Hi, On our desk, some of the guys use CQG IC and some TT Pro. The TT feels fast but the software is very thin and primitive (bogus position accounting, no historical data/charts). The CQG seems responsive but I realize they have a bad rep in terms of episodic failures of their feed. Is anyone using it now and willing to tell me how it works? I'm exclusively interested in Futures trading. Thanks in advance.
Do you also trade options on futures? The users I speak to are happy with CQG IC for futures. I find CTS T4 easier to use for options on futures. Most of the TT users I have spoken to are automated and seem to like it.
Thank you for your reply. 95%+ futures- some option daytrading by hand. I'm also 95% automated but need charting for the other 5%. My automation also needs accurate position checks to verify order status and to net trades properly. TT seems very fast, indeed. Ideal for 100% automation perhaps. TT reminds me of my first ATS, in that it took awhile for me to add layers of "nice" on top such as redundancies in terms of verifying fills, etc. TT seems to not be in a hurry to add anything, despite the huge fees they are collecting.
I was just on the phone this week with my TT rep. This year they are going though a major update to move trading from your desktop to the cloud. That is their current focus rather than adding features.
Fascinating. Theoretically, not waiting for a pushed-out market data feed would reduce latency, but few servers in the real-world offer performance for each client at the same pace as a high-end workstation. And there is the whole issue of confidences and privacy.
I can't provide any data that one is better than the other. I feel unless you really need low latency, where you should have a direct connection not an api, that you go with the one that offers the features that benefit your strategy or just go with the lowest price. I do find that some platforms have spent time and money to focus on options. I've have spoken to CTS a few times about risk, margin and the need for accurate Greeks. Many automated traders find that they have to build these features into their program.
Ok thanks, so, if I am using TT with my dedicated server in Aurora to trade CME futures, what are you suggesting to improve speed? (Build my own platform and directly connect to the CME matching engine?)
The fastest connection to the CME is to have a FCM allow you to use their iLink session and be hosted in Aurora. I've been told it might only be 2 to 3 MS faster. I can't confirm that. TT will provide some latency values. I can tell you from experience that when you are late, your late. If it's a simple arb or option MMing and you miss your hedge or the Future moves and you can't move your markets fast enough, your are late and it cost you money. 1 microsecond or 1 sec. Both are late. To be fair, you also have to maximize your server, software and network connections. This all gets very expensive and has to be updated often to compete. Low latency is not a good game for the local trader.