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Hi Michael,
A few brokerage firms have developed their own VPNs. If they are linked
directly to Globex2, this is *should* be just as good as being linked to the
CME's VPN (all else being equal).
The reason that I make the 'all else being equal' comment is that the CME are
constantly making development changes to the Globex system. Things aren't
going too well at the moment - hopefully they will crack it soon.
Until then, they continue to have two systems in operation, the old and the
new. Everyone was supposed to have been moved on to the FIX API by now but
they haven't.
Many firms who are currently on the old system are reluctant to migrate to
the new FIX API until they can be assured that it is an improvement. So far,
this has been a hard sell.
Example, my FCM was recently greeted on a Monday morning with calls from many
puzzled customers demanding an explanation as to why they had open orders
from the previous evening which they had never placed.
Upon checking his server, he was able to confirm that not one customer had
placed a trade on the Sunday. Upon further investigation, it was discovered
that these trades were from several weeks before but the CME had mysteriously
and unaccountably 'resubmitted' them into Globex.
Two of them were mine and I was more than a little surprised to find myself
with open positions on the Monday morning.
The trades were eventually removed but my FCM still has not had his money
returned and his calls to the CME are now not being returned.
As I said, they should work out all the cobwebs soon and I look forward to it.
As a side note, the whole Globex system is due for a major upgrade after they
migrate everyone onto the FIX API. This upgrade, it is promised, will provide
much faster execution times.
Rgds,
Kim
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