What are some of the best user interfaces for trading?

This part of the whitepaper is a bit outdated, as we went from an infrequent auction process to a frequent batch auction system; the auctions will be blind to all traders (ie, the orderbook update will happen after the auction cross), including the internal market making team.

Thanks for letting me know though, we'll have to update it.

qlai said:
@TradeEMX, regarding below from your white paper ... How does your liquidity provision team know that imbalance exists? Do you publish it on the feed with all relevant info publically available? Where is this team physically located relative to the matching engine?

"8.a. Construction of a dedicated liquidity provision team
We aim to build a committed liquidity provision team for futures contracts on our platform. Its
aim will be to maximize crossed volumes (i.e. minimize auction imbalances) instead of profits
and can be thought of as a liquidity provider of last resort: if there is an imbalance of buyers and
sellers, the internal liquidity provision team will step in and fill the traders who did not get filled.
This team will operate and trade with the same market data, capabilities, and limitations of any
other trader. In other words, it will operate entirely separate from the Exchange and will not be
privy to any information that isn’t publicly disclosed."
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Just a quick feedback:
As far as I understand your self trade prevention, the agressive order is rejected. E.g. I have a sell limit sitting at 100$ and when I send a buy limit with the price of 101$ that would fill my own order, the 101$ buy limit is rejected, correct?

Can you please change that to cancelling the passive side? Instead of rejecting the buy limit at 101$, cancel the sell limit at 100$ and execute the buy limit at 10$ against a third party offer.


Dealing with agressor rejection is always a pain in the butt to deal with, especially when you quote a lot of markets within a spread portfolio. Lets say I get hit in market one and the hedge order trades against my own quote in market two by accident.

Now my hedge order gets rejected and if I don't handle that exception in the code, I'm hung on a leg.

If passive side get's cancelled, I don't have to deal with exception handling and my hedge is executed.

Since EMX is matching via batch auctions, I would say that abusing the self trade prevention with spoofing isn't as much of a problem either.

Thanks for consideration.
 
I'm also curious, have you checked out our API documentation or our API? What did you think of it?

MrMuppet said:
@TradeEMX:

As far as I understand, you are working towards an interface for EMX, right?

In this case think a little bit different:

First of all, there will be market makers and professional algo traders. They will use your API or FIX interfaces to connect their own stuff. They won't be using any of yours since much of their edge is depending on infrastructure.

Second, there are "customers (retailers)"

Hobbyist algo traders, manual daytraders, swing traders, chartists etc.

Those guys need an interface that is easy to work with, since they're not willing to learn coding.


The biggest problem I see in crypto space is the fact that there's nothing in between the API and the basic web interface. There are literally hundreds of GUI's out there that just could be connected...yet they aren't.
So the exchanges are missing out when it comes to semi professional gamblers...the guys who trade at AMP, IB, ToS etc. They don't make money but they want OCO orders, charts lit up like Vegas at night and a scripting language. Those are the guys who bring flow to the market makers...hype gamblers are dead and HODLers don't trade.


My personal opinion on this: Forget about developing your own interface. Do a basic order entry for emergengy cases and a simple mobile app. You can never ever build something that has all the features to satisfy a semi-professional. Would you want to deal with requests to introduce P&F charts or 3min periods? Would you want to care about a tickerplant for historical data??

Focus on developing a really good API, talk to frontend developers about their needs. When I started easing into crypto I desperately was looking for a frontend but could not find one.
Most developers told me that the exchange API's were utter shit and they would not integrate even if their life depended on it. So I built my own stuff.

Be smart, build a proper API. One that allows for easy integration.

Then team up with some frontend developers, do a fee split or pay them to integrate your exchange. I mean, just look at ET software reviews....or look at AMP how many different frontends they offer. Try to integrate two or three and you will be golden.
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