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Direct MessagesDate/Time: Fri, 03 May 2024 06:40:50 +0000
Post From: Sierra with denali/Interactive broker and Futures order routing service
| [2020-07-04 11:07:07] |
| User194713 - Posts: 27 |
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Hello I am currently looking at the possibility of setting up a limited company to trade through. That will mean moving from non-professional to professional CME status and incurring higher exchange fees. At the moment I run Sierra as a stand-alone charting service with denali data feed and non-professional CME exchange fees. I also run interactive brokers TWS as a separate application on the same PC to handle order placement/management. I also pay IB non-professional CME exchange fees to obtain real-time quotes within TWS. I only trade the e-mini S&P/ES contract and do not require market depth. If I set-up a limited company, I do not want to pay CME exchange fees twice. I have never placed an order through sierra charts but I am very happy with the charting application and am thinking about adding sierra charts trading service to handle order management. My questions are: I would rather not add complexity to my set up, if it is going to introduce less reliability. Should I be concerned about this or is the integration between sierra and IB bullet-proof? If IB is connected to sierra software for order management only, how are the data streams managed? i.e. I want to be sure that the data on my charts is from denali and not interactive brokers but that bid/offer prices are representative of current IB market prices. If I follow “set-up instructions” on sierra chart website under “Interactive Brokers Trading Service” will this configure the data as required? I gather that the CME charge $44 (or around this price) for e-mini only professional access but around $120 for all CME products. If I only require CME ES data, will I just be charged for existing sierra chart license, denali data feed and a single $44 exchange fee per month? Presumably if orders are routed via sierra, I will not need to pay IB and sierra the CME exchange fee, just sierra? I gather that once a buy/sell order is filled, if used, the accompanying bracket/attached orders are held on IB servers. Is adjusting bracket prices held at IB via Sierra software easy and reliable? I guess changing my broker and setting up the Sierra Futures Order Routing Service with Data is an option. Does this service offer any benefits over my current set-up? How would latency between this service and Interactive Brokers TWS compare? Also in order to consider it, I would need to compare cost per round trip for an emini ES contract. And I would need to be comfortable that my capital is in safe hands. I am based in the UK. Given these considerations, who would you recommend that I speak with? Thanks in advance John Date Time Of Last Edit: 2020-07-05 01:37:05
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