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Certainly would prefer to have accurate bid/ask as I used that info to
considerable advantage for many years trading the Nyse, but I've already learned
to daytrade futures without them. I didn't question that Howard Arrington knew
what he was talking about when he said the bid/ask was not current. It was the
comment "I call the floorseveral times daily and bid/ask/last is always right in
line with my BMI price on my screen" that prompted my inquiry. I do look forward
to the day when futures automation is at least equal to that found on the Nyse
but I'm not holding my breadth.
Earl
-----Original Message-----
From: Timothy Morge <tmorge@xxxxxxxxxxxxxxx>
To: Manning Stoller <mstoller@xxxxxxxxxxxxx>
Cc: Earl Adamy <eadamy@xxxxxxxxxx>; omega-list@xxxxxxxxxx
<omega-list@xxxxxxxxxx>
Date: Tuesday, June 09, 1998 4:05 PM
Subject: Re: CME Bid/Ask during RTH
>Earl:
>
>I'm sure I'm not the only one on the list to have stood in the pits and traded
>currencies or S&Ps. The truth is simply what it seems: When there is much of
>anything going on, in any of the active pits, there are many things going on at
>once and most of the times, there are at least two markets being traded in the
>pit at once [There's nothing like watching the S&Ps or Euros in a fast market
>'rotate' in a circle as the two or three markets try to 'reach' each other
>physically...]. The best the pit reporters can do, for now, is try to
accurately
>capture the prices traded as quickly as possible. These people are nice, some
>are even smart and have some sense of the markets. But really, most of them are
>smiling, trying to type things, looking around, scratching their heads, and
when
>things get busy, they type in a few quotes and then start asking the locals on
>the pit committees where the prices are at and what the highs and lows
>were--I've said this before--They are most interested in pleasing the pit
>committee members that are standing right in front of them. Period.
>
>I'm fairly old fashioned and I like the open outcry trading and hand signals.
>That being said, I'll sniff the last day pit trading happens, but I'll also be
>trading electronically along with everyone else. It's not as charming, but it
>may add a lot of things we have been waiting for for quite some time. And
sadly,
>many of the members have done their best to hurry the advent of electronic
>trading by their attitudes to the off-floor traders. In that sense, they'll be
>getting what they deserve.
>
>Best,
>
>Tim Morge
>
>
>> Earl Adamy wrote:
>>
>> > >I call the floorseveral times daily and bid/ask/last is always right in
line
>> > with my BMI price on my screen.
>> >
>> > This prompts a question. I'm using Ensign with DTN and I've noted that S&P
and
>> > currency bid/ask from CME were identical to the CME realtime feed during
Globex
>> > hours and virtually useless during RTH. Since the last price seems to be
>> > accurate within a second, I sent a note off to Ensign's author with some
current
>> > examples of useless bid/ask data for the S&P:
>> >
>> > Example#1: Last = 1102.00, Bid = 1101.70, Ask 1101.60
>> > Example#2: Last = 1101.50, Bid = 1102.10, Ask 1101.70
>> > Example#3: Last = 1101.10, Bid = 1101.20, Ask 1101.40
>> >
>> > He replied: "I have seen the same problem for years. In watching the raw
data
>> > feed from our vendors, more current bids and asks are just not sent. The
>> > program is the bucket at the end of the pipe. The program cannot invent
data
>> > that is not sent down the pipe." Since Ensign runs under both DTN and BMI,
his
>> > reply suggested to me that the bid/ask issue is not feed specific.
>> >
>> > Anyone care to comment on this?
>> >
>> > Earl
>
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