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FYI Charles Starnes of LFG wrote in response to my question:
There will be improvements in speed based more on improved hardware than
improved software. The devices are laptops with a "scribe" capability that
captures the scrawl of the broker in an image and transfers that image to a
clerk who converts the handwriting to computer text. These devices are
relatively slow as computers go, but they are being upgraded when possible.
The current device is a 133Mhz processor and they are going to a 266Mhz
processor in the next couple of weeks.
The main improvement of CUBS2 vs. CUBS1 is that all the information as to
the orders is no longer kept solely on the local PC, but is on a network.
This means that unlike in the past, recovery is possible. The first
attempts to bring up the new system back in early December revealed bugs
that have now been repaired and thoroughly tested. Everyone I've talked to
both at the CME and with our floor staff has great confidence in the system.
As to fill speed, you must remember that this is still Open Outcry trading,
and that there is a broker who must complete a transaction with another
broker before you can get the information. Fill speeds seem to be running
in the 30 second range at this time.
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