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CQG Spreader

A Competitive Edge

CQG Spreader provides sophisticated order management and ultra-low-latency trade execution. It allows traders to easily create, trade, and manage multi-legged, intermarket, and intramarket spreads across accounts and asset classes. The close proximity of the CQG Spreader Core, co-located servers at the exchanges, to the exchange servers allows modification and execution of second legs to occur in less than one millisecond.

This sophisticated order management and ultra-low-latency trade execution interface routes orders to the Spreader Core, CQG’s co-located exchange servers. The CQG Spreader Core uses proprietary algorithms to manage your orders, allowing for modification and execution of the synthetic spread leg orders to occur in less than one millisecond.

CQG Spreader Features

  • Set up spreads and strips 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 strips and their legs with DOMTrader® and order color-coding
  • Manage cross-account spread trading
  • 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 smart trailing limit orders
  • Use Sniper Mode for near-instantaneous execution and to reduce message counts
  • Use QFormulas to simplify complex strategies
  • Access our full suite of charting and analytics tools
  • Incorporate computer-readable news events into your spread trading strategies
  • Monitor and manage spread activity with Spread Matrix and Spread Pyramid

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The Server-Side Advantage

The CQG Spreader Core (CQG co-located exchange servers) uses proprietary algorithms to manage working legs of the spread. Ultra-low-latency data acquisition of the exchange’s order book allows CQG Spreader servers to monitor the legs of your strategy for liquidity and price action.

Ultra-Low Latency

The close proximity of the CQG Spreader Core to global exchange servers allows order modifications and execution of balancing leg orders to occur in less than a millisecond, which means premium placement in the order queues for your working legs and a reduction of hung or mis-hedged leg orders.

Cost-Effective and Low-Maintenance

With access to the CQG Spreader Core, you don’t have the up-front costs associated with exchange connectivity and maintaining a global network infrastructure. CQG manages the exchange relationships as well as ongoing maintenance of exchange connections, hardware, and technology, allowing you to focus on the development of new ideas whileleveraging cost-effective tools for trading spread strategies.

Powerful Aggregation of Products

Server-side aggregation is part of CQG’s suite of server-side order management tools. The aggregation tools are extremely powerful when used within CQG Spreader. You can automatically aggregate and trade similarly priced products on two or more exchanges and manage which venue the leg orders are routed to based on your preferences. Unlike other vendors, CQG allows you to create and execute spreads where any leg of the spread is an aggregation of two or more similar products.

Global and Interexchange Advantage

The Spreader Core eliminates geographic latency for traders in any location. This allows you to leverage CQG Spreader’s infrastructure and have the same low-latency regardless of where you are trading from. CQG’s global network of trading gateways provides access to exchanges in various regions, such as the Americas (CBOT, CME, CFE, ICE US & Canada, Eris, COMEX, NYMEX, and more), APAC (HKFE, SGX, TFX, TOCOM), EMEA(Eurex, Euronext, LME, DGCX, DME, ICE Europe, and more), Fixed Income (BrokerTec, Nasdaq eSpeed), and FX (Hotspot). This provides you with a superior advantage for trading strategies of various asset classes including interexchange spreads.

Fixed Income and Futures Spreading

CQG Spreader allows you to connect, aggregate, and cleverly route leg orders to US Treasury markets such as BrokerTec and Nasdaq eSpeed for the cash leg and their highly correlated futures markets. This gives you the edge in basis spread trading.

Intelligent Order Management

The Spreader Core manages all your spread orders centrally, thus competing orders in the same strategy monitor each leg and dynamically adjust working orders based on the market’s liquidity. As a result, your working orders in the same spread strategy don’t interfere with each other. This not only ensures that working leg orders have the best chance to be filled, but also prevents subsequent competing orders in the same spread strategy from being incomplete or hung due to lack of liquidity at the price.