as well as an ECN, the slowness you
>may experience is simply the time that MM's have
>to review their orders when they are hit.
A: ARCA "now" orders are routed only through other ECNs and don't hit MMs so there should be no such delay (there is).
B: With the implementation of SuperSoes, the MMs no longer are given 'time to review' their orders like they used to. They have something like a half second to sh** or get off the pot.
Of the ECN routing systems, ARCA is simply the slowest from my experiences.
JB
A: ARCA "now" orders are routed only through other ECNs and don't hit MMs so there should be no such delay (there is).
>You would think so, and we have seen that "slowness" as well. And we have seen bids/offers simply disappear, thus the explanation of MM type reviewing of orders when hit.
B: With the implementation of SuperSoes, the MMs no longer are given 'time to review' their orders like they used to. They have something like a half second to sh** or get off the pot.
Just to test this, I hit 3 different MM's on a test....2 faded after about 20 seconds. The other gave me a fill after about 10 seconds.
So, it seems that we are experiencing some differences in executions. Which primary platform are you using? (we use Redi). ??
>You would think so, and we have seen that "slowness" as well. And we have seen bids/offers simply disappear, thus the explanation of MM type reviewing of orders when hit.
B: With the implementation of SuperSoes, the MMs no longer are given 'time to review' their orders like they used to. They have something like a half second to sh** or get off the pot.
Just to test this, I hit 3 different MM's on a test....2 faded after about 20 seconds. The other gave me a fill after about 10 seconds.
So, it seems that we are experiencing some differences in executions. Which primary platform are you using? (we use Redi). ??
Don,
Since you are planning to offer remote trading in 2002, and with the new low commissions, the package could look interesting. However I was wondering if your firm would only be interested in high volume traders, i.e. 40+ trades per day, or would a swing trading style 4 - 5 trades/day with overnights positions of 2 to 5 days still be acceptable.
Since you are planning to offer remote trading in 2002, and with the new low commissions, the package could look interesting. However I was wondering if your firm would only be interested in high volume traders, i.e. 40+ trades per day, or would a swing trading style 4 - 5 trades/day with overnights positions of 2 to 5 days still be acceptable.
Our traders can trade as much or as little as they like. Our pricing structure has always been designed to fit all types of traders. It will be even more attractive in 2002 for low volume traders.
I am not "baiting" by withholding info, just waiting for the release to go our own traders prior to announcing the changes to the public.
I am not "baiting" by withholding info, just waiting for the release to go our own traders prior to announcing the changes to the public.
>And we have seen bids/offers simply
>disappear, thus the explanation of MM type
>reviewing of orders when hit.
I'm confused. Since ARCA "now" orders hit only ECNs and ECNs are electronicly matched and then instantly executed, how could there be any "MM type reviewing of orders when hit"?
Me:
>>B: With the implementation of SuperSoes, the MMs no
>>longer are given 'time to review' their orders like they
>>used to. They have something like a half second to
>>sh** or get off the pot.
Don:
>Just to test this, I hit 3 different MM's on a test....2
>faded after about 20 seconds. The other gave me a
>fill after about 10 seconds.
Those are interesting results. I hit MMs on SuperSoes many times per day (have done it at least 15 times already this morning) and the execution is almost without exception less than one second (no exceptions so far this morning).
I quote from the Nasdaq web site -- SuperSoes FAQ (in the quote, they are comparing the old SOES to the new SuperSoes)
quote:
>17-second interval delay between executions against
>the same MM at the same price level reduced to system
>minimum of "zero" seconds for all NNM securities.
>("zero" seconds is approximately .8 seconds processing time).
end quote
So, as you can see, with a limit on execution of less than one second, the MM no longer has time to "review" and decide. For me, SS now works much like an ECN .
Don:
>So, it seems that we are experiencing some differences
>in executions. Which primary platform are you using?
>(we use Redi). ??
Perhaps you should switch to IB.
I have REDI as well on one of my backup brokers -- I'll have to try a SS execution and see if there is any difference.
JB
>disappear, thus the explanation of MM type
>reviewing of orders when hit.
I'm confused. Since ARCA "now" orders hit only ECNs and ECNs are electronicly matched and then instantly executed, how could there be any "MM type reviewing of orders when hit"?
Me:
>>B: With the implementation of SuperSoes, the MMs no
>>longer are given 'time to review' their orders like they
>>used to. They have something like a half second to
>>sh** or get off the pot.
Don:
>Just to test this, I hit 3 different MM's on a test....2
>faded after about 20 seconds. The other gave me a
>fill after about 10 seconds.
Those are interesting results. I hit MMs on SuperSoes many times per day (have done it at least 15 times already this morning) and the execution is almost without exception less than one second (no exceptions so far this morning).
I quote from the Nasdaq web site -- SuperSoes FAQ (in the quote, they are comparing the old SOES to the new SuperSoes)
quote:
>17-second interval delay between executions against
>the same MM at the same price level reduced to system
>minimum of "zero" seconds for all NNM securities.
>("zero" seconds is approximately .8 seconds processing time).
end quote
So, as you can see, with a limit on execution of less than one second, the MM no longer has time to "review" and decide. For me, SS now works much like an ECN .
Don:
>So, it seems that we are experiencing some differences
>in executions. Which primary platform are you using?
>(we use Redi). ??
Perhaps you should switch to IB.
I have REDI as well on one of my backup brokers -- I'll have to try a SS execution and see if there is any difference.
JB
Yeah, I may start using my phone to call a broker....which reminds me, do they still have stockbrokers? If so, why?