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In a message dated 98-01-13 20:14:40 EST, you write:
<< 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
>>
My letter to Mr. Cruz dealing with TS deficiencies in the handling of
bad ticks is on record. Therefore, it should be easy for everyone
to see that I did not blame Omega for bad ticks that users of Omega
software receive. I've never disputed that data is not bad or that it is
not reported late. On the contrary, because data received is often
bad, I asked Omega to provide its users with tools that would correct
the greatest excesses in such data.
I do not know why you chose to misrepresent my position in such a
blatant and vulgar manner. Whatever the reason, as far as I am
concerned, you disqualified yourself from this discussion.
Igor Uhrik.
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