very enlightening, thanks vm for sharing dude
Warning to all CME traders!!!!!
- Thread starter scalper21
- Start date
yeah right he's the man.
don't believe the hype, he somehow financially benefits from knowing counterparty information and in order to protect that edge is inventing problems that don't exist and implying unethical behavior ("dirtbags") is the end result of disagreeing with his position.
a "flickering quote" is quite a disruption, how will the exchange ever function? Its probably someones poorly configured black box. The exchange has quote/fill ratios that will force the person to either pay a stiff fine or adjust his automated tools behavior, so the guy in fact is "chipping in". As far as i know running automated tools does not make one a dirtbag.
furthermore, if you swing at someone and only get a 1 lot its because:
1) he swung and the guys quote already moved the 1 lot is another player
2) someone else beat him to the rest of the order so the guy was filled just not by one guy
3) its a pro-rata market and that's why it was ony a partial fill
There is no dirty trick to keep from getting filled for the entire amount of your order and furthermore, anonymity would not make the person get filled for a larger amount either. Basically the whole 1 lot thing was irrelevant.
Implying that someone is only filled for a 1 lot due to some kind of dirty trick is either a poor attempt at deception or a very poor understanding of how electronic matching engines work.
furhtermore, the bullshit about someone having orders too big for their account is stupid as well. That is the *whole point* of having centralized clearing. When you trade futures you don't need to worry about the guy that you traded against. You need only worry about the financial integrity of the exchange itself.
He shows poor understanding (or willful misrepresentation) of how futures risk mechanisms and electronic matching engines really work.
all this guy loses through anonymity is now he'll have to say "anonymous house suck it" the rest is just hand waving and posturing as some big swinging dick that goes around tatooing people
That's because only some people can get access to it which is the reason its unfair and we're better off with a level playing field.
Practically which are currently the requisites /position at clearing to access to those information?
You speak like the amature you probably are. Don't worry because we weren't leaning off your 2 lot position trade with counterparty info. It's a different game w/the big boys when you're moving size and providing liquidity, little man.
I traded in the pit and you could ask anyone who was doing what. Most locals didn't care but those who wanted the info the most were the order desks. The system worked fine for 150+ years but as usual, whoever bitches the loudest gets their way.
The counterparty info is available for anyone...anyone who trades pro and has a pro front end, of which I guess you're not a part of.
If I'm wrong about flickering quotes and freeloaders on the order system, why don't you call up the exchange and ask about such violations? Well, you'll have to give your trader ID to the control center.....but I guess you'll have to get one first! They respond to my inquiries and concerns, so why don't you make your move???? Go ahead and analyze the rule that the CME laid out regarding abusing messaging.
My point about undercapitalized parasites who load the order book is more about professional responsibility than anything else. You seem to be quite the defender of those who add nothing to the markets but piggybacking size. Like I mentioned, it dosen't happen much anymore because those idiots all blew out.
I'm still trading and making money, it's just an edge gone away, one of many, but the principles of trading remain and always will.
Congratulations on being a big boy. I would be honored to take that mantle of "little trader". I hereby annoint myself king of losing 1 lot traders and will defend their interests to the best of my ability.
Now that you are secure in your penis size lets get back to the the main point which you keep distracting people from:
I'm not a defender of people that abuse messaging. you're right they suck.
I'm not defending irresponsible use of margin. you're right they suck.
What I'm saying is that anonymity has nothing to do with solving either of those two problems.
quote/fill ratios solve abusive messaging. furthermore you could report abusive activity by order or fill number to gcc, counterparty is not required.
tiiered centralized clearing (also around 150 years) solves issues with individual clearing firms that don't responsibly manage risk.
anonymity encourages order flow to a centralized liquidity pool instead of shopping block trades around. This is something from which all traders large and small can benefit.
I agree with you that the principles of trading remain the same. The coolest thing about futures is the way counter party risk is not really an issue. I argue that is why they are enjoying the success that they are. Preserving anonymity is healthier for the market's long term longevity. People want it, and any exchange that doesn't provide it will eventually find itself losing volume as a result.
"w/the big boys when you're moving size and providing liquidity, little man."
Congrats on being a big boy with size. Do you get paid to provide liquidity or make money?? You sound like a grade A putz I must say. If you think it is easier to make money trading small than it is trading size you are sorely mistaken. I have done both and it is far easier being a big tough guy like you than a little guy grinding it out. If you cant grasp the need for the little guys who provide the grease then you are far more ignorant than you sound.
Congrats on being a big boy with size. Do you get paid to provide liquidity or make money?? You sound like a grade A putz I must say. If you think it is easier to make money trading small than it is trading size you are sorely mistaken. I have done both and it is far easier being a big tough guy like you than a little guy grinding it out. If you cant grasp the need for the little guys who provide the grease then you are far more ignorant than you sound.
I know this is an old thread, but...the answer is...
Nobody will buy if they knew that a big firm were unloading large blocks of contracts. Then the seller would have nobody to sell their contracts to. The seller would not be able to sell and end up having to sell at a loss because everybody seen his sell order and they all shorted the market instead of buying from him.
Bingo!
So is CME transparent again? Or invisible still?
Any software let us see the orders? Do we have to be a member to see real time counter-party trades?
Any software let us see the orders? Do we have to be a member to see real time counter-party trades?