Opinions on CME Direct

xandman

xandman

I would like to get some of your opinions about CME Direct. I am not running major money thru this but would like to build chops on the development side.

Some features and ground rules:

1) This is mostly an order entry system. Don't go looking for charts.

2) There is simple ability to make two-sided markets on RFQs via an order ticket with icebergs. Eyes may roll over a market making strategy, but I welcome a discussion. Actually, there is only a 1-5 lot bites and then it goes to 50-100 size real fast.

3) There is an excel RTD feature. At best, I believe you can stream the book into your spreadsheet within a very narrow time frame and do some form of analytical calculations from the spreadsheet. I don't know anything about that area. And, I would prefer to build my own position modeling and risk analysis.

4) There is a messaging feature where you can share deals within the firm and have one-click ordering. I do not have access to this feature. (Sole Prop.)

I am not sure if the application is an embryonic attempt at an institutional front-end or training wheels to get the market makers off the floor.

Thanks.
 

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xandman said:
I would like to get some of your opinions about CME Direct. I am not running major money thru this but would like to build chops on the development side.

Some features and ground rules:

1) This is mostly an order entry system. Don't go looking for charts.

2) There is simple ability to make two-sided markets on RFQs via an order ticket with icebergs. Eyes may roll over a market making strategy, but I welcome a discussion. Actually, there is only a 1-5 lot bites and then it goes to 50-100 size real fast.

3) There is an excel RTD feature. At best, I believe you can stream the book into your spreadsheet within a very narrow time frame and do some form of analytical calculations from the spreadsheet. I don't know anything about that area. And, I would prefer to build my own position modeling and risk analysis.

4) There is a messaging feature where you can share deals within the firm and have one-click ordering. I do not have access to this feature. (Sole Prop.)

I am not sure if the application is an embryonic attempt at an institutional front-end or training wheels to get the market makers off the floor.

Thanks.
More...
I've got what I'll admit up front are probably some stupid questions, but can you provide some insight on how you're clearing and accessing the exchange, basically how one would go about getting set up with CME Direct? Thanks in advance.
 
That is a legit question. As in name, data is coming from the exchange and no order routing by a data vendor is necessary. It seems archaic in functionality, but that view is orthogonal such as looking for a platform that works on Mac OSX. (Somebody tell me if I used the word "orthogonal" in a sentence correctly.)

Sorry, if I can't be forthcoming about my clearing firm. Hordes of FOP traders are trying to get away from IB's exposure fees. It took a lot of legwork and phone calls until I found the right broker and that deal fell apart after much song and dance. The next one was sheer luck. Plus, the account has gone thru funding but the system isn't live as of yet.

Here is a list of FCM's. http://www.cmegroup.com/trading/cme-direct.html. If your an option trader, making calls in the Futures industry is not a waste of time compared to surfing for commission schedules.

If you decide to go with the platform, please feel free to send me a PM. I may be willing to put work into some of your ideas to our mutual benefit.
 
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I am very interested in the CME Direct platform. Mainly because it is free. LOL. For those only trading CME Group futures and options, this is probably the best front-end to use. The only downside is that there are just a limited number of FCMs at the moment that allows futures and options trading through CME Direct.
 
xandman said:
That is a legit question. As in name, data is coming from the exchange and no order routing by a data vendor is necessary. It seems archaic in functionality, but that view is orthogonal such as looking for a platform that works on Mac OSX. (Somebody tell me if I used the word "orthogonal" in a sentence correctly.)

Sorry, if I can't be forthcoming about my clearing firm. Hordes of FOP traders are trying to get away from IB's exposure fees. It took a lot of legwork and phone calls until I found the right broker and that deal fell apart after much song and dance. The next one was sheer luck. Plus, the account has gone thru funding but the system isn't live as of yet.

Here is a list of FCM's. http://www.cmegroup.com/trading/cme-direct.html. If your an option trader, making calls in the Futures industry is not a waste of time compared to surfing for commission schedules.

If you decide to go with the platform, please feel free to send me a PM. I may be willing to put work into some of your ideas to our mutual benefit.
More...

Thanks for the additional info. I'm fleeing IB as well, so looks like I'll be making the call rounds. (Since the stats knowledge of most posters here appears to be non-existent, your "orthogonal" reference was probably lost on most, but yes, I'd say brilliant use of the word in a sentence!).
 
Free for a limited time, mind you.It lacks modeling and risk management features. Since that is key in my technical technical development, then I have time to work on these features.

It would otherwise be unacceptable from a retail broker. However, one may find an opportunity in looking at flow in a different way. I have privately solicited more knowledgable traders in looking at the data fields and strategy research continues.
 
I did and have some experience with application that preceded it. That was the Optionshop brokerage application. But you can bet that the sharp wonks at optioncity will make it the best in it's category.

I am hoping they add volatility data and position modeling comparable to stock options platforms.
 
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