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In a message dated 6/29/01 10:32:52 PM Central Daylight Time,
efarmer@xxxxxxxxxxx writes:
<< Hello,
Is anyone here using the Patsystems trading platforms. If so how is
she in the real world. I've looked at the demo and I think I'm in
love, but I'd like to know more about her before I tie the knot!
Thanks'
Don >>
Don:
That was my reaction when I first went to PATS Systems offices to look at the
system. I loved the familiar windows look of the Delpi version and they made
it even easier and better with the JTrader. I liked it so much I persuaded
my employer to spend the $100K+ to deploy the system.
I liked that PATS Systems was used in Europe by institutional traders trading
LIFFE and EUREX. That meant their system had seen a lot of volume and been
stress tested in real life conditions.
I liked the people I was meeting from PATS. They were not just technicians,
or salespeople, but former brokers and traders who understand what traders
want.
I liked the decentralized configuration. The PATS Servers that we have are
separate from those of other clearing firms, so we are not affected by
everyone on the street at the server levels and can customize our
redundancies to meet our needs.
I loved the customization of the JTrader screen. You can make it look like
you want and use it like you want. If you want one click, OK, you can have
it. If you want two click, but have the mouse over the yes for the second
click automatically, OK, you can have it.
My firm signed one of the first deals for PATS among firms serving retail
clients. Man Financial took the deal over for us and runs and supports the
servers. We have just called it JTrader, though many other firms including
Man have branded it themselves.
I use it every day, executing orders for clients or watching them execute
orders themselves. The broker who sits next to me uses it to trade his own
account. He spent 17 years on the trading floor and was a member of the CME.
He loves JTrader so much that he says he won't trade open outcry markets
unless he absolutely has to. He loves the ability to cancel replace at will
without having to talk to any clerks. He loves the speed and efficiency of
JTrader and the electronic matching engines (a/c/e, Globex2).
PATS Systems JTrader will be one of the dominant Independent Software Vendor
systems out there, and they will be offering a new and improved version
shortly with consolidated functionality and automatic marketmaker and spread
execution functionality. And I know they are at least trying to write to the
CBOT Order Direct API for routing to the trading floor, something Trading
Technologies and YesTrader are not doing.
PATS Systems has done their IPO, they have a big box of cash, and are
increasing their volume and user base day by day. The latest financial
statement I saw said they were not profitable yet, but they are getting
there. As a broker, I want to work with firms and products that I think are
going to be around. We also have an online trading platform from Rolfe &
Nolan, and they are coming out with an interactive screen later this year.
So, as you can see, I am one big vote for PATS Systems JTrader. We offer it,
but so do lots of other firms. Though you may need to take a close look
because of the different names used to brand it.
Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk, lots of it! John J.
Lothian is the President of the Electronic Trading Division of The Price
Futures Group, Inc., an Introducing Broker with a clearing agreement with Man
Financial Inc.
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