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path of a future order
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path of a future order

  #1 (permalink)
Elite Member
paris france
 
Futures Experience: Beginner
Platform: ninjatrader + jigsaw
Broker/Data: AMP
Favorite Futures: Bund, FESX
 
Posts: 13 since Oct 2013
Thanks: 3 given, 35 received

path of a future order

hello, i'm not sure i am in the right section but i need to ask it somewhere...

I would like someone to explain to me the path of a future order between my computer, the data feed data center, my broker servers, the exchange and the clearing firm.

If the data feed data center route my order to the exchange, how does my broker check if i'm not violating is margin requirement?

I'm france located and a Eurex trader. If have an U.S. broker, but a UK data provider data center, how much back and forth between the broker's servers and the data provider's before it sents my order to the exchange?

I'm a manual scalper and i am concerned about to much latency in the sending of my orders... (wich will happen if my signal cross the atlantic several times)

That would be great if someone could enlight me!

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation, Multicharts.NET, NinjaTrader, MetaTrader
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,487 since Apr 2013
Thanks: 224 given, 841 received


nestor2022,

what exactly do you mean with data feed data center? A data feed as I understand it provides you with trading data and does not handle your orders. Your broker is the first one to handle your order (ignoring the fact that you put into a program and transmit it via the internet to him).

Regards,
ABCTG


nestor2022 View Post
hello, i'm not sure i am in the right section but i need to ask it somewhere...

I would like someone to explain to me the path of a future order between my computer, the data feed data center, my broker servers, the exchange and the clearing firm.

If the data feed data center route my order to the exchange, how does my broker check if i'm not violating is margin requirement?

I'm france located and a Eurex trader. If have an U.S. broker, but a UK data provider data center, how much back and forth between the broker's servers and the data provider's before it sents my order to the exchange?

I'm a manual scalper and i am concerned about to much latency in the sending of my orders... (wich will happen if my signal cross the atlantic several times)

That would be great if someone could enlight me!


Reply With Quote
 
  #4 (permalink)
Elite Member
paris france
 
Futures Experience: Beginner
Platform: ninjatrader + jigsaw
Broker/Data: AMP
Favorite Futures: Bund, FESX
 
Posts: 13 since Oct 2013
Thanks: 3 given, 35 received

hello,
I asked the same question in the same term to a broker and the answer was:
"CQG has a data center in London and will use the shortest path to connect you to the exchanges"

that's why i am confused. this answer suggest that despite the fact that the broker is in the U.S., everything is going on through the UK CQG's data center.

I can understand this answer because i told the broker i was concerned with latency. The guy probably didn't want to tell me that my "signals" had to cross the atlantic twice before reaching the exchange. (and 4 times for me to get the confirmation)

if i'm correct, when i am submitting an order:
1/ paris -> Chicago (probably the broker's server location) -- to check the eventual margin violation. -- if OK
2/ Chicago (broker)-> Chicago (clearing firm wich is also probably the order router)
3/ Chicago -> Eurex exchange (to put the order in the queue) - THE ORDER IS SUBMITTED

4/Eurex exchange -> chicago (clearing firm & then broker)
5/ Chicago -> Paris -- ORDER CONFIRMED

The fact that the data center is UK located allows me not to suffer latency to get QUOTES.

But at 250ms to cross the atlantic, that's a full second to get a confirmation and half of it to effectively submit the order.
I will be at a disavantage using a U.S. broker (wich are the cheapest for retail).
I know 1/2s is often not that relevent. but sometimes, it just is.

am i right about all this?

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  #5 (permalink)
Market Wizard
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation, Multicharts.NET, NinjaTrader, MetaTrader
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,487 since Apr 2013
Thanks: 224 given, 841 received

nestor2022,

so in your case the order entry is done through CQG on your end, routed to the nearest data center and then to the exchange. I don't think it will go to the broker, but the account management is done in the data center (and your broker pays CGQ for that). But I am only assuming here and you should ask him for confirmation.

Let's assume your platform can't change your free margin (which it probably can), this would then be done in the data center before going to the exchange.

Your benefit is that the routing to your nearest data center and from there to the exchange will likely be faster for you than if you'd send it to the broker/exchange yourself.
Maybe we can get one of the real experts like @mattz to answer your question, but if your broker has a good support he should be able to clarify that for you.

Regards,
ABCTG



nestor2022 View Post
hello,
I asked the same question in the same term to a broker and the answer was:
"CQG has a data center in London and will use the shortest path to connect you to the exchanges"

that's why i am confused. this answer suggest that despite the fact that the broker is in the U.S., everything is going on through the UK CQG's data center.

I can understand this answer because i told the broker i was concerned with latency. The guy probably didn't want to tell me that my "signals" had to cross the atlantic twice before reaching the exchange. (and 4 times for me to get the confirmation)

if i'm correct, when i am submitting an order:
1/ paris -> Chicago (probably the broker's server location) -- to check the eventual margin violation. -- if OK
2/ Chicago (broker)-> Chicago (clearing firm wich is also probably the order router)
3/ Chicago -> Eurex exchange (to put the order in the queue) - THE ORDER IS SUBMITTED

4/Eurex exchange -> chicago (clearing firm & then broker)
5/ Chicago -> Paris -- ORDER CONFIRMED

The fact that the data center is UK located allows me not to suffer latency to get QUOTES.

But at 250ms to cross the atlantic, that's a full second to get a confirmation and half of it to effectively submit the order.
I will be at a disavantage using a U.S. broker (wich are the cheapest for retail).
I know 1/2s is often not that relevent. but sometimes, it just is.

am i right about all this?


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The following user says Thank You to ABCTG for this post:
 
  #6 (permalink)
Elite Member
paris france
 
Futures Experience: Beginner
Platform: ninjatrader + jigsaw
Broker/Data: AMP
Favorite Futures: Bund, FESX
 
Posts: 13 since Oct 2013
Thanks: 3 given, 35 received

thank you very much for this answer,
i didn't know CQG could handle order's management for a broker.
I will ask them if they do, but that is probably the case as it seems on their answer to me...

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  #7 (permalink)
Market Wizard
Birmingham UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: IG/eSignal
Favorite Futures: Dax
 
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Posts: 3,336 since Dec 2012
Thanks: 11,276 given, 7,088 received


nestor2022 View Post
am i right about all this?

I would say you are correct unless the broker has any co-located exchange servers.

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