Trading platforms

[ArchAngel]

jem -

(Simple description) TOPS is the CME order routing system. If your broker sends all of their orders through TOPS, then it will re-route the order to Globex if it's a Globex traded instrument or route it to the appropriate display device in the pit.

I beleve that IB simply sends your order to Globex directly if its a Globex traded instrument.

As far as "making a market" - if by that you mean that you want to post a buy order at the current bid (i.e., join the bid), you can do that. There's no "making a market" involved. Globex is an electronic match system that uses only limit orders. It simply matches sell orders at a price with buy orders at or better than the sell orders limit price.

If there's already 20 orders for a volume of 1000 contracts to buy at 1150 and you want to post your order to buy 10 contracts also at 1150, then you become order 21 in the queue and you can get filled when there's enough sell order volume priced at or above 1150 to match against.

Orders are processed first in, first out at the particular limit price level.

 

[allesim]

I heard that some brokers have better "links" to globex.

If you place a limit order BUY ES at 1150 using TWS-IB and there are 20 orders already sitting there, then you are the 21th to be filled. OK.

But my questions are:

1.
Pit traders: do they have the possibility (on Globex, not on manual trading) to make their order skip the queue and become, say 2nd or even 1st to be filled?

2.
If I open an account with some "well-organized" futures brokers, (say elocatrading or elocafutures) can they help your order to be executed earlier then 21st?
Do they have a sort of priority on Limit Orders routed to Globex (I know that Globex is an electronic exchange)?

Thanks

 

[ArchAngel]

allesim - no and no

 

[Richard221]

Anyone using Traders Technologies platform? Somewhat similar to J trader, only supposedly a better platform. Don't ask me why, but they charge $600-$700 / month to use it. I assume if it costs more, it must be better.

 

[TriPack]

Allesim,

What Archangel said. That is the beauty of the Globex rules - it is fair because everyone has an equal chance. There are other electronic platforms that I have heard about that give the little guy the shaft but Globex uses time priority so whoever has the quickest fingers wins! Nitro, are you done talking to your fingers yet?

 

[stevet]

Archangel and tripack

is it strictly true?, since although there may not be a way to actually jump the queue, you would however be "jumping" the queue, if orders left two plaforms at the same time, but one platform's orders always arrived first, due to a better routing via broker/clearer ( internet routing is a seperate, but as important a point) to the globex portal

 

[stevet]

Tripack

Which one have u heard of which is not fair?

 

[TriPack]

Originally posted by stevet
Tripack

Which one have u heard of which is not fair?

I don't know if it is still the case but the CBOT electronic system used to prioritize large orders over small orders. That would be fair for the large orders but not as fair for the small orders.

And to the other point I don't think GLOBEX or any electronic trading system should care about when the customer or member inputs the order. The only way to fairly evaluate orders is based on time received. There is no question that someone 2000 yards from the Globex terminal will have an advantage over someone 2000 miles away if they enter an order simultaneously. But with electronic communications being virtually instantaneous, the delay is more likely in the quiver of the finger than in the distance of the order.

But back to the main point - there is no jumping over orders that have already been received by new orders on the Globex system.

 

[metooxx]

Originally posted by stevet
Archangel and tripack

is it strictly true?, since although there may not be a way to actually jump the queue, you would however be "jumping" the queue, if orders left two plaforms at the same time, but one platform's orders always arrived first, due to a better routing via broker/clearer ( internet routing is a seperate, but as important a point) to the globex portal

The edge is in the routing and connection speed, it may seem trivial but quotes on GL are slower than other sources, and how you connect makes the difference in getting filled or missing/chasing the trade.

 

[just21]

So what is the quickest way to trade globex? I would have thought GL trade directly connected by private circuit to globex server is quicker than using Jtrader or IB tws via interent.