Broker recommendations for IB customer looking to trade pit contracts?

Pardon my ignorance, but can't small size protect itself from the pits by using limit orders?

Will all the major pit contracts at all the major US futures exchanges (CME, CBOT, NYMEX, NYBOT) be available to IB retail accounts? Any time frames you can give us?

Any thoughts on how long it will take for the pits to die at the big US futures exchanges? Aren't all these IPOs at CME, CBOT, and NYMEX about giving the floor trader seat owners a way to cash out before going 100% electronic?

Thank you.

Quote from def:

I certainly care :D

ES, FYI, we are offering the pit products due to significant demand from our hedge fund and institutional client base. We aren't encouraging the one lot trader as anyone familiar with the pits knows how small size gets abused.

Access will be via the TWS and while might have teething pains every now and then, the pit product has been tested and seems to run smoothly. We have a history of setting the bar high when providing access to a product and the pits are no exception. We'll react to feedback, make improvements and hopefully when we are able to compete with any firm in terms of execution it will all be for naught given we expect the pits move completely to an electronic format at some point in time.
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Quote from travelingtrader:

Pardon my ignorance, but can't small size protect itself from the pits by using limit orders?

Will all the major pit contracts at all the major US futures exchanges (CME, CBOT, NYMEX, NYBOT) be available to IB retail accounts? Any time frames you can give us?

Any thoughts on how long it will take for the pits to die at the big US futures exchanges? Aren't all these IPOs at CME, CBOT, and NYMEX about giving the floor trader seat owners a way to cash out before going 100% electronic?

Thank you.
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yes and no. You might put a 1 lot in to lift an offer and not receive a fill. Of course once the market goes the other way, you'll get a fill.

I agree with you on the IPOs but it's all about competition. The floor traders are still share holders and will resist as long as possible. If you asked me 5 years ago how much longer pits would last, I would have said 5 years and would have been dead wrong. Right now, your guess is as good as mine. The best I can guess is that the day will come.
 
But this is mainly a concern for day traders right? For a swing trader I would not think this would be such a problem.

Quote from def:

yes and no. You might put a 1 lot in to lift an offer and not receive a fill. Of course once the market goes the other way, you'll get a fill.
More...
 
Quote from travelingtrader:

But this is mainly a concern for day traders right? For a swing trader I would not think this would be such a problem.
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not as much but slippage is a real cost. true you enter a limit order but as an example you might have to pay the offer all the time and this is a real cost.
 
i've just sent my first test trade thru a retail pit broker (non IB), attempting to raise the bid on a contract using the access system after hours. through two platforms, i can see that my improved bid never showed up in access.

are all retail pit brokers created equal in terms of letting you represent yourself directly on access, ie you are wired directly in or is there a human intermediary with most brokers?

def - any update on getting pit connectivity via IB would be great. comming from IBs standards with electronic connectivity, i know you guys will do it right

it seems to me, the access system would be sufficient to swing trade pit products with electronic execution tactics, entering in the off-hours..... if traders are actually interfacing directly with the access system
 
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