You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Leasing a seat on the CBOT or CME
- Thread starter Maverick74
- Start date
Hmmm... I don't know if I should give this out but you know the live speaker they have in the S&P floor? I forgot what if was called but they broadcast them to screen traders... I think you know what I'm talking about...
Anyways, when there's not a lot of volume in the floor. The guys in the floor start shouting front of the mic for no apparent reason to get some volume in from screen traders listening into it.
I don't use it and I thought it was funny...
Just some "inside?" tips I got from a friend....
Anyways, when there's not a lot of volume in the floor. The guys in the floor start shouting front of the mic for no apparent reason to get some volume in from screen traders listening into it.
I don't use it and I thought it was funny...
Just some "inside?" tips I got from a friend....
I lease my IMM seat and have gone to electronic trading for a number of reasons. First, standing in the pit and trading is for the young and it helps if your nine feet tall. I was in the eurodollar pit, the most active contract around and it offers everyone kind of trading from scalping to spreading. It is a great place for a good trader and requires the same discipline trading that it requires everywhere. It is a user friendly place in the sense that a great majority of the people there have a live and let live attitude. I was speaking to the person who leases my seat, an order filler, who filled an order that his clerk had failed to tell him had been cancelled by the customer. The error cost him $36m but the local who had done the trade with him simply cancelled his side rather than make my guy eat it. I have found errors made trading electronically are just that, your problem, no recourse. For all those who think floor trading os a goner check out the action in the new CME stock. If I can be of any further help, just send me a PM.
Tg,
Do you think alot of the upside action in the CME stock may be due to the fact that the Eminis are trading the kind of volumes that they do? I have to believe that a good percentage of the Mini volume is Customers that are paying the full Exchange fee of $1.12 per lot. (Great revenue)
I hope that you are right about the pits. My opinion is that the Futures are more efficient on the screen while Options and Euro should stay with Open Outcry.
In any case, good luck on the screens.
Riskless
Do you think alot of the upside action in the CME stock may be due to the fact that the Eminis are trading the kind of volumes that they do? I have to believe that a good percentage of the Mini volume is Customers that are paying the full Exchange fee of $1.12 per lot. (Great revenue)
I hope that you are right about the pits. My opinion is that the Futures are more efficient on the screen while Options and Euro should stay with Open Outcry.
In any case, good luck on the screens.
Riskless
Quote from TG:
I lease my IMM seat and have gone to electronic trading for a number of reasons. First, standing in the pit and trading is for the young and it helps if your nine feet tall. I was in the eurodollar pit, the most active contract around and it offers everyone kind of trading from scalping to spreading. It is a great place for a good trader and requires the same discipline trading that it requires everywhere. It is a user friendly place in the sense that a great majority of the people there have a live and let live attitude. I was speaking to the person who leases my seat, an order filler, who filled an order that his clerk had failed to tell him had been cancelled by the customer. The error cost him $36m but the local who had done the trade with him simply cancelled his side rather than make my guy eat it. I have found errors made trading electronically are just that, your problem, no recourse. For all those who think floor trading os a goner check out the action in the new CME stock. If I can be of any further help, just send me a PM.
I agree that the screen is taking on greater importance. But by marketing your system in the same post, it really reduces your credibility and increases your bias. Although I appreciate your posts, why don't you try to not sell so heavily.
Quote from riskless:
Maverick,
Over the last several months there has been a dramatic shift in dominance from the Floor to the Screens. Basically, the Screen traders used to use the Floor as the lead, now the screens lead the way. Traders off the floor see and hear more information well before the Pit does, so the advantage has definitely shifted.
I speak to Floor traders everyday and they are very concerned about their way of making a living. My firm is currently offering an Electronic Trading Seminar for the Floor traders and 6 guys came up yesterday and signed up for a February 8th seminar at $2000 per head. They are all very experienced and successful traders but the pit has lost the edge. They are going to take a seminar presented by a very guy that is successfully trading the NQ and ES on the screens.
I am a long time Floor trader and it is kind of sad to see a great tradition change, but it is more efficient and cost effective for the Institutions to use the Screens. With the exception of the Eurodollars and Options markets, the screens now have a substantial volume and depth advantage.
Take a look at the thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=11945&perpage=6&pagenumber=1
It explains the seminar abit.
Good Luck!
Hey Tea,
I believe the CME purchased the exclusive rights to the S&P 500 from Standard & Poors. Therefore, I don't think anyone else could list the S&P futures. Also, I believe CME owns the rights to the Fortune 500 name and index as well.
My two cents.
I believe the CME purchased the exclusive rights to the S&P 500 from Standard & Poors. Therefore, I don't think anyone else could list the S&P futures. Also, I believe CME owns the rights to the Fortune 500 name and index as well.
My two cents.
Quote from Tea:
Now that Eurex is free to move into the US market the trend toward electronic trading should increase.
Institutions now will have a club to hit the CME, CBOT and NYBOT with.
I hope Eurex offers an S&P 500 product with a .10 tick size (or less). They could make a case to the CFTC that the CME has abused its monopoly on the S&P index by discriminating against mom & pop traders by hobbling them with a .25 tick size vs. .10 for the pit.