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Trading Technologies / Patrick Rooney (Product Manager) - Ask Me Anything (AMA)
Started:September 22nd, 2016 (05:19 PM) by Big Mike Views / Replies:1,198 / 35
Last Reply:November 18th, 2016 (06:39 PM) Attachments:4

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Trading Technologies / Patrick Rooney (Product Manager) - Ask Me Anything (AMA)

Old September 25th, 2016, 11:37 AM   #11 (permalink)
Market Wizard
Houston TX
 
Futures Experience: Advanced
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TradingTech View Post
@SMCJB Retail, as defined by the CFTC as well as FINRA, is a very broad group.

Retail Customer: A customer that does not qualify as an eligible contract participant under Section 1a(12) of the Commodity Exchange Act, 7 USC 1a(12). An individual with total assets that do not exceed $10 million, or $5 million if the individual is entering into an agreement, contract, or transaction to manage risk, would be considered a retail customer.
CFTC Glossary - CFTC

I'll also note that the TT platform does not cost $1500. TT Standard starts at $50. https://www.tradingtechnologies.com/platforms/pricing/

Thanks Pat for the clarification. I was aware of the CFTC definition, and also of the CME definition (which is different again) and some brokers who have other slightly differing definitions. (Of course the equities side of the business have yet other definitions).

My apologies on the price comment, as you know I come from the XTrader world and think of the subscription pricing as opposed to the per lot pricing. The $50 price point is actually pretty amazing and does open up the system to low volume retail traders in a way that software of this standard has rarely (if ever) done before.

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Old September 26th, 2016, 01:28 PM   #12 (permalink)
Keab
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Hi there,
Am crossing this thread over https://futures.io/trading-technologies/40501-indeterminate-otc-trades-time-sales.html#post597924

Am v concerned that time and sales data on the OTC market can move prices and yet be unreported on the data feed. Case in point 15.30pm today on the bund (example shown in the conversation thread in the link above). Over 10k of OTC volume was reported by TT after a massive price move. I suspect this OTC volume may have been a driver in the move higher, but was then reported after the fact. Please advise.

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Old September 26th, 2016, 02:11 PM   #13 (permalink)
 Vendor: tradingtechnologies.com 
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OTC trades are not reported in real time. Brokers have a window to report OTC transactions and this window can be quite large like 20 minutes. Placing this OTC transaction in a live price stream would generate time stamps that are out of synch and volume spikes for transactions that occurred minutes, sometimes several minutes ago.

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Old September 26th, 2016, 02:37 PM   #14 (permalink)
Keab
London UK
 
Futures Experience: Intermediate
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TradingTech View Post
OTC trades are not reported in real time. Brokers have a window to report OTC transactions and this window can be quite large like 20 minutes. Placing this OTC transaction in a live price stream would generate time stamps that are out of synch and volume spikes for transactions that occurred minutes, sometimes several minutes ago.

Ok right, so we're getting somewhere.

Using the specific example that I quoted, with an attachment to show what happened at 15.30pm (UK time) on the bund today, are you saying that this 10k+ of volume, with the time it occurred, and the price that it occurred at, was NOT accurate? That this 10k of volume had gone into the market at a different time and price than was displayed on TT?

I understand that it is delayed and there is a 20 minute window. So when you are displaying this OTC volume on your time and sales, is the time and price that you display for the OTC volume simply showing the time and price that you received the info, as opposed to when the transaction actually took place on the exchange between two parties?

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Old September 26th, 2016, 03:12 PM   #15 (permalink)
 Vendor: tradingtechnologies.com 
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Futures Edge on FIO
Using the specific example that I quoted, with an attachment to show what happened at 15.30pm (UK time) on the bund today, are you saying that this 10k+ of volume, with the time it occurred, and the price that it occurred at, was NOT accurate? That this 10k of volume had gone into the market at a different time and price than was displayed on TT?
>>> Without the Type column exposed and a visible tag on the fill indicating that it was an OTC transaction, I cannot tell.

I understand that it is delayed and there is a 20 minute window. So when you are displaying this OTC volume on your time and sales, is the time and price that you display for the OTC volume simply showing the time and price that you received the info, as opposed to when the transaction actually took place on the exchange between two parties?
>>> With the X_TRADER infrastructure all I can say is the OTC times indicate the time the transactions were reported to TT and not the time of the actual transaction. On the TT platform we report the actual time of the OTC transaction as reported by the exchange. The price is always accurate.

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Old September 26th, 2016, 03:29 PM   #16 (permalink)
Keab
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TradingTech View Post
Using the specific example that I quoted, with an attachment to show what happened at 15.30pm (UK time) on the bund today, are you saying that this 10k+ of volume, with the time it occurred, and the price that it occurred at, was NOT accurate? That this 10k of volume had gone into the market at a different time and price than was displayed on TT?
>>> Without the Type column exposed and a visible tag on the fill indicating that it was an OTC transaction, I cannot tell.
Sorry, I should have made clear that a black background indicates an OTC quote-these are my settings for an OTC quote! I still cannot access the type of OTC trade that apparently is a column in the TandS, but is unavailable in the TandS attached to the price ladder.

I understand that it is delayed and there is a 20 minute window. So when you are displaying this OTC volume on your time and sales, is the time and price that you display for the OTC volume simply showing the time and price that you received the info, as opposed to when the transaction actually took place on the exchange between two parties?
>>> With the X_TRADER infrastructure all I can say is the OTC times indicate the time the transactions were reported to TT and not the time of the actual transaction. On the TT platform we report the actual time of the OTC transaction as reported by the exchange. The price is always accurate.

So considering that 10k worth of transactions entered into the Bund market before a big market move, but was not reported by TT (not your fault-it's the Exchange), then as far as I can see then there is still a hidden layer of volume in futures trading. And considering that this hidden layers consists of really big traders who actually move the markets, this kind of calls into question the usefulness of datafeeds and volume etc doesn't it?

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Old September 26th, 2016, 03:33 PM   #17 (permalink)
Market Wizard
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bootsyjam View Post
So considering that 10k worth of transactions entered into the Bund market before a big market move, but was not reported by TT (not your fault-it's the Exchange), then as far as I can see then there is still a hidden layer of volume in futures trading. And considering that this hidden layers consists of really big traders who actually move the markets, this kind of calls into question the usefulness of datafeeds and volume etc doesn't it?

Take a look at this page at CME. It shows all the Block trades executed OTC today...
Block Trades - CME Group

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Old September 26th, 2016, 03:38 PM   #18 (permalink)
 Vendor: tradingtechnologies.com 
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The exchanges are very clear in their documentation about block trades. You may read about blocks on Eurex here.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
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Old October 2nd, 2016, 02:30 PM   #19 (permalink)
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TradingTech View Post
Hello @mpxtreme. Thank you for the questions.

a) How is this 30 day free trial any different compared to the free 10 min delayed demo account that I've been using?
>>> It is the same. If you wish to get a live demo you must have a relationship with a FCM. @mattz is active in this forum and may be able to assist you with that.

b) Will the free 10 min delayed demo accounts continue to be available and if not will the algos that I've developed be erased without warning?
>>> You need to create your own company in the TT system to easily transfer your demo logic to a live TT account. The 10 minute delayed data demo environment will still be available when you go live, however, your credentials will change and will not longer be associated with your demo credentials and logic created there. You may work with TT support or support with your FCM to move your algos in demo to live production. You'll need to act on this prior to creating a live account.

c) Is there a tentative release date for ADL to come out of "beta"?
>>> Yes. The beta tag will be removed from ADL in the next few weeks.

d) Can you share any details on the new Analytics Block?
>>> The ADL Analytics Block will not be released for a few months and there's not much to say about it. If you would like to build some of the functionality on your own, there are numerous sources for help doing that in our Community page.

e) I've heard that the pre trade credit check will be stored with the algos,can you explain the difference in routing and it's positive effects on order execution latency between TT Web ADL and Legacy ADL?
>>> Making the credit check in the algo itself saves a hop as the order does not need to route through risk. You've a more direct path to market which reduces latency.

f) Can the TT Algo " TT Bracket" be combined with or triggered by user constructed algos? If so is this a function of the yet to be released one algo triggering another?
>>> No, you may not link an algo to the TT Bracket order type. You are correct in that this requires "algos driving algos" functionality which will be released by the end of the year.

Best regards-

Hi Pat,

Follow up to the answers..

a) If it's the same..why the "30 day" limit...has something changed compared to when I signed up a few months ago?

b) If I do not sign up with an FCM and continue to use the current delayed demo as I have for several months...will I receive a "cut off" notice?

c) Does that mean the following blocks/features will be released to the "live" accounts?I ask because they are currently not available in the delayed demo and both environments are
said to be nearly identical minus the data feed.

Trade is Take or Hit
Log Block
Alert Block
MD Trader size filter sounds tab.

Thanks
mpxtreme

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Old October 3rd, 2016, 10:02 AM   #20 (permalink)
 Vendor: tradingtechnologies.com 
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Posts: 105 since Feb 2016
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No, nothing has changed with the delayed data demo. We have not established a cut-off period for it yet and do not have target date for establishing it. When it is established, yes, you'll have plenty of warning that your trial is about to end.

Regarding the features you've asked about...

Trade is Take or Hit
>>> We expect to release this in the next few months.
Log Block
>>> Will be part of the Alerts Block.
Alert Block
>>> The Alerts Block will be released this Friday and will print messages to the "Alerts" tab while running algos in the ADL canvas.
MD Trader size filter sounds tab.
>>> I'm not certain what you're asking for here. Are you requesting a sound alert for specific trades sizes?

Thank you for the questions.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
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