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The current Globex system can only handle "limit" orders and brokers have
to fudge the electonic entry system to create a "market order". The E-Mini
is not the problem, it is the current Globex platform.
The new Globex2 platform starts operating on Sunday Sept 20th. If Globex2
does what they say it can do, then it will be just a matter of time before
the floor is history. If Globex2 delivers, then the lifespan of the CME
floor is probably 12-18 months maximum.
Funny that the CBOT has also begun electronic trading on the T-Bonds!!...
Funny that the DTB has the most liquid Bund contract and its electronic...
Funny that most of Europe's futures markets are electronic and LIFFE are
nearly there too...
Funny that the JGBs traded in Tokyo are on an electronic system....
The only big exchanges left which are still open outcry are just CBOT, CME,
NYMEX, the smaller NY exhanges & SIMEX. Logic says they will be 12-18
months away.
Here in Australia, the Sydney Futures Exchange floor will shut down in the
first quarter of 1999 & be replaced with an updated electronic SYCOM
system......
Over here in the land of Oz, we are starting up "floor jacket" collections
of all the brokers. They'll be a diamond dozen soon....... Soon, the floor
jackets will probably be worth more than the local floor memberships
(ha!).....
On Fri, 18 Sep 1998, MB wrote:
>..........He said a few flavorful words and informed me of
>all the pitfalls of the Emini's. They dont take OCO's at all what the heck?
Bet he didn't tell you this:
"GLOBEX2 offers several other significant enhancements to
the current system. Traders now can use market, stop limit,
one-cancels-other (OCO), and market-if-touched (MIT) orders.
They can also make a request for quote (RFQ) at whatever
quantity specified and continue passing orders to each new
trading session by using good-till-cancelled (GTC) and
good-till-date (GTD) qualifiers."
Kick off is Sunday at 5:30pm (CDT).
>......I'll not trade anymore minis..........
Not on Globex1 at least. Why not try again on Monday?
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