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John,
I also believe the pit trading of emini's was for orders of 30 or more,
leaving the little guy out. During the shutdown I still had volumes at the
bid and ask seemingly going through but prices stayed 1319.25/1319.50
throughout (note the lock occurred at 1320.25 I believe). I am checking but
could this be large lots >30 Emini's being traded in the pit?
don ewers
----- Original Message -----
From: <I4Lothian@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, February 11, 2001 2:54 PM
Subject: Re: [RT] Globex shutdown?
> Just a couple of thoughts about the Globex2 shutdown. First, I was at
first
> surprised that they did not switch to open outcry trading for the minis as
> they have in the distant past. However, there are two factors which play
a
> significant role in this. The first is that there are not enough brokers.
> Traders must declare at the beginning of the day if they are brokers today
or
> traders today, per the exchange rules. At least this my last
understanding
> of the dual trading rule. Thus, there is not a large pool of brokers to
pull
> from if trading switches to open outcry. Secondly, the CME has a lot more
> experience troubleshooting the system than they did in those early days.
> This showed a lot of confidence that they would get they system up and
> running in short order. And they did.
>
> Secondly, traders caught in the Globex2 mini S&P contracts could have used
> the S&P 500 pit traded options to hedge themselves against the mini S&P,
if
> they really needed to be as flat as possible. As soon as they system was
> back up and running, they could unwind the position. Luckily, the market
did
> not move that much during that timeframe.
>
> Regards,
>
> John J. Lothian
>
> Disclosure: Futures trading involves financial risk, lots of it! John J.
> Lothian is the President of the Electronic Trading Division of The Price
> Futures Group, Inc., an Introducing Broker.
>
>
> In a message dated 2/11/01 1:28:26 PM Central Standard Time,
intel55@xxxxxxx
> writes:
>
> << It was a mess. It was down fom 2:02 -2:45 and was screwing up many.
They
> talked about going open putcry, but not really. The last time I saw the
> emini
> go open outcry was a couple years ago. The funny thing is that many of
the
> mini traders have not been in the pit, they have always been on the
machine
> and those boys trading the naz on the machine did not really look like
they
> wanted to step into the lil crowded naz pit ...outtrades galore...just
ask
> CTF haha.. Oh well so much more volume is going through the machine now
that
> they are struggling to keep it tip top....oh well ...pits are still
needed I
> guess for a few more months...just have to get rid of the brokers... >>
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxx
>
>
>
>
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