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Date/Time: Wed, 19 Jan 2022 13:12:40 +0000



[Sticky] [Locked] - New Teton Order Routing Service for CME, CBOT, NYMEX, COMEX, FairX, upcoming EUREX

View Count: 6019

[2021-12-12 18:33:53]
Sierra Chart Engineering - Posts: 99781
In this thread we are going to start to explain the new Teton Order Routing Service and put links here to upcoming webinars, that we will do with different brokers, and to videos we will produce related to this service.

Here is the documentation for this service:
Sierra Chart Teton Futures Order Routing


We want to provide a high-quality, unified, best quality and lowest cost service and not have to support so many different external services. And have our user base, to the extent possible, move on to this new service when they are trading on the exchanges supported by this service.

The clearing firms which currently support Teton Order Routing are as follows:
Advantage
Phillip Capital
Dorman Trading
ED&F Man (expected to support)

Therefore, the service is supported or can be supported by introducing brokers of the above firms.


This service has no involvement with TT / Trading Technologies. It is our own independent service with direct exchange routing.

Link to the Webinars:
https://www.sierrachart.com/SupportBoard.php?ThreadID=69843
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2022-01-01 16:46:19
[2021-12-13 15:13:02]
Sierra Chart Engineering - Posts: 99781
This service is also offered completely for free. No cost to the clearing firms and no cost to users. There are no transaction fees.

0.00 USD per fill.

Why is it that we are not billing for order fills?

And will we eventually start billing for order fills?

We are not billing for order fills now, because we do not have any costs for order fills ourselves. We have full confidence in the service, and the release of it has gone very well with no issues. So we really want to make a point, that order routing does not have to cost anything and it can be done exceptionally reliably. We also want to really be helpful to brokers to adopt this service and eliminate the complexity of order fill billing and make it very easy for them to use.

We also want to put pressure on the competition and have this as a major order routing service draw business away from the others, obviously. And we have full confidence that it will be and it has proven to point to be everything we knew it would be, super reliable.

We also want to show, that order routing is not expensive and is not a complex operation. With properly engineered software, running on a reliable network and hardware and operating system platform, order routing is a reliable smooth efficient operation which requires no intervention, and simplified monitoring.

This is one reason we will not bill for order fills because we want to make the service very attractive to the brokers, and make it very easy to use.

This project actually started at the beginning of this whole covid situation. We knew what was going on in the world (we will not elaborate on that here), and we knew it was very essential to work to get towards independence and not be dependent on anyone else.


Now we will continue to maintain, free order routing indefinitely.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2022-01-04 18:35:19
[2021-12-13 17:11:36]
Sierra Chart Engineering - Posts: 99781
Have a look at CQG pricing here:
https://www.cqg.com/products/product-comparison

Compare that with the wealth of functionality you get in Sierra Chart, for as little as 26 USD per month. or 36 USD per month, with the Denali Exchange Data Feed. These are the prices before the monthly discount:
Description of Service Packages and Pricing


And we offer completely free order routing. Whereas look at what CQG charges for CQG One:
$100 (standalone) + $0.25 per fill, $1000 cap1 + $.03 tail

And as is well established Sierra Chart is very high-quality, stable, and high-performance software with extensive functionality.

And Sierra Chart order routing has far more advanced risk management than CQG offers. You are not going to end up with order rejections when closing positions like you can with CQG. And we will be offering brokers with auto liquidation functionality in December2021/January 2022.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2021-12-13 17:17:49
[2021-12-18 01:54:22]
Sierra Chart Engineering - Posts: 99781
Effective January 15, 2022, Service Package 5 or higher will be required to use CQG when there is a usage time renewal, or for new Sierra Chart accounts.

And sometime thereafter, probably March 2022, there will be a requirement that Service Package 10 or higher is required to use CQG in the same way.

And eventually, when there is sufficient support for the Teton order routing service among the clearing firms, and we have EUREX trading support added to Teton, probably we will require package 12 to use CQG. CQG support will remain for those who want to trade futures options, or want to trade less common exchanges like the Asian exchanges.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2021-12-20 19:50:19
[2021-12-18 17:37:59]
Sierra Chart Engineering - Posts: 99781
One thing we want to mention about automatic liquidation of positions, when the account has gone below the daily loss limit, is this is one reason why the Rithmic platform is preferred. Rithmic does offer auto liquidation.

This is something we are putting out, this December 2021 with the Teton order routing service. This is something that CQG does not have all of these years they have been in business. And yet they are so expensive.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
[2021-12-18 17:49:14]
Sierra Chart Engineering - Posts: 99781
We saw one posting on another forum, where this service was referred to as a "beta". It is not a beta. There is nothing beta about this service.

It is already very well-established because it is using existing functionality which we have offered for years. Some functionality less than a year, like the interfaces for managing trade accounts but this still is already established, proven and tested and also based upon functionality, which has been in place for years.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2021-12-18 17:50:16
[2021-12-22 18:25:25]
Sierra Chart Engineering - Posts: 99781
We would also like to briefly explain why options trading is not supported. Handling orders for options carries a higher risk especially when a user is going short these options. Or if auto liquidation is enabled.

Margin data for outright futures and for spreads is obtained from the CMEGroup website (https://www.cmegroup.com/clearing/margins/outright-vol-scans.html) through simple CSV files. Therefore, there is no problem determining margin values for these types of products. It is straightforward.

In the case of options, last time we looked, there is not proper valid margin data available from the CME website, and when there are strategies involved, it gets even more complicated to determine margin requirement. Now as we understand there are systems available, to determine proper margin data for options and option strategies, but that is not something that Sierra Chart supports right now.

We designed a very good and very reliable order routing system. We want to keep it that way. We have full confidence in it. We are not doing anything which creates an unnecessary risk. We have analyzed all the risks and mitigated them. And we determined options is something that we should just not support at this time.

It shows a high degree of responsibility, care and attention to detail by not supporting futures options trading.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2021-12-25 17:53:52
[2021-12-23 15:45:47]
Sierra Chart Engineering - Posts: 99781
There is one additional thing we need to do to support auto liquidation of positions when an account triggers the daily loss limit.

We have to set a different sender sub ID in the FIX message to the exchange for when there are automated trades placed by the risk management system. So this functionality will be delayed a few days until we implement this.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
[2021-12-23 16:06:45]
Sierra Chart Engineering - Posts: 99781
We were given these responses from a customer of AMP and would like to respond.

From AMP:


Thank you for your full response, please ask Sierra for their back up
plan.....if something does happen.

then let us know if your opinion remains the same.

Please let us know what they say....very curious what they are telling
their users.

We have full backup plans. Depends upon what the reason for the failure is. If the CME primary server has an issue the Sierra Chart order routing process will connect to the CME backup server.

We have dual connections to the CME. 10 Gb connections. Failover is completely automatic. And we have two sets of these. And eventually will add three sets of these. This is a total of 6 connections. That is an incredible amount of redundancy. All operating on a high-quality network used by high-frequency traders.

We have three Internet connections. We have redundant power. We have the ability to easily failover to another server maintaining a real-time copy of all order routing information, in the case of a server failure.

We need to know what is meant by "if something does happen" to provide a specific answer. This is just too vague and generalized.

From AMP:

Order Routing is a very complex operation...
We will maintain communication with Sierra and send an announcement once
this service has matured.

For example, CQG, Rithmic, and TT....all have been performing order
routing services for 20+ years...and they still get issues. So please
do not be in a hurry...

Order routing is actually not a complex operation. It consists of software, network connectivity, and computer hardware (a server). Certainly the software for order routing which is Sierra Chart itself, running in a multiuser mode, with connectivity to the exchange is complex and has a lot of functionality.


However, once all of this is developed and tested and proven which it has been, then everything is running fine and automatic. No intervention is needed. There really is nothing new for the most part and what is new, has already been tested and based upon existing functionality. For example, the functionality to import an end of day account balance file from the clearing firm and update all the account balances, is new. This is developed, very straightforward and simple and works reliably day after day.

The networking functionality is provided by our infrastructure provider, which provides fully redundant connectivity to the exchanges. They do this for high-frequency trading firms as well .. We are running on an HFT (High-frequency trading) network, where data moves across that network in 2 ┬Ás.

The hardware, are new Dell R640 machines. These are equipped with multiple drives, including NVME drives. We use a RAID 1 configuration for storage. They have redundant power supplies and have independent power sources in the Aurora data center. We will not have power issues.

A real-time copy of everything is mirrored to another data center in Chicago in the Equinix Cermak data center. So if there is a hardware failure, we can failover in a matter of minutes.

Although most likely it would take longer than that because we would have to examine exactly the reason for the failure make an appropriate decision as to what to do. A failover may not be the right action to take. We may have to discuss the issue, with our infrastructure provider or the CME GCC. A scenario like this is extremely unlikely and in all of our 15 years of experience we have never suffered a catastrophic hardware failure requiring a failover to another server.

The most likely failures relate to Internet and power. For Internet we have triple redundancy which is fully automatic. And we have true redundant power in the Aurora data center.

We have a simple monitoring process, for all of our servers and processes running on those servers and we are notified in about one minute, when there is process which is down. So we are able to react to these very quickly.

All of our CME processes, do not go down. All of this is highly reliable and we have a track record of nearly 100% uptime with our Denali Data Feed. We only had two incidents, Sunday evening. One of them was with CBOT data due to an empty configuration file from the CME. And another issue related to historical data. Both of these were promptly taken care of. Neither of these issues would affect order routing.

Order routing is actually in some ways is more simplified than handling market data.

Sierra Chart has provided order routing services for 15+ years. And we have also used a centralized model for about six years. So we are also highly experienced. And we have less issues, than TT, and CQG and Rithmic.

For example with our TT based order routing, we have had only one issue on our side lasting a few hours, and it overwhelmingly was caused by a TT related issue. Otherwise, it has been a perfect track record, aside from the issues from TT.

How often does anyone have trouble logging into Sierra Chart due to an issue on the Sierra Chart server-side. It does not happen. It never happens. Although if you do not save your password within Sierra Chart and you try to login and we have an issue with our Web server at that exact moment, then yes you would have a problem. Otherwise, there is a nonissue due to how everything is designed. We do have redundancy with our Web server as well.

Furthermore, logging into our order routing servers, it is something that almost would never encounter a failure as long as you are authorized to connect because of how that is designed.

They say "do not be in a hurry". No problem. Customers can make their own decisions and decide to move their accounts where they want. We are not in any hurry. We have worked on CME order routing, for about two years and have it all perfected and stable. Most of the time was related to sequence number handling. And also getting through the CME certification (very frustrating). We did not rush anything along.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2021-12-29 13:01:32
[2021-12-23 16:13:55]
Sierra Chart Engineering - Posts: 99781
Another thing we would like to discuss, is how is it that we can offer order routing for free, when others are literally charging clearing firms and customers millions of USD per year for order routing.

The answer is very simple. You are being taken advantage of. Order routing is not complex or expensive.

We are bringing fairness, into the marketplace.

We are going to save firms and customers and brokers probably 10,000,000+ USD a year. Seriously.

There is no catch here. It is simply that traders are being taken advantage of unfairly. And additionally we are bringing simplicity and efficiency into order routing and with superior service and risk management.

We were told by one broker, that our direct routing is "far superior" as compared to TT.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2021-12-29 12:56:26
[2021-12-23 17:53:17]
Sierra Chart Engineering - Posts: 99781
We think the best way to answer this is to think about the problems that have occurred with TT, CQG and Rithmic:
please ask Sierra for their back up
plan.....if something does happen.

TT has had numerous, connectivity issues to the CME. That will not happen with Sierra Chart because we have full redundancy both with CME connectivity, and Internet connectivity and power. The connectivity to the CME is direct and simplified. Unlike with TT and others, there is only a single reliable process between the user connection and the CME connection. No other intermediate processes or connections.

In the case of a hardware failure we can failover to another server. Although that has to be done manually. As we said in 15 years of operation we have never had a catastrophic server failure which would require this.

From memory CQG had a problem, where OCO orders and other type of managed orders were not being managed or something like that. That kind of issue would not happen with Sierra Chart order routing.

Theoretically there could be an interruption with this due to connectivity issues, but we have full redundancy that is automatic.

In the case of a hardware failure there would be an interruption but this would be a very rare event that has never occurred with us. And we have the ability to failover to another server and continue on with order processing including server-side OCO and bracket order processing without further interruption.

CQG had a problem where their margin calculations were not correct. Theoretically something like this could happen due to a software bug, but all of this is well designed and tested. It should never occur. Hypothetically if it could occur, it would be caught before any software release for live order routing.

The same software is used for our Simulated Futures Trading service that is used for our direct exchange live order routing. So all the functionality is tested there first:
Simulated Futures Trading Service

And we have the ability to easily roll back to the prior software version. That can be done in less than one minute.

TT had a problem where they reconnected to the CME FIX server and they started off in a sequence number of apparently 1 and reprocessed fills and caused positions for the accounts two be set inaccurately during that processing and then that triggered auto liquidation of nonexistent positions.

An issue like this just will not occur with Sierra Chart order routing due to numerous safeguards (high integrity with maintaining sequence numbers across connected sessions, cache of recently processed order fill identifiers, the fact that the position quantity will not update from an order fill more than 30 minutes old, other things)

In general because everything is very well designed, and the overall architecture is simple and straightforward, a lot of the issues, if not all of the issues, which exist with other services are just not going to happen with Sierra Chart direct order routing. So this is a huge advantage with our order routing which is going to be proven over time. And actually it has already been proven to us very clearly all of these years. It is simple and straightforward and reliable.


The only area of concern that we have is in the case of a hardware failure, or a full connectivity failure to our server for the direct order routing. However, these incidents have never occurred in the past. But if they do occur, we have to examine what the issue is and take the appropriate action. There is no automatic failover for this kind of scenario because it is impossible to reliably handle in an automated way. It requires a human to examine what is going on and take the appropriate steps. So we certainly are capable of handling the situation. It is just that it is not automatic and immediate. So this is the one item, we have to monitor for. But the likelihood of it occurring, is next to nonexistent.

And we do have a 24 hour support available. And so far we have only had one call. Just a very simple question about a daily profit/loss. We provided an explanation for that and that is all. Once we train the brokers and the clearing firm risk managers on the functionality, we find that they they have little follow-up questions. Most questions come in by email.

CQG has also had numerous connectivity problems for years. Sometimes affecting all users, and ongoing affecting a smaller number of users.

Unless there is an Internet connectivity issue affecting a particular user, there will not be connectivity problems to the Teton order routing service because we have three Internet connections (Zayo, Verizon, Cogent). And the process of logging in is very reliable and is implemented in a fully fault resistant way.


If there is any issue with the login database, affecting some users, we can go back to a prior state of it very easily. We have never had a need to do this, for our TT order routing or other order routing (FXCM, LMAX).

We have considered so many potential problems and implemented safeguards and backup procedures.

The simple fact is AMP is just not aware of the high degree of reliability and safety that this Teton order routing service has. They can continue to pay large sums of money or take advantage of what we have and simplify their operation, and provide a high degree of reliability to their users. When they are ready of course.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2021-12-29 13:03:30
[2021-12-23 18:50:35]
Sierra Chart Engineering - Posts: 99781
Brokers have said setting up a Sierra Chart user trading account on the Sierra Chart direct order routing (Teton) is very easy. It is easy like TT. And as a matter of fact, it is even easier. They handle everything and do not need to involve us in any way.

More importantly though we have been told it is much easier than CQG. CQG was referred to as an annoyance.

And we handle all of the market data on our side. The brokers and firms do not have to be getting involved in that.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2021-12-24 19:53:42
[2021-12-27 03:23:19]
Sierra Chart Engineering - Posts: 99781
We had a look at the latency from when an order is received by the Teton order routing service process, and the response received from the CME. We can only make an estimate of this because we just have the round-trip time. But an estimate, is going to be in the area of about 250 to 300 microseconds. So this is only about one fourth of a millisecond.

So that is excellent latency.

This latency looks improved from when we looked last and this would coincide, with performance improvements that the CME has said they have made with the FIX Convenience Gateway.

And the network latency according to what we are told, across the network that we use to send orders from our server to the CME server, is 2 microseconds.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2021-12-29 12:46:47
[2022-01-01 15:35:45]
Sierra Chart Engineering - Posts: 99781
Previously we mentioned, that we would be removing support in newer versions in February 2022 for the following services:
CTS
Gain Capital
Transact

We have removed that text from above and there is no specific date as to when this would happen. Support for these will remain for now. Although at some point we will remove support for them in newer versions or increase the price to use them. There is no specific date as to when this will happen.

Although we definitely want users of those services moved to our new Teton order routing service and we will work with the brokers to support this Teton order routing service.

And during 2022 we still do want to move as much as possible our CQG users onto the Teton Order Routing Service unless you require exchanges that are not covered by this service or are trading options.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2022-01-01 15:37:21
[2022-01-01 16:57:22]
Sierra Chart Engineering - Posts: 99781
All of the permanent storage for this Teton Order Routing Service and our other order routing services, which consists of various types of data related to order routing(orders, positions, trade account data, fill identifiers, current FIX sequence numbers, historical trade activity, user logon data cache) is held in operating system files. These are backed up daily or hourly. And there is a full history of these files available for 30 days or years in the case of Trade Activity. Not just a single copy. Therefore if we ever have to go to a backup file copy, which we never should have to, we have the files available and easily accessible.

So this is another layer of redundancy. And also the additional server which maintains a real-time copy of all trading activity, is also making backup files. So we have an additional server available and we have backup files.

There is a high degree of redundancy.

Therefore, statements like this are just simply uninformed:

Thank you for your full response, please ask Sierra for their back up
plan.....if something does happen.

This thread provides all of the information to keep everyone informed.


And we want to make it clear we have too many users using CQG. We do not want to support CQG. We are not happy with CQG. It is a substandard service, for both brokers, and end-users as compared to what Sierra Chart offers with Teton. CQG is a competitor. And it is not in our interest to be supporting CQG. We want users to move to our Teton routing. And we will be raising the price to use CQG in 2022.

You will find that you can get very good commission rates with Teton:
https://www.sierrachart.com/SupportBoard.php?ThreadID=69843
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2022-01-06 18:13:42

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