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John -
for e-mini, I have Alaron, Field Financial, Jack Carl, and PFGBest under
consideration....
all very competitive. I dropped Interactive from the list....too barebones
for me.
Question is: order routing systems.....does it make much difference as far
as fill performance ?
Is the FIX API using newer technology or what ? Is TOPS going to become
passe ?
If the difference is 30 seconds or more, it could be significant.
> -----Original Message-----
> From: I4Lothian@xxxxxxx [mailto:I4Lothian@xxxxxxx]
> Sent: Thursday, June 22, 2000 6:37 PM
> To: editorial@xxxxxxxxxxxxx; howdy@xxxxxx
> Cc: omega-list@xxxxxxxxxx
> Subject: Re: e-mini
>
>
> 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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