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Matt asked me to post this to the list because it does not appear to have made
it.
Earl
-----Original Message-----
From: MDZ <mzaner@xxxxxxxxxxxxx>
To: Earl Adamy <eadamy@xxxxxxxxxx>; Omega <omega-list@xxxxxxxxxx>
Date: Thursday, August 13, 1998 6:22 PM
Subject: Re: S&P/ CUBS Process
>Leo/Tops/Cubs works this way:
>
>1. Leo Order from your PC enters TOPS
>2. TOPS routes order to appropriate place
>3. In the S&P's that place is CUBS (In almost all other markets it is a
>printer)
>4. Order pops up on screen standing in front of broker and his clerk
>5. Broker fills order via open outcry
>6. Broker enters in partial data back into CUBS (i.e. price)
>7. Clerk then gets rest of data (i.e. who is opposing side) and enters it
>into CUBS
>8. CUBS routes fill via TOPS back to your PC
>
>I hope that this helps. If you want more info, feel free to contact me
>anytime.
>
>Matt
>-----Original Message-----
>From: Earl Adamy <eadamy@xxxxxxxxxx>
>To: Omega <omega-list@xxxxxxxxxx>
>Date: Thursday, August 13, 1998 3:43 PM
>Subject: S&P/ CUBS Process
>
>
>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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