Re: ZAP, LFG, TOPS, CUBS

[I4Lothian@xxxxxxx]

In a message dated 9/17/98 1:42:53 PM Central Daylight Time,
gmkramer@xxxxxxxxxxxx writes:

<< Dont waste your time!!!  Fills suck, execution sucks, CUBS is always down.
I tried it for 1.5 weeks and closed my account.  You will be sorry if you try
it!!! >>

As a broker with TOPS on my desktop computer I send orders into Electroinic
Clerk  terminals all day long.  They have greatly improved the order flow into
and out of the front months in grain, bond and dow futures.  We also route
orders to a CUBS terminals in Lean Hogs.  The Electronic Clerk and the CUBS
are vary similar in functionality.

The problems you experienced with LFG CUBS at the CME may have more to do with
the volume of the orders flowing through that terminal and the volatility of
the markets.  At the CME, to my knowledge, there are only two CUBS terminals
in the S&P futures.  There are some political reasons there are not more
terminals deployed.  Because of the limited number of terminals (Lind Waldock
has the other), the volatility and the volume through these terminals, I think
you are getting a skewed perspective of their performance.  Politics tends to
have that effect on economics.

I can attest to the value of these order routing and order management tools.
Not all firms are utilizing them as much as others, but there are now about 75
EC terminals at the CBOT versus 5 about 18 months ago.

I would say don't blame it on the technology.  Take a deeper look at why it is
not working.  It could be the skill of the pit operator.  It could be the
volume.  It could be the market volatility.

Internet trading systems route there orders through TOPS to the EC and CUBS
terminals.  We use the CME Internet Order Routing system as a platform for
traders to route orders to our network of order terminals.  

I would say Internet trading is most efficient when trading the E-mini, or
with a properly managed and operated EC or CUBS terminal.

Regards,

John J. Lothian

Disclosure: Futures trading involves financial risk, lots of it!