Trading Technologies / Patrick Rooney (Product Manager) - Ask Me Anything (AMA)
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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.
The following user says Thank You to SMCJB for this post:
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.
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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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?
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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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?
The following user says Thank You to Keab for this post:
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.
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