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At 05:21 AM 6/22/98 GMT, James F. Mazzulla wrote:
>On Sun, 21 Jun 1998, Robert wrote:
>Yes I am aware of its uses and again its in many CTA's and IB's offices
today but no customers to my knowledge. There is confusion about entering a
bid and offer. Anytime you place a limit order below the market to buy you
made a bid and if you place a limit order above the market to sell you in
fact have made an offer. Now trading off that is a different story and is
what some major players are doing and that is the case for electronic
trading and fairest market theory. The fairest market theory is important
here because is whats behind open out cry reasoning and its beginning in
the first place. So now I'm saying that has changed. If you want the
fairest its got to be electronic trading so they should change by there on
definitions of what ever is the fairest.
Robert
>TOPS is an order =routing= and fill reporting system. It's
>jointly owned by the CBOT and CME and is basically for the
>benefit of member firms; reduces their "load". It does not
>allow customers to hit/take bids/offers much less enter
>their own bids/offers.
>
>Best regards,
>Jim
>
>
>
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