CQG Spreader

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CQG Spreader is a CQG product that offers sophisticated order management and ultra-low-latency trade execution. CQG Spreader allows traders to easily create, trade, and manage multi-legged, intermarket, and intramarket spreads across accounts and asset classes.

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The CQG Spreader Core (CQG's co-located servers at the exchanges) uses proprietary algorithms to manage working legs of the spread. Bid/Ask queues per leg in the exchange's order book are monitored by the spread servers for liquidity. The close proximity of the CQG Spreader Core to the exchange servers allows order modifications and execution of second legs to occur in less than a millisecond, which means premium placement in the order queues for working legs.

The CQG Spreader Core eliminates the up-front cost associated with a black box solution for low latency. CQG maintains the hardware and manages the exchange relationships. The Spreader Core also eliminates geographic latency for traders in any location. CQG’s global network of trading gateways provides access to major exchanges, such as CME Group, Eris Exchange, Eurex, Intercontinental Exchange, HKFE, SGX, TFX, TOCOM, Euronext, LME, DGCX, and DME offering an advantage for trading interexchange spreads.

For fixed income and futures cash spread trading, CQG Spreader allows users to connect, aggregate and route leg orders to US Treasury markets such as BrokerTec and NASDAQ eSpeed for the ‘cash’ leg and their highly correlated futures markets for the edge in Basis Spread trading.

Functionality: [1]

  • Set up spreads with up to forty legs and actively quote up to ten legs.
  • Configure leg ratios, scale, order management, and legging risk.
  • Prioritize leg placement.
  • Easily identify spreads and their legs with DOMTrader and order color-coding.
  • Manage spread trading across accounts.
  • Set up monitored leg orders using bid and ask queue volume conditions.
  • Manage risk with overfill management.
  • Trade ratio spreads with proportional execution.
  • Manage placement with queue holders.
  • Trade off net change prices or yield.
  • Manage incomplete orders with a pay-up limit or with CQG's smart trailing limit orders.
  • Use Sniper Mode for near-instantaneous execution and to reduce message counts.
  • Use QFormulas to simplify complex strategies.
  • Access CQG's full suite of charting and analytics tools.
  • Monitor and manage spread activity with Spread Matrix and Spread Pyramid.


References

  1. CQG Spreader. CQG.