TopTradr, the social FX trading firm, has announced today it will be powering the upcoming Quantic Traders Challenge, where retail and professional traders will compete for a $10,000,000 equivalent capital allocation. The trade analysis for the contest will be monitored and moderated by TopTradr.
The challenge looks to target retail and professional traders, with the winners being given the chance to join the Quantic Asset Management Team. The top three traders in the challenge will share the $10 million allocation, with $5 million going to the trader who tops the Leaderboard at the end of the challenge. The launch is scheduled for January 1st, 2015, with the winners crowned on July 1st.
The technology sponsor for this contest is CQG, a US-based multi-asset provider mostly known for its widely used futures platform. Traders will compete over six months executing trades on the CQG FX platform with liquidity provided exclusively by Direct FX.
The partnership represents the latest ambition for CQG to use its advanced analytics capabilities for a forex offering. Furthermore, CQG has relied on the use of talent for forex trading via a competition with Quantic Asset Management and TopTradr.
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“CQG is pleased to provide the trading technology for the Quantic Traders Challenge,” said Mike Glista, CQG’s director of order routing. “We built CQG FX specifically for the Forex trader and we are confident that when competitors put the platform to the test, they will find expectations are met and exceeded.”
“We can’t overstate our enthusiasm to be working with an industry leader like CQG. Our recent collaboration between Quantic, TopTradr and CQG shows our commitment to the FX trading community. We have put a focus on delivering the best technology to our partners, and this integration gives us a giant step in that direction,” said Joseph O’Mara, CEO, Direct FX.
Scoring for the Quantic Traders Challenge will be conducted via TopTradr’s proprietary scoring algorithm, “The TT Score.” The sophisticated algorithm is said to be developed by top investment banking quants and designed to reward traders who place consistent, profitable and risk-responsible trades.
“TopTradr is very proud to be powering such a large and important trading challenge. In the past, the TopTradr algorithm has discovered some great trading talent from around the world, so we are very excited to be part of a competition of this magnitude. The combination of Quantic, CQG and Direct FX, powered by the TopTradr scoring algorithm, is a perfect match and we are thrilled to be an integral part of something where retail traders have a genuine chance of turning professional,” said Francois Nembrini, co-founder of TopTradr.