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tim wrote:
>> By pit access, I mean that when *I*
>trade the S&Ps, I dial using my speed dialer. A floor clerk AT THE S&P PIT
picks
>up the phone and answers quoting the current bid and ask of the front
month S&P
>contract before even saying hello. I say, 'Hi, it's Tim...buy XX Sep S&Ps
>market,' and they flash that order into the pit, all the while quoting me the
>current prices, then tell me my fill. I am answered and filled in less
time than
>it takes for an electronic order to hit the electronic pad in the pit and get
>picked up. <<
After trading with pit access for many years, I dare the electronic brokers
to compete with a 5 - 10 sec turnaround from the TS signal to fill price
from the S&P floor broker. Tim decribes it pretty much the way I've been
doing it. And at least when I'm filled in a fast market, I still get the
fill in seconds, not minutes or hours that some on this have reported on
this list.
Electronic futures trading is in its infancy in this country, and until
that changes dramatically, I prefer not to be the high tech sacrificial
lamb. Give me a speed dial and a floor broker any ole day.
-Tony Haas
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