Will you stay with Cyber/Schwab if they only offer per trade pricing?

Quote from CyberTrader Rep:

Thanks for your patience regarding the order routing questions posed--

A) You are correct regarding direct access shorting. Currently, you are unable to short using Arca/Inet. There will be a gap pre- and post- market, but we are (obviously) aware of this issue and looking into solutions.


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Am I understanding you correctly? You expect people to use a platform that doesn't allow shorting through ARCA/INET? I can't see that flying with current CT users.

I would suggest this is a make or break issue. I don't think you could accurately even call it a direct access platform without that feature.

I don't fully understand the issue about pre and post market trading. This is a pretty basic feature though. I'm not aware of any direct access broker which doesn't offer it pretty seamlessly.

If you aren't going to be able to offer a full direct access platform, I think you need to let us know as soon as possible. I can't see any real traders using a platform that has severe shorting restrictions and limited pre and post market functionality.
 
Quote from CyberTrader Rep:

Thanks for your patience regarding the order routing questions posed--

A) You are correct regarding direct access shorting. Currently, you are unable to short using Arca/Inet. There will be a gap pre- and post- market, but we are (obviously) aware of this issue and looking into solutions.

B) Your best option is to go ARCA and use their 'sweep' feature. That order type will allow you to hit all ECNs at your price. The messages window will update real-time with execution reports, which should allow for easy calculation of number of shares. Given the fact that the smartex order shuts down, I'll update if those times will change/disappear.

C) SS Pro's messages window will update real-time and there is an issue with a several second lag in the positions window.

Overall, we will update in terms of resolution dates.

Thank you,
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CyberTrader Rep,

I fail to see where you see this integration will be advantageous to existing CT customers.

If you proceed with the integration, as it exists now, you've killed CT's competitive advantage, and, you've FORCED traders to move to a different broker to remain competitive with other traders that each of us trade against who have the tools that we HAD with CT. I'm sure I don't have to tell you of the competitive advantages that CT has over SS Pro (and Schwab's Internal Execution Systems). Pushing highly sophisticated traders into a system used by people who have never actively traded a day in their life is a tremendous disservice to your existing customers. AND, telling us that the move is to our advantage as an insult to our intelligence.

You say you will "update in terms of resolution dates". Could you give a timeframe as to when we will be updated? As I mentioned in the post you replied to, that are more deficiences that I haven't even gotten to yet. I'd like to see the ones you replied to, taken care of first, before I list out additional ones.


Thank You
 
Quote from AAAintheBeltway:

Am I understanding you correctly? You expect people to use a platform that doesn't allow shorting through ARCA/INET? I can't see that flying with current CT users.

I would suggest this is a make or break issue. I don't think you could accurately even call it a direct access platform without that feature.

I don't fully understand the issue about pre and post market trading. This is a pretty basic feature though. I'm not aware of any direct access broker which doesn't offer it pretty seamlessly.

If you aren't going to be able to offer a full direct access platform, I think you need to let us know as soon as possible. I can't see any real traders using a platform that has severe shorting restrictions and limited pre and post market functionality.
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AAAinTheBeltway,

Stepping back from the details you've mentioned & looking at CT's integration procedure up until this point, it's very discouraging that these items only come out when I ask the questions on this board about them. I find it hard to believe that all of the issues I've raised so far are unknown to CT. Is CT being totally upfront with the items that we are going to lose when the integration is completed? We trade with real money. We use that real money to live off of. What else is known by CT that we don't know about and why haven't we been told about them. Remember, CT programmed SSPro. They know how Scwhab's exeuction systems work & how they differ from CT in more details than we'll ever know. Why haven't they mentioned the very basic items that I've brought up so far on their own?

Just some thoughts to ponder over.
 
Quote from seasideheights:

AAAinTheBeltway,

Stepping back from the details you've mentioned & looking at CT's integration procedure up until this point, it's very discouraging that these items only come out when I ask the questions on this board about them. I find it hard to believe that all of the issues I've raised so far are unknown to CT. Is CT being totally upfront with the items that we are going to lose when the integration is completed? We trade with real money. We use that real money to live off of. What else is known by CT that we don't know about and why haven't we been told about them. Remember, CT programmed SSPro. They know how Scwhab's exeuction systems work & how they differ from CT in more details than we'll ever know. Why haven't they mentioned the very basic items that I've brought up so far on their own?

Just some thoughts to ponder over.
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Well, I agree with you and I find it very troubling. You've done a tremendous service for us to identify these issues. I frankly don't understand what's going on. We know the CT people know the programs inside out, and they know why these features are important. They wouldn't have put them into Cyber Trader if they didn't. Clearly this is being forced on them by some suits at Schwab. They will likely end up alienating most of the eixsting CT customers. It's certainly a great opportunity for other brokers to poach their best customers.
 
It may seem that these are straightforward fixes, but as I previously stated, SCHW has different backend systems that we did not design and with those come some time needed to learn what the issues are in order to resolve them.



To use your words about the integration, seasides, “as it exists now” is the operative phrase here now isn’t it? This is a process that is ongoing and as deficiencies are discovered we are addressing them to the fullest extent we can. That’s one reason why the integration isn’t taking place until the end of the year, to allow us time to make improvements.



You know us, guys, we are doing EVERYTHING we can to ensure that our clients are taken care of, now and upon integration.
 
CTRep,

Was CT aware of the 3 items I listed before my post?

If so, are there other concerns that we, as traders, should have that haven't been discussed up until this point?

You said you will "update in terms of resolution dates" in your reply to the 3 concerns I listed. Could you give a timeframe as to when we will be updated? As I mentioned in the post you replied to, that are more deficiences that I haven't even gotten to yet. I'd like to see the ones you replied to, taken care of first, before I list out additional ones.


Thank You
 
Quote from seasideheights:

CTRep,

Was CT aware of the 3 items I listed before my post?

If so, are there other concerns that we, as traders, should have that haven't been discussed up until this point?

You said you will "update in terms of resolution dates" in your reply to the 3 concerns I listed. Could you give a timeframe as to when we will be updated? As I mentioned in the post you replied to, that are more deficiences that I haven't even gotten to yet. I'd like to see the ones you replied to, taken care of first, before I list out additional ones.


Thank You
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Why not get all your concerns out in the open?

For me, it would be important for the trading windows (MM boxes) to work as well as they do now, eg ability to fill in a limit price by clicking on the level in the Level II window.
 
Quote from AAAintheBeltway:

eg ability to fill in a limit price by clicking on the level in the Level II window.
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SSPro works like that now.

Another thing is that SSPro only allows 3 trading windows. CT users might be used to having more.
 
Quote from loufah:

SSPro works like that now.

Another thing is that SSPro only allows 3 trading windows. CT users might be used to having more.
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Only 3 windows? I guess I assumed when Cyber Rep said they would have the same number of charts as CT that they would do the same with trading windows. That has to be another deal breaker for a lot of traders, if they don't allow10 at least.

It's almost like they want to discourage their customers from trading too much.
 
I guess they have concerns about a lot of small accounts using a lot of bandwidth. I would have thought the way to address that concern was by adjusting the platform fee and volume required to get it for free.
 
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