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Dear edit,
In answer to some of your questions:
> Basically, it sounds to me like they're giving you a computer for $1500 (the application fee). What am I missing here?
$1500 application fee. Expenses to go to Chicago for mandatory interview and test and something like 1-week "training" to learn how to use Globex terminal. Ongoing fee of $400/month. $1000 installation fee, $500 removal fee, $1500 fee to change sites. ETH Permit is good only for one year.
> With a Globex terminal, you can trade directly into the system, without going through your broker's software or calling your broker or anything? Is that right?
Yes, as I understand it. I am currently trading electronically via LFG's LeoWeb. When I enter an order through LeoWeb, it automatically connects to Globex, which enters my order. If I had my own Globex terminal, I would bypass the LeoWeb step and any interaction with LFG other than LFG clearing my trades, as well as eliminate the need to pay any commission for entering my orders --- I would still still pay a commission for clearing my trades, but it would be less than the commission I now pay for not only clearing my trades but also
entering them.
> Or does the terminal just give you a view of the order book, you still place your trades yourself?
My understanding is it gives you a view of the order book and I place all my trades myself. You should know, however, that the ETH Permit application is filled with massive exculpatory language, the gist of which says that the applicant is totally responsible and will be held for any and all orders placed on the applicant's Globex terminal. It's live 24 hours/day, and if anything happens or goes wrong with the system or your terminal, it ain't the CME's fault --- it's yours and you pay.
Sincerely,
Richard
>
>
> All the best,
>
> OM
>
> ---- you wrote:
> > Hey,
> >
> > Globex2 runs on a Compaq Deskpro. The model differs if you are on the floor
> > or in an office. It is a speed issue. The connection to the exchange
> > consists of a 56k, ISDN, and an analog connection. The farther away from 30
> > S. Wacker the slower it is.
> >
> > The front-end that the CME uses is called GL. The web site is
> > www.gltrade.com .
> >
> > Where did you here that people are trading automatically? One individual in
> > California got busted for this. The reason you are not able to do this is
> > that the trade engine can only handle 45 trades per second (TPS). This
> > person got caught because of the amount of volume he was doing. You will
> > get caught if you attempt this!!
> >
> > Jack Sallen
> >
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