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Date/Time: Sat, 15 May 2021 10:19:28 +0000



[Locked] - TT Based Order Routing Service: TT Interruption

[2021-02-16 15:19:47]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
If you are unable to submit an order or cancel an order or modify an order with the Sierra Chart / TT (Trading Technologies) based order routing service, contact your broker in regards to this.

This is strictly a TT issue. This is not within the control of Sierra Chart.

AMP is recommending do not place any new orders:
https://support.ampglobal.com/hc/en-us/articles/1500002838222

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Procedure to Handle Unexpected Trading Issue
https://www.sierrachart.com/index.php?page=doc/Trading.html#ProcedureToHandleUnexpectedTradingIssue


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We will make an announcement later today with what we plan to do to avoid this issue in the future. Short answer is we are close to releasing our our own direct CME order routing and we will make a priority to get this finished. We have to put TT behind us as quickly as possible.

And yes we know we are slow with getting this out, but the testing procedure through the CME was not an easy thing to go through and we have to go through it again because the first test was through their test environment and not certification. And we also have other priorities.

We have made a lot of major accomplishments with Sierra Chart in the last year none of which are very easy. We do work very very hard with getting things done.

We will do our best to get our direct CME routing out in about 60 days.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-16 16:53:02
[2021-02-16 15:24:34]
User657945 - Posts: 214 | Ending Date: 2021-08-04
FYI right now order are sent and cancelled very fast no issue on Eurex server 3
[2021-02-16 15:43:31]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
In a situation like this we recommend disabling this option:
https://www.sierrachart.com/index.php?page=doc/GlobalTradeSettings.html#HoldMarketOrderUntilPendingCancelOrdersConfirmed

Now whether this is is something that would help or not , we do not know but there was a ticket, that had some information that seem, although unverified, that the market order to flatten the position was being held because there was no notification of the pending cancel orders being canceled, from TT.

We want to make it clear that this option is off by default.

And we also remember 2 to 3 weeks ago ago this one user who was complaining about this option not being on by default. And we said it is not on by default because it is not regarded as a safe option to be using sometimes (primarily in relation to Interactive Brokers). It is an option to workaround risk management but if the remote server , in this case TT, is not acknowledging the canceling of orders, then the market order to flatten the position just continues to be held.

Although we want to make it clear, that if TT is not able to route orders to the exchange, then a market order is not going to get processed either.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
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If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-16 15:45:14
[2021-02-16 16:07:27]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
Regarding post #2, we are not observing any CME order routing issue either at this time.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
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If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-16 16:08:03
[2021-02-16 16:49:38]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
From AMP where most of our users who are using the SC/TT Order Routing Service have accounts:
TT Outage : CME Order Routing Issues (PENDING)

We are going to disable trading on CME today. NO NEW Trades.

We are going begin manually Closing all OPEN positions on CME and cancelling any working orders.

We will then disable trading on TT - until further notice

We will email you once this is done.

Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
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If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-16 16:50:06
[2021-02-16 17:28:01]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
There are some questions, about orders which are showing as working when they are not working with the Sierra Chart Order Routing Service.

This is going to be a TT (Trading Technologies) issue.

TT should provide the proper status of orders at any moment in time. Although we have noticed, that sometimes a reconnection is necessary to the FIX server to refresh the order list when that should not be necessary.

We will do a reconnection at the end of today, 2021-02-16. We did already do a reconnection on Server 5. So if you use that as the Primary Server or choose that through the web-based trading panel, you can see the current state of your orders.

Web-based trading:
https://www.sierrachart.com/index.php?page=doc/SierraChartOrderRoutingServiceWithData.php#WebBasedTradingPanel

We do not like to do reconnections during the trading day because it does interrupt order routing due to the slow recovery process on the TT side for about 30 seconds to a minute.

A reconnection should not be necessary if TT provides a proper status on the same connection.

And we want to reiterate, our own direct CME order routing would not have an issue like this, you would always see the correct state of orders at all times, a reconnection would never be necessary on the server side to the CME gateway.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
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Date Time Of Last Edit: 2021-02-16 17:31:10
[2021-02-16 17:33:20]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
We also want to say once again, that order routing to TT is working properly at this moment in time. We have an account at Dorman we are using and can submit, modify and cancel orders.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-16 17:33:37
[2021-02-16 17:48:01]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
If we dedicate our time this, maybe we can have this out in about 4 weeks for some/most users (Depending on clearing firm):
We will do our best to get our direct CME routing out in about 60 days.

Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-16 23:25:54
[2021-02-16 23:03:35]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
See the "Update" at the bottom of this post, because we have tentatively resolved the issue described in this post at this time. 18:50 US Eastern time 2021-02-16.

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We no longer consider there to be an urgent issue at this time. Below is the existing text as it was written earlier.:

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This message is going to be going out through the Sierra Chart system notification window to all of ours users on the Sierra Chart Order Routing Service. You will also get an email message about this.

TT (Trading Technologies) definitively has serious problems at this time. We have a total of six servers and six independent connections to TT.

Two of these, including Aurora, are unavailable at this time because the TT FIX server is unresponsive to a connection and/or it is not going out of the recovery state if there is a successful connection. This is a TT issue. Not a Sierra Chart issue. But obviously it is affecting the Sierra Chart order routing service.

Affected servers are:
Server 2
Server 4

We have closed down the connections to those two servers. Users should be using
Server 1

Or one of the other servers. Server table:
https://www.sierrachart.com/index.php?page=doc/SierraChartOrderRoutingServiceWithData.php#ServerTable

Order entry is possible on these other servers.

There is nothing you need to do, unless you see Sierra Chart continuously trying to reconnect because Server 1 will be one of the available backup servers by default. So the connection to the backup will happen automatically. So this is one good thing about the Sierra Chart Order Routing Service is that the connectivity is very redundant.

You can control servers through Global Settings >> Data/Trade Service Settings>> Service Setting >> Primary Server/Backup Server. You want to make sure one of those servers contains Server 1.

Now one thing you should be aware of is that if you have working orders that are in an OCO group, cancel those orders and resubmit the OCO. If the OCO order is managed on either Server 2 or 4, there is no longer any OCO management at this time. Meaning when one side of the OCO order pair fills, the other side will not be automatically canceled.

Instructions:
https://www.sierrachart.com/index.php?page=doc/OrderTypes.html#SendAttachedOrders

TT has been notified about this problem. We are not very impressed with their response. As if they seem to not even be aware there is a problem. But they said they are looking into it.

Order routing is functional at this time.

The main concern is OCO orders. If you have a bracket order or an OCO order, cancel those orders and resubmit them following the instructions below or just close out your position altogether because if the OCO management is on Server 2 in Aurora or Server 4 in Equinix, those order routing servers have no connection to TT, and cannot manage the OCO. Meaning that when one side Fills, the other side will not be automatically canceled. In this case you would have to manually cancel it.

So you need to cancel those OCO orders, and resubmit them following the instructions here:
https://www.sierrachart.com/index.php?page=doc/OrderTypes.html#SendAttachedOrders

Or get out of the position altogether.
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Update 2021-02-16 18:50 US Eastern time :

We now have connectivity back to TT on Server 2 and Server 4. But we are not allowing users to connect to Server 2. Only Server 4. We accomplished this, by using the "bypass recovery" option from TT on logon. But we are not fully aware of any unusual consequences of doing this.

So therefore there should be OCO management for those orders in an OCO group which exist on Server 2 and Server 4. But as a precaution we do recommend still canceling any OCO orders that you have submitted earlier, prior to 2021-02-16 17:00 US Eastern time and resubmitting them

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Update 2021-02-16 19:05 US Eastern time:

We consider the situation now stable and we believe OCO orders are able to be managed now which are managed by the Sierra Chart order routing service.

We are now allowing users to connect to Server 2, the Aurora order routing server.

For background information about how OCO and bracket orders are managed with this service, refer to:
https://www.sierrachart.com/index.php?page=doc/AttachedOrders.html#UnderstandingHowServerSideOCOAndBracketOrdersAreImplementedWithIntermediaryServer

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Update 2021-02-16 19:09 US Eastern time.

Message received from TT:

My apologies for the disruption. Our Operations Team was able to re-direct your connections to another server and they appear to be connected.

We are going to investigate this issue further with our Engineers.

Please let us know if issues persist.

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Update 2021-02-16 19:20 US Eastern time.

Once again situation is considered stable. And we are not aware of any outstanding issues. But we have heard that TT position quantities may be inaccurate. You will need to ask your broker about this if a position quantity looks inaccurate.

Despite the problem from TT Sunday evening and today, we are definitely very happy with the Sierra Chart Order Routing architecture.

The redundancy, worked exactly as expected. Users were automatically connected to a backup server upon failed connectivity or upon a failed order submission. All of that worked exactly as expected.

Due to the stable and redundant architecture and flexible design we were able to bypass the recovery process ("Recovery" is a TT FIX concept with their service) and get order routing and order management working once we had the connection restored to TT. And these connections are now over the internal cross connect in the Aurora data center.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-17 00:28:30
[2021-02-17 13:03:15]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
We had a call with AMP. When you see the sender sub identifier say AMPRISK in a fill or order, this is a TT user using TTs own risk management system sending the order. It was the TT system malfunctioning as we understand.

A full accounting of what has happened, is in progress, and the situation will get sorted out. So please be patient.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-17 13:03:51
[2021-02-17 18:43:35]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
We want to discuss briefly, our recommendation to use the Sierra Chart Order Routing Service and the subsequent incidents that have occurred from TT starting this past Sunday February 14, 2021.

We are always trying to do things best as possible at Sierra Chart and analyze systems and determine how they can be made better.

The reason we recommend the Sierra Chart order routing service is because it handles OCO and bracket orders in a secure and reliable environment and they work exactly as users expect. Whereas with other supported services, either there is no support for these types of orders on the server, or they do not work as expected.

So for safety reasons, the Sierra Chart order routing service is very safe in this regard and there is no unexpected behavior regarding these types of orders. We have not had any incident that we are aware of with a failure of OCO or bracket orders on the server. We did have an interruption for 40 minutes on two of the servers on this Tuesday evening, but we are not aware that during that timeframe there was any need for management of those orders.

The Sierra Chart order routing service provides complete and detailed long-term order fill history. That is very necessary for all of the trading statistics and reporting functionality within Sierra Chart.

The Sierra Chart order routing service automatically verifies that you have a funded trading account to meet CME Group requirements for real-time nonprofessional data. This eliminates, all of the complexity, with access to real-time market data that we get heavily burdened with, throughout the day every day here.

So it is based upon all of the support questions that we get on this board, and that need to reduce the support load, and provide a quality service to the users, is the basis of our recommendation. This view does not change. In order to provide a high degree of technical quality, and for things to work well, then it only makes sense we make the recommendations that we do.

We know that TT is not perfect, but they have not had any incident like this, since August 2019 and even the incident back then was not as significant as what happened now. And it has been our plan, to have our own direct CME order routing which we have been gradually working on.

There is no way we could foresee an incident like this, where a broker, AMP, completely closes down trading on TT until they get the situation under control.

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Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-19 17:06:02
[2021-02-18 11:23:34]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
We also want to explain the difference between direct order routing to the CME versus what TT offers.

The direct order routing is to the CME Convenience Gateway, which is very reliable, according to our infrastructure provider, and uses the FIX protocol. Even more reliable, than the market segment gateways. This is what we are told.

We first want to just talk about latency differences.

The convenience gateway, according to the CME has an additional 100 ┬Ás a higher latency as compared to the market segment gateways. We are referring to microseconds here, not milliseconds. This is a much more simplified and reliable way to interface with the CME. And according to our infrastructure provider, almost never has a problem.

Although there is a higher latency with the convenience gateway as compared to market segment gateways, the Sierra Chart order routing is so fast and so direct, that only makes sense, it is still going to be ahead of the time to be routing through a system like the CQG Web API or TT.

So basically we have a server in the Aurora data center and we will be adding another one, and these have a direct link to the CME infrastructure. Each server has two connections. An A and B. So if one fails there is another one. The CME also has a backup server.

So there are numerous levels of redundancy. Two servers. Two connections for each server. And two servers on the CME side. We can also add another ISP as well for further redundancy.

The order routing process is Sierra Chart, which we use now, which has what we call a service client, for the CME FIX protocol using iLink. All of this is a very simple and very straightforward. Really simple and really straightforward.

The risk management controls are also very simple and very reliable and very straightforward. The only thing that is an area of concern, would be automatic liquidation and we would not offer that right away and instead just simply if there is a margin violation, then only a reduction of positions is allowed and not new positions.

And then the clearing from can take the appropriate steps. Yes auto liquidation is something that we do have and can release at some point but we do not want to do this as a first step.

So what we are eliminating by removing TT, is the entire layer of complexity TT has. Instead it is just so simple and direct to the CME, through their highly reliable convenience gateway.

For example as we understand TT uses zookeeper:
https://zookeeper.apache.org/

There is nothing like this at all on the Sierra Chart side. All software is completely developed by us, and the order routing process is Sierra Chart itself using the DTC protocol server with multiple users connected in. So this is a proven and reliable platform all fully under our direct control and with very straightforward and simple architecture.

The fact that we have had zero downtime with the Denali feed, and the order routing would be be running on the very same infrastructure as the Denali feed, is example of the reliability of the direct routing.

And all of our testing so far with CME, we have not had any connectivity issues other than issues involving sequence numbers but all of those details have been worked out and resolved and we have consistently reliable connectivity in testing.

We always opt for simple and traditional.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-18 11:30:23
[2021-02-18 13:37:10]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
We want to put out another brief note here. The decision to use TT in the background for our order routing service was that TT had a very nice turnkey solution with their FIX as a service.

We have talked to CQG about doing the same thing but did not go forward with that because of symbol mapping difficulties and the discussion about it just did not go forward. Although we did not make an effort to push it forward though at the time. Whereas TT, had service that was very easily set up online with no intervention on their part.

We can replace the TT connection with CQG and migrate users over. We think the turnaround time on this would be about 7 to 14 days.

The only difficulty though is symbol mapping. We do not have any difficulties with mapping out right futures, but mapping spreads is very difficult. But most of our customers are not trading spreads. Options is another thing altogether but most people are not trading those either.

The Denali Data Feed, with CQG order routing in the background using CQG FIX, through an intermediary server of ours, is a very good solution.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-18 13:40:26
[2021-02-18 14:03:34]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
Ok we see AMP has already put out the public email that they will be moving users over to CQG who at least need to trade now. For more information about this, refer to:
https://www.sierrachart.com/SupportBoard.php?ThreadID=61125

If your account is with AMP you need to follow these instructions if you are using the Sierra Chart Order Routing Service:

1. Complete the form that you have been given to by AMP to move your account from TT to CQG.

2. Once you have your CQG username and password, then at that time, but not sooner follow steps 6 through 13 here:
https://www.sierrachart.com/index.php?page=doc/CQGTrading.php#SetupInstructions

3. The symbols of your charts and other areas within Sierra Chart that use symbols need to be translated. You need to use the Edit >> Translate Symbols to Current Service menu command. Here are the detailed instructions:
https://www.sierrachart.com/index.php?page=doc/EditMenu.html#TranslateSymbolsToCurrentService

Please be sure to refer to the instructions because there are other details provided.

One thing to be aware of, is that because the symbols are changing to CQG symbols, data has to be downloaded again and that will take a little time if there are a lot of days loaded in the chart. So please just wait while the data is downloading.

4. Basically this is all. You will continue to use the Denali Exchange Data Feed which works seamlessly with CQG for market data. Your market data will still come from the Denali Exchange Data Feed.

There is nothing special you need to do in this regard. All of the symbol translations are automatically handled in the background. But you do need to follow step 3.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
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If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-22 21:00:35
[2021-02-18 19:06:44]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
We have discussed, further with CQG about getting a common FIX connection for routing orders and this is underway. We will do our best to get this out by the middle of next week.

This will be a new service called:
"SC/CQG Futures Order Routing/Data".

Order routing cost is .10 per contract per side, plus a $10 fee per month. If you are with AMP, there is no monthly cost.

We will continue with the existing Sierra Chart Order Routing service based on TT. There are no changes at this time planned with that regardless of what we have said in previous posts.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-18 19:07:43
[2021-02-18 20:58:15]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
We want to explain something further, and make it very clear, that the situation that has gone on with TT, is not something we have control over, is not our fault, and as a matter between you and your broker.

Now we will always try to be as helpful as we can, but the message flow on this board at this time, is more than we can keep up with.

Sierra Chart has evolved, and is much more than a front end charting and trading program. We now offer our own market data feeds with direct connectivity to exchanges.

However, still when it comes to trading the traditional method by which Sierra Chart connects to systems through trading, with the exception of Rithmic, is through protocol-based APIs. If you have trouble with an external system that Sierra Chart is interfaced to, no matter whether that is Interactive Brokers or CQG, in most cases, this is just something that does not involve us. Perhaps there could be some technical problem that we need to resolve or improve upon. But at this point in time, all of these interfaces are properly implemented and stable.

In the case of the Sierra Chart order routing service, rather than Sierra Chart connecting directly to the trading server from the external trading service , there is an intermediary server. This intermediary server provides enhancements like long-term order fill logging, managing OCO and bracket orders in a stable controlled environment, and providing a common standardized logon (Now this last point, is really quite important).

A common standardized logon. Do we really want to every day be answering questions about users not being able to log on and not being able to get connectivity to external services? That is absolutely nuts. That is something that we definitely have made a lot of improvement on by offering this service. Do we really want to hear about from Rithmic users, that they get a "permission denied" message and be wasting our lives answering questions about that. Or similar problems with gain capital connectivity. It is simply dumb and we are not going to do that. Like we have said earlier this thread, we analyze things and try to make things better.

So this is why a common standardized logon is necessary.

We also provide many points of connectivity and can also provide a standardized web-based trading and that is our own.

But otherwise, it is really just a pass-through system. If you had been using TT FIX directly, all the problems users had in particular with TT through AMP, would still exist and actually if anything things would be even more confusing.

So just because it has the name "Sierra Chart order routing service" does not change the fact, that TT is being used in the background and accounts are set up and managed through the TT environment.

Now we have plan to evolve the service with our own direct order routing and in that case, the situation would be very different. In that particular case, position tracking, account balance tracking, and risk would actually be something we would be providing. At this time that is not even happening at all.

So all that is going on, is really something, we really cannot be responding much to, or even fully understanding what the details are.

When users start reporting a problem, that is when we become aware of them, and it takes time for us to even fully understand what is going on. And we really may not fully understand what is going on. The problems with risk management is something that is completely outside of our control. None of that is anything that we see.

Now you may be thinking there is really a serious problem the Sierra Chart order routing at this time. That is not really the case. We have a Dorman account, and everything is fine and stable at this time and has been for days because the problem that TT has had, has not fully affected all firms. There are different problems at different times, affecting some or all firms. From our perspective all of this is rather confusing as well.

But we know the situation is not good, and we are taking appropriate steps. That is why we are adding support for CQG in the same way we have for TT through this service and putting that out as a parallel offering.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
Date Time Of Last Edit: 2021-02-18 21:06:09
[2021-02-19 13:52:07]
Sierra Chart Engineering - Posts: 96236 | Ending Date: 2022-04-10
We heard from CQG regarding pricing for using a common FIX connection for routing orders in the same way we have been using TT with the Sierra Chart Order Routing Service.

The cost from CQG as compared to TT is three times higher.

And AMP is still waiting to hear from TT about the technical problems, and whether they will enable trading on CME through TT. If the answer is satisfactory from TT and they reenable trading that will be the best interim solution until our own direct order routing to the CME is ready.

We may not go ahead with the plan to offer CQG routing on the Sierra Chart Order Routing Service.

There are several basic reasons. The ultimate objective is our own direct routing to the CME. And if later, we support EUREX routing, between EUREX and CME we have covered the two major exchanges.

Inevitably, while the initial work to support CQG is relatively simple, at least we think so, as is always the case, there is always ongoing maintenance and support questions. This will be a distraction, and taking away time from our own direct order routing. We do not want that unnecessary burden and distraction and delays.

So we may just stay with CQG connectivity as it always is since there is no cost benefit to anyone. And being that users can always use our Denali Exchange Data Feed for the best market data in combination with CQG order routing, there really is a just a marginal benefit to supporting CQG on the order routing service.

And actually there is one point of risk with supporting CQG. And that is loss of connectivity. There is a whole redundant set up, that we have with TT which we will not have with CQG. Or take more time and cost to implement.

We also really do not like CQG symbology either. Although this is not a factor. Just mentioning it.

So that is the current situation.

We also do not know about the order routing performance with CQG as compared to TT. If there is a higher latency as compared to TT, which actually certainly will be the case then there is also less incentive to support CQG with the order routing service.

With TT we utilize a internal cross connect in the Aurora data center which reduces latency, and guarantees no loss of connectivity because we also have a backup Internet connection. With CQG we will only be using Internet and initially a single connection.

And that also puts us in an uncomfortable position where we do not have redundancy for OCO and bracket orders.

So thinking through this as we write, tentatively, the plan to support CQG on the order routing service is canceled. We see risks with it. And yes we have seen the problems with TT but that will eventually get phased out.

We do not want the burden with this new configuration with CQG, especially being it is just an interim solution for a few months, while our own order routing service is finished, deployed and proven.

It is definitely an our interest to get our direct order routing to the CME out as soon as possible. which we will do.

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We want to give some background thoughts on this direct CME order routing project. When we started it over a year ago we did not know whether we would actually release it for widespread use.

The reason is it puts us in a position we have never been in, where there is a critical function being performed by us rather than by outside providers. For example, CQG, Rithmic, TT, or the full providers like Interactive Brokers or Gain Capital (which uses actually CQG in the background).

However, we now are providing market data feeds . And we have an excellent track record with those, when we are in full control (We are talking about the Denali feed here, and not the SC Exchange Data Feed in combination with Barchart. It is the SC Exchange Data Feed which has caused us a poor impression at times and may get discontinued at the end of 2021 possibly. The Denali feed is fully our own.).

We now provide a EUREX feed directly out of Frankfurt with a direct relationship with Deutsche Borse. We have full confidence in that feed. Although in the first couple of weeks we have had a few minor issues, they have been understood and resolved and that is not out of the ordinary with a brand-new feed and actually is quite impressive that everything is all resolved within the first two weeks and is fully stable thereafter. We think we have achieved that as of today.

And we also have the Sierra Chart order routing service which is a major component of direct CME order routing. And the track record with this, when it comes to the functionality developed by us and within our control, is excellent.

There are several considerations with direct CME routing which we want to talk about:

Order routing connectivity to the exchange (Confident with, as long as we have all the necessary redundancy which we will have)

Account balance tracking (Confident with)

Position tracking (Confident with but there is always some degree of concern, that something can go wrong with this related to fills like what TT had. But we looked at what has gone wrong with TT and we have looked at our safety checks related to these, and enhanced them. So we have confidence in this.)

Risk management (This is an area we have the functionality for, but it needs a proven track record. So obviously this is an area of concern. This functionality actually is being proven in our trading evaluator environment and does work flawlessly. )

Enhanced risk management which would include auto liquidation. (Always a risk something can go wrong in this area. For example, due to faulty pricing. And one broker, actually deep discount trading, considers auto liquidation a dangerous feature. And this feature is not even offered by CQG.)

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Now we are very good programmers. And we are quite certain we do need to move forward with our direct the CME order routing project and release it and will but we also probably need some additional help in the area of someone who can help with supervision, and help FCMs with the functionality and education and all of that.
Sierra Chart Support - Engineering Level

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Date Time Of Last Edit: 2021-02-20 05:27:20

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