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Al,
Since the list doesn't have the answers and I'm clicking my heels with Cubs
down - I'll tell you what I think;
As the europe opened down this am the s&p tanked and there was someone/some
house buying S&P Globex very tightly. Because the mmakers don't need to
show both sides the last trade changed 5 times for every one change in the
bid. Business was being done up to 2-3 points above the bid price ! (In my
view a sure sign that someone''s loading up on the long side) Now if the
Mmakers were made to show both sides you could see more effectively from the
spread that they were buying everything - which is exactly what the makers
don't want. In addition as the trading developed I would say the spread
at times was up to 2/3 big points which would give any other trader an
opportunity to take a point in the middle with a (moderate) risk if the
offers were posted.
My problem is this - if its electronic both sides should be displayed,
afterall we pay the CME the fees for only half the information. This am I
spoke to CME London to try and get an answer and I was assured that the VP
of equity mkting at the CME would call me but of course I have heard
nothing. Disabling fee paying customers from mkt info just to give mmakers
an edge sucks. This is a two speed electronic mkt, some are making a
living by just getting out of bed.
>Good question. I concurr with your inqiury. Anybody got an answer?
>Al
>
>----------
>> From: Michael Stewart <MPST@xxxxxxxxxxxxx>
>> To: Omega <omega-list@xxxxxxxxxx>
>> Subject: Globex S&P and emini
>> Date: Friday, August 28, 1998 9:33 AM
>>
>>
>> Anybody any ideas why offers are not shown on S&P and emini globex ?
>Are
>> marketmakers only required to show half a hand? And why if you sell via
>> your broker doesn't your order appear on the screen even though it
>appears
>> on the brokers screen?
>>
>> Sort of defeats the object of a transparent electronic market or is it
>> another technical problem??
>>
>>
>>
>>
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