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Steve,
Whenever I've used the desk, it has worked out, however, I know others, in
addition to yourself, for whom it did not. And slow response too. Not many
cases, but a few.
I also know a few who continue to like the service & trade without much
difficulty. I am so far among them.
The question is, what else do we know of that is better.
Perhaps IB? PATS?
It's an ongoing question it seems!
Eliot
^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Eliot Kaplan
20211 Croydon Lane
Topanga, CA 90290
Voice: 310.455.3810
Fax: 310.455.3085
email; eliot@xxxxxxx
web: www.isu.com
> From: "Steve Roberts" <steve80866@xxxxxxxxxxxx>
> Reply-To: realtraders@xxxxxxxxxxx
> Date: Sat, 16 Dec 2000 18:41:11 -0700
> To: <realtraders@xxxxxxxxxxx>
> Subject: Re: [RT] Interactive Brokers - stops
>
> Just an additional note on PFG Best. I've used them since last May. Great
> software when it works. But I've had screw ups most times I've gone to
> their desk. Twice I've had incidents where I had to file an incident report
> for review. The first time worked out very nicely but took a little longer
> than a week. The second time I wasn't so fortunate. That time it took them
> 2 1/2 weeks to get it taken care of. In other words, their infrastructure
> is very weak.
>
> Steve
>
> ----- Original Message -----
> From: Eliot Kaplan <eliot@xxxxxxx>
> To: <realtraders@xxxxxxxxxxx>
> Sent: Saturday, December 16, 2000 2:53 PM
> Subject: Re: [RT] Interactive Brokers - stops
>
>
> 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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