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Hello Justin,
The CME appear to have a long term plan to reduce the amount of
historical data they provide for free.
As it is, their live quotes offering, isn't much use to a systematic
trader, it's more for discretionary gamblers, maybe that's the type of
client they want.
best regards
foolsgold
JF> I have been studying the CME's new data feed offering E-quotes.
JF> I have attached a screen showing live data & market depth
JF> I hope no one minds, I brought the quality down so it's ~ 70k.
JF> [list moderator note: this image was too large to post; it
JF> can be found at: <ftp://ftp.eskimo.com/u/j/jimo/cme-screen.jpg>]
JF> The host sending the data is 4.37.96.28, based at Level3 in
JF> Chicago. Trace is excellent from Europe ~ 200 ms.
JF> The application is web based, using a proprietary Java
JF> front end. I have contacted the CME and they do not plan to
JF> release an API, nor would they release the data protocol
JF> even under NDA. To reverse engineer inside the USA without
JF> the CME's approval would probably be an DMCA violation,
JF> ( http://www.copyright.gov/legislation/dmca.pdf ) outside the
JF> USA its probably fair game ;)
JF> The data stream itself is operating on the standard HTTPS
JF> port, though appears to be in the clear. I could see data
JF> travelling in both directions on a per tick basis. The
JF> protocol looks very basic and would lend itself easily to
JF> a third party interface.
JF> In summary it looks like a great offering from the CME,
JF> deliberately retarded for commercial reasons. The CME
JF> makes a lot of money from data licensing agreements and
JF> does not appear in any hurry to change. I think most
JF> people within the industry and outside agree that the data
JF> vendors days are numbered, now that exchange and client are
JF> in direct communication, but I wouldn't expect a fast
JF> transition. What is needed is someone like the NYSE to say
JF> all quotes free in real time, then the rest would follow
JF> like a pack of cards. More access to data means more trading
JF> activity, its only natural the exchanges will scarifies their
JF> data vendors through technical obsolescence in favour of a
JF> closer relationship with their end market participant clients.
JF> Justin
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