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as long as manual order entry is required backlogs are inevitable
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> From: Earl Adamy <eadamy@xxxxxxxxxx>
> To: Omega <omega-list@xxxxxxxxxx>
> Subject: S&P/ CUBS Process
> Date: 13 August 1998 23:43
>
> 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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