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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (7967)2/12/2000 3:37:00 PM
From: Dan Duchardt  Read Replies (1) of 12617
 
TFF,

I use myTrack data service, but not the brokerage (not registered where I live yet). However, from what I have seen I would not think of them as "direct order entry". Likewise for Deltatrader which looks a lot like myTrack (except for options; Deltatrader does let you pick the exchange). When you place an order on a Nasdaq stock with one of these, it either goes to "their" market maker, or to one ECN as a limit order. You have little, if any control over the routing of your order. This is very different from the more complex RT3 which lets you pick a MM or ECN for SelectNet preference orders, pick from among several direct access ECNs, or select SOES.

You are right that these are not being modeled after RT3, and I don't mean to imply that what they do is necessarily inferior, but I'm not sure they should be classified as direct order entry. There are a couple of systems I think that are less complex than RT3 but at least retain some direct order entry features, like CyberX which has routing options, and Interactive Brokers which lets you direct orders to any of several ECNs or SelectNet preference to a MM they choose for you based on prices available.

Could be I'm the one out of step here of course. I'm wondering what in your mind distinguishes direct order entry from everything else.

Dan
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