non-US markets

Discussions about brokerage firms for futures, stocks and other tradeable instruments.
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tigertaco
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non-US markets

Post by tigertaco » Mon Mar 23, 2009 4:52 pm

Hi,

I wonder if someone could recommend a good broker for trading worldwide markets. My current brokerage (Tradestation) doesn't allow this. I think IB does but I'm not sure.

thanks,
t.

trendyguy
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Post by trendyguy » Mon Mar 23, 2009 10:20 pm

You can try MF Global to see if they meet your needs.
http://www.mfglobal.com/Pages/executionclearing.aspx

Wisdom
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Post by Wisdom » Tue Mar 24, 2009 12:47 pm

We provide direct market access to all global exchanges. Wisdom Financial is an independent introducing broker to MF Global, NewEdge, RJO, OEC, and PFG. You can reach me at shane@wisdomfinancialinc.com or 800 854 6354 with any questions.

Kiwi
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Post by Kiwi » Tue Mar 24, 2009 5:29 pm

For high frequency discretionary traders the broker of choice is probably interactive brokers (ib). They are low cost, have good fast technology and a very wide range of markets. The technology interface also makes them good for real time system trading.

But customer service is not their big focus - cheap fast technology is - so if you are new or need a bit of hand holding you should go somewhere else.

rhc
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Post by rhc » Tue Mar 24, 2009 11:37 pm

Hi Kiwi,

From IB, some time back, i received the following message in response to a querry re: MOO orders for futures trading.
IB apologizes for the length of time it took to respond to your inquiry on this trouble ticket. MOO are not supported for future contracts
That, to me, seems strange that this order is not supported
Do you have any experience with this?
Does anyone?

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Post by Kiwi » Wed Mar 25, 2009 12:34 am

IB support the types of orders that are native to the exchanges they use.

They also support a variety of other orders that are "standard" but not native to a particular exchange on their (IBs) servers ... so you might issue a stop on an exchange or time that its isn't supported and IB's servers will place a stop limit with a wide limit on the exchange itself.

Re MOO I'm not all that surprised. In real time, if I wanted to do it I'd need to be on line and let my system place it. But if it was important you can do it (remember I said that IB's customer service isn't its strength - sometimes they're great but sometimes ... well, enough said) if you understand the Traders Work Station (TWS) order entry software.

What IB will do is let you place your orders to be either valid during RTH or valid 24 hours. So if you set TWS to be valid only during RTH then a market order will translate into a MOO because it can't be executed until the market opens. Each class (Futures, Stocks, Options etc) can be set up to "Allow Order to be activated, triggered, or filled outside of regular trading hours" ... so if you untick that then your order should be held on their server until RTH begins.

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Post by RedRock » Wed Mar 25, 2009 12:46 am

Kiwi wrote:IB support the types of orders that are native to the exchanges they use.

They also support a variety of other orders that are "standard" but not native to a particular exchange on their (IBs) servers ... so you might issue a stop on an exchange or time that its isn't supported and IB's servers will place a stop limit with a wide limit on the exchange itself.

Re MOO I'm not all that surprised. In real time, if I wanted to do it I'd need to be on line and let my system place it. But if it was important you can do it (remember I said that IB's customer service isn't its strength - sometimes they're great but sometimes ... well, enough said) if you understand the Traders Work Station (TWS) order entry software.

What IB will do is let you place your orders to be either valid during RTH or valid 24 hours. So if you set TWS to be valid only during RTH then a market order will translate into a MOO because it can't be executed until the market opens. Each class (Futures, Stocks, Options etc) can be set up to "Allow Order to be activated, triggered, or filled outside of regular trading hours" ... so if you untick that then your order should be held on their server until RTH begins.
RTH as I understand, has to do with normal business hours for the equity markets in that city or country. So, allow triggering outside of RTH but set the Time In Force option to execute a market order at the specific date and time you consider to be the "open" Its not so cut and dry these days. perhaps your 'open' is prior to onset of ib's RTH. So just allow outside RTH , and set the precise time for execution.

Kiwi
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Post by Kiwi » Wed Mar 25, 2009 1:42 am

My understanding is that RTH as applied by IB is for an exchange so it might be for CME or HKFE or EUREX.

IB is a 24 hour operation with Server Farms on the US East Coast, Hong Kong, and Europe (Swiss I think) so when you select RTH its probably the right one ... it certainly is for CME and CBOT.

rhc
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Post by rhc » Wed Mar 25, 2009 8:23 am

Kiwi, RedRock,

Thank you kindly for clarifying this matter for me.
Much appreciated.

Cheers

RedRock
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Post by RedRock » Wed Mar 25, 2009 10:02 am

Kiwi, you are correct. I just phoned Ib and the helpful friendly man said it is contract specific and as defined by the exchange . I was previously told it was set by the regular business hours of the equity exchange in that country. The guy agreed the definition is sort of 'nebulous'. So, thats why I set allow outside rth and set the specific time I want the order to be working as well as when It should cancel. . Removes a level of uncertainty for me anyway.

AND also, while I'm thinking about it..... Why TBB needs to be able to define the hours from which to construct a "daily" bar from 1 min data :)

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