FUTURES TRADING SOFTWARE

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1 INSIDEADVANTAGE FUTURES TRADING SOFTWARE INSIDEADVANTAGE SUMMER 2014 NAVIGATING THE BEST OPTION FOR YOUR TRADING HYBRID CONSULTING: MAXIMIZING YOUR TECHNOLOGY INVESTMENT p. 22 FUTURES TRADING SOFTWARE NAVIGATING THE BEST OPTION FOR YOUR TRADING p. 6 UPCOMING SEMINARS p. 26

2 Who is Powering Your Screen? Not all Trading Solutions are Created Equal RTS. Your Competitive Edge

3 SUMMER 2014 CONTENTS 6 Futures Trading Software Navigating The Best Option For Your Trading 14 Front-End Comparison Chart 22 Hybrid Consulting: Maximizing Your Technology Investment David Widerhorn, Chief Executive, David Widerhorn Consulting, LLC 26 Advantage Futures News and Upcoming Events Where Should You Be? About Advantage Futures Advantage Futures ranks as one of the highest volume clearing firms in the industry, with year to date volume exceeding 165 million contracts and exceeding 2.95 billion contracts processed over the past eleven years. Emphasizing superior technology, responsive risk management, customizable back office operations and highly personalized client services, Advantage Futures remains the consummate clearing firm for its diverse and growing client base. Skilled, dedicated personnel provide comprehensive, technology-driven clearing and execution services to enable successful and efficient trading. Advantage Futures is a full clearing member of the CME Group (including CME, CBOT, NYMEX, COMEX and KCBOT), NYSE Liffe, NYSE Liffe US, ICE Clear US, ICE Europe, LCH, The Clearing Corp., Options Clearing Corp., CBOE Futures Exchange and DME as well as a foreign approved participant of the Montreal Exchange and non-clearing member of EUREX. Trading up to Advantage Futures means quick connections, superior service and competitive pricing. At Advantage, clients focus on trading while their client representatives make sure that every other detail is managed to complete satisfaction. Advantage Futures continues to demonstrate record growth with more than $509 million in client funds on deposit in June Dedication to client service has lead to this success, and Advantage is confident this ethic will continue to fuel its growth. To learn more about Advantage Futures, please visit our web site at or contact one of our client representatives at Follow our updates on Twitter at Like us on Facebook, search pages for Advantage Futures Connect with us on LinkedIn, search for Advantage Futures

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6 Futures Trad Navigating the Best Op by Iqb As electronic trading has grown over the past decade so have the number of front-end trading platforms. Independent Software Vendors (ISV s) have carved out a niche to meet the needs of today s sophisticated traders. Advantage Futures remains a vendor-neutral FCM, allowing clients the flexibility to select the best fit for their trading needs. Determining the right software for your trading operation first requires you to understand the functionality you desire. This will be based on your trading strategies and sensitivities to various requirements such as latency, exchanges and products, charting, options and options market making, algorithmic/ automated trading, custom configurations, and cost. The equation gets further complicated as vendors add a variety of products and enhancements to broaden their reach in terms of offerings and appeal. Advantage Futures is in a position to help our clients determine the best software for their specific trading needs based on our experience with other clients and our relationships with the vendors. Our Technology Team works with clients to understand their unique requirements and to assist in the selection process and introductions when appropriate. We recently met with a number of our more popular ISVs to better understand their products, value proposition and differentiation in the marketplace. While this is not an exhaustive report, the process 6 INSIDEADVANTAGE SUMMER 2014 shed light on the evolution of these vendors and their current position in the marketplace. Futures Spread Trading The natural trading software solutions for spread traders at Advantage currently include CQG, Stellar Trading Systems and Trading Technologies (TT). Functionality varies across the platforms and traders need to assess their requirements for market access, analytics, charting, and speed. TT started out as an execution platform whereas CQG was originally focused on charting and analytics. They both now have expanded their offerings to service all types of clients. Stellar, on the other hand, is a relatively newer front-end platform and they pride themselves in an architecture not weighed down by legacy products. Options and Options Market Making While simple options execution is available on most platforms, Advantage clients focused primarily on options and options market making tend to choose Options City, Orc, ProOpticus or RTS. Orc and RTS, with their respective Liquidator and Tango environments, allow for a high level of customization, but do require significant

7 ing Software tion for Your Trading al Brainch, Chief Marketing Officer, Advantage Futures resources for traders to build from the ground up. Options City offers Freeway for those clients looking for a standalone black box automated solution as well as the ability to use it with their off-theshelf Metro product. Automated Solutions for Non-Programmers Creating automated trading systems can be a resource intensive process. To meet the needs of traders who want to automate some of their systems or create algos, a number of vendors have created add-on packages to assist in the creation of automated trading packages. TT ADL has been well publicized in this space as it allows for drag and drop modules in a very visual design format. Retail Clients We are seeing new retail traders who have outgrown the Interactive Brokers and TradeStations of the world and are looking for more sophisticated trading solutions. These clients generally get started with either CQG Trader or CTS, both of which are ideally suited from both a pricing and functionality standpoint to meet the needs of retail clients. Custom, Fully Automated Solutions For traders concerned with latency and those running high frequency trading models that require fully automated systems developed from the ground up, Orc Liquidator and RTS Tango often represent the products of choice. Their open environments allow a great deal of flexibility and customization. In addition, these companies offer extensive and collaborative support to their clients. Choices are Limitless The choices for front end software are plentiful and Advantage has experience supporting most of our clients software choices. For traders who are not as latency sensitive and require more news integration, Bloomberg terminals may be an option. Some of our clients also use Rithmic, EOS, SunGard/Valdi, CME Direct and WebIce. For more information about selecting a front-end software provider, contact your Advantage Futures client representative at or us at contactus@advantagefutures.com. INSIDEADVANTAGE SUMMER

8 CQG Stellar Trading Systems OptionsCity RTS ORC CTS Trading Technologies SunGard Valdi CME Direct by CME Exchange 8 INSIDEADVANTAGE SUMMER 2014

9 CME Direct A CME Group-Only Option CME Direct is a free, highly configurable trading front-end that provides access to CME Group futures, options and OTC markets on a single, easy-to-use platform. CME Group launched CME Direct in May 2012 as a front-end to OTC energy markets. Since launch, they have enhanced the technology to support multi-asset class trading still with a focus on commodity products across futures, options and OTC markets. Most recently, CME Direct expanded the capability of its options trading functionality. Now, customers can use CME Direct to send Request for Quotes (RFQs) and execute covered and multi-leg strategies on CME Globex. In addition, CME Direct customers can benefit from CME Direct Messenger, an advanced instant messaging platform that integrates seamlessly with the front-end and provides customers intelligent message parsing and extensive collaboration technology. CME Direct is designed to meet a range of trading needs and provide support across the trading life cycle. AT A GLANCE Offices: Chicago (HQ), 13 Worldwide Year Established: 1848 CEO: Phupinder Gill Advantage Rep: Karen Durso Phone: Employees: 2,500 Flagship Product: CME Direct Other Products: None Exchanges: 4 Pre-Trade: CME Direct Messenger s intelligent parsing and IM technology separates markets from conversations, converts text to data and helps traders capture and use critical market information. Trade: Traders can access futures, options and OTC markets sideby-side, display real-time Block Trade data, send RFQs and execute covered and multi-leg option strategies on CME Globex. Post-Trade: Straight-Through Processing enables real-time trade flow between front and middle office, and traders can rest easy with automation tools that eliminate dual-keying and re-entry errors. Commercial and Hedge Fund traders have found the technology particularly well-suited to meet their commodity trading needs. Traders can choose the best way to execute trades using CME Direct - either online or through their voice broker. Brokers can view CME Group products on one screen to execute on a customer s behalf, or they can use CME Direct to instantly process voice-negotiated blocks. A mobile version of CME Direct is in the works. New versions are released regularly, and because the software is delivered over the Internet, it is automatically updated ensuring customers always have the most up-to-date version with all of the latest features. INSIDEADVANTAGE SUMMER

10 CQG Charting on Steroids If you ve been around the futures trading space for some time, you are likely familiar with CQG. CQG was founded in 1980, well before the emergence of electronic trading, as a charting and quotes platform. The company, headquartered in Denver, Colorado, has continued its leadership in the area of charting and analytics by building a whole ecosystem around its flagship product CQG Integrated Client. The company has grown to 350+ employees, is colocated in global hubs including Sydney, Chicago, London, Singapore and Tokyo, and boasts about 7,000 users of CQG Integrated Client. The advanced charting and analytics functionality of CQG make it ideal for technical traders. In addition to 24-hour call and support, CQG offers free training with product specialists, an extensive YouTube library of support videos and an innovative collection of add-ons available through the CQG Workspaces website. CQG expanded its product offering to go beyond just charting and analytics. CQG Integrated Client caters to professional traders and is a formidable competitor to TT s X_TRADER. CQG Spreader adds spreading functionality and CQG Trader is the base offering targeting retail clients who may not require advanced technical analysis tools. In addition, CQG s Continuum division offers a data and trading Enterprise API with global exchange connectivity. While the platform does not offer full support for algorithmic/automated traders, there is a formula builder and full integration with Microsoft Excel including the ability to set up trading directly through Excel. Moreover, CQG offers mobile access with CQG M for ios devices and Android phones and tablets. We have witnessed tremendous growth in the popularity of CQG at Advantage. CQG s model of providing electronic trading tools, global market data and advanced analytics in one application makes for a compelling case. The size of CQG as a firm enables it to offer more bells and whistles than most front-end platforms. Professional traders who are more visually oriented, or looking for a higher level of support, and the simplicity of one application may be well served by CQG. AT A GLANCE Offices: Denver, Colorado (HQ), 10+ worldwide Year Established: 1980 CEO: Timothy Mather Advantage Rep: Kerry Rogers Phone: Employees: ~350 Flagship Product: CQG Integrated Client Other Products: CQG Spreader, CQG QTrader, CQG Trader, CQG M, CQG Client APIs, CQG Data Factory, CQG FX Exchanges: INSIDEADVANTAGE SUMMER 2014

11 CTS Cunningham Trading Systems Floor to Screen Cunningham Trading Systems (CTS) was founded in 2004 and named after one of its founding partners Bill Cunningham. Bill set up Cunningham Commodities as a clearing member and a FCM in 1982, and saw an opportunity to provide a trading solution for floor traders migrating to electronic trading. While the majority of CTS s clients are former traders in Chicago, they also take on business from clients around the country. Their transactional pricing structure, with a cap, appeals to both professional and retail traders. CTS was originally developed for point-and-click traders. The firm added exchange supported spread trading as well as a professional options package which provides greeks and volatility analytics. The majority of traders using CTS trade products on the CME Group complex of products and ICE Exchange. CTS also offers connectivity to EUREX, LIFFE and LME. They host servers at 350 E. Cermak in Chicago and at the CBOT. CTS caters to traders who require reliability, but not necessarily the lowest latency. The CTS software can be downloaded to a PC desktop or accessed through the web which allows for mobile access as well. With over 3,000 active traders, CTS has become a formidable competitor to CQG and TT. Support for locals and reliability of CTS have made it the third most popular front-end at Advantage. AT A GLANCE Offices: Chicago (HQ) Year Established: 2004 CEO: Bill Cunningham Advantage Rep: Brian Murphy Phone: Employees: 13 Flagship Product: T4 Other Products: T4 API, DeskTop, OptionsPro, Charting, Web Trader, Mobile Exchanges: INSIDEADVANTAGE SUMMER

12 OptionsCity of OptionsCity customers are market makers and the rest are made up of proprietary and institutional traders as well as those who use the platform for options pricing and risk management. As OptionsCity looks forward, they anticipate a high level of growth from European and Asian markets (currently 90% of their business is from U.S. customers). To help fuel this growth, they recently raised a round of growth funding from financial/tech-focused VC firm Edison Ventures. In addition to offices in Chicago and New York, OptionsCity opened an office in London, establishing a gateway to the European markets. The Entrepreneurial Spirit All budding entrepreneurs dream of quitting their jobs, starting a new company, and eventually raising venture capital funding. Hazem Dawani, CEO OptionsCity, did just that when he launched OptionsCity in October He had been working for Chicago Trading Company as a software engineer and realized electronic trading was here to stay. Moreover, he recognized an opportunity for simplifying and streamlining the processes for electronic trading when it came to options market making. Along with Rudy Fasouliotis and Victor Glava, he started OptionsCity and developed the first version of their flagship product Metro. Initially, they focused on developing a collaborative environment to allow teams of traders to trade together specific to market making in the treasury options on futures market. The CME was their first exchange connection and as they expanded their product capabilities, Eurodollar options, CBOE products, grains, and others were added. They currently support over 20 exchange connections globally. In 2010, OptionsCity launched Freeway, an engine for trading automation which offers an environment for the quick development and deployment of custom strategies. Freeway can be used in conjunction with Metro or as a stand-alone blackbox automated solution. More recently, OptionsCity expanded its offering to include hosting services and greater support for OTC products. Today, 40% 12 INSIDEADVANTAGE SUMMER 2014 OptionsCity tries to differentiate itself from the competition with the level of support they provide their customers. Specifically, Level I support is available 24-hours a day from former traders who answer trading-related questions. Level II support consists of Linux specialists who work with customers to resolve technical issues related to the software or implementation. While Dawani would not reveal any specifics for future products, he hinted that the next generation of OptionsCity products would be launching later this year with an emphasis on custom development tools by way of the Algo Store, a marketplace of algorithmic innovation and a community they have been nurturing through the Chicago Algorithmic Trading Conference: for Developers, by Developers which was launched two years ago and boasted 350 attendees in AT A GLANCE Offices: Chicago, New York, London Year Established: 2006 CEO: Hazem Dawani Advantage Rep: Patrick Gardner Phone: Employees: ~60 Flagship Product: Metro Other Products: Freeway Exchanges: 20+

13 Orc Partner in Your Performance From its origins as a 1980s pioneer in electronic trading, Orc has evolved into a global player in trading technology for listed derivatives. Building on its legacy of innovation and entrepreneurial spirit, half of their 220 employees globally are focused on R&D. Orc continues to serve the options market making industry, while expanding operations to include over 150 exchanges and gateways. Orc recently launched renewed and expanded solutions, including Trading and Electronic Execution offerings backed by Professional Services. The suite of products and services is geared towards professional trading groups with sophisticated requirements for low latency, high frequency trading. Notable products include Orc Liquidator and Orc Market Maker. Orc Liquidator is an automated derivatives trading engine relied on by many banks, hedge funds, and proprietary trading firms for implementing and executing their trading strategies. Orc Market Maker is a market making application. Additionally, Orc offers a range of products for various trading styles including Orc Trader which is a highly customizable execution platform that enables traders to capture opportunities in the futures and options space as well as complex combinations in the market. Flexibility and ease of integration are key characteristics of its renewed offering. Clients may also choose the Orc platform solely for connectivity to a wide range of exchanges. Orc applies a long-term view on all client relationships and engages in extensive on-boarding with new clients. Consistent with this model, Orc offers service and support through a specific account manager rather than a call center. Through their Professional Services, Orc s technology, development and industry expertise is made available to clients, addressing many needs of clients with or without internal development staff. There is a clear shift in positioning for Orc to transform its trading screen origins into a trading technology solutions provider. Consistently dedicating a large share of its staff and resources to research and development, Orc is renowned as a high-performance solutions provider, combining leading edge technology with solid experience from major global markets and understanding of the evolving regulatory landscape. AT A GLANCE Offices: Stockholm (HQ); 10 worldwide Year Established: 1984 CEO: Torben Munch Advantage Rep: Natasha Solis-Ramos Phone: Employees: ~ 220 Flagship Product: Orc Trader Other Products: Orc Liquidator, Orc Market Maker Exchanges: INSIDEADVANTAGE SUMMER

14 FRONT-END COMPARISON CH KEY DESKTOP APPLICATION WEB-BASED APPLICATION AVAILABLE OPTION TRADING APPLICATION TYPE QUOTES CHARTS MARKET DEP CQG Integrated Client CQG QTrader CQG Trader CTS T4 OnixS OptionsCity Metro OptionsCity Freeway Orc Trader Orc Market Maker Orc Liquidator ProOpticus RTS RTD Tango Trader RTS RTD Tango RTS RTD Tango Quant Stellar Trading Systems SunGard s Valdi Trading Technologies X_TRADER Trading Technologies X_TRADER Pro Trading Technologies Nextrader 12 INSIDEADVANTAGE SUMMER 2014

15 ART INDIVIDUAL TRADER PROFESSIONAL TRADER INSTITUTIONAL TRADER TH RISK MANAGEMENT TRADER TYPE WEBSITE INSIDEADVANTAGE SUMMER

16 RTS RealTime Trading Systems Connecting Your Algo RTS, a global provider of electronic trading solutions, was founded in 1990 by father and son; Engelbert and Steffen Gemuenden. At that time, RTS developed a ground breaking platform for electronic options on Eurex and has grown into a global company with 10 offices worldwide and about 200 employees. The company prides itself in their competitive advantage of providing multi-asset class trading across 150 exchanges worldwide. The majority of RTS clients trade futures utilizing fully automated strategies. Their flagship platforms - Tango and Tango Trader - offer AT A GLANCE Offices: Frankfurt (HQ), 10+ worldwide Year Established: 1990 CEO: Steffen Gemuenden Advantage Rep: Mark Dziura Phone: Employees: 180+ Flagship Product: RTD Tango Trader Other Products: RTD Trader, RTD Tango, RTD Tango Quant Exchanges: clients the ability to shave weeks off programming efforts and benefit from performance gains with ultra-low latency global market access. RTS clients often straddle the build vs. buy fence. This allows RTS to offer the best alternative to a fully customized in house solution, without the investment in a development team. RTS has been able to bundle high-performance features onto an innovative and easy to use front end. Clients also experience a unique consultative approach to support based on one to one interaction. While RTS and Tango have become synonymous with high end trading operations; RTD Tango Trader combines the automation and speed of Tango with the familiarity of point and click trading. This effectively joins best in class algo performance with ease of use. RTD Tango Trader also has a number of performance rich features: Automated/Algo Trading, News, Charting and Spreading, all on a single screen. With RTD Tango QUANT, traders deploy complex quantitative strategies through an intuitive, visual front end, and analyze data through a state-of-the-art historical charting environment. Successful strategies are easily identified via RTS built in back-testing environment. As with other higher end trading platforms, RTS is a server-side solution taking full advantage of proximity hosting. RTS offers global exchange connectivity and hosting along with multi-broker support. 16 INSIDEADVANTAGE SUMMER 2014

17 Stellar Trading Systems A Compelling Alternative Stellar Trading Systems, incorporated in 2003, brings increased competition to the ISV space with its aggressive focus on performance and functionality. Based in London, Stellar has an established global customer base trading futures, options, cash treasuries and equity markets. Customers access Stellar either on their own servers or directly from Stellar s fully hosted ASP platform which offers connectivity to an extensive number of markets and colocation facilities. Stellar appeals to professional traders ranging from point and click traders to sophisticated high volume, latency sensitive traders using a broad range of products and asset classes. Spread traders are well served by the low-latency Stellar spreadmachine, while Quantum Server is an ideal platform upon which to build a wide variety of algorithmic or automated strategies. Stellar also has an open API as well as good FIX capabilities. Other functionality within Stellar includes a wide variety of synthetic order types, Stellar Aggregator, Stellar Charts, and backtesting. The flexible Stellar front end makes it easy for new users to create a familiar look and feel. In many ways Stellar positions itself as an attractive alternative to some of the traditional vendors, touting its newer architecture and extensive functionality that does not suffer from the same burdens of a legacy system. Stellar has experienced significant growth in European and Asian markets and continues to expand in the more entrenched North American markets as well. AT A GLANCE Offices: London and Chicago Year Established: 2003 CEO: Steve Thomas Advantage Rep: Amy Leffingwell Phone: ; Flagship Product: Stellar Pro Other Products: Stellar Quantum, Stellar Trading Exchanges: INSIDEADVANTAGE SUMMER

18 SunGard / Valdi Positioned for Growth Following the acquisition of GL TRADE by SunGard in 2008, the company s market data, trading and post trade solutions were integrated into SunGard s Global Trading business, and the company s listed trading solutions (including GL and Brass) were subsequently incorporated under the Valdi brand. SunGard has been at the forefront of global exchange-traded derivatives trading for over 25 years, and offers access to 75+ derivatives exchanges and all major clearing venues worldwide. SunGard s Valdi is a suite of global multi-asset trading solutions for listed equities, derivatives, commodities and fixed income instruments, which includes market data and advanced trade, order, execution and liquidity management systems as well as pre-trade and post-trade risk and compliance solutions. With a suite of hosted and managed trading services, and connectivity to the SunGard Global Network (SGN) trading community, Valdi helps you cost-effectively expand your business and achieve high performance execution across multiple platforms, instruments and geographies. While the Valdi suite spans a broad range of software solutions, Valdi Trader and Valdi Trader Lite are the flagship products for derivatives screen trading. Valdi Trader offers a broad range of trading styles across all major asset classes and trading venues, including spreading functionality with user-defined spreads. Valdi Trader Lite is the version specialized for Derivatives traders, providing tailored and efficient ergonomics for selection, monitoring and trading of single-leg, complex and custom instruments. It s thin client technology makes it easy to deploy and lite on the trader s computer, without any sacrifice to functionality. As SunGard continues to extend the scope of its futures and options trading and risk solutions, and to onboard new traders and brokers across the world, we expect to see more uptake in the product offerings. AT A GLANCE Offices: 25 worldwide Year Established: 1982 CEO: Russ Fradin Advantage Rep: John Silvestri Phone: Employees: ~12,000 Flagship Product: SunGard s Valdi Other Products: Stream, MarketMap Exchanges: SunGard s Valdi Options Risk Manager (formerly known as MicroHedge) is an options risk management solution that helps firms mitigate trading risk. This solution can quickly and easily manage options risk on a large scale across thousands of accounts for listed options and the underlying equities, futures and indices. As an ASP-based solution, Valdi Options Risk Manager helps hedge funds, proprietary traders, and market makers manage risk costeffectively in real-time. 18 INSIDEADVANTAGE SUMMER 2014

19 Trading Technologies A Technology Transformation Trading Technologies has long enjoyed the market leader position in the futures industry front-end trading software space. While recently celebrating its 20th anniversary as a firm, the company is on the verge of a major transformation. This transformation starts at the top with Rick Lane taking over as CEO in February Lane, 33, replaced Harris Brumfield who served as CEO for 11 years and remains the majority owner and Chairman of the Board. Lane has taken on the daunting challenge of revitalizing the 800-pound gorilla in the industry at a time when competitors have been aggressively stealing marketshare from TT. His vision for the future is an ambitious one - to transform TT into a technology company more akin to what you might see in Silicon Valley. The influence of his time at Google is apparent in the complete redesign of TT offices into a more open, collaborative and fun workspace. Company perks include a game room, free drinks and snacks, and an employee laptop program. At the heart of this transformation is Nextrader, a revolutionary way to leverage the cloud and make TT an entirely web-based, fully-hosted solution due for release before the end of this year. Nextrader is being built from the ground up so it s not tied to any legacy architecture that weighs down other platforms such as TT s X_TRADER. It utilizes the same familiar user interface as X_TRADER, but with a Linux-based platform increasing the speed of operations multi-fold. The new software also will do away with the need for traders to invest in their own servers as all of the heavy lifting will be done by TT s colocated servers. Nextrader will allow for unlimited access points by taking advantage of today s reliance on mobile platforms including ios iphones and ipads as well as devices on the Android and Windows platforms. All essential functionality available today, including ADL (Algo Design Lab), will be available through Nextrader. TT and Nextrader will continue to cater to professional traders, both buy-side (Hedge funds, CTAs, pension funds) and sell-side (banks, FCMs). The launch of Nextrader and the transformation of TT will be watched closely by not only customers of TT, but by the industry as a whole to see if this vision of software-as-a-service can succeed in an industry steeped in tradition and legacy systems. AT A GLANCE Offices: Chicago (HQ), 12 worldwide Year Established: 1994 CEO: Rick Lane Advantage Rep: Ed Shulman Phone: Employees: ~400 Flagship Product: X_TRADER Other Products: X_TRADER, Nextrader launching in late 2014 Exchanges: > 40 international markets and liquidity platforms INSIDEADVANTAGE SUMMER

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21 ORC MARKET MAKER / LOW LATENCY, HIGH PERFORMANCE MARKET MAKING APPLICATION. Orc Market Maker is a low latency, high performance, server-based market making application used by major trading firms and banks worldwide. Professional traders and market makers rely on Orc Market Maker to capture edge and increase market share in some of the most competitive markets globally. With the ability to implement proprietary logic and functionality within the Orc Market Maker platform, you can leverage the high performance and functionality of Orc s premier market making product with your own trading ideas to create a true competitive advantage. sales@orc-group.com INSIDEADVANTAGE SUMMER

22 Hybrid Consulting: Maximizing Your Technology Investment Let s face it: today s futures markets aren t what they were two decades ago or even two years ago. The buzz-words high frequency and algo have gone from being a part of obscure conversation topics shared between graduate physics and computer science students to being a common focal point in today s media -- and rightfully so. Many studies today show that the majority of volume traded on futures exchanges is either high frequency or algorithmic in some fashion. We don t need studies to tell us the market has changed ask any ex-floor trader how the market digests new information differently. With more and more traders entering the algo world, how can a trader be sure they are investing in the right technology, developing it cost-efficiently and minimizing their time to market? With the advent of ultra-low latency global networks, advanced computer hardware, fully automated trading software and countless other technologies, there are seemingly an infinite number of ways to try to capture edge in today s markets. While this is exciting from an opportunity perspective, it can be overwhelming to the individual trader or the small to medium sized prop firm looking to compete in the world of automated trading. It is important for these traders to get a realistic sense of where they stand to compete successfully against other market players and most importantly to understand the risks and rewards of each technology. More than likely, your reality is that you are not Goldman Sachs or Citadel, and you don t have a multi-million dollar technology budget. Even if you do, if you are starting now, you are late to the game. This limits the realistic scope of the type of strategies you can and should seek to deploy. For example, there are a handful of very large proprietary trading firms, hedge funds and investment banks that compete in cross-exchange arbitrage successfully. They have invested many millions of dollars to have the lowest latency connection lines by using technology such as millimeter wave radiation to move market data. They have hired PhDs to burn their algorithms onto FPGAs, ultra-fast computer hardware chips, allowing them to see and respond to an arbitrage opportunity before 99% of trading platforms even see the tick on their screen. Knowing this it is illogical to invest your hard-earned money into any technology solution that attempts to generate profits with this exact strategy your chances of success are essentially zero. The reality check is that the majority of the obvious, minimal risk trading strategies have already been exploited by firms who have gone to great lengths to compete in that space for many years making it not a viable choice for you. The good news is that there is still a lot of opportunity out there. Most traders, once swallowing the pill that many of the old, minimal risk trades are gone, are able to still find edges by combining their trading experience with some of the more modern, quantitative approaches. I could write an entire article on how and where to find edges in today s markets and some of the quantitative approaches, but that is not the focus of this article. Chances are whether you work alone or with a consulting firm to develop a trading concept that concept will involve some kind of systematic, rule-based trading. Whether trading directly in outright symbols or utilizing a spreading engine, whether trading trend or fade, whether trading technical or price action, at the end of the day the work involved to implement your trading idea will boil down to two things: research and development. The unfortunate reality is that most traders, unless they have a quantitative or programming background, have a hard time managing time to market, cost, quality and results when it comes to building high tech trading solutions. As such, many are dissuaded from developing their custom trading concepts and instead opt for off the shelf solutions such as trading systems used by others or semi-automated order entry tools, limiting their true potential. This does not have to be the case at all. In fact, when done correctly, a customized solution can be implemented with a very short time to market, for the same or lower cost as many off the shelf solutions and extremely effectively. But before we explain how let me tell you a story I have seen over and over in my career (let s call it the traditional approach ): The trader approaches a boutique consulting firm with a trading concept, eager to finally have an algo edge, and requests an estimate for both time and cost. Often a small consulting firm eager to win the project will bid the project low and over the course of a couple conversations with the trader develop a set of rules and requirements for the trading concept. Soon after, they begin software development and the trader eagerly awaits the completion of their software so they can finally win against the algos. A few weeks later, the consulting firm calls the trader, hands off the algo and the algo is profitable and successful. 22 INSIDEADVANTAGE SUMMER 2014

23 Everything sounds good so far, so where s the problem? The problem is that the ending I just presented is never the one that happens in reality. In this example, both the consulting firm and the trader have shown their inexperience, and both will pay in different ways. What happens in reality is that, assuming the consulting firm has perfect developers and develops perfect software (not realistic as quality assurance aka bug fixes - are part of every engineering process) the trader will get a piece of software that accomplishes exactly what the simple set of rules and requirements for the trading concept dictated. The problem here is that this simple set of rules hasn t been adequately researched. This presents several problems first, the trader has no clue whether or not these rules will work to capture the edge they are looking for; second, the trader has no clue in which market or at what times it makes sense to deploy these rules and; third, the trader has no clue whether these rules are comprehensive enough to handle all possible market scenarios. This leaves the trader with a piece of software that somewhat accomplishes their goals but more than likely has not generated a penny of profit. Moreover, the trader is upset that their expectations have not been met and wants the consulting firm to fix the problem, while the consulting firm demands more payment. The resources that have to be engaged to re-evaluate the business requirements and re-engineer the software become extremely costly. This leads to an unhappy relationship between the trader and the consulting firm, a loss of confidence in the trader being able to succeed algorithmically and overall, a highly inefficient situation. The core problem here is that mutual inexperience led to an improperly researched trading concept, money invested and expectations not being met. The above story makes the case for why research and thorough specifications are critical to the success of any algorithmic trading project. But there is another risk that traders all too often overlook and that is the risk of the technology itself, both from a correct functionality perspective and from a time and cost management perspective. INSIDEADVANTAGE SUMMER

24 Trading algorithms, no matter how simple they may seem, are complex pieces of software that must process real-time market data (which is not predictable), make complex decisions and manage orders which can be executed at any time. To be high performance, they must combine all of this logic in a way that can be concurrently computed, taking advantage of multiple processor cores. This creates complexities as the program must be able to keep track of its internal state and make decisions when multiple pieces of logic are affecting that state simultaneously. This type of engineering is similar to that used in robotics, automobiles, and other systems with multiple simultaneous inputs. The difference between your typical Fortune 500 company and a small consulting firm writing your algo is that the Fortune 500 company has a large team of people dedicated to spending weeks and months writing and testing extremely detailed specifications, an internal process of quality assurance involving separate teams of people, an ample budget and months to years to get a product to market. Given this difference, it is only natural that writing these systems from scratch, using a hard-coded approach that is specific to the algorithm being written, and having it written in a hurry - is an approach doomed to suffer from a lot of costly problems. The key to high quality software, especially in an industry that requires low-latency real-time concurrent data processing such as trading, lies in proper, thoroughly researched design specifications and a scalable, modular approach to building software. This is why it is so critically important for traders to not look at bids from a price competitive perspective purely, but from the perspective of ensuring that their concept is adequately researched and that it is implemented in a manner that will enable them to easily adapt in the future whether it be to other execution venues, data sources or changes in the business logic. This sounds great in theory but it doesn t take a rocket scientist to realize that this correct approach could be very costly due to the man hours involved - since time and resources will be spent researching to developing business specifications which involves careful analysis of historical data and building simulation models. Time will also be spent developing the software in a manner 24 INSIDEADVANTAGE SUMMER 2014 that is modular and testable. Finally, time will be spent testing the software itself. So how does a trader have his cake and eat it too? The answer can be found by using a Hybrid Consulting model. Under this model, research and development are unified into one effort using a series of pre-made industry tested modules as the base and custom software programming work as the connecting layer. Using this approach the trading concept can be researched, developed and tested all in the time it takes to do only one of the work tasks under the traditional consulting model. And most importantly, the software that is delivered acts not only as a trading algo, but as a simulation model. Under the Hybrid Consulting (HC) model, a typical project would look like this: The trader approaches a consulting firm that follows the HC model with a trading concept. The consulting firm works with the trader to understand the underlying alpha in the trading concept whether it be price driven, volume driven, signal driven, etc. The firm then establishes a potential list of candidate markets and time windows, as well as a potential list of indicators to be used and signals to try and capture the alpha. At this point, the consulting firm is able to write the preliminary business specifications and select appropriate modules from their base of pre-made modules as the building blocks needed for the algorithm such as low-latency connectivity to vendors or exchanges, technical indicators, etc. Now here s the secret sauce all of these modules are designed generically and the business logic layer to capture the alpha is designed to interface with these modules making the entire program data source independent. Now the consulting firm builds two plugs one to a historical data and simulated matching engine replay mechanism, and the other, to the live data sources. This approach minimizes the trader s exposure to costly bugs - allowing the consulting firm to continually test the real algo against the replay data and leveraging Continued on page 26

25 WE RE BUILDING FOR WHAT S NEXT Twenty years ago, we changed the world of trading when we introduced X_TRADER. Today it s the market-leading system for futures traders around the world. We re doing it again with Nextrader. Our next-generation platform for professional traders combines the best of X_TRADER with incredible speed, flexibility, accessibility and more to power your trading like never before. Learn more and apply to be a beta tester at For more information, ed.shulman@tradingtechnologies.com. tradingtechnologies.com Copyright 2014 Trading Technologies International, Inc. INSIDEADVANTAGE SUMMER

26 Continued from page 24 pre-made modules for the functionality that has the highest potential risk such as order submission. Equally as important, this approach allows the algo to generate both back and forward tested results and test the initially developed list of indicators and signals to see which best describes the alpha. Once the algo is fully optimized (in the same amount of time it would normally take just the research phase to be completed), it is ready for production. The end result is a fully functional piece of software that can function both as a simulation engine and a production trading engine that has been optimized to have the most accurate trading logic for the alpha the traders wants to capture. Even better, because the software is built modularly with each module having a single responsibility the software can be improved or changed at any time, by simply swapping one module or adding another. This allows an initial concept to be developed in a profitable and cost effective way that allows the trader to gradually reinvest profits into improving the indicators, signaling methodology and execution performance. As a trader your career depends on making informed risk versus reward choices. If you wish to stay competitive in today s markets, getting on-board with algo trading is not an option it is a requirement. The right technology partner is clutch to ensuring that your hard-earned dollars are invested in technology that is re-usable, flexible, and scalable and that can minimize your time to market. In the long run, the missed profits from being out of the market, the losses from costly software bugs or gaps in the specifications, the cost of un-tested business logic and the frustration and fear of failure far outweigh any savings gained from cutting time and cost by not using a modular approach, and instead using a hard-code style of programming and skimping on research. With hybrid consulting, each dollar invested in technology is a dollar invested wisely. UPCOMING EVENTS where should you be? Check with your Advantage Futures client representative for our latest seminars and client events at or ContactUs@AdvantageFutures.com. ADVANTAGE FUTURES SEMINAR SERIES 231 South LaSalle Street, Suite 1400 Chicago, IL CME Membership and Incentive Programs Thursday, July 24, 2014; 3:00 pm CST Swap Spreads Moving Into The Electronic Trading Environment Co-Sponsor Trading Technologies Wednesday, August 27, 2014, 3:00 pm IT Roundtable Wednesday, September 10, 3:00 pm Post Election Economic Outlook Wednesday, November 12, 3:00 pm Economic Overview Wednesday, December 3, 3:00 pm INDUSTRY EVENTS 27th Annual FIA Futures and Options Expo November 4-6 Hilton Chicago About the Author David Widerhorn is the Chief Executive Officer of David Widerhorn Consulting, LLC (DWC). DWC is a Chicago-based boutique technology consulting firm focused on addressing the complex and dynamic needs of financial services firms. With a client base spanning over twenty countries and ranging from individual traders to investment banks and regulators, DWC specializes in both the research and development of advanced algorithmic trading solutions as well as the deployment of enterprise software solutions focused on risk management and compliance. Prior to his involvement with DWC, Mr. Widerhorn worked as a hybrid software developer-trader and developed some of the first successful high frequency trading systems for futures. He holds two degrees from MIT, one in Electrical Engineering & Computer Science from the School of Engineering and one in Finance from the Sloan School of Management, graduating at the age of 19. More information can be found at CONGRATULATIONS Pinnacle Award Winner and Advantage Client Esulep Management Esulep s Permo Strategy employs absolute-return philosophies historically yielding about +1 to +2% each month utilizing proprietary analytics and entry/exit points in the S&P500 with conservative risk management, low correlation to other strategies. The average month is +1.08% net, with a standard deviation under 2%, achieved without borrowed funds or additional leverage. Matt Peluse CEO / Principal Esulep Management 26 INSIDEADVANTAGE SUMMER 2014

27 Introducing CBOE Short-Term Volatility Index SM (VXST SM ) futures and options, with weekly expirations. By tracking 9-day expected volatility, Short-Term VIX is particularly reactive to changes to the S&P 500 Index. So now you have the opportunity to capture more risk premium with weekly expirations. Capitalize on sudden market events. Better manage near-term risk. And help take advantage of volatility for the here and now. Download the Short-Term VIX quick reference guide at ShortTermVIX.com Tweet with dollar-sign tag $VXST Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies are available from your broker, by calling OPTIONS, or at Futures trading is not suitable for all investors, and involves risk of loss. Futures and options on CBOE s volatility indexes have several unique features that distinguish them from most equity and index options, and investors are strongly encouraged to closely read and understand the ODD and the VIX options FAQ at vixoptionfaq.aspx and other informational material before investing. No statement within this ad should be construed as a recommendation to buy or sell a security or futures contract or to provide investment advice. CBOE and Chicago Board Options Exchange are registered trademarks and Execute Success SM, CBOE Short-Term Volatility Index SM and VXST SM are service marks of Chicago Board Options Exchange, Incorporated (CBOE). S&P and S&P 500 are registered trademarks of Standard & Poor s Financial Services, LLC and are licensed for use by CBOE and CBOE Futures Exchange, LLC. S&P does not sponsor, endorse, sell, or promote any S&P index-based investment product CBOE. All Rights Reserved. INSIDEADVANTAGE SUMMER

28 231 South LaSalle Street Suite 1400 Chicago, IL INSIDEADVANTAGE SUMMER 2014 Disclosure Statement This information is not to be construed as an offer to sell or a solicitation or an offer to buy commodities herein named. The factual information of this report has been obtained from sources believed to be reliable, but it is not necessarily all inclusive and is not guaranteed as to the accuracy and is not to be construed as representation by Advantage. The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results. Copyright 2014 Advantage Futures. All rights reserved. INSIDEADVANTAGE SUMMER 2014 STAY INVOLVED WITH THE MARKETS ADVANTAGE FUTURES GLOBAL EXECUTION DESK INSIDEADVANTAGE THIS ISSUE: Cover Story: FUTURES TRADING SOFTWARE NAVIGATING THE BEST OPTION FOR YOUR TRADING p. 6 HYBRID CONSULTING: MAXIMIZING YOUR TECHNOLOGY INVESTMENT p. 22 NEWS and UPCOMING EVENTS p. 26 CALL OR TOLL FREE

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