OptionsCity just launched CityTrader (http://www.optionscity.com/city-trader/) and City API geared towards active individual traders interested in trading futures and options on futures. The platform is all web-based and includes full-exchange functionality including RFQs and spread-building. Seems pretty competitive for functionality starting at $100/month...
OptionsCity launches CityTrader, a cloud-based futures trading platform
- Thread starter ibrainch
- Start date
Yeah, CityTrader is a relaunch of the old OptionShop - they were acquired by OptionsCity and have now built a cloud-based version with the previous OptionShop API.
I noticed the OptionShop interface. The guys hinted they would resurface somewhere. I suspected it was always OptionCity behind the brokerage (being a Java shop) and since RJO didn't own it.
I don't see any indication of Risk Management functionality, yet. It's going to be a tough market if you are competing with the CME's CMEdirect + Quickstrike offering.
I don't see any indication of Risk Management functionality, yet. It's going to be a tough market if you are competing with the CME's CMEdirect + Quickstrike offering.
The position management panel at the bottom and to the left has some functions. It never worked properly at OptionShop but it's supposed to have your positions and greeks, then another tab lets you stress them by a change in the underlying (I don't think you can change the IV).
I thought it was a good, clean interface and liked the simple DOM right in front of you. It was never fast enough, and the single chart view was awful, but it was free with no per trade txn charge. It's worth something, but in the era of Q-Trader at half the price, somewhat better futures options data at Interactive Brokers, BarChart Trader, etc I think it might be a tough sell at $100/mo plus 25 cts/txn.
I thought it was a good, clean interface and liked the simple DOM right in front of you. It was never fast enough, and the single chart view was awful, but it was free with no per trade txn charge. It's worth something, but in the era of Q-Trader at half the price, somewhat better futures options data at Interactive Brokers, BarChart Trader, etc I think it might be a tough sell at $100/mo plus 25 cts/txn.
OptionCity is a top notch dev shop. They are probably putting out feelers for the market. They can easily add more value later on.
The hard part is getting the right broker. It seems FOP traders are pariah to brokers. They generate much fewer transactions and they put more risk on firm's books. A small FCM broker told me this directly.
Until the 100+ RT a day scalper goes away, not much love for retail FOP guys.
The hard part is getting the right broker. It seems FOP traders are pariah to brokers. They generate much fewer transactions and they put more risk on firm's books. A small FCM broker told me this directly.
Until the 100+ RT a day scalper goes away, not much love for retail FOP guys.
This is a good point and sad. You are right, the more you trade the more FCMs make so options get no love. In addition to less transaction revenue they raise the FCMs SPAN margin which in turn raises that firm's capital requirement. A lose, lose for the FCM.
I could be wrong, but I'm not sure Q-Trader offers options on futures trading, RFQs or spread-building. I believe to get this functionality, you would need CQG Integrated Client (at $595/month). Would love some feedback on this...
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Sounds about right on QTrader. You can model spreads but you can't turn it into a user defined spread and then send it to the DOM. For a short while you could. I think you can still send it to chart.
CQG tends to tweak the features as they adjust their value offering. I expect some more trickle down features from CQGIC in the future. You won't see these "unlocked" features in update descriptions, either.
For me, the RTD feature with QTrader is the most incredible value of all. Unfortunately, it was missing key data that I required.
CQG tends to tweak the features as they adjust their value offering. I expect some more trickle down features from CQGIC in the future. You won't see these "unlocked" features in update descriptions, either.
For me, the RTD feature with QTrader is the most incredible value of all. Unfortunately, it was missing key data that I required.
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