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Hi folks...
I just talked to several other large portfolio traders. They said that while
Cantor's contract was up and trading, it was a very slow opening. They said that
the trading hours, for now, are 6:30 to 4:30 CST, which really doesn't do much
to the CBOT in terms of competition [in fact, project A goes to much longer
hours and near-full coverage shortly]. The tick size is 1/64 and they are
currently only offering delivery months of Dec and March. Yesterday's trading
was really slow and thin: approx 600 contracts in the first hour and then single
digits for the entire reast of the session. Prices are very wide, as you'd
expect in a thinly traded contract.
I got a set of information sheets from my friend that runs the brokerage firm I
use. I think the most striking thing in their thoughts was that they hoped this
new contract would be a 24 hour market in a bond contract that would be used to
hedge exposures when the CBOT is not pit trading--in otherwods, an electronic
MidAm-like electronic bond contract, ten year note, five year note and 2 year
note.
They currently get their real-time prices on CQG and Knight-Ridder and Reuters.
They did not know if BMI and other vendors had picked up the data stream
changes, but assumed that if the contract got more active, they would.
They assume that the CBOT will now make project A 24 hours a day, eventually
adding electronic trading while pit trading goes on. They are faxing me the
Cantor Fitz materials concerning the new exchange and contract. If it shows
anything peculiar, I'll add it to the list.
Hope that helps.
Best,
Tim Morge
Mark Brown wrote:
>
> I kinda have the scoop on this because I am a vendor of the market profile
> ect, for the cbot. they are going to be forced to expand the us bond hours
> and run electronic trading side by side. the bond mkt. is/will be a 24 hr
> market soon..with or without the cbot.. that the facts btw cantor pulls some
> heavy weight very heavy..
>
> -----Original Message-----
> From: Timothy Morge <tmorge@xxxxxxxxxxxxxxx>
> To: Mark Stewart <mstew@xxxxxxxxxxxxx>
> Cc: Allan Kaminsky <allank@xxxxxxxxxxxxxxxx>; James F. Mazzulla
> <tagteam@xxxxxxx>; omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
> Date: Wednesday, September 09, 1998 9:33 PM
> Subject: Re: CX (Cantor Exchange)
>
> >Allan and Mark and everyone...
> >
> >I am going to call; a few friends in the morning that trade huge size
> through
> >Cantor in the cash bonds and get their take on it. I talked with several
> people
> >at the CBOT and they weren't in the least worried [which bothered me]. They
> told
> >me that in the last meeting where they proposed longer and earlier hours,
> no one
> >was interested and no one thought this exchange would hurt them.
> Well...call me
> >skeptical.
> >
> >Anyways, if I get any good info in the morning, I'll post it soon as I get
> it.
> >
> >Best,
> >
> >Tim Morge
> >
> >Mark Stewart wrote:
> >>
> >> Allan,
> >>
> >> Cantor.com doesn't have a reference to the new CX Exchange. The
> >> following link has some info, but as James sayes the stated URL for the
> >> new exchange doesn't work. Does that give you any confidence in
> >> electronic trading??? And BMI doesn't know anything about it?? Maybe we
> >> can get Mark Brown to post the data for it. (seriously, MB, thanks for
> >> the data last weekend.)
> >>
> >> http://www.nyce.com/
> >>
> >> There was mention of the trading hours on one of the links, but I
> >> couldn't find contract specs. A thought...maybe they don't want 'retail'
> >> business.
> >>
> >> Good trading,
> >> Mark
> >>
> >> Allan Kaminsky wrote:
> >>
> >> > At 09:21 PM 9/9/98 +0000, James F. Mazzulla wrote:
> >> > >Anyone heard anything? They were supposed to start trading
> >> > >yesterday (9/8) at 3:00p EST.
> >> > >
> >> > >All I know is that their website (www.cx.cantor.com) doesn't
> >> > >seem to work, the reps with whom I spoke at BMI and DBC
> >> > >asked around and no one had heard of the exchange, and the
> >> > >system will only accept "executable" orders (ala Globex1).
> >> > >
> >> > >Best regards,
> >> > >Jim
> >> >
> >> > Try:
> >> >
> >> > http://www.cantor.com/
> >> >
> >> > Allan
> >> >
> >> > "The market is a place set apart where men may deceive each other" -
> >> > Diogenes Laertius
> >> >
> >
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