How has people's execution software been holding up considering recent market volatility and the WTC incident? Our platform--REDI--has been absolutely awful. REDI has been down constantly over the past week. Problems include not getting confirmations, random lock-ups, no quotes, and inoperable position windows. Trading has often been impossible as a result--which means significant profits are being lost by many REDI users. Naturally, the WTC incident may play a role here, but supposedly SLK has several layers of redundancy. From the looks of things, however, their redundancy doesn't mean squat. Anyways, if you're a user of Echo First Alert, realtick, tradecast, greybox, VTS, or other platforms, post your experiences here--particularly with NYSE executions. Your comments may be useful to others looking for a more reliable trading platform--like me.
REDI down again...4th day in a row. You'd think a multi-billion dollar company in Goldman Sachs would get their act together and fix this pathetic platform. Traders in our office are disgusted and are considering moving to other firms that don't use REDI. Haven't heard any traders using watcher or PAX systems having similar problems. Anyone else having problems?
Just a note on REDI+. Spear,Leeds & Kelloggs fiber optic, phone lines and power were affected by the WTC disaster. Their main offices at 120 Broadway had to be closed. The NYSE is experiencing slowness , due to systems being overloaded etc. If anyone is not in NYC, it would be hard to describe the situation here. I will give NYSE & Spear,Leeds & Kellogg alot of credit for opening up again soon after the WTC attacks. Today we are trading using REDI(WAN) in our branch offices and REDI internet with some minor inconviences(slowness NYSE to cancel etc.) The systems are working well today. NYSE traders should decrease trade sizes and trade cautiously. See slk web site at www.slk.com . SLK is now operating out of Jersey City .
I would like to respond saying that there is no excuse for SLK to be having problems with Redi. I have had problems all week, and not to say, several times this year which has costed me thousands of dollars. A company as large as SLK should have mirror sites and it seems like they didn't. I was told that they even had to move stuff out to another location, which is rediculous. Obviously, they seem to be the only company that i know of that did not learn from the 93 attack on the WTC. Lets face it, they got caught and are doing everything they can to get it back up. Positions not updating, slowness, and even today, couldn't even log in until 10:30am, while having many positions open. Its tough enough to even be able to call in. SLK.GS.FOpts, please spend some more money! Hire more employees at the help desks, upgrade all of your computer systems, and most IMPORTANTLY, have a back up site that is just as productive as you had at 120. There should be no more excuses.
I would agree with you, you make valid points. However , Spear,Leeds & Kellogg(REDI+ software) has been hit much harder than othe firms. Their phone & WAN lines were dystroyed in the WTC center tragedy and their headquarters at 120 Broadway had to be temporarily closed! They are using the backup center in Jersey City. A firm as large as SLK(REDI+) is doing the best they can considering the problems they have had. If you are in the NYC area, come down to 120 Broadway , and you will understand why they have problems. REDI+ was probably the largest direct access software in terms of number of shares traded. I am not touting REDI+ and they have had many problems this week , but look at circumstances SLK and REDI+ is in and I am amazed that they are still operating. If you use REDI+, trade smaller sizes and remember the NYSE and markets are swamped , so cancels may be slow.
Traders, Try to LOG into all Direct Software systems early(I hour before market opens). If everyone LOGS IN at 9:15am-9:30am EST, you will overload servers and systems. This is especially true for REDI+ or other EDAT systems based in NYC. We can all help our exchanges, clearing firms and brokers.
MrNeutral, I understand you have difficulties with execution. However, please be careful with your comments. Many died because they were helping you trade. Lessons should be learned, I agree. I wished you mentioned the missing or dead in your post to balance your anger against SLK. neo
tntneo, Well put. SLK has been doing a great job under the circumstances . If you read my comment , I said that. Traders must understand that these a very difficult circumstances and people have lost their lives. Gene Weissman
Everyone really has to use some common sense in these difficult times. RealTick III (Townsend Analytics) is based in Chicago. REDI+ or any broker in downtown NYC will have problems. REDI+ is doing the best they can considering there downtown NYC offices had to be closed. Check your brokers or software providers website for updates. See REDI+ updates at www.slk.com . REDI+ is operating out of their backup location in Jersey City and all the techs are doing a great job under very difficult circumstances. note- Whatever software you use NYSE may have delays to cancel, replace-trade with caution.