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Hi all,
Good question.
I am trading in Europe at the Eurex. This former electronic German Exchange DTB
started way back ten years ago. The first reliable electronic exchange in the
world so to say. The experience the Germans have at the moment is fenomenal and
a lot of products have been added. Nowadays there is a system called PATS. That
is a system developed according to the same guidelines the DTB used. This system
has been devoloped by some guys in London and they sell their software to
brokerages like Refco.
One year ago I changed from a directly linked-Eurex trader to a semi
professional broker based trader. Me and my group ended up with Refco based in
London. They use the PATS system. They started with only Eurex products and are
expanding now with CME and CBOT products.
The very big advantage the PATS system has is its design. I can see depth of
market in many products up to 10 best bids and best offers. Another big
advantage the system has is its absolutely "idiot-proof" and fast order system.
Just point your mouse to the best offer, double click and you bought your preset
size. That whole procedure (thinking, pointing, double clicking and getting your
fill) takes about two seconds. It is more a matter of how fast you think than a
matter of waiting for your fill.
This sytem will cost you around a couple of hundred English Pounds a month. Just
to have the software on your computer. That seems to be much but the advantage
of Refco is that they ask about 4 to 5 Euros per roundturn for Eurex products.
Nothing compared to 25 Euros other brokerage houses ask. The Break Even Point
for this set up lies between 50 and 90 futures a month compared with other
brokers. And that is concerning costs. There is no break even point concerning
speed. This PATS system just beats everything else.
We use PATS and Refco with great convidence. We are logged into the internet the
whole day just by cable or a phone line. And yes, we get thrown of the internet
once in a while because of traffic. But when you use stops immediately after you
punch in your order and fill, you are always protected in case your internet
provider kicks you off the internet. If that is not sufficient you just call
Refco and they help you out manually.
Like I wrote above we think it is the best system for a trader who trades more
than 60 futures a month. It is a professional system and these systems are more
and more available for the public.
You can see a PATS demo at the website of GNI, also based in London. GNI uses
the same system and have exactly the same rates. The advantage however of Refco
over GNI is in our eyes the willingness of Refco to be competitive and their
customer support. We do not have experience with GNI but are very satisfied with
the service we receive from Refco.
In our eyes they beat other brokerages with speed, service and costs. And what
do we want more?
We do not get a discount from Refco in case you start trading with them and
mention our name. We just want to let this list know that we are satisfied and
we think this is an absolutely professional set up in comparison with lots of
other brokers who just ask too much for trading a simple future with them. The
reason why we let you know this is just objective.
In case you want to know more about Refco, their rates and how they work, please
contact Halim Saad in London by emailing "hsaad@xxxxxxxxx".
regards,
Ed Kiers
Sean O'Toole schreef:
> I am preparing to use Interactive Brokers on a give up basis for my CTA
> business. They are owned by Timber Hill, a very large, proprietary trading
> firm in New York. I have been looking at the IB software for about 6 months
> and cannot find any problems with it.
> ________________________
> Sean T. O'Toole
> Kingfield Capital Management, L.L.C.
> 612.371.4996
> sean@xxxxxxxxxxxxxxxxxxxx
> www.kingfieldcapital.com
> +-+-+-+-+-+-+-+-+-+-+-+-+-
> Add me to your Palm compatible address book... Click here:
> http://signature.coola.com/?sean@xxxxxxxxxxxxxxxxxxxx
>
> > -----Original Message-----
> > From: ClauPac [mailto:aerofun@xxxxxxx]
> > Sent: Friday, November 17, 2000 1:45 PM
> > To: omega-list@xxxxxxxxxx
> > Subject: Is Interactive Brokers Reliable for Futures ???
> >
> >
> > Dear Traders
> >
> > I am curious as far as reliability on IB electronic system for futures,
> > i.e.: Eminis, SP-NQ.
> >
> > Can anybody give me an insight into this ???
> >
> > Greatly appreciated. Thanks.
> >
> > Clau
> >
> >
> >
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