Emini trading!

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Originally posted by chasinfla
if i trade emini intrady through one of the aforementioned brokers, who takes the other side of my trade -- I don't mean who, personally, but which exchange?

The reason I ask is that forex firms are popping up and I think they are the counterparties, and that their quotes are not necessarily in agreement with prevailing forex quotes.

I know that emini is not forex. But I wondered if this ancient approach to retail brokerage (I think it's called a "bucketshop") was going on in the emini.
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If you trade through a firm that clears through a registered FCM then you will have all trades executed through the Globex system at the CME. I have seen a post or two about certain bucket shops, some posing as legit that ultimately get busted up and some based offshore that make no pretense about actually executing your order.
 
The other side of the trade is the exchange who owns the computerized trading system. There are several different "mini" products, some trade on the CME platform Globex2, other products trade on the CBOT A/C/E platform, Nymex is coming out or has come out with mini sized oil complex contracts.

the function of the exchange is the facilitate and guarantee counter party performance bond through it FCM clearing members

Unfortunately bucketshops do exist and I don't think they will go away, the best thing to do is due your due diligence on who you give you money to and try to find the largest and strongest financial institution you can to place your money with.

Net
 
Originally posted by NetProfit

the function of the exchange is the facilitate and guarantee counter party performance bond through it FCM clearing members
Net
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Should have said the exchange facilitates the orderly transference of funds from clearing FCM to clearing FCM and then to and from traders. The performance bond is the minimum deposit a trader must have on account to control that contract.
 
Originally posted by def


momo,
you'd be wrong.

first, you say you're using 4.2 on one thread and 4.3 on another.
second, as far as I know, IB is on the latest software and hardware at the exchange. It also has numerous T1 lines to the exchange. I stand by my comments.

Third, it is a moot point. Exchanges won't provide faster API's to one firm over another. Perhaps during a test phase but even if both IB and your firm currently have the fastest API's, others will soon follow as they will be given the opportunity. Perhaps next time there is an upgrade, someone will get the opportunity before you.

Comments on having the latest API ahead of others is kind of like a teaser rate.
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Ok where do I start first. FFast**** is on 4.2 api. The 4.3 was a typo. Sorry I am not perfect and did not know I could edit till it was to late. Others will have to follow because all trading firms have to convert by years end. Call the globex command center and ask. So well everyone else will be testing the new API with there software we are already live and have sorted out any problems. And if you think someone is going to get the chance before us to upgrade in the future. I doubt it! Are CEO is the vice chairman of the MERC. I am definetly not trying to knock IB or any other firms. Im just trying to get the facts out there. Just call IB and ask what API they are on? Also there IS a huge advantage in speed with 4.2 API.
 
Originally posted by momentum30

And if you think someone is going to get the chance before us to upgrade in the future. I doubt it! Are CEO is the vice chairman of the MERC. I am definetly not trying to knock IB or any other firms. Im just trying to get the facts out there. Just call IB and ask what API they are on? Also there IS a huge advantage in speed with 4.2 API.
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ARE you insinuating because your CEO is vice-chairman of the merc you get special privledges? I certainly doubt he'll make that statement. I could drop names as well but that would be foolish. If you don't want to think IB has the lastest API, so be it. Proof should be in these figures that I ran from my home PC with a 56K modem this AM from Hong Kong = 8:10 PM in NY. Below is a partial audit trail of three orders I sent. Keep in mind the orders have to go from my home PC through the local ISP over the international lease line to the US ISP to the office server to the exchange. The average this AM seems to be less than 300 milliseconds.

unless you have an automated system placing your orders, the fact is that decision process to click a mouse or hit a hot key could sometimes take longer than the time needed to xmit or cancel an order. More important is determining when and at what price you want to buy and sell. In any event, take out the time it takes to ping across the globe and I think the times below will match up with anyones. (BTW, I also asked someone to show me an audit trade of an order placed from our US office and the cancel was virtually instant < 10 milliseconds)

#1 - 290 milliseconds to send and have a confirm:
20:06:19.75 submit: 34205 14006032 000005a3.00010a6d.3cf1b3fb.0001 1 1086.25 1
20:06:20.04 TOrderConfirm.send oid 000005a3.00010a6d.3cf1b3fb.0001 contractID_ 14006032 pid 20104 valid 1

#1B - 260 milliseconds to confirm a cancel:
20:06:21.80 cancel: 34205 14006032 000005a3.00010a6d.3cf1b3fb.0002
20:06:22.06 Confirm cancel: cumfill: 0 atr 011 oat 12250 cid 14006032 sym ESM2 oid 000005a3.00010a6d.3cf1b3fb.0002 sd 1 eid OIR 5 1 10KYQ000 prc 1086.25 clq 0 clt 0 tot 0 q 0 sta 0 ePrc 1086.25 wPrc 1086.25 eQ 0 wQ 0 wait 0 trId 27170 oClId cldQ 0 eCumF 0 Intent = None

#2 - 320 milliseconds
20:06:40.17 submit: 34205 14006032 000005a3.00010a6d.3cf1b3fc.0001 1 1086 1
20:06:40.59 TOrderConfirm.send oid 000005a3.00010a6d.3cf1b3fc.0001 contractID_ 14006032 pid 20104 valid 1

#2B - 290 milliseconds to cancel
20:06:42.61 cancel: 34205 14006032 000005a3.00010a6d.3cf1b3fc.0002
20:06:42.90 Confirm cancel: cumfill: 0 atr 011 oat 12250 cid 14006032 sym ESM2 oid 000005a3.00010a6d.3cf1b3fc.0002 sd 1 eid OIR 5 1 10KYT000 prc 1086 clq 0 clt 0 tot 0 q 0 sta 0 ePrc 1086 wPrc 1086 eQ 0 wQ 0 wait 0 trId 27173 oClId cldQ 0 eCumF 0 Intent = None

#3 - 360 milliseconds
20:06:51.90 submit: 34205 14006032 000005a3.00010a6d.3cf1b3fd.0001 1 1086.25 1
20:06:52.26 TOrderConfirm.send oid 000005a3.00010a6d.3cf1b3fd.0001 contractID_ 14006032 pid 20104 valid 1

#3B - 270 milliseconds to cancel
20:06:55.33 cancel: 34205 14006032 000005a3.00010a6d.3cf1b3fd.0002
20:06:55.60 Confirm cancel: cumfill: 0 atr 011 oat 12250 cid 14006032 sym ESM2 oid 000005a3.00010a6d.3cf1b3fd.0002 sd 1 eid OIR 5 1 10KYW000 prc 1086.25 clq 0 clt 0 tot 0 q 0 sta 0 ePrc 1086.25 wPrc 1086.25 eQ 0 wQ 0 wait 0 trId 27176 oClId cldQ 0 eCumF 0 Intent = None
 
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