What is so great about TT products?

Is the TT product the defacto standard in trading?

I know alot of people use it by what does it offer that is so great that 50% of traders use it?

Speed? Ease of use?

I'm just trying to understand what it offers vs. globex that makes it worth paying so much more.


Any insight is very much apprecaited.

 

i think traders like it because its fast, easy to use, and reliable.

 

speed has little to do with the front end and everything to do with connectivity. TT creates the illusion of speed by implying mkt position without exchange notification. It saves miliseconds but can it be called real-time. Be aware

 

implying mkt position? sounds like a bucket shop.

 

I'm pretty familiar with the technical underpinnings of TTs software. I think you are wrong but would like to be sure. Can you be more specific about what you mean, please?

Are you saying that TTs software will show you with a fill that is not confirmed by the exchange? If so i'm pretty sure you are wrong that's why i ask.

 

You get fills without market confirmation?

 

I am pretty sure that at least some exchanges send 2 types of confirmation:

(a) fill

(b) price

With a "fast market" you will see a certain delay between (a) and (b).

Of course I could be wrong, but I´ve seen such delay with EUREX (a few years ago).

 

What about orders resting at the exchange: do you actually get true feedback from the exchange confirming they are on the exchange computer or is this information generated by the TT server?

What about changing limits/stops of resting orders? Do you get exchange confirmation as well?

 

Yes you do in both cases.
If you have a TT audit trail window open you will see a couple of different status messages when you send an order (or change it)

first you will see an "ACCEPT" message. This means the TT gateway has received the message and is sending it to the exchange.

next you will receive an "OK" message. This means the gateway has received confirmation from the exchange and that the order is resting in the market and was processed as you requested.

Also, Xenia is right that EUREX used to have two types of fill messages they would send out (fast and confirmed) but the fast does include price information and i've never seen it be wrong so i can't imagine using anything else. I may be wrong but if my memory is correct the slower fill includes more back officey type information that you don't care about as a trader. It was several years ago that I wrote to the EUREX API so i may have the details wrong. But this is something that every vendor that writes to eurex has to deal with, its not a TT issue.

I still have no idea what rchicago is talking about, but i'm pretty interested to know.

 

No fills without mkt confirmation. Orders entered into the mkt automatically populate at the designated price level without confirmation from the exchange. Confirmation comes within miliseconds but to the user it looks faster then front ends that display real time.