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Bob,
I owned a data entry business at one time (I didn't sell market data) and I
was very interested in data accuracy. These data vendors could minimize
these problems but they just don't think they have to because most people
don't realize that they are trading with "crap" data. I have talked about
bad data on this list before but their did not seem to be any interest. That
completely amazed me. Your occurance has gotten more people interested. I
guess your bad data was more obvious to most users. Whatever the reason, I
am glad you rattled their cage.
What is amazing to me is that data vendors could run their data (tick or EOD)
through a filter that gives them an immediate alert (within a couple of
seconds) when bad data occurs. They should ALWAYS "discover" this before the
customer. With EOD data there is no excuse for sending a customer bad data
that the customer can find himself with a little work. Some EOD vendors have
told me that I should not download their data until just before the market
opens because the earlier data has more errors in it. Why the hell did they
even make the data available if it was that bad???????
I realize for time sensitive data (like tick data) that they would need to
delay replacement of the bad with good data but that should occur ASAP. In
fact, they could create a programming flag for TradeStation that would enable
TS to give you an alert within seconds after the occurance. Before the open
next day a corrected file could be made available to all users.
They don't do this because it would cost them money. They have been able to
sell bad data to users because users are unaware of how bad it really is.
Russ
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