Question for NYMEX, NYBOT floor traders....

Quote from Apex Capital:

I was a member of the COMEX, and also the NYBOT.
I also am old enough to know Pabst and his background on the CME. We speak throughout the year, as he and I have shared rather similar floor trading experiences.

I believe that you are a bit naive when it comes to your comments about Gold, Silver, and Copper.
As Pabst has mentioned earlier, VOLUME is everything . . . and the NYMEX has it!
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I agree with you. I wrote not so many posts ago about "paper making paper". But I have been robbed enough on Comex to know one thing---someone on the floor is making money.
 
Quote from aPismoClam:

no comprende, hombre. brokers trade for themselves all the time, at least on the 7th floor.
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That is what I have seen as well.
 
Quote from SethArb:

hey randolphfutures

maybe you can get yourself on a waiting list

for e miniNY crude oil futures permits

to trade for yourself on the floor ...

I would suspect that is easy money for
anyone with the right discipline

arbing the futures in pit against the screen
but only if you are on the floor doing it
next to the pit !

another choice could be to trade Brent on the floor in Dublin ?


:p
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Went down to the Merc today. Regarding the eMini; my buddy in the process of trading the e mini NY. You are required to take a two month course (he clerks during market hours, might be less if you do it full time). The bond needed is $50K and the cost per month is $2500. Not bad. Plus you're right outside the pit. I do not think there is a waiting list. I believe there is for leasing a seat. Every pit was packed.
 
I have some experience trading on the NYBOT - was just looking into CME seat lease prices. Can anyone speculate as to why they're so inexpensive? They look about the same as NYBOT while NYMEX is 15 times as much as both. I assumed that the CME (huge volume, right?) would be just as expensive as NYMEX - what am I missing?
 
Quote from WDNY:

I have some experience trading on the NYBOT - was just looking into CME seat lease prices. Can anyone speculate as to why they're so inexpensive? They look about the same as NYBOT while NYMEX is 15 times as much as both. I assumed that the CME (huge volume, right?) would be just as expensive as NYMEX - what am I missing?
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The seat lease is a function of the edge at given-volume. There is very little edge in leasing an IOM seat. Ppl lease IOM seats for the commission savings.
 
I thought that it looked like the full seat lease price was around $1200. Doesn't that allow you to trade futures/options on all products - S&P's, Interest rates, etc?

Although I do understand what you're saying about price being about edge and not just volume.
 
Quote from WDNY:

I thought that it looked like the full seat lease price was around $1200. Doesn't that allow you to trade futures/options on all products - S&P's, Interest rates, etc?

Although I do understand what you're saying about price being about edge and not just volume.
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The price of leases went through the floor when CME went public. I was kinda surprised myself. Historically, when volume is exploding seat lease prices rise along with seat prices----that is the way it has always worked. With CME being public ---the seat prices have risen with the stock and lease prices went down. It is a good scenario for customers who want to lease and has probably helped volume.

Nymex is riding a huge boom. However, there are only a handfull of types of seats to lease or buy (CME and CBOT have had all kinds of differant seats). It will be interesting to see what happens in the future at Nymex. They are bringing out some differant stuff for mini traders.
 
We´ve always heard about the great stories of NYMEX and Chicago floor big guys, but why we never hear of NYBOT floor traders??
thanks in advance
 
Quote from annemarie:

We´ve always heard about the great stories of NYMEX and Chicago floor big guys, but why we never hear of NYBOT floor traders??
thanks in advance
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Because you probably weren't born yet!

Charlie Lambourne and Henry Jarecki on the COMEX?
Charlie Federbush and Preston Seml on the COMEX?
Paul Jones in Cotton?

Sugar and Coffee had their share of "stories" as well, especially AFTER the close of trading!

:)
 
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