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The answer is really rather simple. The main source of the difference
is NOT the service (Signal vs. BMI) but, rather, the transmission
medium.
Roughly a year ago I was using Signal FM and wished to compare what I
was receiving with what Omega was receiving in Florida (I was concerned
that I was perhaps losing data within my system). I asked Omega what
Signal medium they were using for their refresh data and they said
"FM". I compared a couple of days of my tick data on the front S&P
contract with their refresh data and they compared identically.
I later switched to cable and my daily tick counts immediately jumped
dramatically. I then contacted several BMI subscribers, some on cable
and some on satellite, and we compared tick counts. My counts compared
very favorably with the best BMI counts, and EXCEEDED the counts of at
least one BMI satellite subscriber.
Note that I'm NOT claiming that Signal is better than BMI, only that the
delivery medium is the main factor with respect to tick completeness.
(Even the BEST tick counts, of either Signal OR BMI, are always at least
10% less than the official CME time-&-sales file.)
Carroll Slemaker
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