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In a message dated 6/10/99 10:41:45 AM Central Daylight Time,
markbrown@xxxxxxxxxxxxx writes:
<< I have know the Mini SP's are supposed to be fast using electronic order
entry. Can someone comment on how the 30 year bond fills are? I wonder
what the comparison is bond fills to SP's?
>>
The fills I get in the bonds, 90% of the time come back in 30-40 seconds.
This morning our EC terminal was down, so the orders did not come back so
fast. I had to call the floor and get the fills reported of the back copies
before the broker endorsed orders came out of the pit.
There are about 9 or 10 EC terminals in the Bonds and most of your major
electronic firms have them. There are a total of about 100 EC terminals in
place at the CBOT, compared to about 7 CUBS2 terminals at the CME. I believe
there are 3 CUBS2 terminals in the S&Ps, soon to be 4.
My electronic system routes to S&Ps, Nasdaq, Live Cattle (2nd month) and Lean
Hogs at the CME. At the CBOT, we route to EC terminals in Bonds, Ten-Years,
Five-Years, Dow, Soybeans (2), Corn (2), Wheat, Oats and Soybean Meal (3).
Because the CBOT has more EC units in operation, there is a larger pool of
experienced EC clerks. In fact, the guy who ran the first EC I routed to now
works for the CBOT training EC clerks.
However, I have been very impressed with the quick fills I have been getting
from the CUBS2 units in Hogs, S&Ps and especially Cattle of late.
Depending on the Bond activity, the fills are just as good as I get from the
S&P, within a 60 second window I would say.
Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk, lots of it!
Disclosure: John J. Lothian is the President of the Electronic Trading
Division of The Price Futures Group, Inc., an Introducing Broker clearing
ED&F Man International, Inc.
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