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> The Nymex/Comex was ill-prepared for the huge explosion of order
> volume they
> saw this week. They seemingly have had their heads in the sand as
> the
> Internet
> revolution and technological advancements have brought new demands
> upon the
> efficiency of their markets.
the ny slicksters don't want to relinquish their portion of the
slippage pie; it's called greed, and it's the worst in the business.
> offered a smaller size contract on it running side by side with the
> big pit
> traded contracts. I believe this approach has added liquidity to the
> S&Ps,
> not stolen volume from them.
this is true..i've gotten better fills in the biggies this year and i
think it's due to the pro's and floor traders following the mini's
rather than the biggies. and it's also a reason that side by side
trading will be with us for a long, long time
>At the CME, they are behind in their unofficial goal to put 200 CUBS2
> terminals in by the end of 1999.
due to y2k concerns, not lack of interest
> The huge
> spikes in the E-mini S&P on Fed announcements and government reports
> should
> be a sign of the power of the global public’s interest in our markets
> and a
> warning about the inefficiency of the physical limitations of open
> outcry
> trading.
WRONG....compare those mini spikes to the biggie, where there are no
such spikes; the biggies are more liquid (no restrictions) during
panics, but the mini's are restricted to the 30 car limit
> If this kind of interest in the e-mini S&P continually
> has this
> type of effect during key moments, how can un-enhanced open outcry
> trading
> compete during similar surges in trading interest? I don’t think it
> can.
wrong again...the biggie can and will, that's where the big liquidty is
located. try to move a 100 car biggie equivalent position on the mini
system and see how it gets mucked up.
i think the cme is prudent in going slowly before y2k in case their
shoody e-system cracks and open outcry has to bail its ass out. i'd
expect more e-system improvements after the y2k hysteria dies down
>I acknowledge the inevitability of the dominance of electronic
> trading,
> but am hoping for a smooth transition rather than a disruptive one.
agreed, but the best transition is side by side until the e-system
proves itself. and i don't want to here about the glowing success of
eurex...when has that e-system ever experience the volume AND
volatility of the s&p such as 87 or even 98??? face it, the bund is not
the s&p :))
TJ
practicing what i preach; going to side by side trading next year
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