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Had a lengthily conversation with LFG's Leo manager today regarding the long
delays in LeoWeb fill reports on Wednesday. He confirmed that CUBS was up and
running, but told me that the long delays in reporting fills on S&P market
orders yesterday was due to the entry clerk in the pits having a backlog of
filled orders to enter into the CUBS terminal!
Now from what I'd read (and just re-read) on the CME web pages and elsewhere, I
understood that CUBS employs a broker-held terminal which contains the order
deck and which allows the pit broker to confirm trades filled i.e. select an
order, negotiate the order, enter confirm info. The Leo manager didn't seem
familiar with the details, but indicated that some kind of paper ticket was
involved with the CUBS systems and requires manual entry of the fill.
This whole Leo/TOP/CUBS system is starting to sound like a band-aid on the ass
of an elephant rather than a major leap forward in electronic trading. I know
some of the traders on this list are intimately familiar with pit operations -
can you please give us the details on TOPS/CUBS order flow?
Earl
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