Discussion in 'Prop Firms' started by ButterMilk, Jan 16, 2002.
REDIPlus users.... let us hear the good, bad and the ugly for SLK's REDI
Good Order entry,bad data feed. When I used RediPlus, you could not chart the Nasdaq Composite intraday, but you could chart the Naz 100. However, the minimum time frame was 5 minutes and the feed was always slow and often interrupted.
It was common that the 5 minute bar on the Naz index would not update for10-15 minutes. Incredible, and they were proud that they had charting features.
I don't know now how the Redi order algorithm operates with SuperSoes, but before SuperSoes, Arca gave better fills.
SLK, however is the king clearing firm. Their short list is non-pariel.
I use RealTick now, and am happy with it.
Agreed -- REDI+ charting is worthless.
Fills okay. No listed ECN trading during regular market hours.
REDI is the only system I have ever used. I was told by some that it is a very good system but others insist that it is slower than some proprietary systems, for instance Hammer or Hummer. There is a problem with REDIPlus I run into several times. I enter order to buy NX at price higher than the offer. I see transactions at price lower than mine for 2 minutes and do not get any. As I am closing short position and price is moving higher, I cancel NX order and enter market order and get filled. When I call REDI desk to dispute the not filled order I am told that even though Time & Sales show the probability in my favor I did not have to cancel the order, had I just updated the order they would try to get a price improvement for me. It is very rare that REDI people get price improvement, to me it happened 3 or 4 times.
other software exists that's superior to this by far. remember SpeerLK represents one of the largest remaining specialist operations who have inventory to move, hence opening an ECN ( and recently merging with ARCA) which allows demand to see their inventory was a smart business decision, which serves their purposes. After all, they're in business for "their" bottom line, not the users of REDI, REDI+, etc.
Hence the comments by so many traders over their complaints, and rogue problems, and needing to request price improvements. When does the card shark running Monti on the corner, ever improve or refund the price of the loser?
Software, well, its more like roughware, given that its good points are less than its mediocre and extremely-poor points. It does support a number of branch offices from a variety of firms, and these managers love the product, however, these managers have long ago given up making their salary from trading and no longer represent an unbiased viewpoint. As a trader, its a pitiful means of entering, tracking, monitoring and maintaining trades through.
Choose another platform or
choose another brokerage firm offering another platform.
Trade through REDI as an ECN but not through REDI+ into REDI-ECN and still expect fare treatment on executions, price display and price-improvements/corrections.
Brokerage firms should offer more than their platform as an exclusive means of trades entry.
Not sure when you last used Redi, but they have made quite a number of improvements since October. I've been using Redi for a number of years now and while they have had problems in the past, they have continually improved the software.
They have tick, 1 min, 5 min, etc. charts and I have noticed no delays in these. However, I think you are correct in that they don't chart indices, but I've been told that this is coming.
In terms of speed, I would have to give Redi the leg up. I currently only use Redi now, but when I was using Redi along with a Realtick feed, Realtick would invariably be slower during the heavier periods and there were numerous times that Realtick's L2 was 10-20 seconds behind Redi's. Now that was a few years ago, so they might have gotten that issue resolved.
In terms of Nasdaq fills, I've noticed that presently they have been instantaneous (I'm working on some automated entry stuff and the fill confirm comes back the same time as the entry confirm). I'm not a regular NASDAQ trader, so I can't say what it's been like in the past.
Just a note on REDI+ software. REDI+ is mainly an order execution platform and should be used with a charting & analytic package like AT Financial,PC Quote(Hyperfeed),E-Signal or Bridge
Data. As I have said many times, the trader is more important than the order execution platform. REDI+ has worked well for us.
As Don Bright has mentioned REDI is an ECN and REDI+ is the direct access software. The REDI ECN is available on REDI+ software & many other EDAT software packages. In terms of
ECN volume , the REDI ECN is now close to ISLD in terms of share volume.
REDI+ can be set-up with Hot-Keys, buttons or click-on montage. What EDAT software is the "best" is a matter of opinion and user comfort. Most EDAT software problems are "local" which include poor internet connectivity,amount of RAM on the computer, network setup and software conflicts when using multiple software packages. As I have said many times
in my posts, try to diagnose any software & hardware issues
by qualified personal.
Lieber & Weissman Sec., L.L.C.
Hmmm... I guess I need to be more consistently clear on my terminology. I always use the word Redi when talking about RediPlus and Redi ECN when talking about the ECN. I guess I should use Redi+ when there is a possibility of confusion with the ECN.
Separate names with a comma.