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Rick_Ratchford wrote:
> Eric,
>
> I think there is a big difference from a floor broker watching for stops
> and those off the floor like Mr. Alexander. Although undoubtledly he is
> a good broker and could watch markets for his clients, he still is NOT
> on the floor. That difference when it comes to stops can be a big
> difference in fills.
>
> :)
> rick
>
Rick and Tom,
I was under the impression Tom did have direct access to a Globex term.
Regardless, on Globex (except for the new mini) there is no floor to be
on, so yes, I believe sitting at a Globex term is VERY similar to being
on the floor in the pit. You get to see size, you get to see each trade
happen in real time, and you get to execute your own orders. You are in
the virtual pit. What is the difference?? The difference might be that
your primary job is opening more accounts rather than filling stop
orders and so it is a waste of your time, but that doesn't change the
fact that the execution process is very similar.
As for the "rules" Tom, you're right you don't have fast market rules to
protect you, but you also aren't "held" to a price. What rules are
there that require you to give a price on a stop?? As both a former
off-floor broker and a former floor trader, I believe that the off floor
broker actually has more leeway and fewer rules to contend with
regarding fills.
Also, Tom, what about placing stops in the big pit as I mentioned??(at a
1-5 ratio)
Tom, as far as the terminal, I am a CTA so I get a different deal than
you might; but I believe it is $900 to install (depending on location)
and $800 per month. You may also need an ETH (electronic trading hours)
permit to input trades directly.
Ok, now, question for you. As a "retail" broker, do you plan to charge
different commission rates for the mini vs the big SPOO? Are your
clients interested in trading the mini on Globex??
Eric
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