It's my understand that a new feature of NT orders residing on the brokers server or exchange server (instead of your computer) will be offered for CQG but not other feeds and for all intensive purposes that means AMP or Global (AMP IB) as your broker choices.
From my experience each data feed typically matches with one preferred FCM which is great if you like the broker.
However, some brokers get left out in the cold with this approach (are aligned with a less than ideal data feed).
These comments are just my own opinions from the research I did - please do your own due diligence and find out for yourself.
The following user says Thank You to TrendTraderBH for this post:
what happens in reality is that each FCM has the exclusivity to the data feed and not the IB. However, it is rather the efforts of the IB or the FCM to advertise it's efforts with a certain feed that gets the association. We have made the effort to integrate Rithmic to our platforms because we feel it's quality, operations and the effort they make to help our team.
Also, each feed has it's own "risk system" which is essentially the backend that brokers must get familiarized in order to assist customers. As NinjaTrader mentioned, we do not have exclusivity to Rithmic, but I feel that we have made more efforts than many IBs to become familiar with Rithmic from day one and its backend operation.
As an IB, I can go and clear my business elsewhere and get multiple feeds going. So essentially it is not NinjaTrader that is limiting me rather it's a personal choice to stick with Rithmic as an IB. I feel that some FCMs are a complete competition to their IBs, as they have become massive advertisers in that space but that requires a whole different discussion.
I have to give NinjaTrader credit where they come forward and offer many feeds so customers could have a personal choice. It is not easy to just "Plug" a data feed because it is costly process in terms of dollars and man hours. So if you feel that some have exclusivity as an FCM it's because they have put the effort in terms of dollars to pay for the development time in one way or another. If I had hypothetically the best feed feed in the world, I would demand that I would have the exclusivity to it to grab market share as an FCM or as an IB.
I disagree with many things that happen in the retail space with platforms, but after all it's a business and I need to remain empathetic towards my technology partners like NinjaTrader. It took me years to develop an objective view, and realize that its hard to joggle so many variables at the same time.
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The following 2 users say Thank You to mattz for this post: