OptionsCity launches CityTrader, a cloud-based futures trading platform

Discussion in 'Trading Software' started by ibrainch, Jul 21, 2015.

  1. ibrainch

    ibrainch ET Sponsor

    OptionsCity just launched CityTrader (http://www.optionscity.com/city-trader/) and City API geared towards active individual traders interested in trading futures and options on futures. The platform is all web-based and includes full-exchange functionality including RFQs and spread-building. Seems pretty competitive for functionality starting at $100/month...
     
  2. Brighton

    Brighton

    Thanks for the heads up.

    Under the heading of old software never dies, if you scroll down to the TradeStation section, you'll see OptionShop futures options software. OptionShop hung out the 'closed' sign about a year ago.
     
  3. ibrainch

    ibrainch ET Sponsor

    Yeah, CityTrader is a relaunch of the old OptionShop - they were acquired by OptionsCity and have now built a cloud-based version with the previous OptionShop API.


     
  4. xandman

    xandman

    I noticed the OptionShop interface. The guys hinted they would resurface somewhere. I suspected it was always OptionCity behind the brokerage (being a Java shop) and since RJO didn't own it.

    I don't see any indication of Risk Management functionality, yet. It's going to be a tough market if you are competing with the CME's CMEdirect + Quickstrike offering.
     
    Gambit and Brighton like this.
  5. Brighton

    Brighton

    The position management panel at the bottom and to the left has some functions. It never worked properly at OptionShop but it's supposed to have your positions and greeks, then another tab lets you stress them by a change in the underlying (I don't think you can change the IV).

    I thought it was a good, clean interface and liked the simple DOM right in front of you. It was never fast enough, and the single chart view was awful, but it was free with no per trade txn charge. It's worth something, but in the era of Q-Trader at half the price, somewhat better futures options data at Interactive Brokers, BarChart Trader, etc I think it might be a tough sell at $100/mo plus 25 cts/txn.
     
  6. xandman

    xandman

    OptionCity is a top notch dev shop. They are probably putting out feelers for the market. They can easily add more value later on.

    The hard part is getting the right broker. It seems FOP traders are pariah to brokers. They generate much fewer transactions and they put more risk on firm's books. A small FCM broker told me this directly.

    Until the 100+ RT a day scalper goes away, not much love for retail FOP guys.
     

  7. This is a good point and sad. You are right, the more you trade the more FCMs make so options get no love. In addition to less transaction revenue they raise the FCMs SPAN margin which in turn raises that firm's capital requirement. A lose, lose for the FCM.
     
  8. ibrainch

    ibrainch ET Sponsor

    I could be wrong, but I'm not sure Q-Trader offers options on futures trading, RFQs or spread-building. I believe to get this functionality, you would need CQG Integrated Client (at $595/month). Would love some feedback on this...



     
    Last edited: Jul 22, 2015
  9. xandman

    xandman

    Sounds about right on QTrader. You can model spreads but you can't turn it into a user defined spread and then send it to the DOM. For a short while you could. I think you can still send it to chart.

    CQG tends to tweak the features as they adjust their value offering. I expect some more trickle down features from CQGIC in the future. You won't see these "unlocked" features in update descriptions, either.

    For me, the RTD feature with QTrader is the most incredible value of all. Unfortunately, it was missing key data that I required.
     
    Last edited: Jul 22, 2015