|
PureBytes Links
Trading Reference Links
|
Chris,
FWIW:
Be very careful when using TOPS as your order routing mechanism into actual
pits. While I lived in Minneapolis I visited Chicago several times and spent
a few days watching the action at the CME. There is always a cluster of
traders directly around the TOPS stations which are planted 1 step up from
the floor of the pit. It was our observation that market orders coming into
those terminals were routinely filled at the worst end of the current
trading range. This broker would routinely bid or offer prices that were
well away from where trading was going on (at least .5 off from the current
price and often 1-2 full points) in the rest of the pit. My own experience
confirmed what I saw in the pit: the customer is getting robbed. I would
only use this type of order entry in a case where you specify a price (limit
/ fok).
The guy who was posting about getting robbed 1 tick each way in the S&Ps by
Interactive Broker may want to use this as a benchmark to compare his own
experience against.
Patrick White
Subscribe to the TraderSimulator list by sending an email to:
tradersimulator-subscribe@xxxxxxxxxxx
or by visiting the site and clicking on the Subscribe link:
http://www.egroups.com/group/tradersimulator
----- Original Message -----
From: "Chris Cheatham" <nchrisc@xxxxxxxxxxxxx>
To: "Omega List" <omega-list@xxxxxxxxxx>; "Richard Josslin"
<TaoOfDow@xxxxxxxxxxxxxx>
Sent: Monday, May 22, 2000 11:09 PM
Subject: Re: $25K "Deposit" for Globex Terminal???
On a related topic...
LFG told me a couple of weeks ago that they would be offering direct access
to Globex via LEOWEB for markets in addition to the eminis very shortly,
i.e. weeks not months. Not as good as seeing the book on the globex screen,
but definately better than today.
Regards,
Chris
|