General Data Flow for Futures Exchanges By this point in the series you should be quite familiar with this diagram of the general data supply chain for futures and options trading: Recap: A trader submits buy/sell orders into the exchange. These orders match with opposing orders to create a trade. Trade data is then sent […]
Trade Data Supply Chain Demystified Part 5: Free Your Data Read More »
General Data Flow for Futures Exchanges If you aren’t already familiar with the general plumbing for exchange futures trading, be sure to read the top section of this previous post before you get started. Glossary for Nodal Trades Over the Counter (OTC) – Direct trading between two parties. Could be executed via a broker. Clearinghouse
Trade Data Supply Chain Demystified Part 4: Real-Time Trade Data from the Nodal Exchange Read More »
General Data Flow for Futures Exchanges This is Part Three of our five-part series on demystifying the trade data supply chain. Be sure to read Part One and Part Two for all the information you need on ICE trades and tracking. Before we jump into the specifics around the CME, let’s remind ourselves of the
Trade Data Supply Chain Demystified Part 3: Real-Time Trade Data from the CME Read More »
Tracking Trade Data from an Order to Instant Risk/PnL Part Two of Five In this second post in our series of blogs discussing the futures and options trading environment, we look at how to track ICE trade data as it flows from a trader’s buy/sell clicks on screen to the exchange to the trader’s clearing
Trade Data Supply Chain Demystified Part 2: ICE Trade Capture Unpacked Read More »
New Definitive Guide & Checklist for ICE Trades Part One of Five This is the first in a series of five blogs examining the futures and options trading environment. The series will discuss how to streamline trade data management to enable automation, scalability, and regulatory compliance no matter the size of your firm. Once you’ve
Trade Data Supply Chain Demystified Part 1: Where Are My ICE Trades? Read More »
This Is Why Your ICE Test Feed Is Not Working Some decent size changes are afoot at the ICE. Right now your trades may be flowing into your trading and risk system just fine. But be sure to check out and see if your ICE test environment is still flowing trades. If not it is
This Is Why Your ICE Test Feed Is Not Working Read More »
Vendor hype about MiFID II total readiness. So many exciting! vendor! press releases! about MiFID II total readiness. But if you have not even started on MiFID II yet, don’t worry. This is hype. From what we gather…there will be not even be ARMs (Approved Reporting Mechanisms) under MiFID II. MiFID II is going to
The Weekly Regulator- “Trust Me, I’m A Vendor” Read More »
Aaaaand We Have REMIT Liftoff There’s a real sense of exhaustion… REMIT is turning out to be like a second kid after EMIR reporting. The first one, you go around all paranoid, making your house all safe. The second? Well, the kid’s just got to learn the hard way not to stick their finger in
Aaaaand We Have REMIT Liftoff Read More »
The Year of the Snake…and Trade Break I’m not big on New Year resolutions or on predictions. But in the case of Dodd-Frank and EMIR in Europe it’s hard to resist. The die has been cast and SDRs are a real thing now. Setting aside for the moment the master strokes about what DF and
The Year of the Snake…and Trade Break Read More »
The CFTC issued some breaks by laying out a series of Dodd Frank “No-Action” letters. The biggies: CFTC issued a No-Action letter to prevent firms from crossing into Swaps Dealer status. The rule states that any firm doing more than $25 Million in business with “Special Entities” such as a Federal, State or Local utility
Dodd Frank | CFTC – Black Swan No Action Read More »
Disaster at Knight: Only One Thing Could Have Gone Wrong They botched the Software Quality Assurance (QA)…stating the obvious…Res Ipsa Loquitur…(It speaks for itself). But the $400 million dollar question is HOW they botched the application QA. This is not the first time in my career I have seen this. It is the third. The
Disaster at Knight: Only One Thing Could Have Gone Wrong Read More »
Last week ICE announced that it is registering its products as Futures. ICE has always traded “look alike” swaps that acted and behaved just like futures. As look-alike contracts, ICE was able to stay out of the Commodity Exchange Act and the CFTC. Dodd Frank changed all of that. So ICE seems to have adopted
POW! ICE Goes to the Future(s) Read More »
Architecture | Crouching Tiger, Hidden Trading System I am not sure if this is a trend yet. But it’s worth noting. Over the past couple months I have talked with a total of three major energy trading entities that all have one thing in common: Projects to “hide” the ETRM system entirely from their traders.
Architecture | Crouching Tiger, Hidden Trading System Read More »
Regulatory | Trick Bites Back! One of our gripes with trading systems is that sometimes they just can’t properly book certain trade types. Yes, there really are trading systems out there that can’t book Futures. Yes, there really are systems out there that can’t book spread trades, options and an assortment of exchange products upon
Regulatory | Trick Bites Back! Read More »
Ref Field Constraint We work with A LOT of different systems and run into all kinds of crazy stuff. Feel free to email us your Dumb Things We Saw Today. Here is another gem: We were working with a vendor energy trading system and inputting an exchange Order ID into an Order ID Ref field.
Dumb Things We Saw Today | Ref Field Constraint Read More »
Regulatory | The Case of the Missing Execution Time Still a ways from final Dodd-Frank Rules. But we can definitely see how they are shaping up. One issue that is certain for all companies engaged in trading: Execution Time. Here’s the issue: We were working with a client using one of the larger ETRM systems.
Regulatory | The Case of the Missing Execution Time Read More »
BroadPeak Partners today released the first version of its Exchange Fills Aggregation component for K3. “It’s one of the most irritating problems for trading management. A trader might put out an order for 100 Lots and get 6 fills. So what was once a simple trade has now become 6 trades in the ETRM system,”
News | BroadPeak Releases Fills Aggregator Read More »
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