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Earl,
CME and Lfg are blaming each other - passing the buck is ok if computers are
involved
Heres my response to CME yesterday -
>Ms Doherty,
>
>With respect when we first spoke our discussion regarded Leo users being
>unable to place orders to trade the mini, specifically myself wanting to
>sell 4 eminis at a price of 1067 and being unable to do so because my
>legitimate order was returned by your exchange computer. You told me
>that there was no problem as far as the CME was concerned and that the
>problem may be Lfg's. (You did also state that you would look into the
>matter to "establish what the problem was") I reported this fact to the
>Omega list who's members have suffered continuosly from the inept trading
>platform as provided (see forwarded postings) and I included your email
>address as I understood that you may wish to receive representations
>directly from those traders who help to pay salaries of exchange staff by
>way of fees for data and lots traded.
>
>The CME system for emini trading malfunctioned today which caused a whole
>new spate of problems. I'm afraid it is just not good enough for you to
>redirect my concerns to my broker who (as has been demonstrated from
>forwarded emails) has been negligent in the extreme in either answering
>requests or solving continuos problems with regard to emini and Cubs
>trading. Lfg has consistently blamed the CME and from your initial
remarks
>to me today it appears that Lfg's Leo software may be partly to blame.
>
>I think you must understand that I along with hundreds of other traders are
>really not interested whether it is the CME or Lfg's incompetence to blame
>for continuos malfunctioning of your electronic trading platforms - WE ARE
>ONLY INTERESTED IN USING A SYSTEM THAT WORKS. Plainly as your market
>ceased to exist for 20 minutes you ought to be taking this matter extremely
>seriously.
>
>Cubs and Tops and Leo problems have continued all year and I'm afraid the
>management of the whole electronic platform has been inept at best.
Either
>there is a concerted attempt by certain members of your exchange to scupper
>the move to electronic trading or the management of your team need to be
>replaced with some urgency.
>
>Either way I have suffered losses today as a result of not being able to
>execute busines s on the CME's trading platform and I intend to establish
>the CME's responsibility in this matter.
>
>Michael Sewart
>
>
>>Mr. Stewart,
>>Thank you for your calls today. It is very inappropriate for you to
>>incorrectly quote and represent my discussion with you to your broker. My
>>response to you was that I would look into the problem as I was not sure
>>what the problem was and whether the breakdown was with your firm or the
>>exchange. In the future, you should continue directing your concerns to
>>your broker. Your broker is in constant contact with the exchange and can
>>assist you in resolving issues and informing you of problems. I
appreciate
>>your consideration in this matter.
>>
>>
>>
>>-----Original Message-----
>>From: Michael Stewart [SMTP:MPST@xxxxxxxxxxxxx]
>>Sent: Thursday, September 24, 1998 2:14 PM
>>To: Kathy Doherty
>>Subject: Fw: E-Mini Stop Orders Blocked
>>
>>
>>-----Original Message-----
>>From: support@xxxxxxxxxx <support@xxxxxxxxxx>
>>To: mpst@xxxxxxx <mpst@xxxxxxx>
>>Date: 23 September 1998 15:06
>>Subject: E-Mini Stop Orders Blocked
>>
>>
>>>As of 8:45 am this morning, STOP orders for the E-Mini S&P contract are
>>>not being accepted. They will be rejected. MARKET and LIMIT orders are
>>>still being accepted for the E-Mini S&P and are being processed directly
>>>into GLOBEX.
>>>
>>>We hope that the problem can be resolved as quickly as possible but we do
>>>not have a time frame at this time. We will keep you updated as we
>>>receive more information.
>>>
>>>
>>
>>
>>
>
>
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