Trading Platform Recommendations for Merrill Pro Account

I currently have an account with Merrill and clear through Merrill Pro. I have been using Sterling (one of ML's internal platforms) but find it unsatisfactory because it's way too slow (I trade 300-500 names), trade entry is cumbersome, lack of smart routing, lack of algorithms, and no basket trading capability (that I know of).

Could anyone recommend a good third-party front-end trading platform I could use in conjunction with Merrill? I have heard that the following platforms are good but would appreciate any input: eRTD and RTD Tango, RealTick, and TradeSpeed.

Ideally the platform should be fast, link to excel, and have automated pairs trading and basket trading capabilities.

Thanks

 

I know that Merrill has a custom RealTick application and that should work fine for your purposes. The algorithms Merrill uses to route orders should be available with that platform.

Ron

 

Why don't you get ML-X PRO platform directly from Merrill? If you are institutional or prime brokerage account client, shouldn't be problem.

 

Thanks for your replies. The only reason I am currently using Sterling is because it was the only option ML offered me. I understand ML has another internal platform (X-Trade) but I think ML might only offer it to larger accounts. Which ML Pro platform are you referring to?

I would also appreciate any feedback on eRTD, RTD Tango, Tradespeed, X-Trade, or RealTick.


Thanks again for the help.

 

Yes I meant ML X-TRADE. Sorry for this. There a few versions available, but ML X-TRADE is right for you. Algos and Smart routing no prob. Do you have account directly with ML or via another B/D? Just from my experience in last a few weeks, Merrill seems to be internally in quite a mess.

 

Merrill has been a mess for the past 3 years. They bought a number of companies but still haven't figured out how to intergrate every thing into one company. So it is very fractured over there.

In terms of Sterling you can do baskets. I use it for some pairs trades and arbitrages. There is software built in or you can use Excel or VB. You can find documentation here http://sterlingfinancialsystems.com/support.php under "Basket Examples"

 

Thanks for the Sterling information. I do have an account at ML. How does X-Trade compare to ML in terms of speed and ease of order entry? I find Sterling extremely cumbersome and slow when trading 50 10 100 names on any given day. I used to have an account at Interactive Brokers and really miss the Trader Workstation platform.

 

I meant to ask how does X-Trade compare to Sterling in terms of speed and order entry.

 

Another thing I would appreciate your thoughts on is how ML X-Trade handles pairs trades and does it have the ability to use algos to automate a pairs trade?

 

Maybe it's just me, but rather than asking a bunch of strangers, whose advice may or may not be applicable to you, why don't you ask ML about using a different platform first. They are, afterall, the best source of info on this issue (at least, at the start). Then if you are not satisfied with their answer go and search for other options.