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LFG has numerous retail divisions which offer the LeoWeb electronic
trading system under various names. As I remember from my research, ZAP
Futures is one of these. I used LeoWeb for nearly 2 years and the
problems have largely gone away and the features have improved. I keep a
list of required/desired account features for my electronic trading and
here's what LeoWeb currently provides and lacks:
Provided by LeoWeb
-----------------------------
Immediate order acknowledgement from exchange with ticket number and
date/time
Fill notices include date and time of execution (most systems provide
date/time of receipt)
Fast fill reports
Park pending orders (prepare trading plan and stops in advance)
Point and click cancel and cancel/replace
Prompt and clear messaging when errors occur
Prompt and clear messaging when system problems occur
Automatic printing of each sent order
Automatic notification of fills (some systems require hitting refresh
key until fill comes in)
Ability to print fill and order reports
orders accepted into night sessions (Globex only)
nightly e-mail recap of filled orders, open orders, and account
statement
Not provided by LeoWeb:
-------------------------------------
Account status updated in real-time
Open positions
Open orders
Pending orders
Cash and margin
orders accepted into night sessions (Globex, ProjectA, Access)
Orders placed with desk are displayed in real-time account status
real-time quote with order confirmation
Stop orders with separate limit
automatic release of contingent order when specified price or fill
occurs (most exchanges don't accept OCO)
LFG is really excellent with fills and executions on globex (e.g. emini)
are virtually instantaneous and fills are returned from the active
Chicago pits promptly - in most cases faster than a phone clerk would
call with a filled limit or stop order. Some other LFG packages
including iTrade (a quote feed) and AIM (a portfolio manager) may fill
in some missing features but I haven't used them. Pit traded orders go
to pit terminals which bypasses the delays attendant with dialing and
speaking to a broker not to mention the irritations which are attendant
with ringing phones and harried brokers.
For overall performance in general futures trading LeoWeb is the best I
found in my research and in running trial accounts with a number of
different FCM's. I trade a lot of different commodities and for me, the
lack of real-time account status became a fatal flaw when I ended up
with a bond position I believed was closed out. I am currently trying to
make do with a browser based system which is more feature laden but not
as crisp in performance nor is the broker as fast with fill reports.
Earl
----- Original Message -----
From: "Ira Tunik" <ist@xxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, February 04, 2000 5:05 PM
Subject: [RT] Brokers
Has anyone dealt with these people, if so how are they? Ira.
ARE YOU INTERESTED IN "BROKERING" YOUR OWN ACCOUNT BY ENTERING YOUR
ORDERS DIRECTLY TO THE FLOOR?
Well, ZAP2000 Electronic Order Entry System allows you to do just that
and much more. Best of all, it's free to LFG,LLC clients. Here are a few
key points
Order Entry: Key in an order on your PC and it’s on the trading floor in
as little as 2-3 seconds while eliminating arduous conversation with
phone clerks and
lengthy hold time. With S&P’s your order goes directly to the center of
the S&P pit to our broker’s portable trading deck (CUBS).
Fills: Receive Fills reported directly to your screen. With E-Mini S&P’s
(computer to computer trading) enter orders and receive fills in as
little as 4-5 seconds
from the time of order entry, 23 ¾ hours a day.
Paper Trail: ZAP provides full paper trails including time stamped order
tickets for all orders including cancel orders, and cancel/replace
orders.
Portfolio Management: Access account statements, account balances,
outstanding orders, and more - all with the convenience of 24 hours, 7
days-a-week
service.
Professionally Used: This is the same software used by brokers in our
office for phoned in orders.
ZAP was the first publicly available, and currently the most advanced,
electronic order entry system tied directly into TOPS (Trade Order
Processing System).
TOPS is jointly owned and maintained by the Chicago Mercantile Exchange
and the Chicago Board of Trade. This is the same electronic routing
system used by
Clearing Members in their execution of orders. All of this in one neat
user-friendly package offering Real-Time Quotes, Interday and Historical
Charting with
Analysis, News and Research, Time and Sales Data, and ZAP Audio live
from the S&P pit at the Chicago Mercantile Exchange.
If you have any questions or comments please feel free to contact me at
your earliest convenience or you may click here for more information.
Sincerely,
Patrick Q. Sweeney
Senior Account Executive
(800) 257-6842
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