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My point is that when using Easy Language on TS6, "U" cannot place an order
for QQQ on an ECN. And, to compound that problem, TS6's intelligent
routing sends QQQ orders only to the NYSE marketmaker, even when there are
clearly better prices on the ECNs.
----- Original Message -----
From: "Bob & Florence" <xjrg.xfeg@xxxxxxxxxxx>
To: "Andy Demartini" <aed@xxxxxxxx>
Sent: Thursday, March 21, 2002 3:49 PM
Subject: Re: TS6 and the QQQ's
> U can view the ISLAND book for QQQ -- in java at
> http://www.isld.com/toolsresearch/index.asp
>
> With TS6 U can place the order for QQQ on ECN's.
>
> At 3/21/2002 01:02 PM, you wrote:
> >I frequently trade the QQQ's and have just recently opened an account
with
> >TradeStation. My motivation for trying TS6 was to work with the fully
> >automatic execution. I've done some significant programming here to
drive
> >orders into RealTick from TS2000, so the prospect getting a complete tool
> >for that combines modeling and execution was enticing.
> >
> >This is just a heads-up for others looking to trade QQQ through TS6. At
> >this point in time, Easy Language can use only TS6's "Intelligent"
routing.
> >After a small number of automatic executions, it was clear that
> >"Intelligent" means "route to the NYSE". In every instance, there were
> >better prices available on Island, but TS6 would only route the order to
the
> >exchange market maker. And we know that means executing orders at
"retail"
> >instead of "wholesale".
> >
> >The problem is made worse when you open a Level 2 window for QQQ.
> >TradeStation is showing only marketmakers, with no way to see ISLD or
ARCA.
> >Again, everyone who trades QQQ knows what a disadvantage this omission
is.
> >I've started opening up the Island Java book to see where the real market
> >is. It's my hunch that you won't see any ECN quotes on other NYSE
issues,
> >either.
> >
> >I emailed TradeStation Securities and asked them to explain what
> >"Intelligent" routing meant in the case of the QQQ. Unfortunately, they
> >responded that the Intelligent routing algorithm is proprietary, so they
> >couldn't tell me how it selects the NYSE as the best route for every
order.
> >As it stands, trading QQQ through TS6 is no better than any web-based
> >discount house. I hope they will start to recognize what it takes to be
a
> >direct access broker, it would be a shame to waste all that software
> >development work on retail-class execution capabilities.
> >
> >Just a heads-up.
> >
> >Andy Demartini
>
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