Question for all the realtick users out there. Does anyone here use the hotkeys for RT software? If so how do you have them set-up and how do they work? Can you set up hotkeys to execute to preference NYSE using the ARCA route? Currently I execute my trades off of the bottom of the market maker box (the little pulldown order entry) because I can preference NYSE using ARCA. Any thoughts? Leland
I use the RT hotkeys almost exclusively. The latest version of RT as some additional key features for Hot Key set up, including a "bump" hot key that lets you change the price of a live order (as the market moves away) by hitting one key. Regarding your NYSE comment, I am not sure what you mean. "Preferencing" a market participant refers to sending a buy/sell message to that participant via the Nasdaq Selectnet system. Specialists in listed stocks would not be able to be preferenced as they do not trade via the Naz systems. Now I do not trade listed stuff so I am not sure how the ARCA algorithm works for listed stocks. My guess would have been that an order for a listed stock would simply sit in the ARCA book looking/waiting for a match (or better) from another ARCA trader. I would be surprised if ARCA enabled you to route or "preference" an order to a specific exchange. If this is the case than that would be pretty cool I suppose if one trades listed stocks, but I don't think this is so. If it were though, you can set up hot keys to preference specific market participants so the functionality is there anyway. Finally,
Tradecourse2, You can preference a particular exchange using ARCA (ie NYSE) as I do this all the time. Just trying to configure these hotkeys... Leland
Sure, it may appear that you are "preferencing" them based on the fact that the NYSE MMID appears in the preference box of the order entry screen.....but again I am questioning whether or not the possibility even exists! First lets clarify that you definitely cannot preference an exchange in the traditional sense of SNET preferencing. Of that I am sure. SO you are basically implying that ARCA will alow you to "direct" your listed orders to a specific exchange. This may be the case but I also doubt it. Any Terra Nova or ARCA reps out there to verify?
DATTrader, Yes it is my understanding that by preferencing NYSE or AMEX or whoever you are basically routing your order to that exchange. I am pretty sure that in this case the specialist is the one filling the order. Or one can use ISI which gets filled by the specialist also but costs more money to route there... Leland
Arca is the defualt routing for NYSE stocks on RealTick, I prefer ISI the executions are much faster.
Nordic, You can preference NYSE using ARCA and save like $2.50 per trade and the execution is the same. It goes directly to the specialist via the DOT system...
Thanks, but how is that? Is Archipelago a NYSE member? I thought they just matched orders internally.
Nordic, I'm not sure how or why it works I just have found it to work. I know that when I used to just hit ARCA when trading a listed stock it would go directly to the floor via the DOT system. They have since changed the default route for listed stocks to the ARCA book. But by preferencing nyse the order goes directly to the floor via DOT... For more information on trading listed stocks via ARCA check out this link... http://www.tradearca.com/news_and_views/updates/update_0701.asp
You can definitely use ARCA to route orders to the Super DOT system. One other benefit, I believe, of using ARCA (besides the lower fees than ISI) is that the order will hit other market participants like CSE, PSE, PHS, BSE, NAS/CAES, as well as the other ECN's. This is helpful since you can get fills from other players and not just the NYSE. I may be wrong but it seems to work for my orders.