|
PureBytes Links
Trading Reference Links
|
During the next three weeks two new exchanges will be coming online to trade
Security Futures. OneChicago launches October 25 and Nasdaq-Liffe Markets
launches November 8, pending regulatory approval. What that means is that
there will be an un-before seen cluster of changes, upgrades and new
services added to many of the industry's online trading platforms in a
concentrated period of time.
This cluster of changes represents a certain level or risk to the online
trader as some systems have already experienced problems with the upgrades
and installations, and that should intensify in the coming week.
One issue that just became clear this week is that the API that TOPS uses to
enter Globex, ORAPI, is not going to work for Security Futures. Or at least
as presently configured, it will not. Thus, many firms that had systems
that route to TOPS to go to the CME are being forced to upgrade those
systems to the i-Link FIX API. The CME built a link from the Globex APIs to
the OneChicago API to get to the CBOEdirect matching engine. Many firms are
already on i-Link, or some of their systems are, but there were also many
firms that were not sure of the success of Security Futures and thus the
TOPS route offered them a low cost entry into the OneChicago marketplace.
Or so they thought.
The point is that as traders you will need to be especially diligent with
your online trading in the coming weeks, and need to be especially patient
with your brokers. Be proactive checking on any anomalies, but understand
that this is a necessary growing pain that will lead to better, faster
connectivity, and a greater choice of markets to trade.
You might want to check with your broker and ask them for a schedule of
testing and changes that they will be making to their online trading
platforms. Not that they will have one, but if you ask maybe they can
create one.
And good luck!
Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk. Security futures
trading is not for everyone. John J. Lothian is the President of the
Electronic Trading Division of The Price Futures Group, Inc., an Introducing
Broker.
|