But Rob said CTA's clients can only see the trades made after the end of session in most FCMs, except IB. You say it is possible to see the orders in real time?
A customer can see the trades as soon as it gets allocated to their accounts. This is not real time, but not necessarily after the session ends.
On the institutional side it MAY happen that risk management systems and portfolio management systems send the allocated (block) trades in real time to portfolio tracking systems of end clients. Especially large addresses don´t want to see trade allocation after clearing/settlement but during normal trading hours. If it happens to be that your end client has the same Prime Broker - this is actually "normality". But then: institutional players don´t cheat on their CTA´s. That´s the prerogative of "retail cheaters".
I run a small portfolio of CTAs that I trust, and I trust the customers that are with them. Within retail, there are many types of traders and each broker attracts customers that share a certain value system. I can only speak for myself, but my guys just want a decent return and not "copy" trades. Institutional customers are not different. There are many decent players, and there are those who spoof, sell data and commit dark pool violations. Your last line implies that Institutional traders hold a different value system than retail customers and I do not agree with that. It always boils down to the individual's values.
I am confused. There seems to be no clear answer whether a client can or can not see the orders placed in his account within seconds after they are placed.