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Or locals that works / owns their own clearing operations, of course, quite a few locals on CBOT have their own clearing operation. CME already tried once to remove the Globex counter party field, and the proposal was reacted to negatively by the CME members (including the ibank I was with)...

Well, the counter clearing firm is a tag on the eCBOT execution messages. Of course, if a clearing firm want to match up an execution with the counter party information pulled from CCL (Common-Clearing Link between CME and CBOT), they could do that fairly easily as well. There will be a slight...

While I am not sure CME wants the hassle of dealing with individual customers, CME is definitely moving to try to add more clearing members. Their thinking is simple, a firm that self-clears is more likely to throw more volume at CME given the lower clost of trading, and more liquidity will...

I am a CME member, and I have not heard of this. The counterparty will still be available via clearing (at least, otherwise clearing can not be carried out), but whether the counterparty field will still be populated on Globex is a different question, CME already removed the counter-trader...

If a prop firm reaches sufficient volume, then it would be more cost effective to self clear. The volume threshold naturally depends on the clearing system used, and the number of ops staff required to run the daily operations (errors, statements, and bookkeeping). Running a backoffice consist...

I am not going to argue any individual school's quality. I am just referring to some of the common perceptions from my days on the street. I think GWU and Maryland are pretty good schools, but even the people I met who are from schools like BostonU, Rice (!), Maryland, etc, who are on wall...

Well, a reference from Ralph will go a long way on Wall street, believe me. Wow, Ralph Acampora, that's a name that I haven't thought about (or heard!) for a long time now. He is probably one of the best "old school" of technical analyst that I have actually met. Since I am very much in the...

Well, here is my 2 cents. First of all, you need to face the fact that none of the three schools you mentions are tier-one (ivy league or similar) schools, but that doesn't mean getting into wall street as an analyst is not a possibility, it is just that you will need to stand out in some shape...

And the same thing in indicies and EuroDollars, of course. The whole Globex / eCBOT messaging policy is targeted at automated trading systems generating too much noise. But if an automated trading system accounts for a large enough percentage of the overall daily volume, then the exchange are...

Ahem, CME publishes all the exact raw volume data daily (called Daily Bulletin), the volume are separated by strike price. The monthly summary is also available. http://www.cme.com/trading/dta/hist/db_action.html?themonth=3&type=pdf&theday=11&theyear=2006&submit=Search The monthly volume...

Because there is no liquidity in the stock (the stock have yet commence offering), so there are no sellers, if the "passive market maker" has placed bids, then any 'actual" buyers would have to place their bids higher than the MM's bids, hence pushing up the opening price. The reason being is...

Sorry, I was in my institutional mindset, and after talking to a friend who wants to start to trade on her own. When I asked her how much start up capital she would need, she said 10M, and I guess in that mindset we both thought the figure sounds perfectly reasonable. In terms of leverage...

Not a bit. First of all, from the article, only the $2 brokers who uses the standard NYSE handheld was affected (NYSE handheld was developed on top of NYFix's terminal, and there have been a history of problems), the larger specialists like SLK, etc, are not affected, since they have their own...

This is almost standard vanilla market data driven architecture. It is virtually impossible to deviate from it. The architecture assumes a direct feed model (i.e., raw data coming from exchanges, OPRA, CME, eCBOT, etc), instead an aggregating feed (i.e., Reuters, HyperFeed/Comstock, etc). The...

Okay, Instruments: Futures, Index Options, ETFs, and some equities, purely automated Assets: Purely my own capital (no OPM). Structure: Exchange member, own broker/dealer LLC, members of CME, CBOE, one regional exchange, and soon-to-be CBOT and LIFFE. Clearing: ibank (rather not...

It depends on what someone's definition of high capitalization means, I have seen firms (or individuals) running quite successful market microstructure based high frequency systems with equity of only around $2-5M (through risk based haircuts, margin offsets, to achieve leverage). It is not...

The only difference between a hedge fund and a proprietary firm is that all the capital in the prop firm is provided by the managing partners. The prop firms usually become members of exchange (NYSE, AMEX, CME, etc) to get the leverages such as risk-based haircut, margin offset, etc. From what...

Getco is absolutely huge, they probably do in the neighborhood of 800M-1B shares a month, all automated. They are probably near the top largest liquidity provider on ARCA. They are very hard to get into, they probably interview 50-100 people before they hire one. Oops, I said "a day"...

You are talking about InTrade, they are not a hedge fund, they are a proprietary trading firm located on Rector street. They are members of NYSE, CBOE, CME, etc. The managing member's name is Mark Frank, good guy. Like most pure proprietary firms, they have no need to have a web site, nor to...

I generate thousands of trades per day (maybe more than 10k, I think), and it is pretty good. However, some of the internal stuff is a bit convoluted (and hence a bit slow), so I made a few patches. However, as I am not a core contributor to QuickFIX, the patches are passed to some of the core...