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Earl,
I agree that many of Best's best features are currently tied in with
eSignal. However, in talking with Jerome Bressert, (Walter's son) one of
Best's managers a few months ago, he told me they are in contract
negotiations with Lycos, to to open up those features to QCharts/Qfeed users
as well, among others. We'll see.
Additionally, though I'm embarrassed to say I don't know who Best clears
through, and my statements don't say, it is using the FIX API, unlike IB.
Though I'm not sure, I think this implies that Best's stops would likely be
treated the way you preferred, queued. I too was with PMB previously, and
they openly noted handling stops the way you described IB does, and I often
had additional slippage there.
Having used PFG for the better part of this year, I can say that the only
continuing weakness I find in their system, is the fact that it goes down
somewhat frequently. It hasn't caught me yet, and they do offer a desk to
call orders in to, if the software goes belly up, but it was because of
their inconsistent stability that I had come to think IB was my next move.
Thus, your comments are timely.
Check out the comments below I've pasted from John Lothian if you haven't
already seen them. He puts out Exchange news posts that come to me daily,
and these thoughts are from Thursday.
Recently his posts has provided quite a bit of detail about the CME, its new
pricing, its FIX API, etc., etc., and how some of the other brokers connect
to Globex. You may already be familiar with this info, but in the spirit of
discovery, here it is.
Note the fourth paragraph
If you're interested in the CME document all his comments are drawn from,
the URL is at the bottom.
Eliot Kaplan
PS: If you discover a better beast, let me know.
Lothian's comments..
December 14, 2000 - The Board of the CME unanimously adopted a new pricing
framework that advances their strategic plans as a for-profit company and
enables them to invest in additional technology and service improvements.
Some fees were reduced and some new ones were introduced, most notably a
TOPS usage charge. (Note: PriceTrade, The Price Group Electronic Trading
Division's retail online trading platform uses the TOPS order routing
system).
Starting Feb. 1, 2001, the CME will now charge 5 cents per contract for all
CME trades executed over the TOPS order routing system for firms that
connect to TOPS through the CME. Contracts executed on other exchanges will
cost 20 cents per contract.
While the CME and the CBOT jointly own and operate TOPS, most firms connect
to the network through the CME. And the CBOT no longer connects new firms to
the system. The CBOT has also delayed plans to scrap TOPS on its trading
floors in order to give its technology staff more time to implement the
Order Direct API.
This new pricing plan, including introducing the TOPS usage charge, is the
first for-profit strategic move with direct implications for customers of
other exchanges. Many have long predicted that that TOPS would be abandoned
as new technology is introduced. I have long maintained that TOPS would be
around for as long as open outcry survived. From the looks of this move,
the for-profit CME has decided to milk the TOPS cash cow and help influence
firms to switch to newer technology for order routing. It wants to give
firms an economic incentive to write to the FIX API for connection to
Globex2 and routing to open outcry printers and CUBS2 terminals. It also
wants to move several Independent Software Vendors (Trading Technologies,
PATS Systems, GL Win, Interactive Brokers) from the Globex2 Frontal
Interface Connection to a FIX API connection. Fees for the FIX API and the
Frontal Interface were not disclosed.
The competing exchange most affected by this decision is the CBOT, as many
CBOT firms connect to TOPS via the CME. This will either increase the move
towards firms and vendors writing to the Order Direct API at the CBOT for
open outcry orders, or will speed up the pace of electronic trading growth
at the CBOT. However, without some kind of agreement with the CBOE over
CBOT Full Member exercise rights, the CBOT is not likely to introduce
side-by-side agricultural trading any time soon. This TOPS usage charge
will increase the trading costs in agricultural products for many CBOT
clients and could lead to new competitive risks. If the CME were ever going
to introduce its own electronic versions of the CBOTıs agricultural
products, this would be the time for them to do so. That is pure
speculation on my part though.
Also included in this CME pricing plan was the announcement of a new
Internet-based VPN or Virtual Private Network for single-user GL Win users.
GL Win users will be able to connect to Globex2 via the Internet for a
charge of only $200. There is also a $200 per month software only charge
for the GL Win software only package. This VPN and software only deal
begins March 1, 2000.
In order to reduce the administrative burden on members who purchase Globex2
market data for trading purposes, clearing members will no longer have to
track customer access to CME Globex2 price data and collect separate Globex2
market data fees from users of order entry terminals. This will be key as
more and more traders connect to trading screens with streaming real-time
prices.
Other changes included: booth space charges will jump for the first time in
ten years from $250 to $750. Professional subscribers for market data will
pay about 16% more as prices jump to $60 per month from $55. The
promotional free quote program will be modified to be a six-month trial
subscription program. Nominal monthly fees will apply after that.
Non-member Globex2 currency fees will be reduced, as will non-member
interest rate fees. There will be a 5-cent per contract fee on the exercise
and assignment of options, a $25 fee for delivery of agricultural products
(starting Feb. 1, 2001) and a 5-cent per side give-up surcharge will be
retained.
For complete detail about the CME new 2001 pricing plan, click here
<http://www.cme.com/news/2001pricing.pdf> for a adobe acrobat document.
Feel free to contact me with any questions or comments.
Regards,
John J. Lothian
The Price Futures Group, Inc.
Electronic Trading Division
www.pricegroupetd.com
Disclosure: Futures trading involves financial risk, lots of it!
^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Eliot Kaplan
20211 Croydon Lane
Topanga, CA 90290
Voice: 310.455.3810
Fax: 310.455.3085
email; eliot@xxxxxxx
web: www.isu.com
> From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> Reply-To: realtraders@xxxxxxxxxxx
> Date: Sat, 16 Dec 2000 12:39:51 -0700
> To: <realtraders@xxxxxxxxxxx>
> Subject: Re: [RT] Interactive Brokers - stops
>
> In a nutshell, no. There are some alternatives out there now but none which I
> care to use: PFGBest has a nice system but it requires an eSignal subscription
> to use its best features, it's my understanding that PMB uses the same
> TimberHill routing system as IB, I consider XpressTrade's commissions to be
> extremely high (they quote per side, not rt). Several weeks ago I posted some
> general info from an article in the November issue of Futures Magazine which
> described an exciting new generation of order systems, for use with the
> electronic exchanges, which are being adapted for retail futures brokers, but
> IB is the only one I have found which is available for retail trading today. I
> know of several offerings which should be available during the first quarter
> but nothing I am at liberty to describe. In the meantime, I continue to use
> LeoWeb which works fine for position trading but is really not suitably
> designed for scalping.
>
> Earl
> ----- Original Message -----
> From: David
> To: realtraders@xxxxxxxxxxx
> Sent: Saturday, December 16, 2000 10:42 AM
> Subject: Re: [RT] Interactive Brokers - stops
>
>
> Earl,
>
> Have you found an online broker that you like better for the Emini?
>
> Thanks.
>
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