REDI+ My daily vol is around 100k for the last 6 years. And the only issues I ever have are street wide such as NYSE this morn. Rock solid front end from a rock solid provider...GSEC all the way! and as Don will point out I am sure...full rebates on shorts..hahaha
The guy at the top is the problem. My associate and I had some dealings with them and my opinion is the firm is just not going to scale. I got the impression they wanted to throw more hardware and network bandwidth at the problem, but it's clearly their software that's the problem. I know others who've used their framework, and the issue for them was not only the quotes, but the speed at which orders are placed. If you use their API, it's crap. If I remember correctly, you had to use Windows and you had to use this API that just wasn't very well thought-out for high-speed traders. I ended up just leasing my own network setup and hiring programmers. We bought some pre-packaged stuff from some vendors for the short-term and are running with no speed issues at all. We never needed LASER. If I could short Genesis, I would. The main reason I'm chiming in is because they look like a deal up front, but they're anything but a deal. We took the development/network costs up front and have ended up paying more than Genesis, but I'm almost certain it was the right decision. Other guys we know went with them and they have NOT been happy.
I can't comment on how well the company will be able to scale. However, as a Genesis client for 3 1/2 years I can say that they have the best API that I have ever used. I had over 850,000 filled orders through the Genesis API last year, so I'm not just speculating based upon limited experience. Regarding speed, Genesis has the fastest speed of any firm I've used. On marketable orders, for example, my typical INET orders are filled in 0.04 seconds. As I understand it, their speed is actually less than one millisecond to INET, but my code is not written especially efficient, so there is added delay on my end. However, 4/100ths of a second is pretty darn fast to most people (Note that this time is measured from the time the order is created on my machine, until the time the execution message is received on my machine - colocated in their building, so no internet delays). I notice that your critical Genesis post was your first and only post on this forum. I will optimistically assume that you have posted extensively on ET under another nick. If so, feel free to send me a PM from that other nick about your experiences and I'll be happy to try to help with the issues you are seeing. If you don't have another nick, then it's tough to vouch for your credibility and I'll just wish you good luck and not waste further time with it. P.S. As a long time ET poster, I'll just add that I have no affiliation with Genesis with the exception of being a satisfied client for the past 3 1/2 years.
Trading since 1978...and dealing with many firms and software technologies, overall the best that I have used is Genesis if one is interested in trading NYSE and Nasdaq stocks. All software has issues from time to time, albeit very frustrating. In terms of the right business model for serious individual traders who want to trade NYSE and Nasdaq, Genesis has the right business model. The best two companies for trading stocks that serve their niches well, and are highly responsible for leading the way to cost efficient trading are Genesis and IB. My thanks...
A suggestion for the malcontents - rather than vent in a thread that will soon disappear into oblivion (or at least in addition to) - place your vote where it will remain visible for years - over here. If I was looking for a new broker, I'd read the reviews and think it was a fantastic firm. It has 91% positive ratings and the one negative was a whine about the website layout, not the broker functions. R
.04 is not good enough for me for what they are charging. I get a 40ms ping from a cable modem to retail brokers that are not specialty with 50-70ms fill times without needing to colo at Genesis. The fill time on orders is variable depending on the number of other traders making orders too is my guess. If you live in New York and are settling for 40ms, you are being cheated.
If you colo your system at genesis and get 40ms, you are wasting your money because a $5000 account at TradeStation or IB will give that same performance. It's as simple as that. Perhaps the commissions are better; however, you can't run GTAPI code except during market hours. That is worthless. I am not a manual trader, and there is no need to colo at another facility in Manhattan as my office is two blocks away from the NYSE data centers.
I have had some small problems last few weeks with bats on schonfelds platform. They will just pull the ecn and I cant use it for a few minutes until they put it back up. I had NYSE problems this morning with slow quotes. I have also seen more of the ecn crossing lately. I then have to log off and not show arca or whatever ecn is causing the problems.
No it makes perfect sense: They're clearly trying to throw in a quick jab here to get the job done, not a knock-out punch.