Old Dog, New Tricks

Discussion in 'Order Execution' started by rs7, Aug 1, 2002.

  1. rs7


    Today I walzed into my office having taken off for a few days. Low and behold, while my back was turned, they switched order entry systems to Redi Plus. (don't know why...)

    I am kind of confused. I sat with the tech guy, and he walked me through what he knew (so he has 3 days experience on me).

    I hope maybe some of you can clue me in.

    I punch up a symbol, and I get what looks like a level 2 screen. So this makes perfect sense for OTC stocks.

    But I put in a NY stock, and I get a similar screen. Now seeing NYSE and ISLD makes sense. I also get some other ecn's and this makes sense. But what the heck does NASD mean when I see that on the "list"? And if I use the level 2 looking thing for a listed stock, will I get an immediate fill (like select-net) on a listed stock if I hit the NY bid or offer (I am assuming I will if I hit a MM or ecn)? Or do I still have to wait like with super dot? I was told by the tech that I did not need to re-direct to NYSE, that I could leave it on Redi Plus.

    Any of you guys using this system? If so, what are your opinions? Also, how long should I anticipate getting used to this? It looks like I have to go to different screens for open orders, open positions, activity, etc....stuff I used to have set up differently. I know that everything takes getting used to. And this is fine, especially if I get better fills (as promised...I am told this is their reason for the switch...but you never really know what the inside deals are when you are a lowly trader.:)). Are better fills a reality?

    Any help, opinions whatever greatly appreciated.


  2. I used this system for 3 yrs. Your montage allows you to choose where you route your order. There is a choice in the properties to display a box that lets you choose where to route the order. the default is nyse. BUT, even though you are enabled to receive the feed from other sources(isld,etc), you must be ENABLED separately to go outside NYSE.

    If you enter a marketable order, you should chose whether to send it as a limit or limit nx (direct plus order). limit nx is a button you can put on your montage when you right click in the montage ang go to properties.
  3. use ARCA if you want to route to CHX, NASD, ISLD, OR PACIFIC (aka ARCA). often, they will be inside the NYSE quote and you can get a better price, or some over eager trader will take your offer when they shouldn't.

    since a thread started on redi+, i'll take the opportunity to ask a question that failed to generate any responses.

    in redi+:
    regarding order qualifiers: peg ask, peg bid, buy/sell minus, or buy/sell plus'

    does anybody use these and/or know under what circumstances they could be used to give you an insight into the market? using them maybe as a trailing stop or something, or mabye when you want to buy but don't want to pay the spread may be worth a shot.

    gene? don?
  4. cashonly

    cashonly Bright Trading, LLC

    Pegging is having a price set just outside the bid or ask in hopes of getting a trade through. Talk to your Redi rep for exact details on using them.

    Buy minus means that the order will become a market order to buy on the next downtick.
    Sell plus means the order will become a market order to sell on the next uptick.
    These 2 are used to avoid specialist fees and other reasons.
  5. Pegging = annoying. Peg your orders and you will quickly find other traders (like me) who are all too happy to fill your pegged order.

    I'm confused about why you are asking about REDI here on ET. Didn't you say you are part of an office? Why don't you ask people in your office about REDI, like the people who switched you over to it???????????????????????????
  6. rs7


    Other guys in the office are not using it. I was switched to it so I could trade options. Like I said, the tech guy is kinda new to it too. I have just played with it since I asked the question, and got it to mimic my old system. Still not 100% comfortable with it, but it's coming along. Only 3 days. I am sure it is simpler than it appeared at first (as are most things).
    Also, I am apparently the guinea pig. They said my fills should be better. So far no complaints.
  7. Rigel


    Oh the joys of working for someone else. Doesn't sound like you were a consideration in their decision making process. That's no good and shows a lack of character on their part. Too bad you can't give them new risk control and accounting software to try on Monday morning without mentioning it to them ahead of time.