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What is the cat's paw?

Nana- How is DTN able to charge a lower exchange fee than the exchange themselves? I was under the impression that the fees are set by the exchange.

CMK I'm not sure what you mean by this. My point is that there is not enough 'paper' comming into the pit, and any orders, particularly smaller retail orders, are filled only when a local is able to make money arbing it off in the e-minis. If you do see the pit, you will notice people with...

mschey- Technically, the pit does trade in .10 increments, but the reality is that you will never get filled on an order in that pit until some local can make money off the arb with the e-mini. The locals in that pit will not step out anymore, because it doesn't pay to do so. I understand...