Can someone point out all the softwares required for setting up a new Prop. Trading firm? And of course, any links to further reading, comparisons and suppliers would be most welcome.
it is very diffused question... certainly, first of all you need to buy trading platform. there is very long list... the most popular (it doesnt mean - the best) is metatrader, but i dont like it at all... if you want to know "why?" - better read old posts on this forum... my choice is ProTrader http://protrader.net/ i think it is better for you to order demo from all possible software vebdors and compare on your own! good luck to you!
Trading Software...that's one. Surely there would be other software requirements....Risk Management, Back-office including Accounting & Auditing, CRM, Workflow...maybe other things that I don't even know about?
You are quite vague about the hypothetical prop trading firm....specialize in equities, equity options, commodities, rates, etc. You will need historical data access and charting...the best in my opinion is probably Bloomberg or Reuters. Esignal is decent and costs a fraction of the others. Futhermore, you will need a trading platform but depending on your clearing house you will have some options in the stock world that can be anything from Redi+ with GS to CQG, TT, etc. I would recommend that it has a spreader for futures. If you trade cash bonds, you will need some type of software to keep track of repo, coupon, etc if you are holding in a basis style trade to the roll.
Stocks, Stock Futures, Commodities Futures I am afraid of options..never liked alpha & gamma in school either I had a look at Redi+. What's its competition? TT I understand is trading Technologies....will google for other acronyms you posted, but please if you & others would kindly point out some other options, I would be grateful.
go work for a prop trading firm for a long enough time to find out what they use ... then you'll know how to set one up.
That's the best way to do it...I agree, but unfortunately we do not have prop. trading firms here in India, the way you have in the west. So I wanted to explore the idea. Any other inputs....anyone?
"Can someone point out all the softwares required for setting up a new Prop" by Sanjay arora When you ask questions like this you obviously at this time are not qualified to open or run a prop firm. Perhaps you should explore working at a prop firm first and you can trade remote i.e. the fact that there are no prop firms in India should not stop you. Good luck.