|
PureBytes Links
Trading Reference Links
|
Floor trading is dying. It still has its place, but only in a
transitional sense. BTW, what do mid am memberships go for now (or are
there no bids)? The pits are more and more electronic, a deck in one
hand and a hand-held computer in the other. Someone knocks a fat deck of
paper out of your hands in a fast market, the hand-held goes down too.
Traditions are often great and honorable, and we shouldn't forget the
dead. But Christmas will be around long after the pits are closed.
Regards,
Monte
Mark Jurik wrote:
>
> Regarding spread size, ....
>
> This past Thursday I visited various pits in the CBOT
> and the Merc. Walking in and around them, I had the
> opportunuty to talk to several traders, watch them
> compete, and really get into it.
>
> With all the games these guys play, as well as the sheer
> energy required for getting the trade, I can see how
> addictive the adrenaline rush can be.
>
> However, one common "complaint" was that the
> opportunity for making big bucks trading in the pits is
> coming to an end. Profits were being squeezed out by
> computerized trades, and ever decreasing spreads. Floor
> traders are working harder and earning less. Many are
> calling it quits.
>
> The only pits increasing in size were those related to
> Eurodollar derivatives. I was told that many of the
> best and brightest floor traders have migrated to
> that arena.
>
> - mark
>
> ----------
> From: Greg Darke
> Sent: Wednesday, May 16, 2001 5:19 PM
> To: omega-list@xxxxxxxxxx
> Subject: Re: Dual CPUs
>
> Bilo
>
> > you bet. things changed since the decimalization in equities, esp in Naz.
> > short term price volatility increased and noise level went up
> considerably.
> > spreads are now negative many times especially ecn spreads.
> > snip
> > i consider it yet another blow to the daytraders.
>
> Interesting you should say that. My experience has been the exact opposite.
> In my experience, quoting in decimals has resulted in far "smoother" moves
> intraday, and I've found slippage (on direct access directed orders) on
> stops to be vastly improved.
>
> Greg
|