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I luv how everyone blames the floor trader. We provide liquid market.
Perhaps the best in the world. The locals will still exist. I love how you
techies believe your system that you back tested does not work because of
the floor. Next time the SPU's are falling two handles every three minutes,
you take the ther side. There are locals doing the same floor trader scalpes
on Project A and Globex. Remember, we still have the terminals and access to
low rates and know what the public is looking at. In fact, some of the best
computer traders are locals and pit traders who understand the mechanics and
strategies of the market.they are glued to the screen and they are fast,
real fast.
Anyway, would anyone like to see the kind of fundamenatal news we get from
our clearing firm every morning to help us trade. No it is not backtested
and it is fundamental and no I am not selling nor can you buy it. I am
showing it at futures west and it is a daily report we get on the grain
market. It is written each day by a fundamental grain analyst. It will be
sent to you via Microsoft Word Windows 95 so you can see the layout. This
report told m e that the big commericals like Cargil were bear spreading the
grains. I think doing what the commercials are doing is the best indicator
of all. But then again what does Cargil know.
-----Original Message-----
From: Dejan Corovic <Dejan.Corovic@xxxxxxxxxxxxxx>
To: Omega-Digest Forum <omega-list@xxxxxxxxxx>
Date: Friday, August 07, 1998 5:07 AM
Subject: What will happen when open outcry pit desappears ?
>Hi,
>
>There was rescently a posting on this forum remarking how on
>one US futures exchange, 'locals' become redundant within weeks
>of introduction of the electronic order matching.
>
>What I would like to ask is whether this novelty will change
>nature of the trading ?
>
>For example if computers are matching orders, than there should
>not be running at public's stops ( 'washing' ) by floor traders.
>It seems logical to expect that all the little dirty tricks floor
>traders were using against the public will simply dessapear. Like, as
>well, 'killing the public' half an hour before closing the exchange ?
>
>As well, what do you think, will we need to change and retest
>our trading systems ( with no historical data to match ) ?
>
>Regards
>Dejan
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