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Very well put, John. And very accurate based upon my experience.
-----Original Message-----
From: I4Lothian@xxxxxxx <I4Lothian@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, September 17, 1998 2:27 PM
Subject: Re: ZAP, LFG, TOPS, CUBS
>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!
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