OK so you cant trade say the Dec / Mar cotton exchange spread? You would just need to trade the outright legs using an autospreader
Full disclosure, I’m the CTO at TT. The benefits of the new TT platform vary depending on the type of user. TT is not a new version of X_TRADER. It is a completely different product from the ground up. A few items of note... It has a hybrid architecture leveraging low latency co-located data centers as well as cloud based components which enable us to deliver it software-as-a-service. This means there are no infrastructure hassles or costs. This allows you to access markets differently than ever before. For example, if you trade CME today but wanted to begin running Autospreaders on Eurex as well, with TT, all that has to happen is your broker provide your accounts with credentials/access to Eurex via our web admin tool. Within seconds, both your Autospreader engines and exchange connectivity will be up and running. You don't have to buy a server or coordinate deployment or wait a few weeks for infrastructure to be setup. With no infrastructure costs to enter a market, you can explore a new trade without committing any capital beyond that needed for the trade itself. This platform's automated trading components (Autospreader, ADL, and custom code algos) are significantly faster than X_TRADER. For example, in our lab, autospreader hedge latency for X_TRADER is 315us while for TT it's 110us. On "nirvana" setups, they are 260us and 60us respectively. We expect that latency on a "nirvana" setup to be closer to 40us by the end of the year. For many users, being able to access the platform via browser (as well as a desktop client releasing in mid-October) and mobile (iOS and Android) is very convenient. There's literally no install required for the default client since it's accessed via browser (http://trade.tt) and your workspaces are portable to any computer with internet access and the workspaces can be shared across both desktop and browser clients. Other features some people are excited about: - Autospreader logic customization with custom 'rules' - Historical data for time and sales and charting going back as much as 10 years in some markets - Broker algos available alongside TT's synthetic order types - Spread matrix that supports synthetic spreads - Flexible and easy to use risk and administration tools At the end of the day, depending on what your needs are, the benefits will vary. We'd be happy to go over your particular case in detail if you'd like to reach out to us directly. Private message me if you're interested. And everyone should know you can get a free demo of TT by going to http://trade.tt and creating an account. You can trade in simulation with 15 minute delayed CME data there and see every feature of the platform.
londonkid and Gambit, Trading Technologies has offered a transactional model for a few years but because the brokers functioned as resellers of X_TRADER, they ultimately set the price. In the new TT platform, you have the option to have a relationship directly with us rather than going through your broker. The broker will still need to provide exchange credentials, etc but the software itself can be provided to you directly. The basic pricing model is transactional. $50 per month to start with the base offering and $400 per month if you want to use Autospreader, ADL, or write custom algos hosted on our low latency infrastructure. All transactional accounts can be capped, and we offer subscription rates that are much lower than the transactional caps. To get a precise quote for your use case, just reach out to us directly.
CALLumbus, please see my post later in the thread about the benefits of the new platform as well as pricing. Regarding brokers, while many of them are not yet posting it on their websites and offering it as a standard offering yet, that's because they are taking the time to get comfortable with it themselves and with a group of early adopters. Advantage, Dorman, RCG, and Wedbush have all signed on and have some early adopters kicking the tires. In Singapore, UOB has just signed on and we are just starting to do an integration with Citi to offer TT to their users and to include their proprietary broker algos to those users via TT. If you'd like help getting access, please let me know. Also, check out http://trade.tt to create an account and trade in simulation with delayed market data.
We pass those fees straight through to the user without any additions. We support non-pro, grandfathering, and netting on CME.
Drew, I think all of us are impressed by your 360 slam dunk response. I will definitely try the product and truly hope it works as you say it does.
Essentially, access to a market is provided simply by a broker 'sharing' an account with you. They can manage risk at that macro level but you are free to create sub-accounts and divvy up your risk and pnl as necessary. Obviously this does mean the broker needs to be on the platform. We are working hard to onboard as many brokers as possible and we hope encouragement from the user community will be additional incentive for them beyond the great improvements we've made in risk and administration and the elimination of infrastructure costs.