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Direct MessagesDate/Time: Tue, 14 May 2024 07:36:35 +0000
Order Routing - Want To Avoid CQG - Rithmic Improved Integration?
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| [2021-06-25 19:40:37] |
| User381703 - Posts: 25 |
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I have recently started using SC, and I opened an account with a new broker. I have subscribed to Denali Exchange Data, and would like to use SC order routing for CME and EUREX products. Unfortunately my new broker does not support SC order routing (with TT) - I have been forced to subscribe to CQG order routing. I would like to avoid using CQG, since I have had many issues with them over the years. I got in touch with an introducing broker listed by SC (Sierra Chart / Trading Technologies Futures Order Routing Service), but they told me that they only use TT for CME and not EUREX. The best solution I was offered was to use Rithmic for order routing for both exchanges (rather than two instances with different setups). My query about SC's concerns regarding Rithmic's integration (Regarding Rithmic (Our Final Post on this Subject)) was met with an assurance that Rithmic's integration is now improved (DTC). --> Is this correct? Would you go for this solution (until SC's in-house solution is up) - or would you recommend trying to find another broker that has TT for both CME and EUREX from a technical perspective? Many thanks! |
| [2021-06-25 20:59:42] |
| John - SC Support - Posts: 31602 |
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The short answer is that you should go with Rithmic for right now, but even that has some drawbacks. Here is why: - The existing Sierra Chart Order Routing Service does support CME and EUREX, but it uses TT in the backend for the final connection to the exchange. TT charges a fee to the brokers for the connections, and in the case of EUREX there is apparently not enough business that the brokers feel they can absorb the cost, so they pass that cost back to the end-user (you). Which means that all the brokers we know of are charging $50 - $250 per month to users to use the Sierra Chart Order Routing Service for EUREX. - The new Sierra Chart CME Direct Order Routing will only be for the CME to start. We will then have to work on our interface to the EUREX, but that could take some time and we do not have a specific timeline yet as really have not looked into it deeply (we want to get the CME connection done and released first). - We have a current connectivity with Rithmic, but we have not been happy with it and we stopped technical support about a year ago. It does still work for some customers, but we will not deal with any issues associated with it. Rithmic has a new interface that they developed for us that we will be supporting, but Rithmic is currently doing "Beta" testing with it, so it is not yet available for general use. Hopefully in a few days, but it is not our decision, it is up to Rithmic and we do not have any more information. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2021-07-06 17:09:14] |
| User381703 - Posts: 25 |
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Thank you, that explanation was very insightful. Rithmic appears to have now released their new interface. My current broker was unsure if I could just use Rithmic's routing, and keep SC Denali, or if I would have to use both data and routing from Rithmic. The latter appears to be the default offering for them - perhaps because of Rithmic's monthly fee/minimum (which I am currently less concerned about). --> Would you know if I could keep Denali and only use Rithmic's 'new' routing? Many thanks! |
| [2021-07-06 20:29:42] |
| John - SC Support - Posts: 31602 |
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Would you know if I could keep Denali and only use Rithmic's 'new' routing?
In terms of the Rithmic requirement to use their data, we do not know. They may allow you to not use their data, and they may not. You would need to work that out with your broker. From our perspective, you can certainly use the new Rithmic interface with the Denali Exchange Data Feed. There is no issue with this combination. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
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