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In a message dated 6/22/00 5:08:38 PM Central Daylight Time,
editorial@xxxxxxxxxxxxx writes:
<< PFG is currently doing 60% of the daily volume in the e-mini through their
"BEST Direct" system.
www.pfgbest.com >>
**** I believe that you will find that is a faulty or incomplete statistic.
Best Direct is the largest user of the FIX API, which no other firm is
currently routing a majority of their Globex2 orders through.
**** I believe the largest vendor system by volume for all e-mini trading is
Interactive Brokers, who access Globex2 by the FI ( Frontal Interface).
**** There are many firms which are still accessing Globex2 by the TOPS
gateway. There was a meeting of 19 firms at the CME last week about
transition to the FIX API. Best's percentages will go down once more firms
switch to the FIX API. At this point most of the other volume through the
FIX is firms in the Development and Quality Assurance stage.
**** I have seen this faulty statistic enough from other sources, that I am
beginning to get suspicious about its persistence.
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.
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