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I trade direct to the pits as well as using Leo Web. I have never used Leo
for the S&P, but have used it for other markets using limit orders. I like
the security of "instant" fill and confirmation of my price when going
direct. I have a friend who trades the S&P using Leo and he loves it. As a
matter of fact we executed the exact same trades and the results were that I
had a .10 better fill going in and he had a .10 better fill coming out. I
like the fact that my pit broker answers the phone with the bid/ask, as you
can never really be sure of the current market price using a data feed, of
course this is most important when trading using market orders. I pay
$13.50 RT either way. Sometimes the reporting of the Leo fills are slow.
-----Original Message-----
From: Tom Cathey <K1JJ@xxxxxxx>
To: he96@xxxxxxxxxxxxxx <he96@xxxxxxxxxxxxxx>
Cc: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Monday, February 16, 1998 4:32 PM
Subject: Re: Direct trading to pits
>>
>> This is NOT true - I know atleast one more: ""Interactive Trader
>> Workstation"" by IAB / Timber Hill receives orders on a "hand held
>> unit" **in** the pit
>>
>
>
>Hi Hans-
>
>You seem to be knowledgable on the subject....
>
>I was planning to go direct to the pit next week via a phone line call to
>an S&P pit person, etc.
>
>BUT -
>
>Do you feel the dial up phone/internet to this IAB might be more efficient
>in some ways?
>
>When doing this electronic trading: I wonder if maybe a phone dial up
>connection (if they offer the option) might be better than the internet
>connection 'cuz of the many things that can go wrong on the internet vs: a
>simple phone line?
>
>When using the computer to place trades I don't really understand the
>desire for an internet link in the first place...seems like weak link in
>the chain.
>
>Do ya have a ph # or URL for IAB?
>
>Thanks!
>
>Tom Cathey
>
>
>BTW, I realize this is somewhat new, but ANYONE on the list have any
>experience with the speed and confusion (confirms, etc.) of executions
>using a S&P direct pit person vs: an electronic pit system???
>
>
>
>
>
>
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