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Teton order routing and brokers


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Teton order routing and brokers

  #1 (permalink)
wisp
vancouver, BC
 
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Who should support Teton routing? Is it the Introducing broker or the Clearing Firm?

Thanks for your help.

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  #2 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
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wisp View Post
Who should support Teton routing? Is it the Introducing broker or the Clearing Firm?

Thanks for your help.

Orders are always a matter of the FCM. An Introducing Broker is purely a sales and service organization. The FCM has your money and is responsible for your trades.

If you have an Introducing Broker (you don't have to), they have simply introduced you to the FCM so the account could be opened with them. Many traders did not go through IB's to open their accounts and don't have them, but deal directly with the FCM.

Bob.

-----------------------

Edit: there has been some discussion on FCM's and IB's and their roles in later posts in this thread, which changes this to some extent. I think in the case of Teton, it seems to be the case that the FCM is what decides the question. But the general case is more involved than that. I've noticed that once you think you have a simple answer to something, you may find you need to double-check it.

The best answer regarding Teton is probably in the list of currently supported FCM's and IB's from the Sierra Chart web site, quoted here:


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  #3 (permalink)
 
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 SMCJB 
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I'm not sure I 100% agree with @bobwest here but since I don't know what Teton Routing is I will not disagree. I can think of many examples though where your relationship is clearly with the IB and not the clearing FCM behind them.

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  #4 (permalink)
 
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 bobwest 
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SMCJB View Post
I'm not sure I 100% agree with @bobwest here but since I don't know what Teton Routing is I will not disagree. I can think of many examples though where your relationship is clearly with the IB and not the clearing FCM behind them.

Teton routing in an order routing service provided by Sierra Chart to compete with Rithmic, CQG and the others to route customer orders to the exchange. Sierra claims it is faster and more reliable in routing orders, and they are currently promoting it for use on their trading platform. I believe it is intended to be available on other platforms, but I don't think anyone else currently uses it. I believe that only a few FCM's are currently using it, but it is still new.

I may have overstated the role of the FCM in some respects (the IB can provide services that add value), but if your FCM does not support the order routing service you want to use, then it won't be available to you, since the orders are going into your account with them.

An example of an IB providing significant service would be NinjaTrader Brokerage, They provide the NinjaTrader trading platform (which NT also provides with a few other brokers) and are an IB. They used to use either Phillip or Dorman as their FCM's, but now have their own NinjaTrader Clearing FCM, and migrated all the FCM accounts to them. The underlying order routing is through CQG (and I believe they still do Rithmic) at the FCM level.

I'm sure there are other IB's that provide worthwhile services to distinguish themselves from the competition, but the Teton question is a clearing/order-routing issue, which is the FCM's job.

Bob.

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  #5 (permalink)
 
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 SMCJB 
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Thanks for the explanation @bobwest. I learnt something today.

Clearing and order routing are two very different things. I would agree that with clearing that the ultimate responsibility is with the FCM but not so with routing. I use Trading Technologies. If I have a problem with my order routing and call my FCM they will tell me to call TT as it has nothing to do with them. There are even companies that specialize in technology solutions ( Gauva Tech & Nirvana Tech come to mind) that have no formal relationships with any IB or FCM, they literally just provide the technology solution.

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  #6 (permalink)
 
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 bobwest 
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SMCJB View Post
Thanks for the explanation @bobwest. I learnt something today.

Clearing and order routing are two very different things. I would agree that with clearing that the ultimate responsibility is with the FCM but not so with routing. I use Trading Technologies. If I have a problem with my order routing and call my FCM they will tell me to call TT as it has nothing to do with them. There are even companies that specialize in technology solutions ( Gauva Tech & Nirvana Tech come to mind) that have no formal relationships with any IB or FCM, they literally just provide the technology solution.

I learned something too.

As to Teton, through the magic of Google, I was able to find this on the Sierra Chart website. I think this is the better answer to the original question by @wisp (their terminology here appears to be that "broker" means Introducing Broker, "Clearing firm" means FCM):


Quoting 
To be able to use this service, you need to have a live trading account with one of the following clearing firms or one of their Introducing Brokers:

Stage 5 Trading (broker)
Edge Clear (broker)
Ironbeam (Clearing firm.)
Trade Pro Futures (broker)
AGN Futures (broker)
Canon Trading (broker)
Sweet Futures (broker)
DeepDiscountTrading (broker)
Advantage Futures (Clearing firm)
Dorman Trading (Clearing firm)
Phillip Capital (Clearing firm)

If your broker or clearing firm is not listed, then contact your broker, clearing firm or Sierra Chart and make an inquiry about supporting the Teton Order Routing Service.
Contact your broker and let them know you that you want to use the Sierra Chart direct CME order routing service. This is not the older TT (Trading Technologies) based order routing service. This new service does not involve TT in any way.

Your clearing firm or broker will do the necessary set up. They will ask you for your Sierra Chart Account name which can be found under Help >> About within Sierra Chart.

They do not need any other details regarding your Sierra Chart account. Do not give them your password.
If you require real-time data from CME, CBOT, NYMEX, and/or COMEX exchanges, then activate the Denali Exchange Data Feed for market data.

Link: https://www.sierrachart.com/index.php?page=doc/SierraChartDirectOrderRoutingService.php

Since this is complete list (as of right now anyway, 6/30/22), I did not go to the trouble of looking up who are the FCM's for the different IB's -- for example, what FCM does Stage 5 use, etc. In the case of Teton/Sierra Chart, I do not expect that they have the kind of relationship with IB's such as @SMCJB described with TT, so I think that the FCM is still the deciding factor for this particular service, but this list from SC is a better guide because it lists the participating FCM's and the IB's. As of today, if they are not on this list they don't have it, and if they are, then they do.

I would use this list, and would check the Sierra Chart website periodically since it may be updated.

I made an amendment to my original response to the question to refer to this post.

Bob.

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  #7 (permalink)
 anubis 
Montevideo Uruguay
 
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Clearly Sierra Chart guys didn't consult with Spanish speaking people about the name

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  #8 (permalink)
wisp
vancouver, BC
 
Posts: 43 since Sep 2017
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bobwest View Post
I learned something too.

As to Teton, through the magic of Google, I was able to find this on the Sierra Chart website. I think this is the better answer to the original question by @wisp (their terminology here appears to be that "broker" means Introducing Broker, "Clearing firm" means FCM):



Link: https://www.sierrachart.com/index.php?page=doc/SierraChartDirectOrderRoutingService.php

Since this is complete list (as of right now anyway, 6/30/22), I did not go to the trouble of looking up who are the FCM's for the different IB's -- for example, what FCM does Stage 5 use, etc. In the case of Teton/Sierra Chart, I do not expect that they have the kind of relationship with IB's such as @SMCJB described with TT, so I think that the FCM is still the deciding factor for this particular service, but this list from SC is a better guide because it lists the participating FCM's and the IB's. As of today, if they are not on this list they don't have it, and if they are, then they do.

I would use this list, and would check the Sierra Chart website periodically since it may be updated.

I made an amendment to my original response to the question to refer to this post.

Bob.

From what I understand, even if the FCM supports Teton, if the broker doesn't want to support Teton, then we can't use it. So what exactly is the role of all these entities. I am a bit confused.

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  #9 (permalink)
wisp
vancouver, BC
 
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anubis View Post
Clearly Sierra Chart guys didn't consult with Spanish speaking people about the name

Teton is a mountain range in Wyoming. https://en.wikipedia.org/wiki/Grand_Teton_National_Park

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  #10 (permalink)
 anubis 
Montevideo Uruguay
 
Experience: Beginner
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Well it means "busty guy" in Spanish.
Thus the Tetons were christened by grizzled, worn out explorers from France whose first thought upon seeing the majesty of that beautiful mountain range was “Boobs!” The Grand Teton is the tallest of the three peaks and its name is literally translated from French to “the big tit.” Given this translation, one would conclude that the Grand Teton is the D cup of the formation, while the Middle Teton and the South Teton are the C cups. The French explorers who found the Teton mountain range have done a huge favor to and provided an easy joke to middle school boys all across Wyoming.
LOL

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