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With LFG/LEO it is 5 seconds on average. My understanding of the
Timberhill/PMBe system is a little less than 5 seconds.
-----Original Message-----
From: Lawrence Lewis <lel@xxxxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, September 17, 1998 4:04 PM
Subject: RE: ZAP, LFG, TOPS, CUBS
>Theoretically, TOPS to Globex for E-mini's ought to be "instantaneous".
> Is it? Thanks.
>
>Larry Lewis
>
> -----Original Message-----
>From: I4Lothian@xxxxxxx (reply to: I4Lothian@xxxxxxx)
>[SMTP:I4Lothian@xxxxxxx (MIME) (actually from:
>owner-realtraders@xxxxxxxxxxxxxx)]
>Sent: Thursday, September 17, 1998 3:21 PM
>To: realtraders
>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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