Execution Problems

Discussion in 'Trading Software' started by Steve Kellogg, Sep 19, 2001.

  1. Gene, you seem like a very nice guy; so no offense, but you are a bias commentator with respect to REDI--although you will deny it. Your firm is an SLK customer and REDI user, so you have a vested interest in diffusing the heat from SLK.

    More to the point, despite lives being lost--a true crime to be sure--it doesn't take away from the fact that SLK has responsibilities to its customers. Mirror sites are designed precisely for the purpose of continuing business as usual in the event of tragedy. Most of my good friends use REDI, and every single one has had serious and ongoing REDI issues. SLK's back-up capabilities are clearly inadequate, regardless of the WTC circumstances.

    One last point, we use VTS (although I'm not a fan of it) and have not had any problems with order routing or cancels.
    #11     Sep 21, 2001
  2. Bob777


    we use VTS (although I'm not a fan of it) and have not had any problems with order routing or cancels.


    I'm curious, who's your broker.

    #12     Sep 21, 2001
  3. Gene,

    Which execution are faster?
    1) Thru SLK's REDI
    2) Thru Dot System
    3) Thru other like ABN Ambro

    Does all the order have to go to the exchange floor. Does SLK or ABN just act like a third party or they still have to route it to the exchange floor.
    #13     Sep 21, 2001
  4. I just want to say that I am not biased in the use of
    REDI+. WE use ROX from www.roxsystems.com as
    a backup. REDI+ had their main offices closed because
    of the WTC tragedy!The number of selfish comments on
    this board is beyond belief. We could switch all of our
    users to our backup system in one day if we wanted to.
    SLK is owned by Goldman-Sachs and they have the
    resources to come back. I am giving them time to
    recover from this tragedy. SLK lost all their phone lines
    at their main office and were back in business in 4
    days! Give me a break!!!!

    All users(customers) have to go through a third party
    (introducing Broker/Software Service Bureau/BD) to
    connect to the NYSE ,ECN's or NASDAQ. There is no direct
    connection to the NYSE/NASDAQ/ECN's for customers. Be
    aware there is really no auto-ex on the NYSE , execept for
    ECN NYSE executions. NYSE executions can be routed to
    a third market like NITE Trimark or the CSE. Most EDAT
    software route to the NYSE.

    PS With all the REDI+ problems, Our top traders had
    some of there best weeks of the year. The main
    reason they made money is because they are
    talented traders-Gene
    #14     Sep 22, 2001
  5. REDI+ is the largest direct access software in terms of
    number of shares traded. They have a backup site at
    Jersey City,NJ. , which is up. Phone & WAN lines all over the
    NYC are are having problems. It still amazes me at some
    of the comments people on this board make.

    #15     Sep 22, 2001
  6. Gene,

    You seem upset. Don't be mad. Like I said, I mean nothing personal, but no trader I know cares about the reason why SLK's lines are down. The point is--REDI's outages are costing them real money and more importantly, SLK is supposed to have a backup site that WORKS!!!

    Is it selfish to want a reliable platform when others have access to fully operational systems? Don't confuse the WTC devastation, and its tragic consequences, with the rationale behind redundancy.

    P.S.> The NYSE DOES have auto-execution; it's called Direct+.
    #16     Sep 24, 2001
  7. jem


    Our office has ISI and redi and I have used many others. When redi worked it seemed faster that ISI. I know my cancels came back faster and more often. Of course it is very hard to do a side by side comparison with NYSE stocks (doing it over many simultaneous trades). So the above opinion is based on a couple years of experience with each but only a few side by side trades.

    Another plus for Redi is that I liked to have the prices populate my windows. However, even before the WTC tragedy REDI lagged hard on big volume days. That is why I plan to have REDI there for normal days but also have ISI for high volume days.

    By the way there is a big difference between the platforms mentioned on this site. I think one should always be testing platforms and looking for the best technology. I am always looking to move to the best stuff. At times that seems to have been Redi however at other times you have to be flexible.

    #17     Sep 24, 2001
  8. I'm not mad at my fellow traders, but you really have to
    think before you complain. REDI+ is the largest EDAT
    platform in terms of shares traded according to a
    study by Keefe,Bruyette & Woods . REDI & SLK
    lost connections to all their phone, WAN and computers
    in the WTC collapse. Keefe, Bruyeete & Woods lost many
    lives in the attack at the WTC. Go to their web site at
    http://www.kbw.com/ . The point I'm making is that
    these are very unusual times. If a firm has to relocate
    1000 employees and equipment in 4 days, there is
    going to be problems. SLK has backup in Jersey City,
    NJ and they have been having problems . I will give REDI
    time to get their systems in order. They are backed by
    Goldman-Sachs and have the financial backing to come
    back strong. We have two back up systems at our offices
    (ROX & Instinet) , which I think is a good idea for any
    firm or trading desk. The Internet can be a good backup
    in case WAN lines go down , utilizing the same software.

    NYSE NX (Direct) is not a true auto-ex. The NYSE specialist
    has the ability to shut off NX(with NYSE permission) or break
    trades that do not comply with NX rules. NX trades have time
    restrictions and orders cannot be bundled(ie Buy 5000 shares
    in 1000 share lots). There are no such restrictions on ECN
    trades, which is a true auto-ex when orders are matched
    at the same price. See NYSE direct rules from SLK memo at
    http://www.redi.com/apr12.html . ALL traders who enter
    orders on NYSE DIRECT , should read this.

    #18     Sep 25, 2001
  9. Sosa


    Interesting comments on SLK, et al. One thing to keep in mind when discussing performance and order handling is the fact that ROX, VTS, ABN AMRO (ISI) and a few other systems mentioned here do not compete with client order flow. Remember, SLK is the largest specialist group on the NYSE floor.
    #19     Sep 25, 2001
  10. With EDAT software, you select the route you want.
    SLK does make markets in many NYSE stocks, however
    order flow goes through the DOT and is treated like
    all other orders from any clearing firm. I doubt the
    NYSE specialist cares who the clearing firm for the
    order is. ABN AMBRO does investment banking and
    market making but is not partners in any NYSE
    specialist book that I'm aware of. EDAT(Direct Access)
    software lets the trader select the order routing, the
    traders clearing firm ,introducing broker or affilation
    should not affect order execution.

    Gene Weissman
    Lieber & Weissman Sec.,L.L.C.
    #20     Sep 25, 2001