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Electronic Trading: I just got back from a conference in NY where I sat in
on a panel discussion with Neal Weintraub. There weren't any sleazy two bit
vendors there because the thing was held by a very respectable group out of
Chicago and the cost of admittance was over 1800.00 per head. There was
some great insight as to what could be expected as far as the future of the
business. I was particularly impressed with a guy who spoke on behalf of a
brokerage firm named PMB. Maybe it was because he was German and I am one
who appreciates their bluntness and precision when they speak. Some may
have found the approach intimidating, but I liked it. He was certainly a
man with a vision of where all this electronic order entry is all going. I
had never really thought about it before but this guy is networking and
making contacts with a vision of providing a client with a one stop shop. I
trade various world markets and I have never thought it possible to not have
to use a night desk in a foreign country and then a stateside broker ect. I
had not also thought about something he brought up. Which was that most so
called electronic order entry methods over the web. Simply send out a
message to a terminal on a desk along the edge of the pit. Then a runner
grabs the order and walks it to the pit, giving it to a broker to fill.
Then the broker gives the runner the order to take back to the desk ect.
The way I understand PMB to do their trades are. They receive the order
from the web and then the order is electronically sent directly to a hand
held device that the broker in the pit has in his hand. He looks at the
order and executes it. Then he punches the details of the trade into the
hand held device and its back to you. Now this may not be totally
electronic but for the SP's and other American markets its great I would
think. I currently do not use this brokerage firm, but they did seem to be
really on top on emerging technology and they are small enough to act on it
quickly. They seem to be today where the big boys will be in a year or two.
I like companies like this, this could give me a slight edge I'm thinking.
So I was wondering if anyone is using this service or a similar service? I
would really like to hear from someone who is using their service on the
German markets to trade the bund. If there are some stateside users as
well, how are the SP's and the Bonds?
Mark Brown
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