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Mark Seleznov wrote:
>
> Although I am a Omega Solution Provider, I really need to come to the
> defense of Omega on all this data bashing.
>
> There are errors in everyone's data. IT IS ALL BAD! I am the Managing
> Partner of a stock brokerage firm. We have S&P data feeds, BMI data feeds,
> North American Quotation data feeds, and use data feeds from other providers
> for clients too. The exchanges distribute the data to these providers. The
> data providers only broadcast what the exchanges send them.
>
> The data is bad and I have seen some crazy stuff over the years. For
> example, a Market marker enters 7 1/2, instead of 77 1/2 and a trade takes
> place.
>
> I was a market maker on the Phila Options Exchange, the clerks would mistype
> prices into their machines. This happens all the time. It happens on all
> exchanges.
>
> The most critical issue which traders do not realize is that under exchange
> rules, a firm has 90 seconds to report trades. Many trades that take place
> on a principal basis are delayed and are out of order. Big blocks get held
> or stopped and reported many, many seconds later. You see this all the time
> on Level 2 quote screen when the market is 1/8 X 3/16, and a 5/16 block of
> 25,000 shares prints. The trade actually took place a minute or so before.
> That is tape reading and you can not blame Omeag or data vendors.
>
> Exchanges, ECN's, specialists, market makers all have data reporting
> problems that contribute to unreliable data.
>
> I always laugh at the mental exercises that some of you play on tick data.
> It is a joke.
>
> Omega is a great product. Every product has limitations and the data
> bashing is not an excuse for poor trading techniques.
>
> Mark
>
> Mark A. Seleznov
> Managing Partner
> Trend Trader, LLC
> Member NASD, SIPC
> 15030 N. Hayden Road
> Suite 120
> Scottsdale, AZ 85260
> 602-948-1146
> 602-948-1195 fax
> mark@xxxxxxxxxxxxxxx
> http://www.trendtrader.com
> >
Neither is it an excuse for not dealing with recurrent problems when
they become known: That is called procrastination or sloppiness.
Having a slight and partial technogical lead on some aspects of
one's product is far from sufficient to ensure long term success. When
selling professionnal ware, you need also professionnal attitudes, that
is responsiveness and responsability, things Omega has not been too
strong at.
If you cannot or don't want to afford the cost of being professionnal,
that is perfectly OK, but then you play in the amateur ligue, and charge
amateur prices for amateur products. Right now, for me TS is kind of in
between for lack of rigor in its inherent design: SUPERB but a BIT
SLOPPY at times hummmmh?
Mind though, Omega has come a long way, it used to be real sloppy with
version 3.5! We can only hope to see the positive trend continue with
TS5.0.
One becomes what one is putting in at every moment. If you don't
respect your clients as equal partners, you will not become their
equal partner, for they will not respect you either. It seems some of
this must have been happening at some point, as I notice I am not the
only one to have had too many frustrating experiences with Omega which
had no reason to be, or to become such.
Best regards,
Gwenaël Gautier
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