Commission Structure

metooxx · Mar 7, 2002

Originally posted by NetProfit

Metoox:

Are you a 106H or J firm?

Do you lease a globex terminal?

If so what are the particulars with that?

are you discretionary or systematic traders, if systematic how do you automate your trades?

thanks

Net

No, neither, we are a private trading group, with retail status, no regulators, trading our own capital, no investors.

We lease a Globex connection, around $1,000 month.

Black box traders, i.e. our "Black Boxes", all proprietary software, T1 lines, multiple clearing firms and brokers. Primarily cross market arbitrage.

TriPack · Mar 8, 2002

Originally posted by metooxx
We lease a Globex connection, around $1,000 month.

I was meaning to ask about the globex software, and since you have experience would you mind commenting on it? How does it compare to say IB's trader workstation or other popular trading interfaces and how is the support? Does it allow ActiveX connections (or some other way to connect a custom program to their software?) Does it have an API? I don't see much info on the CME site about the actual software other than the fees of $200 + $200 + connection fees (if applicable).

metooxx · Mar 8, 2002

Originally posted by TriPack

I was meaning to ask about the globex software, and since you have experience would you mind commenting on it? How does it compare to say IB's trader workstation or other popular trading interfaces and how is the support? Does it allow ActiveX connections (or some other way to connect a custom program to their software?) Does it have an API? I don't see much info on the CME site about the actual software other than the fees of $200 + $200 + connection fees (if applicable).

We have been using GL, we don't like it, we are currently switching over to a FIX connection. Support from GL was good, we also used it directly from CME, their support sucks. GL sells an API for $20,000, it has a bad reputation, if you know what you are doing you can backdoor into it, but it is not stable at that point.

I think you have to lease a seat to get it directly from CME, that connection fee was $1,000+, last time we used it, and our office was @ the CME building.

TriPack · Mar 8, 2002

I just want to be sure we're talking about the same software: Globex Trader by the CME:

http://www.cme.com/electronic_trading/trading_access/etrading_solutions_providedsolutions.cfm

It appears that this is the same software used by globex traders at their terminals ouside the pit. The offers of globex trader internet and globex trader direct might be new/repackaged since you tried it last. Did the CME have an API available, or would you have to pony up for this also (like 20K?). By GL I guess you mean GL Trade?

metooxx · Mar 8, 2002

Originally posted by TriPack
I just want to be sure we're talking about the same software: Globex Trader by the CME:

http://www.cme.com/electronic_trading/trading_access/etrading_solutions_providedsolutions.cfm

It appears that this is the same software used by globex traders at their terminals outside the pit. The offers of globex trader internet and globex trader direct might be new/repackaged since you tried it last. Did the CME have an API available, or would you have to pony up for this also (like 20K?). By GL I guess you mean GL Trade?

Yes, same software. We just recently cancelled. We talked to GL about the API, not sure if CME, offers, but they do have FIX. Yes, GL Trade.