|
Ben
check out Amiborker
when my programmer wanted to do that he went there.
Regards
Ron
Date: 05/31/05
08:30:38
Subject: [RT] Digest
Number 1998
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There are 10 messages in this issue.
Topics in this digest:
1. Fw: [xlt] A study and a
request
2. Re: Spx Daily
3. US Real estate top ?
4. free mkt letter
5. Re: US Real estate top
?
6. Re: Fw: [xlt] A study and a
request
7. A must read for investors .
. .
8. Re: US Real estate top
?
9. CME Cancellation Fees
10. RE: CME Cancellation Fees
________________________________________________________________________
________________________________________________________________________
Message: 1
Date: Mon, 30 May 2005 13:33:12 -0400
Subject: Fw: [xlt] A study and a request
this is extreamly intresting
how one can use conservative money to outperfrrm sp500 by far, with
VERY low draw down
(i have been using this for over a year with GREAT
success)
Ben
p.s
we are currentely from 5/3/05 in fsles
(select envioroment)
there is NO load any more is select funds just .75%
redumption if less than 30 days hold
our exit date is about 6/2/05
I want to share with you a study of mine on sector rotation:
2)
and now a request:
do you know where a can find a (laready done) tool in Excel
allowing the download of daily/weekly data of stocks, indices, funds
from Yahoo?
Thanks,
Paolo Sassetti
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Message: 2
Date: Mon, 30 May 2005 11:53:50 -0600
Subject: Re: Spx Daily
Breadth models still good, however setting up for a possible
failure swing on potential 3rd pivot high. Breakdown on A/D volume by 20
sectors, 198 groups, and all securities shows that Accumulation volumes
continue to improve. Best guess is that we should see a bit more upside
yet.
Earl
----- Original Message -----
From: EAdamy
To: Realtraders
Sent: Thursday, May 26, 2005 9:19 PM
Subject: [RT] Spx Daily
Interesting setup on daily. Note the two horizontal red
lines which mark the pivot points for Thrust Reversals. Note that the
confluence of the 162% expansion and the 86% retracement at the same
price levels. Price has clearly broken through and retested the dark
gray LT trendline suggesting price will move higher. The expected
correction has yet to materialize and breadth models have yet to budge
from overbought levels even as price is dealing with resistance. There
is a reversal in here somewhere but the question is where.
Earl
[This message contained attachments]
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________________________________________________________________________
Message: 3
Date: Mon, 30 May 2005 15:42:03 -0400
Subject: US Real estate top ?
Sent: Monday, May 30, 2005 2:50 PM
Subject: [e-mini_traders_anon] US Real estate top ?
Washington Post:
"It feels as if Playboy's Playmate of the Month for May
is speaking for the entire country.
Fort Lauderdale native Jamie Westenhiser, 23, told the
magazine recently that she is ditching her modeling career to take up
real estate investing.
In the magazine's May issue, Westenhiser poses in her
lacy lavender baby doll, wearing nothing else except furry boots,
leaning on a computer desk next to a stack of books with titles
including "All About Escrow" and "Real Estate Principles." In her
"playmate data sheet," she writes that her ambition in life is to have a
"successful career in real estate."
--------------------------------------------------------------------------------
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Message: 4
Date: Mon, 30 May 2005 15:51:35 -0400
Subject: free mkt letter
----------
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Message: 5
Date: Mon, 30 May 2005 13:53:33 -0600
Subject: Re: US Real estate top ?
We need the photo so we can personally inspect real her estate
library for reading ideas <g>.
Earl
----- Original Message -----
From: Ben
Sent: Monday, May 30, 2005 1:42 PM
Subject: [RT] US Real estate top ?
Sent: Monday, May 30, 2005 2:50 PM
Subject: [e-mini_traders_anon] US Real estate top
?
Washington Post:
"It feels as if Playboy's Playmate of the
Month for May is speaking for the entire country.
Fort Lauderdale native Jamie Westenhiser,
23, told the magazine recently that she is ditching her modeling career
to take up real estate investing.
In the magazine's May issue, Westenhiser
poses in her lacy lavender baby doll, wearing nothing else except furry
boots, leaning on a computer desk next to a stack of books with titles
including "All About Escrow" and "Real Estate Principles." In her
"playmate data sheet," she writes that her ambition in life is to have a
"successful career in real estate."
------------------------------------------------------------------------------
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Version: 7.0.322 / Virus Database: 267.3.0 - Release
Date: 5/30/2005
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________________________________________________________________________
Message: 6
Date: Mon, 30 May 2005 21:50:32 +0100
Subject: Re: Fw: [xlt] A study and a request
Hello Ben,
>
> we are currentely from 5/3/05 in
fsles (select envioroment)
> there is NO load any more is select
funds just .75% redumption if less than 30 days hold
> our exit date is about 6/2/05
> I want to share with you a study of mine on
sector rotation:
>
> 2)
> and now a request:
> do you know where a can find a (laready done) tool in
Excel
> allowing the download of daily/weekly data of
stocks, indices,
> funds from Yahoo?
--
Best regards,
________________________________________________________________________
________________________________________________________________________
Message: 7
Date: Mon, 30 May 2005 16:28:23 -0700 (PDT)
Subject: A must read for investors . . .
---------------------------------
May 29, 2005
A Mini-Enron on Every Corner?By KURT EICHENWALD
ON that Christmas day in 1998, life could hardly have seemed better
for the Gordon brothers, David and Greg. They brought their wives to
celebrate the holiday amid the festive décor of their parents' home in
Conroe, Tex., a onetime oil boom town north of Houston. As family
members relaxed, the brothers eagerly compared notes about their
triumphs of the last year.
The stock market bubble was still expanding. For David Gordon, a
corporate lawyer from Tulsa, that translated into a flourishing business
helping companies go public or make acquisitions. For Greg Gordon, who
ran a successful wholesale jewelry business with his wife, Lisa, the
flood of market wealth had created a heated demand for the luxury items
he sold.
Then, as they sat near the Christmas tree, David broached a
thought. Why not combine their talents, linking some of the highflying
businessmen he knew with Greg's thriving company, Con-Tex Silver
Imports? It seemed the perfect path to even greater wealth and
achievement for all the Gordons.
Instead, it ripped the family apart. Within years, Con-Tex was
destroyed - the victim, according to a court-appointed examiner, of
mismanagement and potential criminality. David and Greg, once so close,
stopped speaking to each other as they battled in court. Their parents,
too, were dragged into the dust-up, testifying on behalf of one son's
interests - and against the other's.
How could it happen? How could a small company be wrecked so
quickly amid myriad accusations of financial wrongdoing that went
undetected until the whole place came tumbling down?
The answer is, it happens every day. The Con-Tex story is not just
the tale of the downfall of one company or one family. It is a
microcosm, a look at an underbelly of the investing and corporate worlds
where hokey deals and mysterious webs of linked investors are part of
the workaday business.
In the last few years, in the wake of the high-profile collapses of
Enron, WorldCom and other onetime giants, steady attention has been
focused on cleaning up the practices of companies at the top of the
corporate pyramid. But the companies at the bottom - which make up the
vast majority of corporate entities - still exist under the radar of
public scrutiny, despite too often playing fast and loose with the
rules.
"These companies have all kinds of vulnerabilities, from
incompetence to fraud," Linda C. Thomsen, head of enforcement for the
Securities and Exchange Commission, said of thinly traded companies that
go public without directly selling new shares, as Con-Tex did. "People
who invest in these tend to have less disposable cash, so their losses
are probably more dramatic for them. They can afford to lose less and
they probably invested more."
The Con-Tex story involves a range of potential securities
violations, according to lawyers and court records. But primarily, legal
experts say, it is an example of the abuses that are possible in the
sale of unregistered securities under what is known as Rule 504 of
federal securities laws.
"This is the shadowy world of 504 offerings - which are, as often
as not, associated with a certain amount of fraud or incompetence," John
C. Coffee Jr., a law professor at Columbia University, said about the
Con-Tex case after reviewing a bankruptcy examiner's report. "In this
case, it doesn't look like the 504 offerings done here were done in
compliance with the rules."
The potential violations at Con-Tex went beyond that, according to
court records. The company issued misleading press releases, mistakenly
took over the wrong company and allowed audits to be signed by an
accountant who was unlicensed in Texas - and who may have never visited
the company.
"As a corporate lawyer, it goes against the grain to see
professional work done this badly," said Robert E. Crawford Jr., a
Dallas lawyer who was the bankruptcy examiner. "At one level, it is
horrifying, and at the other end, it is just an example of the Wild West
frontier that can exist in this world, despite the regulatory effort.
There are just too many companies out there."
For Greg Gordon, what happened is obvious: the brother he once
trusted, he has argued in court filings, transformed Con-Tex into a
public company solely to profit by manipulating the share price - and
ultimately tried to take away more than 60 million shares he owned. "I
had a real belief in my brother, but I was stupid," Greg said in an
interview. "He's a crook."
For David Gordon, who has not been charged with any wrongdoing and
denies having done anything improper, the real culprit is Greg. "You try
to help your brother build a business, you think your brother is honest,
has integrity, and then you find out he doesn't," he said in an
interview. "I have watched my brother completely tear the family apart.
This is a deal where he blew through $3 million and wanted to blame
someone else."
Amid the flurry of litigation, both brothers can point to court
victories. A fraud lawsuit filed by Greg Gordon was recently tossed out
by a judge in Montgomery County, Tex. But this month, a federal
bankruptcy judge held that Greg was entitled to 75 million shares in
Con-Tex's parent company, rejecting David's argument that he was
not.
Friendship and Rivalry
The Gordon family had always been competitive. The men - George
David Gordon Sr., a prominent lawyer in Conroe; George Jr., who went by
David; and James Gregory Gordon, or Greg - had been accomplished
athletes. Family ski trips always included races, and the two brothers,
both successful tennis players in college, could often be found battling
it out on the courts.
More often than not, David was the victor. But Greg thought himself
the better player. "He was my damned big brother," he said. "He was
always playing mind games on me."
After college, David quickly seemed the one headed on to big
things. He earned a law degree from the University of Tulsa, joined a
law firm where he cut his teeth on securities work, and eventually hung
out his own shingle.
Greg's career possibilities seemed more limited. After graduating
from the University of Arkansas with a degree in physical education, he
attended some junior college classes, learning gemology. He sold jewelry
door to door, then found some success in handling jewelry road shows for
the Sam's Club division of Wal-Mart, but soon he was looking for his
next step. He found it at home.
In 1994, his wife, Lisa, and his mother, Darla, created a company
called Con-Tex - named for Conroe, Texas - which sold beaded jewelry.
Greg joined on and helped build up Con-Tex as a wholesale jeweler,
traveling to Mexico several times a year to buy handmade products for
American retailers.
By 1998, the company was a success. Con-Tex, Greg said, showed
$80,000 in annual profits, not including compensation to the Gordons of
about $160,000 a year. Things were looking good. "We were very happy
with what we were doing," he said.
The Christmas discussions with David proved a turning point. Both
brothers agree that David first mentioned connecting Con-Tex with some
businessmen he knew who might want to buy some jewelry. The entreaties
soon went further, with David suggesting a more radical idea: using his
business connections to take Con-Tex public. Greg's parents were
hesitant, but Greg and Lisa decided that the offer was too good to pass
up.
Still, problems that David faced at that moment might have served
as warning signs. Struthers Industries, a holding company based in Tulsa
where David once served as president had fallen into bankruptcy and, in
1998, sued him and several others. While David Gordon was far from the
primary target of litigation in the Struthers bankruptcy, the lawsuit
against him, which was ultimately settled, asserted that he and the
other defendants had engaged in sham transactions involving shell
entities, aimed at pulling assets away from the company.
In an interview, David Gordon said he had done nothing wrong in the
Struthers case and had personally assisted the company in recovering
assets from its management. But the court-appointed bankruptcy examiners
in both the Struthers and Con-Tex cases said Struthers did appear to be
something of a precursor for what happened at Greg Gordon's
company.
"If you focus on David Gordon, you find an incredible web of
interrelated parties," said Mr. Crawford, the Con-Tex examiner. "A
similar network of people show up again and again and again in these
deals, most of which seem to end up in bankruptcy."
How the Deals Took Shape
At its most basic, the selling of a company's initial public shares
is a little like hawking hot dogs at the ballpark. Someone discloses
what's for sale - all beef, pork, kosher, whatever - and potential
buyers decide if they want in.
But there is another way to go public, one that offers fewer
protections to investors and more opportunities for mischief. Taking
this route, a shell company - the corporate equivalent of an empty bun -
is sold to the public. It never has much, if any, meat: no revenue, no
earnings, no assets.
Once the shares in these shells are distributed, lawyers,
accountants and financiers can come along and load them up with whatever
they want by merging private companies into the public shells. But when
the meat is added after the buns are sold, the quality is rarely
top-notch.
To bring Con-Tex public, David Gordon recommended the second
approach - merging it into a public shell. But the idea was not simple;
instead, an array of empty businesses were bought, sold and swapped in
an assortment of deals that would have done Rube Goldberg proud.
Step 1 was finding the public shell company to serve as the bun.
The one chosen was Transun International Airways - which, despite its
name, had no airplanes, no routes and nothing to do with the airline
business. What it did have, however, was a history: Transun had once
been used by the Genovese crime family as part of a multimillion-dollar
fraud known as a "pump and dump," in which a company's shares are
acquired at minimal cost and artificially inflated by aggressive
promotion before insiders unload their stock.
With a shell at the ready, Step 2 involved putting together the
meat - or, more accurately, a blend of meat and filler. For the filler,
David Gordon turned to two investors in Boca Raton, Fla., he had known
for more than a decade. Those investors owned a thinly traded entity
called International Internet, which in turn held a private company
called Goldonline.com - an entity with no tangible assets and no
revenue, whose sole asset was a rudimentary Web site. But International
Internet agreed to sell Goldonline.com in exchange for 10 million shares
in the merged company.
Then, Step 3: adding some meat with actual value. Greg Gordon
agreed to sell his company, Con-Tex, to Transun in exchange for 75
million shares in the new company.
When the paperwork was signed, Transun, Goldonline.com and Con-Tex
were all part of the same public company, with Greg Gordon owning a
supermajority of shares and David Gordon's associates in Boca Raton also
holding a hefty stake.
The paperwork to document all these transactions was, to put it
mildly, a mess, according to court records. The stock certificates of
Goldonline.com and the corporate records of that entity were never
delivered to the merged company, court documents show. The sales
agreement between Transun and Con-Tex describes the purchase price as
just 500 shares of Transun, rather than the 75 million shares that
everyone in the case agrees were supposed to have been issued. And the
full stake was not issued until September - a crucial point in the
subsequent battles.
Then, in July, more deals: the sale of unregistered securities in
the merged company, now named Goldonline International, supposedly under
Rule 504. Based on a letter signed by Greg Gordon, 200,000 units - each
including four shares and a warrant to buy eight shares at 50 cents each
- were offered for $1 each, with many of the buyers having close
professional relationships with David Gordon. Whether some people listed
as buyers actually chose to buy units is unclear. For example, George
Gordon - father of Greg and David - testified that he had no memory of
making such a purchase and had not authorized anyone to sign his name on
the agreement subscribing to the offering. In testimony, David Gordon
acknowledged that he had signed the required agreement for his father
and put up the money for the investment as a gift.
In an interview, David Gordon said there was nothing unusual about
signing on his parents' behalf. "I think it is common practice for
someone who is acting as counsel for someone," he said. "I think it is
legal."
Regardless, the supposed 504 sale was anything but proper,
according to the bankruptcy examiner's report. Necessary documents were
not filed or signed. Exemptions were not obtained. "There does not
appear to be any basis for a claim that the shares issued in this
transaction were issued in compliance with the requirements," the report
says.
All the transactions had one important result: millions of shares
in what was then called Goldonline International were distributed to
clients and associates of David Gordon. If the stock price went up, they
stood to make some big returns.
Buying the Wrong Company
By David Gordon's reckoning, it was a phone call from the Federal
Bureau of Investigation in the summer of 1999 that set the next crucial
deal in motion. In that call, he later testified, an agent told him
about an investigation of trading in the Transun shell. Although David
Gordon did not testify about the nature of the inquiry, it could not
have had anything to do with the Genovese crime family - the indictments
charging the Transun manipulation had already been handed up the
previous year.
But, according to David Gordon's testimony, he decided that he had
to act. The purchasers in the supposed 504 deal could demand their money
back for not having been told of potential legal problems, he said, so
something had to be done to mollify them. The decision was reached to
enter into a reverse stock split, a move that would bolster the value of
each individual share. Every six shares would be transformed into
one.
Well, not really every six shares. The 10 million shares committed
for the purchase of Goldonline.com from the longtime associates of David
Gordon had not been issued yet; they were distributed without a reverse
split, according to court records. And when all the shares were issued
for the purchasers in the so-called 504 offering, no reverse split
affected their stake, either. In other words, the four shares they had
bought in their unit deal just weeks before now had the equivalent value
of 24 presplit shares, and with the price being pushed up by the
maneuver, their right to buy eight post-split shares for 50 cents each
was now much more valuable.
For Mr. Crawford, the bankruptcy examiner, David Gordon's
explanation for the reverse stock split didn't hold water. And neither
did several other rationales. "There are three or four different
explanations for why there was a reverse stock split and none of them
make a lick of sense," he said. The transaction, he said, "took value
from some shareholders, gave it to other shareholders and didn't do it
in accordance with corporate requirements."
As far as anyone could tell, the reverse split had no effect on the
75 million shares paid to Greg Gordon for Con-Tex. Corporate filings
listed Greg's full investment - minus a 7.5-million-share "finder's fee"
that David was to get for the Transun deal. And George Gordon testified
that his son David had told him repeatedly that the reverse split "did
not affect Greg's shares" - a statement that David denies having
made.
As all the paper-shuffling involving the company's capital
structure took place, other problems emerged inside Goldonline. Officers
and associates, including Greg and David Gordon, failed to file required
documents with the S.E.C. about their stock transactions and
holdings.
And the company's independent auditor, who lived in New York, was
not licensed to practice in Texas. Court records suggest that he may
have relied for the physical audit on an accountant who worked with
David Gordon and owned a stake in the company. That accountant, Jim
Ross, was sanctioned in 1998 by the S.E.C. for engaging in improper
stock transactions in the course of what the agency deemed a corporate
"fund-raising scheme"; his lawyer in that case was David Gordon.
Then, in early 2000, David Gordon informed his brother that the
company needed to register its stock under Section 12 of the federal
securities laws. But rather than simply paying to register the
securities - an action that court records said would have cost $20,000
to $75,000 - David recommended issuing 1.2 million shares to acquire and
merge into an entity called Benton Ventures, which had no operations and
only $500 cash in assets, but whose shares were registered. The stock
presumably would have gone to the man listed as Benton's owner, Ross
Silvey.
But, according to the court records, Mr. Silvey knew nothing of
Benton Ventures or the transaction with Goldonline. Instead, the shares
were issued to Ashley Brooks Cosmetics - an entity incorporated by David
Gordon in his capacity as a lawyer, and associated with the family of
Mark White, one of the investors in the unregistered securities of
Goldonline. In the fallout of the ultimate bankruptcy of Goldonline,
George Gordon testified that David had told him that Ashley Brooks
Cosmetics "was his company, or one of his companies." David denies ever
having made the statement.
Still, why did Ashley Brooks receive shares instead of Mr. Silvey?
"When asked why," the examiner's report says, "David Gordon said that he
had made a mistake and the shares should have been issued to acquire a
different corporation, the name of which he could not recall."
Spinning Out of Control
By early 2002, warfare was breaking out at Goldonline, whose name
by then had changed to SGD Holdings. A series of financing transactions
had brought in new directors, and the board often split two-to-two. Greg
Gordon and another director, William E. Dark, called for a shareholder
meeting, which had never been held; David Gordon, according to his
father's testimony, repeatedly cautioned the board that the time was not
right for such a meeting - which is supposed to be held annually.
Worse, an executive committee was running the company, seemingly
usurping some board duties, according to testimony of Mr. Dark and
interviews. Greg Gordon and Mr. Dark failed in attempts to disband the
committee; Mr. Dark, frustrated, resigned from the board. Greg continued
to make waves, questioning dealings between SGD and a company that was
not paying its bills promptly. But he got nowhere. In essence, the man
listed in the filings as the single largest shareholder had no control
of the board and had effectively lost control of the company.
Then, in the summer of 2002, a draft copy of the company's 10-K -
its annual financial report filed with the S.E.C. - was dropped off on
Greg's desk. For the first time, he saw that the 67.5 million shares he
had often been listed as holding had suddenly dropped to 12.5 million
shares. His legal - if not actual - control of the company had been
obliterated, the value of what he thought was his stake had been cut
sharply, and no one had bothered to tell him about it.
"I called David and cussed him out and then went down to Dad's
office," Greg said in an interview. "Dad said, 'Don't worry about it,
they can't do it.' Well, it turned out they did it."
New issues began bubbling up. After hearing a presentation on the
new Sarbanes-Oxley law adopted in the wake of the Enron and WorldCom
debacles, George Gordon raised concerns to Greg about the weaknesses of
SGD's external audit. That was the final straw.
"I told them I would not sign the 10-K," Greg Gordon said.
The board acted swiftly. In November, Greg Gordon was dismissed
from SGD, and afterward from its Con-Tex subsidiary. The company sued
him, accusing him of stealing $2.2 million; that lawsuit was eventually
dropped. But Greg did not let the matter go. SGD was insisting that his
stake was only 12.5 million shares. He refused to accept that, and took
everyone to court.
"The lawsuits started, and I have been fighting them ever since,"
Greg said.
The battle for the now-struggling company took its toll. Con-Tex
and SGD filed for bankruptcy. The brothers stopped speaking and started
blaming each other as being solely responsible for the corporate
disaster. Greg accused his brother of destroying the company in his web
of deal making. But David blamed Greg.
"Greg is a tar baby who jeopardizes everyone who associates with
him," David wrote in a letter to his mother, Darla, in August 2004. "I
fear Greg will drag you into his quagmire of lies, deceit and
fraud."
In an interview, David was more restrained in his statements, but
repeatedly pointed to the fact that Greg Gordon had signed almost all of
the documents at issue in the case.
David said he took great solace in the fact that the suit his
brother filed against him had been tossed out without a trial. Greg said
he found satisfaction in the decision of the bankruptcy court declaring
that he was still the owner of 75 million shares in SGD, now bankrupt.
That ruling declared David to be "a sophisticated businessperson" while
Greg was described as someone not "skilled in legal matters."
The unseen victims, though, are not just investors, but workers who
saw their jobs evaporate. "I had 32 employees that, through no fault of
their own, David cost them their life," Greg said. "One of them lost
their home, their car." David, of course, blames Greg for that
outcome.
But still, part of Greg can't let go of the brother he once loved.
"Do I miss him?" he asked. "Yeah, in a weird way."
These days, he says, he spends a fair amount of time thinking about
their childhood together, about their competitions, about their
friendship. "I cherish those moments now more than I ever did," Greg
said, "Because now they're gone forever."
Copyright 2005 The New York Times Company
[This message contained attachments]
________________________________________________________________________
________________________________________________________________________
Message: 8
Date: Tue, 31 May 2005 08:37:41 -0400
Subject: Re: US Real estate top ?
it means she is going to marry a dirty old real estate mogul
LOL!
At 03:42 PM 5/30/2005, you wrote:
>
>Sent: Monday, May 30, 2005 2:50 PM
>Subject: [e-mini_traders_anon] US Real estate top ?
>
>Washington Post:
>
>"It feels as if Playboy's Playmate of the Month for May is
speaking for
>the entire country.
>
>Fort Lauderdale native Jamie Westenhiser, 23, told the magazine
recently
>that she is ditching her modeling career to take up real estate
investing.
>
>In the magazine's May issue, Westenhiser poses in her lacy
lavender baby
>doll, wearing nothing else except furry boots, leaning on a
computer desk
>next to a stack of books with titles including "All About
Escrow" and
>"Real Estate Principles." In her "playmate data sheet," she
writes that
>her ambition in life is to have a "successful career in real
estate."
>
>[]
>
>
>
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[This message contained attachments]
________________________________________________________________________
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Message: 9
Date: Tue, 31 May 2005 08:53:58 -0600
Subject: CME Cancellation Fees
CBOE implemented order cancellation fees to drive out off-exchange
traders who were competing too fiercely for business by narrowing
spreads. At the time, I complained to the SEC which took no action on
this blatant move to reduce outside competition.
The CME appears to have learned by the absence of any
pushback:
The Chicago Mercantile Exchange (CME) will be
introducing new
cancellation fees and, as of June 1, 2005, IB will be
charging $1 for each
CME cancellation with a credit of $5 for each CME
executed trade. Execution
credits are applied against cancel or modify fees for
the day. Execution
credits cannot be greater than cancel/modify
fees.
I guess we will have to think twice before entering a limit order
which might not be hit or adjusting our stops too frequently.
Earl
[This message contained attachments]
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Message: 10
Date: Tue, 31 May 2005 11:23:08 -0400
Subject: RE: CME Cancellation Fees
.and that's a very misleading statement from IB. From what I can
tell, CME
doesn't have a cancellation fee, but WILL be fining IB $2000 a day
starting
August 1st if their ratio of messages to trades doesn't improve.
For some
reason IB has decided to pass that on in the form of their own
cancellation
fee starting tomorrow. Many other brokers are not affected, so we
may see
traders leaving IB for more pleasant shores.
So far today after modifications and missed fills, I'm down around
$6 in
cancellation fees. Not a huge amount, but annoying
nevertheless.
Andrew
-----Original Message-----
Behalf Of EAdamy
Sent: May 31, 2005 10:54 AM
To: Realtraders
Subject: [RT] CME Cancellation Fees
CBOE implemented order cancellation fees to drive out
off-exchange traders
who were competing too fiercely for business by narrowing spreads.
At the
time, I complained to the SEC which took no action on this blatant
move to
reduce outside competition.
The CME appears to have learned by the absence of any
pushback:
The Chicago Mercantile Exchange (CME) will
be introducing new
cancellation fees and, as of June 1, 2005,
IB will be charging $1 for
each
CME cancellation with a credit of $5 for
each CME executed trade.
Execution
credits are applied against cancel or
modify fees for the day. Execution
credits cannot be greater than
cancel/modify fees.
I guess we will have to think twice before entering a
limit order which
might not be hit or adjusting our stops too frequently.
Earl
[This message contained attachments]
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